Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312024-05-022024-05-032023-12-312024-05-02146truetruetruetruetruefalsefalse2023-01-01141true 00343359 2023-01-01 2023-12-31 00343359 2022-01-01 2022-12-31 00343359 2023-12-31 00343359 2022-12-31 00343359 2022-01-01 00343359 1 2023-01-01 2023-12-31 00343359 1 2022-01-01 2022-12-31 00343359 d:CompanySecretary1 2023-01-01 2023-12-31 00343359 d:Director1 2023-01-01 2023-12-31 00343359 d:Director2 2023-01-01 2023-12-31 00343359 d:Director3 2023-01-01 2023-12-31 00343359 d:RegisteredOffice 2023-01-01 2023-12-31 00343359 d:Agent1 2023-01-01 2023-12-31 00343359 e:PlantMachinery 2023-01-01 2023-12-31 00343359 e:PlantMachinery 2023-12-31 00343359 e:PlantMachinery 2022-12-31 00343359 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00343359 e:MotorVehicles 2023-01-01 2023-12-31 00343359 e:MotorVehicles 2023-12-31 00343359 e:MotorVehicles 2022-12-31 00343359 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00343359 e:FurnitureFittings 2023-01-01 2023-12-31 00343359 e:OfficeEquipment 2023-01-01 2023-12-31 00343359 e:OfficeEquipment 2023-12-31 00343359 e:OfficeEquipment 2022-12-31 00343359 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00343359 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00343359 e:CurrentFinancialInstruments 2023-12-31 00343359 e:CurrentFinancialInstruments 2022-12-31 00343359 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 00343359 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 00343359 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 00343359 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 00343359 e:ReportableOperatingSegment2 2023-01-01 2023-12-31 00343359 e:ReportableOperatingSegment2 2022-01-01 2022-12-31 00343359 e:ReportableOperatingSegment3 2023-01-01 2023-12-31 00343359 e:ReportableOperatingSegment3 2022-01-01 2022-12-31 00343359 e:UKTax 2023-01-01 2023-12-31 00343359 e:UKTax 2022-01-01 2022-12-31 00343359 e:ShareCapital 2023-12-31 00343359 e:ShareCapital 2022-12-31 00343359 e:ShareCapital 2022-01-01 00343359 e:SharePremium 2023-01-01 2023-12-31 00343359 e:SharePremium 2023-12-31 00343359 e:SharePremium 2022-12-31 00343359 e:SharePremium 2022-01-01 00343359 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00343359 e:RetainedEarningsAccumulatedLosses 2023-12-31 00343359 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 00343359 e:RetainedEarningsAccumulatedLosses 2022-12-31 00343359 e:RetainedEarningsAccumulatedLosses 2022-01-01 00343359 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 00343359 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 00343359 e:RetirementBenefitObligationsDeferredTax 2023-12-31 00343359 e:RetirementBenefitObligationsDeferredTax 2022-12-31 00343359 e:OtherDeferredTax 2023-12-31 00343359 e:OtherDeferredTax 2022-12-31 00343359 d:OrdinaryShareClass1 2023-01-01 2023-12-31 00343359 d:OrdinaryShareClass1 2023-12-31 00343359 d:OrdinaryShareClass1 2022-12-31 00343359 d:OrdinaryShareClass2 2023-01-01 2023-12-31 00343359 d:OrdinaryShareClass2 2023-12-31 00343359 d:OrdinaryShareClass2 2022-12-31 00343359 d:FRS102 2023-01-01 2023-12-31 00343359 d:Audited 2023-01-01 2023-12-31 00343359 d:FullAccounts 2023-01-01 2023-12-31 00343359 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00343359 e:JointVenture1 2023-01-01 2023-12-31 00343359 e:JointVenture1 2022-01-01 2022-12-31 00343359 e:JointVenture1 2023-12-31 00343359 e:JointVenture1 2022-12-31 00343359 e:Subsidiary1 2023-01-01 2023-12-31 00343359 e:Subsidiary1 2022-01-01 2022-12-31 00343359 e:Subsidiary1 2023-12-31 00343359 e:Subsidiary1 2022-12-31 00343359 e:Subsidiary1 2023-01-01 2023-12-31 00343359 e:Subsidiary1 1 2023-01-01 2023-12-31 00343359 6 2023-01-01 2023-12-31 00343359 e:JointVenture1 2023-01-01 2023-12-31 00343359 e:JointVenture1 1 2023-01-01 2023-12-31 00343359 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00343359









WELCH'S TRANSPORT LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WELCH'S TRANSPORT LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
Mr J N Welch 
Mr C N Welch 
Mr D R Welch 




COMPANY SECRETARY
Mr J N Welch



REGISTERED NUMBER
00343359



REGISTERED OFFICE
Moorfield Road
Duxford

Cambridge

CB22 4PS




INDEPENDENT AUDITOR
Peters Elworthy & Moore
Chartered Accountants & Statutory Auditor

Salisbury House

Station Road

Cambridge

CB1 2LA




BANKERS
Barclays Bank Plc
Castle Park

Castle Hill

Cambridge

CB3 0AN





 
WELCH'S TRANSPORT LIMITED
 

CONTENTS



Pages
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 24


 
WELCH'S TRANSPORT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

INTRODUCTION
 
The Directors present their Strategic Report incorporating the business review, which includes the principal risks and uncertainties of the business and key performance indicators.

BUSINESS REVIEW
 
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.

Page 1

 
WELCH'S TRANSPORT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
 
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.

FINANCIAL KEY PERFORMANCE INDICATORS
 
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.

OTHER KEY PERFORMANCE INDICATORS
 
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.



Mr J N Welch
Director

Date: 2 May 2024

Page 2

 
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.

PRINCIPAL ACTIVITIES

The principal activities during the year was the provision of transport and motor trade related activities as well as crane hire services.

RESULTS AND DIVIDENDS

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).

DIRECTORS

The Directors who served during the year and to the date of this report, were:

Mr J N Welch 
Mr C N Welch 

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.

DIRECTORS' RESPONSIBILITIES STATEMENT

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 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 2006They 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.

Page 3

 
WELCH'S TRANSPORT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

FUTURE DEVELOPMENTS

The Directors intend to continue to grow all areas of the business in the forseeable future.

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

POST BALANCE SHEET EVENTS

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.
 





Mr J N Welch
Director

Date: 2 May 2024

Page 4

 
WELCH'S TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELCH'S TRANSPORT LIMITED
 

OPINION


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


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.


CONCLUSIONS RELATING TO GOING CONCERN


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.


OTHER INFORMATION


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 ReportOur 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.


Page 5

 
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.


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

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.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF THE DIRECTORS
 

As explained more fully in the Directors' Responsibilities Statement, set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

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.

Page 6

 
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.


Page 7

 
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.


USE OF OUR 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 2006Our 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.





Adam Smith (Senior Statutory Auditor)
  
for and on behalf of
Peters Elworthy & Moore
 
Chartered Accountants
Statutory Auditor
  
Salisbury House
Station Road
Cambridge
CB1 2LA

3 May 2024
Page 8

 
WELCH'S TRANSPORT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022
Notes
£
£

  

Turnover
 4 
14,844,892
15,256,468

Cost of sales
  
(11,422,044)
(11,704,417)

GROSS PROFIT
  
3,422,848
3,552,051

Administrative expenses
  
(3,306,550)
(3,171,153)

Other operating income
 5 
225,227
338,687

OPERATING PROFIT
 6 
341,525
719,585

Income from fixed assets investments
 10 
2,781
-

Profit on disposal of investment
 14 
4,500
-

Interest payable and similar expenses
 11 
(723)
-

PROFIT BEFORE TAX
  
348,083
719,585

Tax on profit
 12 
(75,605)
(85,223)

PROFIT FOR THE FINANCIAL YEAR
  
272,478
634,362

There were no recognised gains and losses for 2023 or 2022 other than those included in the Statement of Comprehensive Income, above.

There was no Other Comprehensive Income for the year ended 31 December 2023 (2022 - £Nil).

The notes on pages 12 to 24 form part of these financial statements.

Page 9

 
WELCH'S TRANSPORT LIMITED
REGISTERED NUMBER: 00343359

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Notes
£
£
£
£

FIXED ASSETS
  

Tangible assets
 13 
586,012
294,049

Investments
 14 
402,988
318,730

  
989,000
612,779

CURRENT ASSETS
  

Stocks
 15 
312,053
280,927

Debtors: amounts falling due within one year
 16 
2,218,945
2,629,400

Cash at bank and in hand
 17 
916,186
1,164,855

  
3,447,184
4,075,182

Creditors: amounts falling due within one year
 18 
(1,371,762)
(1,719,468)

NET CURRENT ASSETS
  
 
 
2,075,422
 
 
2,355,714

TOTAL ASSETS LESS CURRENT LIABILITIES
  
3,064,422
2,968,493

PROVISION FOR LIABILITIES
  

Deferred tax
 19 
(129,905)
(56,454)

NET ASSETS
  
2,934,517
2,912,039


CAPITAL AND RESERVES
  

Called up share capital 
 20 
712,060
712,060

Share premium account
 21 
250
250

Profit and loss account
 21 
2,222,207
2,199,729

SHAREHOLDERS' FUNDS
  
2,934,517
2,912,039


The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf by: 




Mr J N Welch
Director

Date: 2 May 2024

The notes on pages 12 to 24 form part of these financial statements.

Page 10

 
WELCH'S TRANSPORT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 JANUARY 2022
712,060
250
2,065,367
2,777,677


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
634,362
634,362


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends paid
-
-
(500,000)
(500,000)



At 1 JANUARY 2023
712,060
250
2,199,729
2,912,039


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
272,478
272,478


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends paid
-
-
(250,000)
(250,000)


AT 31 DECEMBER 2023
712,060
250
2,222,207
2,934,517


The notes on pages 12 to 24 form part of these financial statements.

Page 11

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

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

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

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.

 
2.3

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

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.

Page 12

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

GOING CONCERN

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.

 
2.5

TURNOVER

Turnover comprises revenue recognised by the Company in respect of the transport, motor and crane hire goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Turnover is recognised as the fair value of the consideration received or receivable and is recognised when the goods have been transported or the services supplied.

 
2.6

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.8

DEFINED CONTRIBUTION PENSION SCHEME

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.

Page 13

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as Other Comprehensive Income or to an item recognised directly in equity is also recognised in Other Comprehensive Income or directly in equity respectively.
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

 
2.10

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Plant and machinery
-
10%/33% straight line
Motor vehicles
-
1% to 3% monthly reducing balance
Fixtures and fittings
-
33% straight line

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.

Page 14

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

INVESTMENTS

The Company's investment in its subsidiary undertaking is measured at cost less accumulated impairment charges.
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.

 
2.12

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

FINANCIAL INSTRUMENTS

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.

 
2.17

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an Annual General Meeting.

Page 15

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made
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.


4.


TURNOVER

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Road haulage and warehousing
12,662,196
13,537,071

Garage activities
1,984,711
1,594,378

Crane hire
197,985
125,019

14,844,892
15,256,468


All turnover arose within the United Kingdom.


5.


OTHER OPERATING INCOME

2023
2022
£
£

Net rents receivable
225,227
199,073

Government grants receivable
-
139,614

225,227
338,687


Government grants receivable represents amounts receivable under the business rates relief scheme of £Nil (2022- £139,614).

Page 16

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Net foreign exchange losses
-
8

Depreciation of tangible fixed assets
189,655
140,251

(Profit)/loss on disposal of tangible fixed assets
(4,400)
23


7.


AUDITOR'S REMUNERATION

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
21,500
20,000

The undertaking has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated financial statements of the parent undertaking.


8.


EMPLOYEES

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
5,229,226
4,977,630

Social security costs
543,036
518,398

Cost of defined contribution pension scheme
147,950
141,624

5,920,212
5,637,652


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Office and management
32
35



Drivers and fitters
109
111

141
146

Page 17

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
78,010
68,749



10.


INCOME FROM INVESTMENTS

2023
2022
£
£





Dividends received from unlisted investment
2,781
-



11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Interest payable on Corporation Tax
723
-


12.


TAXATION


2023
2022
£
£

CURRENT TAX


UK Corporation Tax on profit for the year
2,154
66,782

Adjustments in respect of prior years
-
16,796

2,154
83,578


DEFERRED TAX


Origination and reversal of timing differences
73,451
1,645


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
75,605
85,223
Page 18

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
348,083
719,585


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
66,136
136,721

EFFECTS OF:


Expenses not deductible for tax purposes
9,997
(9,364)

Adjustments in respect of prior years
-
16,796

Non taxable income
(528)
-

Group relief received for £Nil consideration
-
(58,930)

TOTAL TAX CHARGE FOR THE YEAR
75,605
85,223


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 19

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


TANGIBLE FIXED ASSETS





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



COST


At 1 January 2023
759,664
-
286,457
1,046,121


Additions
182,522
273,560
25,536
481,618



At 31 December 2023

942,186
273,560
311,993
1,527,739



DEPRECIATION


At 1 January 2023
517,820
-
234,252
752,072


Charge for the year on owned assets
109,139
48,134
32,382
189,655



At 31 December 2023

626,959
48,134
266,634
941,727



NET BOOK VALUE



At 31 December 2023
315,227
225,426
45,359
586,012



At 31 December 2022
241,844
-
52,205
294,049


14.


FIXED ASSET INVESTMENTS





Investment in subsidiary undertaking
Unlisted investments
Investment in joint venture
Total

£
£
£
£



COST AND NET BOOK VALUE


At 1 January 2023
7,000
311,680
50
318,730


Additions
-
84,758
-
84,758


Disposals
(500)
-
-
(500)



At 31 December 2023
6,500
396,438
50
402,988




During the year, the Company sold 500 Ordinary shares of £1 each of its investment in JPS Installs Limited for a consideration of £5,000, resulting in the Company's shareholding reducing to 65%.

Page 20

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

SUBSIDIARY UNDERTAKING


As at 31 December 2023, the following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

JPS Installs Limited
Ordinary £1
65%


JOINT VENTURE


As at 31 December 2023 the following was a joint venture of the Company:


Name

Registered office

Holding

TBM Fulfillment Solution UK Ltd
Moorfield Road, Duxford, Cambridge, CB22 4PS
50%


15.


STOCKS

2023
2022
£
£

Finished goods and goods for resale
312,053
280,927



16.


DEBTORS

2023
2022
£
£


Trade debtors
1,890,926
2,041,127

Amounts owed by fellow group undertakings
34,816
261,449

Amounts owed by joint venture
63,729
112,885

Other debtors
2,741
5,694

Prepayments and accrued income
226,733
208,245

2,218,945
2,629,400



17.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
916,186
1,164,855


Page 21

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
681,785
959,268

Amounts owed to ultimate parent undertaking
47,038
-

Corporation tax payable
2,154
83,578

Other taxation and social security
455,040
441,383

Other creditors
73,993
67,676

Accruals and deferred income
111,752
167,563

1,371,762
1,719,468



19.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
56,454
54,809


Charge to profit or loss
73,451
1,645



AT END OF YEAR
129,905
56,454

The deferred tax liability comprises of:

2023
2022
£
£


Accelerated capital allowances
106,347
31,706

Other short term timing differences
(1,190)
-

Capital gains
24,748
24,748

129,905
56,454

Page 22

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



356,030 (2022 - 356,030) Ordinary shares of £1 each
356,030
356,030
356,030 (2022 - 356,030) 2% non-cumulative preference shares of £1 each
356,030
356,030

712,060

712,060

Both the Ordinary and the Non-cumulative preference shares have the same full voting rights. 



21.


RESERVES

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the
issuing of shares are deducted from the share premium.

Profit and loss account

Includes all current and prior year retained profit and losses. The balance of £2,222,207 (2022 - £2,199,729) includes £74,244  (2022 - £74,244) that is not distributable.


22.


PENSION COMMITMENTS

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.


23.


RELATED PARTY TRANSACTIONS

The Company has traded on commercial terms with its 65% owned subsidiary. Sales/recharges amounted to £181,858 (2022 - £171,119). At the year end £34,816 (2022 - £56,829) was owed to the Company.
 
The Company has traded on commercial terms with its joint venture during the year. Sales/recharges amounted to £254,767 (2022 - £201,288).  At the year end £63,729 (2022 - £112,885) was owed to the Company.
All other related party transactions have taken place between wholly owned members of the Group, therefore these transactions are not disclosed under the exemption provided by paragraph 33.1A of FRS102.

Page 23

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


CONTROLLING PARTY

The immediate and ultimate parent undertaking, and controlling party is Welch's Group Holdings Limited, a company incorporated in England and Wales.
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.

 
Page 24