Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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WELCH'S TRANSPORT LIMITED
COMPANY INFORMATION
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WELCH'S TRANSPORT LIMITED
CONTENTS
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WELCH'S TRANSPORT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their Strategic Report incorporating the business review, which includes the principal risks and uncertainties of the business and key performance indicators.
The Directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of risks and uncertainties faced.
Turnover arising from transport related activities was £12,662,196 (2022 - £13,537,071) and turnover arising from motor trade activities was £1,984,711 (2022 - £1,594,378). Overall operating profit at £341,525 was down from an operating profit of £719,585 the previous year. Profit before tax of £348,083 compared to £719,585 the previous year. The significant challenges brought about by the Covid pandemic and war breaking out in Eastern Europe faded during the year, which was much more business as usual albeit overall activity levels were flat. Inflation remained at painfully high levels, although moderating towards the end of the year, whilst interest rates remained well above what has been the norm for the last fifteen years. Against this backdrop, storage and distribution operations saw a drop off in performance whilst our motor trade activities showed a significant improvement reflecting the lack of capacity in that market owing to the shortage of qualified technicians. Sales and business development activities became much tougher, and price returned as a topic of conversation with customers and prospective customers, many of whom were facing challenges in their own sectors. Customer service levels, measured by objective KPI’s, remained consistently high all year and were a definite strength of the business. The businesses Traffic Management System, which controls all transport activities, was changed towards the end of the year as was the Warehouse Management System, earlier in the year. Both investments demonstrate the Company’s commitment to improving efficiencies and customer service levels by embracing the latest technologies. Capital spend on vehicles and trailers was at a more normal level as lead times fell back although the 25/30% price increases seen in recent years showed no signs of being unwound. As a result of this increased pricing, the business has moved to keeping its rigid vehicle fleet, where mileage is limited, and its trailer fleet longer, with a formal refurbishment programme introduced for these assets at mid-life. The business also deployed its first fully electric 19 tonne LGV. There was a high level of infrastructure investment during the year with the Cambridge site extending their warehouse, workshop and trailer park, boosting capacity, and the Bedford and St Ives depot both having a refresh of their facility’s. The Cambridge Truck Centre also had a six-figure investment installing a solar array on its roof. This, and the first fully electric truck, were tangible examples of the business commencing its journey to net zero. The business encompasses all the trading activities of the overall Group paying management fees to its parent, Welch’s Group Holdings Limited. A review of this business will give a better understanding of the Group’s overall financial strength and net worth. Whilst the Directors are aware that any plans for future development of the business may be subject to unforeseen events outside of their control, they view the coming year with guarded confidence.
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WELCH'S TRANSPORT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company has for many years believed that outright ownership of its asset base and avoiding any form of borrowing is in its best interests and, other than the occasional modest loan for the purchase of property, intends to continue with this policy. As such the Company has little exposure to financial, credit or interest rate risk. The industries that the business operates in can be dangerous, but the Group believes that its systems, processes and general culture limit these risks as far as possible. External consultants support the management team in continually promoting a proactive approach to Health and Safety in all areas of the business. The Company’s Quality and Environmental management system continue to be externally accredited to the ISO 9001 and 14001 standards. The transport depots support the voluntary Freight Operators Recognition Scheme (FORS) with the Cambridge location currently accredited to the silver standard whilst the St Ives depot is accredited to the gold standard.
The Directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover, operating profit, cash balances and return on capital employed.
The Directors consider the main other key performance indicators are the delivery performance, compliance, utilisation and productivity of its transport operations, which are monitored daily, and a range of criteria on the motor trade side of the business, which are regularly reviewed by our franchise partners.
This report was approved by the Board of Directors and signed on its behalf.
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WELCH'S TRANSPORT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their report and the financial statements for the year ended 31 December 2023.
The profit for the year, after taxation, amounted to £272,478 (2022 - £634,362).
An interim dividend of £250,000 (2022 - £500,000) was paid in the year on the Ordinary shares. The Directors do not recommend the payment of a final dividend (2022 - £Nil).
The Directors who served during the year and to the date of this report, were:
Mr D R Welch was appointed as a Director on 6 April 2024. The Company maintains insurance, as permitted by section 233 of the Companies Act 2006, for its Directors against liabilities incurred in relation to the companies within the Group.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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WELCH'S TRANSPORT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors intend to continue to grow all areas of the business in the forseeable future.
There have been no significant events affecting the Company since the year end requiring disclosure.
This report was approved by the Board of Directors and signed on its behalf.
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WELCH'S TRANSPORT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELCH'S TRANSPORT LIMITED
We have audited the financial statements of Welch's Transport Limited (the 'Company') for the year ended 31 December 2023, which comprise of the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
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WELCH'S TRANSPORT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELCH'S TRANSPORT LIMITED (CONTINUED)
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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WELCH'S TRANSPORT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELCH'S TRANSPORT LIMITED (CONTINUED)
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the engagement partner ensured that the engagement team collectively had the appropriate, competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the Company through discussions with the Directors and other management, and from our knowledge and experience of the sector;
∙we obtained an understanding of the legal and regulatory framework applicable to the Company and how the Company is complying with that framework;
∙we obtained an understanding of the Company’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance;
∙we identified which laws and regulations were significant in the context of the Company. The laws and regulations we considered in this context were Companies Act 2006 and taxation legislation. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items;
∙in addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Company’s ability to operate or to avoid material penalty; and
∙ensured laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙tested journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation; and
∙enquiring of management as to actual and potential litigation and claims.
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WELCH'S TRANSPORT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELCH'S TRANSPORT LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Salisbury House
Station Road
CB1 2LA
3 May 2024
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WELCH'S TRANSPORT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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WELCH'S TRANSPORT LIMITED
REGISTERED NUMBER: 00343359
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf by:
The notes on pages 12 to 24 form part of these financial statements.
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WELCH'S TRANSPORT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Welch's Transport Limited (the "Company") is a private company limited by shares and incorporated in England and Wales. Its registered office is Moorfield Road, Duxford, Cambridge, CB22 4PS.
The Company's functional and presentational currency is Sterling.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Welch's Group Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Moorfield Road, Duxford, Cambridge, CB22 4PS.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (CONTINUED)
Whilst the impact of COVID-19 and the war in Europe have fallen away, the UK economy remains in a fragile state. Global supply issues keep re-surfacing and the prices of many goods and services remain elevated. The directors continually monitor this situation, assessing the impact that a period of interrupted trading would bring, planning measures to reduce the Company's cost base if there was a significant reduction in revenues and sourcing alternative suppliers where needed. Accordingly the Directors continue to adopt the going concern basis of accounting in preparing these financial statements.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
The Company operates a defined contribution pension scheme for its employees. A defined contribution pension scheme is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (CONTINUED)
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as detailed below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (CONTINUED)
Investments held in unlisted shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the year. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment charges. The Company's investment in a Joint Venture is held at cost less accumulated impairment charges.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to related parties and investments in ordinary shares.
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
include: Investment valuation At 31 December 2023, the Company holds an investment in an unlisted company. The Company recognises the investment at fair value in the balance sheet as the Directors believe that this can be estimated with reasonable certainty. The fair value is estimated using a net assets valuation method as laid out in the articles of association of that company. Management review this valuation method at each year end for reasonableness and therefore considers the carrying value of the investment. Stock Stock provisions are recognised for slow moving and obsolete stock and are reviewed on a monthly basis. Management review all old and slow moving items and consider whether a provision is required.
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Share premium account
issuing of shares are deducted from the share premium.
Profit and loss account
The Company's pension obligations are covered by a defined contribution pension scheme operated by the Welch Group. The assets of the scheme are held separately from those of the Company in an independently administered fund.
The pension cost charge represents contributions payable by the Company to the fund and amounted to £147,950 (2022 - £141,624). Contributions amounting to £27,417 (2022 - £20,739) were payable to the fund at the balance sheet date and are included in creditors.
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The immediate and ultimate parent undertaking, and controlling party is
The smallest and largest group to consolidate the results of the Company is that headed by Welch's Group Holdings Limited. Copies of the consolidated financial statements of Welch's Group Holdings Limited are publicily available from the registered office at Moorfield Road, Duxford, Cambridge, CB22 4PS.
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