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REGISTERED NUMBER: 03926608 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 August 2024

for

Walker Logistics Ltd

Walker Logistics Ltd (Registered number: 03926608)

Contents of the Financial Statements
for the Year Ended 31 August 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


Walker Logistics Ltd

Company Information
for the Year Ended 31 August 2024







DIRECTORS: W J R Walker
P N Walker
C R Walker





SECRETARY: C R Walker





REGISTERED OFFICE: 2 Pavilion Court
600 Pavilion Drive
Northampton
NN4 7SL





REGISTERED NUMBER: 03926608 (England and Wales)





AUDITORS: Harris & Co (Accountants) Ltd, Statutory Auditor
2 Pavilion Court
600 Pavilion Drive
Northampton
NN4 7SL

Walker Logistics Ltd (Registered number: 03926608)

Strategic Report
for the Year Ended 31 August 2024


Introduction

The directors present their strategic report of the company for the year ended 31 August 2024.

REVIEW OF BUSINESS
Business review

The Walker Logistics group is based at Membury and provides warehousing and fulfilment services to clients in the UK, mainland Europe and all over the world.

Whilst some customers exited during the year due to non-controllable factors (ceased trading or acquired) meaning turnover and profit decreased, there were many positives from a year that was overall very strong for the business.
A record amount of new business has been secured that will see revenue (and profit) deliver its highest level to date in the financial year ending August 2025, and as such and in anticipation of continued growth in the future, management made the decision to continue to invest in their back-office function. These changes have ensured that the back-office functions are well placed to scale in line with anticipated future expansion and make both performance and quality remain at an extremely high standard.

Management also took the decision to invest in staff welfare and wellbeing by improving core remuneration that allowed the operation to become 24/7, improvements to on-site staff facilities, regular on-site activities to improve staff morale and examples of staff progression within the business. These investments have helped to improve staff productivity and retention.

In 2024, the directors reassessed the remaining useful life of the goodwill following a number of developments within the business. As a result of this review, the remaining goodwill has been fully written off in 2024.

Future developments

Since the year end the business has secured full planning and reserved matters on a new state of the art, carbon net zero 135,000 sq. ft. warehouse which will comprise a mix of storage, operational space and offices. The new development commenced build in October 2024 with planned completion and operational occupancy by late Autumn of 2025. The building will increase the operational capacity of the business by more than 40% as well as create further opportunities for the existing complex within the core site. We are also proceeding with the rental our own warehouse in The Netherlands, allowing existing business with our current partner to be transitioned to that facility, growing profit margin and allowing further customers to utilise it. Finally, we have implemented a new 'bolt-on' to our Warehouse Management System (WMS) meaning the ability to quickly and cost effectively add a high number of smaller new customers to the business, service them at the same profit margin and ultimately add significant revenue/profit by volume of customer numbers which was previously difficult to do but creates large scale opportunity due to the sheer number of companies of this size looking for outsourced support in our industry.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider the principal risks and uncertainties faced by the company to be financial and labour related risks.

Financial risk - The principal risk surrounding the company is continuing to service its financial commitments. In particular, the risk around interest rates. Management have assessed this risk and considered various options to limit exposure but decided that the risk for the remainder of the term is not significant. Considerations for interest rate risk mitigations will be made closer to the renewal of facilities.

Labour risk - Since Brexit the supply of labour for the warehouse has become increasingly difficult to source. To alleviate this management have invested in staff welfare and increased salaries to attract and retain staff. These actions have yielded a strong increase in applications for roles.


Walker Logistics Ltd (Registered number: 03926608)

Strategic Report
for the Year Ended 31 August 2024

Financial key performance indicators

Sales, return on assets and EBITDA are key performance measures.


Other key performance indicators

The group proactively seek new ways to push the boundaries of operational excellence so our customers stay one step ahead of the game. A commitment to continuous improvement is at the heart of our culture, enhancing and sustaining our customers' long term competitiveness.

Our vision is conveyed by the following commitments:

- Creating and keeping up awareness about actual and foreseen needs of partners and customers using the best world class logistics, distribution, solutions, fulfilment and freight forwarding solutions.
-Realisation of service on time in a reliable, flexible and simple manner in such a way o try to exceed the customer's requirements.
-Consistent creating of organisation culture by building good employee relationships and approach related to customer satisfaction achievement
-The group are ambitious to exceed our partners' requirements offering them the highest quality solutions, including additional value by unique, innovative and complete logistics services.

The continuous improvement of our service quality, suitable storage in state of the art warehousing facilities and transportation and distribution conditions of goods are achieved by:
-Detailed analysis of our customers' needs.
-Full engagement of all employees to perform our strategy.
-Having educated and well experienced staff who continuously improve their qualifications.
-Pursuing to fulfill customer requirements at the highest level including individual expectation.
-Having modern technical equipment making possible to apply the newest logistics solutions.
-Continuous process improvement and having processes efficiency monitored.
-To gain competitive advantage for our customers by listening and working with them to bring inspired added value logistics solutions to them.
-To measure our performance to ensure we meet, and where possible, exceed our customers' expectations.
-Our management systems ensure continual improvement through periodic review of our policies.

ON BEHALF OF THE BOARD:





P N Walker - Director


4 February 2025

Walker Logistics Ltd (Registered number: 03926608)

Report of the Directors
for the Year Ended 31 August 2024


The directors present their report with the financial statements of the company for the year ended 31 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of storage and distribution.

DIVIDENDS
No dividends will be distributed for the year ended 31 August 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

W J R Walker
P N Walker
C R Walker

POLITICAL DONATIONS AND EXPENDITURE
The company made donations of £14,459 in the year to various causes.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 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 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

Walker Logistics Ltd (Registered number: 03926608)

Report of the Directors
for the Year Ended 31 August 2024


AUDITORS
The auditors, Harris & Co (Accountants) Ltd, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P N Walker - Director


4 February 2025

Report of the Independent Auditors to the Members of
Walker Logistics Ltd


Opinion
We have audited the financial statements of Walker Logistics Ltd (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31 August 2024 and of its 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 company 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 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. We have nothing to report in this regard.

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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Walker Logistics Ltd


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 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, 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 directors
As explained more fully in the Statement of Directors' Responsibilities 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 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.

Report of the Independent Auditors to the Members of
Walker Logistics Ltd


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant: The Companies Act 2015 and 2006, UK employment legislation and UK health and safety legislation. we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.


- We understood how the company is complying with those legal and regulatory frameworks by making enquiries through our review of relevant documentation.

- The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. Audit procedures performed by the engagement team included:

- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

- As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

- Posting of unusual journals out of the normal course of business;
- Incorrectly recognising revenue in the wrong period that may inflate or deflate revenue;
- Posting of non business related expenses.

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 for 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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Walker Logistics Ltd


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.




Phillip J Harris BA (Hons) FCA BFP (Senior Statutory Auditor)
for and on behalf of Harris & Co (Accountants) Ltd, Statutory Auditor
2 Pavilion Court
600 Pavilion Drive
Northampton
NN4 7SL

4 February 2025

Walker Logistics Ltd (Registered number: 03926608)

Income Statement
for the Year Ended 31 August 2024

2024 2023
Notes £    £   

TURNOVER 10,041,718 13,303,983

Cost of sales (6,351,002 ) (8,836,805 )
GROSS PROFIT 3,690,716 4,467,178

Administrative expenses (4,389,912 ) (4,134,579 )
(699,196 ) 332,599

Other operating income 10,229 29,219
OPERATING (LOSS)/PROFIT 5 (688,967 ) 361,818

Interest receivable and similar income 6,532 -
(682,435 ) 361,818

Interest payable and similar expenses 7 (37,616 ) (18,503 )
(LOSS)/PROFIT BEFORE TAXATION (720,051 ) 343,315

Tax on (loss)/profit 8 (12,562 ) (43,899 )
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (732,613 ) 299,416

Walker Logistics Ltd (Registered number: 03926608)

Other Comprehensive Income
for the Year Ended 31 August 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (732,613 ) 299,416


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(732,613

)

299,416

Walker Logistics Ltd (Registered number: 03926608)

Balance Sheet
31 August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 9 19,400 1,012,463
Tangible assets 10 386,769 431,654
Investments 11 8,511 8,511
414,680 1,452,628

CURRENT ASSETS
Debtors 12 3,019,983 2,307,164
Cash at bank 1,998,938 2,879,076
5,018,921 5,186,240
CREDITORS
Amounts falling due within one year 13 (2,997,291 ) (3,493,347 )
NET CURRENT ASSETS 2,021,630 1,692,893
TOTAL ASSETS LESS CURRENT LIABILITIES 2,436,310 3,145,521

CREDITORS
Amounts falling due after more than one
year

14

(34,423

)

(23,583

)

PROVISIONS FOR LIABILITIES 17 (77,599 ) (65,037 )
NET ASSETS 2,324,288 3,056,901

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 2,324,188 3,056,801
SHAREHOLDERS' FUNDS 2,324,288 3,056,901

The financial statements were approved by the Board of Directors and authorised for issue on 4 February 2025 and were signed on its behalf by:





P N Walker - Director


Walker Logistics Ltd (Registered number: 03926608)

Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2022 100 2,757,385 2,757,485

Changes in equity
Total comprehensive income - 299,416 299,416
Balance at 31 August 2023 100 3,056,801 3,056,901

Changes in equity
Total comprehensive income - (732,613 ) (732,613 )
Balance at 31 August 2024 100 2,324,188 2,324,288

Walker Logistics Ltd (Registered number: 03926608)

Notes to the Financial Statements
for the Year Ended 31 August 2024


1. STATUTORY INFORMATION

Walker Logistics Ltd 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 Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with the 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 judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Revenue
Revenue shown in the Income Statement represents amounts receivable from third parties in the ordinary course of business for services provided and is stated net of VAT and duty.

Revenue in respect to storage income is recognised on a straight line basis over the length of time goods are held in the warehouse.

Revenue in respect of fulfilment and logistics management services are recognised upon completion of the service and batch billed to the customer on a fortnight or monthly basis depending of volumes at an agreed rate in line with the contract.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition in 2017. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Income Statement over its useful economic life.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

In 2024, the directors reassessed the remaining useful life of the goodwill following a number of developments within the business. As a result of this review, the remaining goodwill has been fully written off in 2024.

Walker Logistics Ltd (Registered number: 03926608)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


2. ACCOUNTING POLICIES - continued

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 from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Development costs are initially recorded at cost and depreciated over three years.

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, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements- 10-15 years straight line
Plant and machinery- 20% Straight line
Motor vehicles- 20-25% Straight line
Fixtures and fittings- 20% 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.

Taxation
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 reporting date in the countries where the Company operates and generates income.


Walker Logistics Ltd (Registered number: 03926608)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


2. ACCOUNTING POLICIES - continued
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.

Pensions
Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan 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 accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Going concern
At the year end the Company owed a balance of £1,733,354 (2022 - £1,177,052) to its parent undertaking. The Company has obtained support from its parent undertaking who have confirmed that they will not recall debts until cashflow permit. On this basis and having considered the future cashflow forecasts, the directors consider the Company to be a going concern and has the necessary financial support to meet its debts as they fall due for at least 12 months from the signing of the financial statements.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

When preparing the financial statements, management is required to make estimates and assumptions which affect expenses and assets. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

Useful life of Goodwill

Management have estimated that the useful life of Goodwill acquired has a useful life of 9 years on the basis that future profits occurring as a result of this acquisition will match amortisation over that period.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,088,096 1,490,669
Social security costs 118,758 127,721
Other pension costs 28,784 30,099
1,235,638 1,648,489

Walker Logistics Ltd (Registered number: 03926608)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Directors 1 1
Employees 86 121
87 122

2024 2023
£    £   
Directors' remuneration 116,686 339,623

5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 164,540 149,444
Profit on disposal of fixed assets (12,197 ) (34,000 )
Goodwill amortisation 411,791 411,791
Foreign exchange differences 1,968 4,781

6. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

16,925

13,350

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 33,572 15,676
Hire purchase 4,044 2,827
37,616 18,503

Walker Logistics Ltd (Registered number: 03926608)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


8. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 21,794

Deferred tax 12,562 22,105
Tax on (loss)/profit 12,562 43,899

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
£    £   
(Loss)/profit before tax (720,051 ) 343,315
(Loss)/profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 21.240%)

(180,013

)

72,920

Effects of:
Expenses not deductible for tax purposes 2,195 1,623
Depreciation in excess of capital allowances 277,282 66,674
Utilisation of tax losses (99,464 ) (119,423 )
Deferred tax 12,562 22,105
Total tax charge 12,562 43,899

Walker Logistics Ltd (Registered number: 03926608)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


9. INTANGIBLE FIXED ASSETS
Development
Goodwill costs Totals
£    £    £   
COST
At 1 September 2023 2,400,000 17,300 2,417,300
Additions - 2,100 2,100
At 31 August 2024 2,400,000 19,400 2,419,400
AMORTISATION
At 1 September 2023 1,404,837 - 1,404,837
Amortisation for year 411,791 - 411,791
Impairments 583,372 - 583,372
At 31 August 2024 2,400,000 - 2,400,000
NET BOOK VALUE
At 31 August 2024 - 19,400 19,400
At 31 August 2023 995,163 17,300 1,012,463

10. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 September 2023 231,073 524,302 142,489 392,331 1,290,195
Additions - 35,540 20,139 71,479 127,158
Disposals - - - (126,831 ) (126,831 )
At 31 August 2024 231,073 559,842 162,628 336,979 1,290,522
DEPRECIATION
At 1 September 2023 144,477 263,815 126,445 323,804 858,541
Charge for year 26,965 94,753 20,333 22,489 164,540
Eliminated on disposal - (20,300 ) - (99,028 ) (119,328 )
At 31 August 2024 171,442 338,268 146,778 247,265 903,753
NET BOOK VALUE
At 31 August 2024 59,631 221,574 15,850 89,714 386,769
At 31 August 2023 86,596 260,487 16,044 68,527 431,654

Walker Logistics Ltd (Registered number: 03926608)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 September 2023
and 31 August 2024 8,511
NET BOOK VALUE
At 31 August 2024 8,511
At 31 August 2023 8,511

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,948,657 1,769,123
Amounts owed by group undertakings 167,844 143,744
Other debtors 7,735 27,951
Sundry deposits 1,420 5,147
CWT Ventures Ltd Loan 27,024 15,687
Directors' current accounts 75,470 66,034
Tax 302,706 4,029
Prepayments and accrued income 489,127 275,449
3,019,983 2,307,164

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 25,603 32,911
Trade creditors 1,139,139 904,126
Amounts owed to group undertakings 1,554,524 1,733,354
Tax - 21,794
Social security and other taxes 59,524 64,992
VAT 181,826 254,498
Other creditors 32,766 (11,943 )
Staff Loan Advance Control Acc - 352
Swillbrook Farm Estate (103,605 ) (92,344 )
Walker 37 Ltd 6,868 6,883
Accrued expenses 100,646 578,724
2,997,291 3,493,347

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 34,423 23,583

Walker Logistics Ltd (Registered number: 03926608)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 25,603 32,911
Between one and five years 34,423 23,583
60,026 56,494

Non-cancellable operating leases
2024 2023
£    £   
Within one year 175,719 344,263
Between one and five years 114,655 574,103
290,374 918,366

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 60,026 56,494

There is a fixed and floating charge by way of a debenture dated 22 June 2011 in respect of HSBC Bank Plc, over the Eastern Hangar, Lambourn Woodlands, Hungerford, t/no: BK400346 with the benefit of all rights, licences, guarantees, rent deposits, contracts, deeds undertakings & warranties relating to the property. Any shares or membership rights in any management company for the property. Any goodwill of any business from time to time carried on at the property. Any rental & other money payable and any lease licence or other interest created in respect of the property & all other payments whatever in respect of the property.

Assets acquired under hire purchase agreements are secured against the assets to which they pertain.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances - 22,105
Deferred tax 77,599 42,932
77,599 65,037

Walker Logistics Ltd (Registered number: 03926608)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 September 2023 65,037
Provided during year 12,562
Balance at 31 August 2024 77,599

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

19. RESERVES
Retained
earnings
£   

At 1 September 2023 3,056,801
Deficit for the year (732,613 )
At 31 August 2024 2,324,188

20. CONTINGENT LIABILITIES

The company has guaranteed the liabilities to HSBC of Walker Logistics (Holdings) Limited and Night Fright Promotions Limited under the terms of a composite unlimited multi lateral guarantee dated 8 June 2011.

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
P N Walker
Balance outstanding at start of year 66,034 334,230
Amounts repaid (252 ) (268,196 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 65,782 66,034

Walker Logistics Ltd (Registered number: 03926608)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

C R Walker
Balance outstanding at start of year - -
Amounts advanced 9,688 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,688 -

22. RELATED PARTY DISCLOSURES

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.

23. ULTIMATE CONTROLLING PARTY

The company's parent undertaking is Walker Logistics (Holdings) Limited whose registered office is 2 Pavilion Court, 600 Pavilion Drive, Northampton, NN4 7SL.