REGISTERED NUMBER: 09805306 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
Walkerpack Group Limited |
REGISTERED NUMBER: 09805306 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
Walkerpack Group Limited |
Walkerpack Group Limited (Registered number: 09805306) |
Contents of the Consolidated Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 | to | 3 |
Report of the Directors | 4 | to | 5 |
Report of the Independent Auditors | 6 | to | 8 |
Consolidated Statement of Income and Retained Earnings |
9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Financial Statements | 14 | to | 24 |
Walkerpack Group Limited |
Company Information |
for the year ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & |
Statutory Auditors |
Pacioli House |
9 Brookfield |
Duncan Close |
Northampton |
Northamptonshire |
NN3 6WL |
Walkerpack Group Limited (Registered number: 09805306) |
Group Strategic Report |
for the year ended 31 March 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The Group's principal activity continues to be that of packaging, warehousing, fulfilment and logistics throughout the UK for a variety of well known and respected customers. Consolidated turnover for the year under review was £11,487,509 compared to £4,308,899 for the previous year ended, although this isn't entirely comparable as the subsidiary company was acquired in October 2022. The underlying increase of the subsidiary's turnover on a like-for-like full twelve month basis was 15.3%. |
Group operating profit for the year was £339,666, which the directors are pleased with, particularly after a goodwill amortisation charge of £242,666. At the year end the group had consolidated shareholders funds of £1,324,439 including distributable reserves of £1,324,339. The directors therefore believe the company's position to be satisfactory and are optimistic for the future, especially given the post year end trading performance. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The process of risk acceptance and risk management is addressed through a framework of policies, procedures, and internal controls. All policies are subject to Board approval and ongoing review by the directors and management. Compliance with regulation, legal and ethical standards is a high priority for the group. |
The group has developed a framework for identifying the risks it faces, and the directors have assessed the main risks to the business as being its dependency on the performance of the UK economy. The company provides services to businesses primarily in based in the UK and is therefore dependent on the performance of the UK economy. The directors are confident of the continued growth and long-term stability of the business, particularly with the current service levels, strong customer relationships and highly specialised services. |
FUTURE DEVELOPMENTS |
Walkerpack are developing our existing customer base and have seen opportunities for growth and expansion. Recently we have purchased a small business that fits well with our manufacturing area. This has given us the opportunity to expand our working area and invest in new machinery as well as having contacts with new customers in new sectors. We are looking at new opportunities for buildings and space as we continue to grow. |
RESEARCH AND DEVELOPMENT |
Within our manufacturing department we are keen to develop the ways of working and with the best materials. We are looking at opportunities for innovative technology and developing material opportunities to ensure we remain competitive and remain as sustainable as possible in what we produce. IT and systems remain an important part of our business, and we are evolving our systems and support devices to ensure we are as efficient as possible as we give full support to our customers' needs. |
ENERGY CONSERVATION |
We have a strong environmental attitude that is endorsed by our BSI accreditation, we always look to achieve the highest level of reusing and recycling before waste. Investment into LED lighting throughout our buildings and our waste controls demonstrate our commitment to the environment. |
Walkerpack Group Limited (Registered number: 09805306) |
Group Strategic Report |
for the year ended 31 March 2024 |
KEY PERFORMANCE INDICATORS |
We have made significant progress throughout the year in relation to the key elements of our strategy, the board monitors the progress by reference to the following KPI's: |
2024 | 2023 |
Increase/(decrease) in turnover (pro-rata) | 15.3% | - |
Gross profit percentage | 31.9% | 34.8% |
Operating profit percentage | 3.0% | 6.0% |
All of the above ratios are defined in UK Generally Accepted Accounting Practice. |
ON BEHALF OF THE BOARD: |
Walkerpack Group Limited (Registered number: 09805306) |
Report of the Directors |
for the year ended 31 March 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
An interim dividend of £19.60784 per share was paid on 31 March 2024. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31 March 2024 will be £ 1,961 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
The disclosures relating to events occurring after the year end, likely future developments and research and development activities are disclosed within the strategic report in accordance with s.414C(11) CA 2006. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Walkerpack Group Limited (Registered number: 09805306) |
Report of the Directors |
for the year ended 31 March 2024 |
AUDITORS |
The auditors, Clifford Roberts, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Walkerpack Group Limited |
Opinion |
We have audited the financial statements of Walkerpack Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 group's and the parent 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 |
Other Matters |
The group company was not audited in the prior year, however the subsidiary was audited, and so the corresponding figures are unaudited. |
Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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. |
Report of the Independent Auditors to the Members of |
Walkerpack Group Limited |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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: |
- | We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK Generally Accepted Accounting Practice and UK corporate taxation laws. |
- | We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and by observing the oversight of management, the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud in the first instance . We corroborated our inquiries through our review of all relevant available audit information. |
- | We assessed and understood the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. The audit procedures performed by the engagement team included: |
> | Identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud; |
> | Understanding of how senior management considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
> | Challenging assumptions and judgements made by management in its significant accounting estimates; |
> | Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and, |
> | Assessing the extent of compliance with relevant laws and regulations. |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Walkerpack Group Limited |
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 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 a Report of the Auditors 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 Auditors |
Pacioli House |
9 Brookfield |
Duncan Close |
Northampton |
Northamptonshire |
NN3 6WL |
Walkerpack Group Limited (Registered number: 09805306) |
Consolidated |
Statement of Income and |
Retained Earnings |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 11,487,510 | 4,308,899 |
Cost of sales | 7,828,295 | 2,807,597 |
GROSS PROFIT | 3,659,215 | 1,501,302 |
Administrative expenses | 3,470,156 | 1,299,158 |
189,059 | 202,144 |
Other operating income | 150,608 | 56,949 |
OPERATING PROFIT | 5 | 339,667 | 259,093 |
Income from fixed asset investments | - | 747,198 |
Interest receivable and similar income | 41 | - |
41 | 747,198 |
339,708 | 1,006,291 |
Interest payable and similar expenses | 6 | 268,086 | 117,501 |
PROFIT BEFORE TAXATION | 71,622 | 888,790 |
Tax on profit | 7 | 85,348 | 54,303 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
Retained earnings at beginning of year | 1,340,026 | 509,461 |
Dividends | 9 | (1,961 | ) | (3,922 | ) |
RETAINED EARNINGS FOR THE GROUP AT END OF YEAR |
1,324,339 |
1,340,026 |
(Loss)/profit attributable to: |
Owners of the parent | (13,726 | ) | 834,487 |
Walkerpack Group Limited (Registered number: 09805306) |
Consolidated Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 2,082,881 | 2,325,546 |
Tangible assets | 11 | 258,800 | 173,404 |
Investments | 12 | - | - |
2,341,681 | 2,498,950 |
CURRENT ASSETS |
Stocks | 13 | 574,026 | 608,891 |
Debtors | 14 | 4,707,487 | 3,203,224 |
Cash at bank and in hand | 13,403 | 11,053 |
5,294,916 | 3,823,168 |
CREDITORS |
Amounts falling due within one year | 15 | 5,182,227 | 3,659,732 |
NET CURRENT ASSETS | 112,689 | 163,436 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,454,370 |
2,662,386 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(1,065,231 |
) |
(1,278,909 |
) |
PROVISIONS FOR LIABILITIES | 21 | (64,700 | ) | (43,351 | ) |
NET ASSETS | 1,324,439 | 1,340,126 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 100 | 100 |
Retained earnings | 23 | 1,324,339 | 1,340,026 |
SHAREHOLDERS' FUNDS | 1,324,439 | 1,340,126 |
The financial statements were approved by the Board of Directors and authorised for issue on 9 August 2024 and were signed on its behalf by: |
R P Farey - Director |
S C Tiley - Director |
Walkerpack Group Limited (Registered number: 09805306) |
Company Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 200,318 | 695,156 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Walkerpack Group Limited (Registered number: 09805306) |
Consolidated Cash Flow Statement |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 19,275 | 220,288 |
Interest paid | (268,086 | ) | (117,501 | ) |
Tax paid | (100,070 | ) | (11,678 | ) |
Net cash from operating activities | (348,881 | ) | 91,109 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (2,071,793 | ) |
Purchase of tangible fixed assets | (171,150 | ) | (93,931 | ) |
Interest received | 41 | - |
Dividends received | - | 747,198 |
Net cash from investing activities | (171,109 | ) | (1,418,526 | ) |
Cash flows from financing activities |
New loans in year | - | 507,500 |
Loan repayments in year | (258,089 | ) | (136,749 | ) |
Amount introduced by directors | 1,961 | 120,237 |
Amount withdrawn by directors | (66,316 | ) | - |
Equity dividends paid | (1,961 | ) | (3,922 | ) |
Net cash from financing activities | (324,405 | ) | 487,066 |
Decrease in cash and cash equivalents | (844,395 | ) | (840,351 | ) |
Cash and cash equivalents at beginning of year |
2 |
(790,170 |
) |
50,181 |
Cash and cash equivalents at end of year |
2 |
(1,634,565 |
) |
(790,170 |
) |
Walkerpack Group Limited (Registered number: 09805306) |
Notes to the Consolidated Cash Flow Statement |
for the year ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 71,622 | 888,790 |
Depreciation charges | 324,767 | 146,531 |
Finance costs | 268,086 | 117,501 |
Finance income | (41 | ) | (747,198 | ) |
664,434 | 405,624 |
Decrease in stocks | 34,865 | 60,513 |
Increase in trade and other debtors | (1,504,263 | ) | (477,010 | ) |
Increase in trade and other creditors | 824,239 | 231,161 |
Cash generated from operations | 19,275 | 220,288 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 13,403 | 11,053 |
Bank overdrafts | (1,647,968 | ) | (801,223 | ) |
(1,634,565 | ) | (790,170 | ) |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 11,053 | 50,181 |
Bank overdrafts | (801,223 | ) | - |
(790,170 | ) | 50,181 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 11,053 | 2,350 | 13,403 |
Bank overdrafts | (801,223 | ) | (846,745 | ) | (1,647,968 | ) |
(790,170 | ) | (844,395 | ) | (1,634,565 | ) |
Debt |
Debts falling due within 1 year | (183,252 | ) | 44,411 | (138,841 | ) |
Debts falling due after 1 year | (408,909 | ) | 213,678 | (195,231 | ) |
(592,161 | ) | 258,089 | (334,072 | ) |
Total | (1,382,331 | ) | (586,306 | ) | (1,968,637 | ) |
Walkerpack Group Limited (Registered number: 09805306) |
Notes to the Consolidated Financial Statements |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Walkerpack Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal place of business is 33/34 Liliput Road, Brackmills Industrial Estate, Northampton, NN4 7DT. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in Sterling (£) and cover the period to 31st March each year. All subsidiaries have a 31st March year end, but the comparative is not comparable because that was the first year of consolidation and covers a period of less than twelve months. |
The group financial statements consolidate the financial statements of Walkerpack Group Limited and |
all its subsidiary undertakings drawn up to 31 March each year. |
Basis of consolidation |
The company has accounted for the consolidated financial statements under the acquisition method,whereby the cost of the business combination is measured at the aggregate of the fair value of assets given, liabilities incurred or assumed and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination. |
Any excess of the cost of the business combination over the acquirer's interests in the net fair value of indentifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination the excess is recognised separately on the face of the consolidated balance sheet. |
The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group. Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
The results of the subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. |
Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Walkerpack Group Limited (Registered number: 09805306) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Revenue is recognised on completion of the service or sale of the product in question irrespective of whether a physical invoice has been raised to ensure the sale is matched against the cost incurred and included in the correct period. |
Rents receivable |
Rents receivable is measured at the fair value of consideration received or receivable, excluding discounts, rebates and value added tax. Rental income from property leased out under operating leases is recognised in the statement of comprehensive income on a straight-line basis over the term of the lease. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Walkerpack Group Limited (Registered number: 09805306) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Interest bearing borrowings |
Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method. |
Provisions for liabilities |
Provisions are recognised when the group has a present legal or constructive obligation as a result of a past event, it is probable that the group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the |
present obligation at the end of the reporting period, taking in to account the risks and uncertainties |
surrounding the obligation. |
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost int he profit or loss in the period it arises. |
The group recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence. |
Walkerpack Group Limited (Registered number: 09805306) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 10,219,066 | 3,935,736 |
Rest of World | 1,268,444 | 373,163 |
11,487,510 | 4,308,899 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 6,131,400 | 2,141,353 |
Social security costs | 390,547 | 171,408 |
Other pension costs | 121,252 | 79,558 |
6,643,199 | 2,392,319 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 5 | 5 |
Administration | 27 | 22 |
Production | 144 | 119 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 365,312 | 126,233 |
Directors' pension contributions to money purchase schemes | 14,232 | 8,616 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 5 | 5 |
Information regarding the highest paid director for the year ended 31 March 2024 is as follows: |
2024 |
£ |
Emoluments etc | 109,831 |
Pension contributions to money purchase schemes | 2,777 |
Walkerpack Group Limited (Registered number: 09805306) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Other operating leases | 971,565 | 344,541 |
Depreciation - owned assets | 85,754 | 79,308 |
Depreciation - assets on hire purchase contracts or finance leases | - | 24,196 |
Goodwill amortisation | 242,665 | 101,111 |
Auditors' remuneration | 6,500 | 8,593 |
Auditors' remuneration - other | 20,000 | - |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 150,555 | 66,354 |
Interest payable | 117,531 | 51,147 |
268,086 | 117,501 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 63,999 | 41,679 |
Deferred tax | 21,349 | 12,624 |
Tax on profit | 85,348 | 54,303 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 71,622 | 888,790 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
17,906 |
168,870 |
Effects of: |
Expenses not deductible for tax purposes | 7,690 | 8,018 |
Income not taxable for tax purposes | - | (141,968 | ) |
Depreciation in excess of capital allowances | 38,403 | 20,812 |
Utilisation of tax losses | - | 5,499 |
Adjustments to tax charge in respect of previous periods | - | (19,552 | ) |
Deferred tax movement | 21,349 | 12,624 |
Total tax charge | 85,348 | 54,303 |
Walkerpack Group Limited (Registered number: 09805306) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | 1,961 | 3,922 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 2,426,657 |
AMORTISATION |
At 1 April 2023 | 101,111 |
Amortisation for year | 242,665 |
At 31 March 2024 | 343,776 |
NET BOOK VALUE |
At 31 March 2024 | 2,082,881 |
At 31 March 2023 | 2,325,546 |
11. | TANGIBLE FIXED ASSETS |
Group |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 | 587,444 | 13,500 | 284,988 | 885,932 |
Additions | 160,361 | - | 10,789 | 171,150 |
At 31 March 2024 | 747,805 | 13,500 | 295,777 | 1,057,082 |
DEPRECIATION |
At 1 April 2023 | 546,909 | 10,800 | 154,819 | 712,528 |
Charge for year | 45,486 | 2,700 | 37,568 | 85,754 |
At 31 March 2024 | 592,395 | 13,500 | 192,387 | 798,282 |
NET BOOK VALUE |
At 31 March 2024 | 155,410 | - | 103,390 | 258,800 |
At 31 March 2023 | 40,535 | 2,700 | 130,169 | 173,404 |
Walkerpack Group Limited (Registered number: 09805306) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Pacioli House, 9 Brookfield, Duncan Close, Moulton Park, Northampton, NN3 6WL |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
In addition to Walkerpack Limited, there are five wholly owned entities who are also part of the group. These entities are all wholly owned subsidiaries of Walkerpack Limited and are all dormant, having never traded. These entities have an intercompany debtor and share capital as the only entries in their balance sheets. |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 574,026 | 608,891 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Trade debtors | 3,784,726 | 2,291,821 |
Other debtors | 12,953 | 101,261 |
Prepayments and accrued income | 909,808 | 810,142 |
4,707,487 | 3,203,224 |
Walkerpack Group Limited (Registered number: 09805306) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 1,786,809 | 984,475 |
Trade creditors | 2,033,602 | 1,617,428 |
Amounts owed to group undertakings | - | - |
Tax | 63,958 | 100,029 |
Social security and other taxes | 119,384 | 78,589 |
VAT | 364,091 | 240,619 | - | - |
Other creditors | 89,700 | 16,841 |
Directors' current accounts | 91,304 | 155,659 | 91,304 | 89,343 |
Accruals and deferred income | 633,379 | 466,092 |
5,182,227 | 3,659,732 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 17) | 195,231 | 408,909 |
Other creditors | 870,000 | 870,000 |
1,065,231 | 1,278,909 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank overdrafts | 1,647,968 | 801,223 |
Bank loans | 138,841 | 183,252 |
1,786,809 | 984,475 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 195,231 | 336,202 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | - | 72,707 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Walkerpack Group Limited (Registered number: 09805306) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
Group |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year | 1,034,289 | 1,014,396 |
Between one and five years | 3,246,491 | 3,514,071 |
In more than five years | 1,197,468 | 1,796,202 |
5,478,248 | 6,324,669 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank overdrafts | 1,647,968 | 801,223 |
Bank loans | 334,072 | 592,161 |
1,982,040 | 1,393,384 |
At the balance sheet date Lloyds Bank PLC held a charge over all assets and property of the company as registered at Companies House. |
In addition, at the balance sheet date Lloyds Bank PLC held a debenture in the subsidiary company in relation to the companies banking facility by way of a fixed and floating charge. The subsidiary also had a charge registered in relation to the invoice finance agreement by way of a fixed and floating charge in favour of Lloyds Bank Commercial Finance Limited. |
20. | FINANCIAL RISK MANAGEMENT |
The group has some exposure to credit, liquidity, foreign currency and market risks, These risks are limited by the groups' financial management policies and practices described below. |
Foreign currency risk |
The group has very limited exposure to foreign currency risks as most of the company's sales and purchases are denominated in sterling. The group manages a Euro (€) account to help mitigate any risk it does experience. |
Credit risk |
The group has limited exposure to credit risks, good trading and a positive balance sheet means that credit is not difficult to come by. The groups' exposure and it's customers credit worthiness is continually monitored so that any potential problems are detected at an early stage. |
Liquidity risk |
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities. The only significant non-derivative financial liabilities remaining at the reporting date are the overdraft on the bank account, bank loan and factoring facility which the group uses for liquidity management. |
Market risk |
There is a market risk associated with the fluctuation in demand for the products and services provided. Most of this is mitigated by monitoring the markets and acting accordingly. |
The group holds no derivative financial instruments at the year end. |
Walkerpack Group Limited (Registered number: 09805306) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
21. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 64,700 | 43,351 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 43,351 |
Provided during year | 21,349 |
Balance at 31 March 2024 | 64,700 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Called up share capital |
This represents the nominal value of shares that have been issued. |
23. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 April 2023 | 1,340,026 |
Deficit for the year | (13,726 | ) |
Dividends | (1,961 | ) |
At 31 March 2024 | 1,324,339 |
Company |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
Retained Earnings - includes all current and prior period retained profits and losses. |
Walkerpack Group Limited (Registered number: 09805306) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
24. | RELATED PARTY DISCLOSURES |
During the year, a total of key management personnel compensation of £ 374,628 (2023 - £ 148,115 ) was paid. |
Key management personnel are deemed to be any director of the holding company and/or subsidiary entities. |