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REGISTERED NUMBER: 05331152 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 August 2024

for

Walker Logistics (Holdings) Limited

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


Walker Logistics (Holdings) Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: W J R Walker
P N Walker





SECRETARY: C R Walker





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





REGISTERED NUMBER: 05331152 (England and Wales)





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

Walker Logistics (Holdings) Limited (Registered number: 05331152)

Group 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 (Holdings) Limited (Registered number: 05331152)

Report of the Directors
for the Year Ended 31 August 2024


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

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

DIVIDENDS
The total distribution of dividends for the year ended 31 August 2024 will be £ 241,818 .

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

POLITICAL DONATIONS AND EXPENDITURE
During the year the Group made charitable donations of £3,218.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
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.

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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 (Holdings) Limited


Opinion
We have audited the financial statements of Walker Logistics (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, 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 August 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
The directors are responsible for the other information. The other information comprises the information in the Group 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.

Report of the Independent Auditors to the Members of
Walker Logistics (Holdings) Limited


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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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.

Report of the Independent Auditors to the Members of
Walker Logistics (Holdings) Limited


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.

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 (Holdings) 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.




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 (Holdings) Limited (Registered number: 05331152)

Consolidated Income Statement
for the Year Ended 31 August 2024

2024 2023
Notes £    £   

TURNOVER 3 10,042,666 13,304,561

Cost of sales (6,353,321 ) (8,836,805 )
GROSS PROFIT 3,689,345 4,467,756

Administrative expenses (3,521,145 ) (3,411,709 )
168,200 1,056,047

Other operating income 10,229 29,219
OPERATING PROFIT 5 178,429 1,085,266

Interest receivable and similar income 7 6,532 -
184,961 1,085,266

Interest payable and similar expenses 8 (1,188,490 ) (863,684 )
(LOSS)/PROFIT BEFORE TAXATION (1,003,529 ) 221,582

Tax on (loss)/profit 9 (80,928 ) (143,723 )
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (1,084,457 ) 77,859
(Loss)/profit attributable to:
Owners of the parent (1,084,457 ) 77,859

Walker Logistics (Holdings) Limited (Registered number: 05331152)

Consolidated Other Comprehensive Income
for the Year Ended 31 August 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (1,084,457 ) 77,859


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(1,084,457

)

77,859

Total comprehensive income attributable to:
Owners of the parent (1,084,457 ) 77,859

Walker Logistics (Holdings) Limited (Registered number: 05331152)

Consolidated Balance Sheet
31 August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 12 19,400 1,012,463
Tangible assets 13 28,495,634 27,714,134
Investments 14 8,511 8,511
28,523,545 28,735,108

CURRENT ASSETS
Stocks 15 2,200 2,200
Debtors 16 2,768,274 2,166,415
Cash at bank 18,465 931,164
2,788,939 3,099,779
CREDITORS
Amounts falling due within one year 17 (2,541,164 ) (2,067,243 )
NET CURRENT ASSETS 247,775 1,032,536
TOTAL ASSETS LESS CURRENT LIABILITIES 28,771,320 29,767,644

CREDITORS
Amounts falling due after more than one
year

18

(15,283,492

)

(15,034,469

)

PROVISIONS FOR LIABILITIES 22 (2,299,392 ) (2,218,464 )
NET ASSETS 11,188,436 12,514,711

CAPITAL AND RESERVES
Called up share capital 23 7,500 7,500
Revaluation reserve 24 6,600,889 6,600,889
Retained earnings 24 4,580,047 5,906,322
SHAREHOLDERS' FUNDS 11,188,436 12,514,711

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 (Holdings) Limited (Registered number: 05331152)

Company Balance Sheet
31 August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 25,371,383 25,045,202
Investments 14 50,100 50,100
25,421,483 25,095,302

CURRENT ASSETS
Debtors 16 3,160,341 3,446,090

CREDITORS
Amounts falling due within one year 17 (2,828,036 ) (2,319,925 )
NET CURRENT ASSETS 332,305 1,126,165
TOTAL ASSETS LESS CURRENT LIABILITIES 25,753,788 26,221,467

CREDITORS
Amounts falling due after more than one
year

18

(14,700,670

)

(14,700,670

)

PROVISIONS FOR LIABILITIES 22 (1,537,642 ) (1,594,107 )
NET ASSETS 9,515,476 9,926,690

CAPITAL AND RESERVES
Called up share capital 23 7,500 7,500
Revaluation reserve 6,600,889 6,600,889
Retained earnings 2,907,087 3,318,301
SHAREHOLDERS' FUNDS 9,515,476 9,926,690

Company's loss for the financial year (169,396 ) (85,685 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 (Holdings) Limited (Registered number: 05331152)

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

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 September 2022 7,500 5,880,433 6,600,889 12,488,822

Changes in equity
Dividends - (51,970 ) - (51,970 )
Total comprehensive income - 77,859 - 77,859
Balance at 31 August 2023 7,500 5,906,322 6,600,889 12,514,711

Changes in equity
Dividends - (241,818 ) - (241,818 )
Total comprehensive income - (1,084,457 ) - (1,084,457 )
Balance at 31 August 2024 7,500 4,580,047 6,600,889 11,188,436

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 September 2022 7,500 3,455,956 6,600,889 10,064,345

Changes in equity
Dividends - (51,970 ) - (51,970 )
Total comprehensive income - (85,685 ) - (85,685 )
Balance at 31 August 2023 7,500 3,318,301 6,600,889 9,926,690

Changes in equity
Dividends - (241,818 ) - (241,818 )
Total comprehensive income - (169,396 ) - (169,396 )
Balance at 31 August 2024 7,500 2,907,087 6,600,889 9,515,476

Walker Logistics (Holdings) Limited (Registered number: 05331152)

Consolidated Cash Flow Statement
for the Year Ended 31 August 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 874,946 1,988,680
Interest paid (1,184,446 ) (860,857 )
Interest element of hire purchase payments
paid

(4,044

)

(2,827

)
Tax paid (320,471 ) (192,240 )
Net cash from operating activities (634,015 ) 932,756

Cash flows from investing activities
Purchase of intangible fixed assets (2,100 ) (11,700 )
Purchase of tangible fixed assets (955,077 ) (991,636 )
Sale of tangible fixed assets 19,700 34,000
Interest received 6,532 -
Net cash from investing activities (930,945 ) (969,336 )

Cash flows from financing activities
New loans in year 238,183 756,937
Capital repayments in year 3,532 16,387
Amount introduced by directors 202,634 445,734
Amount withdrawn by directors (131,565 ) (22,587 )
Rounding 2 -
Equity dividends paid (241,818 ) (51,970 )
Net cash from financing activities 70,968 1,144,501

(Decrease)/increase in cash and cash equivalents (1,493,992 ) 1,107,921
Cash and cash equivalents at beginning of
year

2

931,164

(176,757

)

Cash and cash equivalents at end of year 2 (562,828 ) 931,164

Walker Logistics (Holdings) Limited (Registered number: 05331152)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 August 2024


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
(Loss)/profit before taxation (1,003,529 ) 221,582
Depreciation charges 1,161,235 562,767
Profit on disposal of fixed assets (12,197 ) (34,000 )
Other creditors - (13,313 )
- 2
Finance costs 1,188,490 863,684
Finance income (6,532 ) -
1,327,467 1,600,722
(Increase)/decrease in trade and other debtors (317,251 ) 538,495
Decrease in trade and other creditors (135,270 ) (150,537 )
Cash generated from operations 874,946 1,988,680

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 August 2024
31/8/24 1/9/23
£    £   
Cash and cash equivalents 18,465 931,164
Bank overdrafts (581,293 ) -
(562,828 ) 931,164
Year ended 31 August 2023
31/8/23 1/9/22
£    £   
Cash and cash equivalents 931,164 8,442
Bank overdrafts - (185,199 )
931,164 (176,757 )


Walker Logistics (Holdings) Limited (Registered number: 05331152)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 August 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/9/23 Cash flow At 31/8/24
£    £    £   
Net cash
Cash at bank 931,164 (912,699 ) 18,465
Bank overdrafts - (581,293 ) (581,293 )
931,164 (1,493,992 ) (562,828 )
Debt
Finance leases (56,494 ) (3,532 ) (60,026 )
Debts falling due within 1 year (108,246 ) - (108,246 )
Debts falling due after 1 year (15,010,886 ) (238,183 ) (15,249,069 )
(15,175,626 ) (241,715 ) (15,417,341 )
Total (14,244,462 ) (1,735,707 ) (15,980,169 )

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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


1. STATUTORY INFORMATION

Walker Logistics (Holdings) 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.

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 as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("The Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the result of business combinations using the purchase method. In the Statement of Financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially regognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

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.

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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


2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
When preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses and assets. Use of available information and application of judgements are inherent in the formation of estimates, together with past experience and expectation of future events that are believed to be reasonable under the circumstances. Actual results could differ from such estimates.

The directors consider the following to be critical judgements, estimates and assumptions used in the preparation of these financial statements:

Asset under construction

Included within fixed assets is an asset under construction, an historical vintage Douglas DC3/C47 airplane which is being restored back to working condition. As the asset is still being restored there are estimation uncertainties in relation to the future costs to complete. The directors have obtained a third party valuation to support the carrying value in the financial statements.

Valuation of freehold properties

Judgement is used in determining the fair value of the Group's freehold properties at each balance sheet date, in order to ensure the assets are valued at an amount which accurately reflects their value in use or recoverable value. The directors have obtained a third party valuation which has been used to base the properties' valuation on, adjusting for land values where no planning consent has been received. The valuation for the land with no planning consent has been based on recent land sales in the area and based upon an open market value in accordance with the guidelines of RICS valuations.

Goodwill

Management have estimated that the useful life of the 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of nine 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.

Development costs are being amortised evenly over their estimated useful life of three years.

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments and dividends
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 Statement of Comprehensive Income.

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at the annual general meeting.

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.


Walker Logistics (Holdings) Limited (Registered number: 05331152)

Notes to the Consolidated 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.

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.

Going concern
These financial statements have been prepared on a going concern basis. The group is dependent on the continued support of its bankers who have provided finance which is secured by way of legal charges over the group's assets and property. Within bank loans falling due after more than one year is an amount of £14.2 million which has a repayment date of March 2024. The group continues to trade profitably and the directors are confident the group has the ability to refinance the debt when it falls due.

Operating leases:the group as lessee
Rentals paid under operating leases are charged to profit and loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Interest income
Interest income is recognised in profit and loss using the effective interest method.

3. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business for the year ended 31 August 2023 is given below:

£   
Freight and storage 13,304,561
13,304,561

This analysis is not considered to be applicable to the year ended 31 August 2024.

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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


3. TURNOVER - continued

An analysis of turnover by geographical market for the year ended 31 August 2023 is given below:

£   
United Kingdom 13,304,561
13,304,561

This analysis is not considered to be applicable to the year ended 31 August 2024.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,093,096 1,652,335
Social security costs 133,720 141,034
Other pension costs 31,505 35,683
1,258,321 1,829,052

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

Directors 3 2
Administration 13 10
Freight and storage 85 109
101 121

2024 2023
£    £   
Directors' remuneration 116,686 402,956
Directors' pension contributions to money purchase schemes - 3,167

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 166,074 150,976
Profit on disposal of fixed assets (12,197 ) (34,000 )
Goodwill amortisation 411,791 411,791
Foreign exchange differences 1,968 4,781

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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


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

32,775

30,600

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Corporation Tax Interest 6,532 -

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 75,798 47,022
Bank loan interest 1,108,648 813,835
Hire purchase 4,044 2,827
1,188,490 863,684

9. 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 80,928 121,929
Tax on (loss)/profit 80,928 143,723

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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


9. TAXATION - continued

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 (1,003,529 ) 221,582
(Loss)/profit multiplied by the standard rate of corporation tax in the UK
of 25 % (2023 - 21.240 %)

(250,882

)

47,064

Effects of:
Expenses not deductible for tax purposes 2,195 1,634
Capital allowances in excess of depreciation - (26,904 )
Depreciation in excess of capital allowances 152,229 -
Utilisation of tax losses 96,458 -
Deferred tax 80,928 121,929
Total tax charge 80,928 143,723

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
2024 2023
£    £   
Ordinary B shares of 25p each
Interim 241,818 51,970

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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


12. INTANGIBLE FIXED ASSETS

Group
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

13. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST OR VALUATION
At 1 September 2023 25,045,202 231,073 2,757,048
Additions 326,181 - 536,616
Disposals - - -
At 31 August 2024 25,371,383 231,073 3,293,664
DEPRECIATION
At 1 September 2023 - 144,477 263,815
Charge for year - 26,965 94,753
Eliminated on disposal - - (20,300 )
At 31 August 2024 - 171,442 338,268
NET BOOK VALUE
At 31 August 2024 25,371,383 59,631 2,955,396
At 31 August 2023 25,045,202 86,596 2,493,233

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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


13. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 September 2023 142,489 398,245 1,629 28,575,686
Additions 20,139 71,479 662 955,077
Disposals - (126,831 ) - (126,831 )
At 31 August 2024 162,628 342,893 2,291 29,403,932
DEPRECIATION
At 1 September 2023 126,445 326,761 54 861,552
Charge for year 20,333 23,968 55 166,074
Eliminated on disposal - (99,028 ) - (119,328 )
At 31 August 2024 146,778 251,701 109 908,298
NET BOOK VALUE
At 31 August 2024 15,850 91,192 2,182 28,495,634
At 31 August 2023 16,044 71,484 1,575 27,714,134

Included in cost or valuation of land and buildings is freehold land of £4,463,250 (2023 - £4,463,250) which is not depreciated.

Included within plant and machinery is an historical war plane which is being restored back to working condition. Its fair value in its current condition cannot be reliably measured but the director has obtained an independent valuation from a company who specialises in the restoration and operation of historic aircraft and the net book value is considered to be within their estimated valuation. At the year end the asset has been accounted for using the cost model.

Cost or valuation at 31 August 2024 is represented by:

Freehold Short Plant and
property leasehold machinery
£    £    £   
Valuation in 2021 23,388,250 - -
Cost 1,983,133 231,073 3,293,664
25,371,383 231,073 3,293,664

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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


13. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2021 - - - 23,388,250
Cost 162,628 342,893 2,291 6,015,682
162,628 342,893 2,291 29,403,932

If the freehold land and building had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 17,783,825 17,074,651
Aggregate depreciation 1,526,399 1,000,100

Value of land in freehold land and buildings 4,463,250 4,463,250

The freehold land and building were valued on an open market basis on 21 January 2022 by CBRE and the directors .

Company
Freehold
property
£   
COST OR VALUATION
At 1 September 2023 25,045,202
Additions 326,181
At 31 August 2024 25,371,383
NET BOOK VALUE
At 31 August 2024 25,371,383
At 31 August 2023 25,045,202

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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


13. TANGIBLE FIXED ASSETS - continued

Company

Cost or valuation at 31 August 2024 is represented by:

Freehold
property
£   
Valuation in 2022 23,388,250
Cost 1,983,133
25,371,383

If the land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 17,783,825 17,457,644
Aggregate depreciation 1,526,399 1,259,988

Value of land in freehold land and buildings 4,463,250 4,463,250

Freehold land and buildings were valued on an open market basis on 21 January 2022 by CBRE .

The directors have considered the independent valuation carried out in 2022 and consider that the freehold land and buildings are still worth at least that amount. Consequently no depreciation has been charged in the financial statements.

14. FIXED ASSET INVESTMENTS

Group
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

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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


14. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1 September 2023
and 31 August 2024 50,100
NET BOOK VALUE
At 31 August 2024 50,100
At 31 August 2023 50,100

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

Subsidiaries

Walker Logistics Limited
Registered office: 2 Pavilion Court 600Pavilion Drive Northampton NN4 7SL
Nature of business: Logistics management and associated storage
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2,840,660 2,879,076
(Loss)/profit for the year (149,241 ) 299,416

Night Fright Promotions Limited
Registered office: 2 Pavilion Court 600 Pavilion Drive Northampton NN4 7SL
Nature of business: Sale of aeroplane parts & associated memorabilia
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (601,227 ) (418,778 )
Loss for the year (182,449 ) (135,870 )

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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


14. FIXED ASSET INVESTMENTS - continued

Walker Logistics B.V.
Registered office: Joop Geesinkweg 501, 1114AB Amsterdam-Duivendrecht
Nature of business: Logistics
%
Class of shares: holding
Ordinary 100.00
2024
£   
Aggregate capital and reserves 1
Profit for the year 1


Fixed asset investments for the Group represent the cost price of two bonds held in Newcastle United Football Company Limited.

15. STOCKS

Group
2024 2023
£    £   
Stocks 2,200 2,200

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,948,657 1,769,123 - -
Amounts owed by group undertakings - - 3,264,340 3,443,170
Other debtors 17,424 27,951 1 -
Sundry deposits 1,420 5,147 - -
CWT Ventures Ltd (19,976 ) 15,687 (47,000 ) -
No description (57,000 ) - (57,000 ) -
Directors' current accounts 50,744 64,813 - -
Tax 302,706 4,029 - -
Prepayments and accrued income 489,127 275,449 - -
Prepayments 35,172 4,216 - 2,920
2,768,274 2,166,415 3,160,341 3,446,090

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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


17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 19) 689,539 108,246 2,575,795 2,115,931
Hire purchase contracts (see note 20) 25,603 32,911 - -
Trade creditors 1,469,211 963,261 138,833 59,134
Sundry creditors 375 375 375 375
Tax - 21,794 - -
Social security and other taxes 61,233 65,860 1,709 868
VAT 182,859 271,796 26,517 28,369
Other creditors 32,766 (7,943 ) - 4,000
Staff loan - 352 - -
Swillbrook (103,605 ) (92,344 ) - -
Walker 37 Ltd 6,868 6,883 - -
Directors' current accounts 57,000 - 72,038 1,220
Accrued expenses 119,315 696,052 12,769 110,028
2,541,164 2,067,243 2,828,036 2,319,925

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 19) 15,249,069 15,010,886 14,700,670 14,700,670
Hire purchase contracts (see note 20) 34,423 23,583 - -
15,283,492 15,034,469 14,700,670 14,700,670

19. 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 581,293 - 2,575,795 2,115,931
Bank loans 108,246 108,246 - -
689,539 108,246 2,575,795 2,115,931
Amounts falling due between two and five years:
Bank loans - 2-5 years 15,249,069 15,010,886 14,700,670 14,700,670

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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


20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
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

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year - 344,263
Between one and five years - 574,103
- 918,366

21. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank overdraft 581,293 - - -
Bank loans 15,357,315 15,119,132 - -
- - 14,700,670 14,700,670
15,938,608 15,119,132 14,700,670 14,700,670

The bank loans and overdraft are secured by way of legal mortgages over the freehold land and buildings held by the Group.

22. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances - 22,105 - -
Deferred tax 2,299,392 2,196,359 1,537,642 1,594,107
2,299,392 2,218,464 1,537,642 1,594,107

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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


22. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 September 2023 2,218,464
Provided during year 80,928
Balance at 31 August 2024 2,299,392

Company
Deferred
tax
£   
Balance at 1 September 2023 1,594,107
Credit to Income Statement during year (56,465 )
Balance at 31 August 2024 1,537,642

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
12,500 Ordinary A 25p 3,125 3,125
17,500 Ordinary B 25p 4,375 4,375
7,500 7,500

24. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 September 2023 5,906,322 6,600,889 12,507,211
Deficit for the year (1,084,457 ) (1,084,457 )
Dividends (241,818 ) (241,818 )
At 31 August 2024 4,580,047 6,600,889 11,180,936

Company
Revaluation
reserve
£   
At 1 September 2023
and 31 August 2024 6,600,889

Walker Logistics (Holdings) Limited (Registered number: 05331152)

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


24. RESERVES - continued


25. PENSION COMMITMENTS

The amount recognised in the Statement of Income as an expense in relation to defined contribution plans was £32,516 (2022 £33,894)

26. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2024 2023
£    £   
P N Walker
Balance outstanding at start of year 64,813 610,147
Amounts repaid (64,813 ) (545,334 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 64,813



27. ULTIMATE CONTROLLING PARTY

The controlling party is P N Walker.