IRIS Accounts Production v24.2.0.383 09805306 Board of Directors Board of Directors 31.3.24 1.4.23 31.3.24 31.3.24 packaging, warehousing, fulfilment and logistics. true true true false true true false false false false true true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh098053062023-03-31098053062024-03-31098053062023-04-012024-03-31098053062022-03-31098053062022-04-012023-03-31098053062023-03-3109805306ns15:EnglandWales2023-04-012024-03-3109805306ns14:PoundSterling2023-04-012024-03-3109805306ns10:Director12023-04-012024-03-3109805306ns10:Director22023-04-012024-03-3109805306ns10:Consolidated2024-03-3109805306ns10:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3109805306ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3109805306ns10:Consolidatedns10:FRS1022023-04-012024-03-3109805306ns10:Consolidatedns10:Audited2023-04-012024-03-3109805306ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3109805306ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3109805306ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3109805306ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-04-012024-03-3109805306ns10:FullAccounts2023-04-012024-03-3109805306ns5:Subsidiary12023-04-012024-03-310980530612023-04-012024-03-3109805306ns10:OrdinaryShareClass12023-04-012024-03-3109805306ns10:Consolidated2023-04-012024-03-3109805306ns10:Director32023-04-012024-03-3109805306ns10:Director42023-04-012024-03-3109805306ns10:Director52023-04-012024-03-3109805306ns10:CompanySecretary12023-04-012024-03-3109805306ns10:RegisteredOffice2023-04-012024-03-3109805306ns10:Consolidated2022-04-012023-03-3109805306ns5:CurrentFinancialInstruments2024-03-3109805306ns5:CurrentFinancialInstruments2023-03-3109805306ns5:Non-currentFinancialInstruments2024-03-3109805306ns5:Non-currentFinancialInstruments2023-03-3109805306ns5:ShareCapital2024-03-3109805306ns5:ShareCapital2023-03-3109805306ns5:RetainedEarningsAccumulatedLosses2024-03-3109805306ns5:RetainedEarningsAccumulatedLosses2023-03-3109805306ns5:NetGoodwill2023-04-012024-03-3109805306ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3109805306ns5:PlantMachinery2023-04-012024-03-3109805306ns5:MotorVehicles2023-04-012024-03-3109805306ns5:ComputerEquipment2023-04-012024-03-3109805306ns5:CostValuation2023-03-3109805306ns5:Subsidiary112023-04-012024-03-3109805306ns5:Subsidiary12024-03-3109805306ns5:Subsidiary12023-03-3109805306ns5:Subsidiary12022-04-012023-03-3109805306ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3109805306ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3109805306ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-3109805306ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3109805306ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3109805306ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3109805306ns5:Secured2024-03-3109805306ns5:Secured2023-03-3109805306ns10:OrdinaryShareClass12024-03-3109805306ns5:RetainedEarningsAccumulatedLosses2023-03-3109805306ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-31
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: L R Clarke
L S L Moss
R P Farey
N R Holmes
S C Tiley





SECRETARY: R P Farey





REGISTERED OFFICE: Pacioli House, 9 Brookfield
Duncan Close,
Moulton Park
Northampton
Northamptonshire
NN3 6WL





REGISTERED NUMBER: 09805306 (England and Wales)





AUDITORS: Clifford Roberts
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:





R P Farey - Director


9 August 2024

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.

L R Clarke
L S L Moss
R P Farey
N R Holmes
S C Tiley

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:





R P Farey - Director


9 August 2024

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.




Adam Billingham BA (Hons) BFP FCA (Senior Statutory Auditor)
for and on behalf of Clifford Roberts
Chartered Accountants &
Statutory Auditors
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL

9 August 2024

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

(13,726

)

834,487

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 3,092,776 3,092,776
3,092,776 3,092,776

CURRENT ASSETS
Cash at bank 6,455 2,743

CREDITORS
Amounts falling due within one year 15 707,555 752,236
NET CURRENT LIABILITIES (701,100 ) (749,493 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,391,676

2,343,283

CREDITORS
Amounts falling due after more than one
year

16

992,524

1,142,488
NET ASSETS 1,399,152 1,200,795

CAPITAL AND RESERVES
Called up share capital 22 100 100
Retained earnings 23 1,399,052 1,200,695
SHAREHOLDERS' FUNDS 1,399,152 1,200,795

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 9 August 2024 and were signed on its behalf by:




R P Farey - Director



S C Tiley - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Motor vehicles - 20% on cost and 10% on cost
Computer equipment - 20% on cost

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
176 146

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 3,092,776
NET BOOK VALUE
At 31 March 2024 3,092,776
At 31 March 2023 3,092,776

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Walkerpack Limited
Registered office: Pacioli House, 9 Brookfield, Duncan Close, Moulton Park, Northampton, NN3 6WL
Nature of business: Logistics and warehousing
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 935,182 906,561
Profit for the year 346,626 386,288

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 75,127 122,639
Trade creditors 2,033,602 1,617,428 - -
Amounts owed to group undertakings - - 536,230 536,230
Tax 63,958 100,029 - -
Social security and other taxes 119,384 78,589 4,894 4,024
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 3,659,732 707,555 752,236

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 17) 195,231 408,909 122,524 272,488
Other creditors 870,000 870,000 870,000 870,000
1,065,231 1,278,909 992,524 1,142,488

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 75,127 122,639
1,786,809 984,475 75,127 122,639
Amounts falling due between one and two years:
Bank loans - 1-2 years 195,231 336,202 122,524 272,488
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 334,072 592,161 197,651 395,127
1,982,040 1,393,384 197,651 395,127

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: £    £   
100 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 1,200,695
Profit for the year 200,318
Dividends (1,961 )
At 31 March 2024 1,399,052

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.