REGISTERED NUMBER: 06550655 (England and Wales)

WALTET LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Director

5

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

9

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

DIRECTOR:

M R Howard

REGISTERED OFFICE:

Unit 4

Andes Road

Nursling Industrial Estate

Southampton

Hampshire

SO16 0YZ

REGISTERED NUMBER:

06550655 (England and Wales)

SENIOR STATUTORY AUDITOR:

Gary Brown FCCA ACA

AUDITORS:

Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

BANKERS:

Svenska Handelsbanken AB

3 Carlton Crescent

Southampton

Hampshire

SO15 2EY

The director presents his strategic report of the company and the group for the period 1 August 2023 to 31 October 2024.

REVIEW OF BUSINESS

The group continues to offer a full range of ethical waste disposal, supplying, quality construction materials, providing transport services including grab lorries, skip hire and an extensive fleet of skip and waste collection services.

The results of the group show an operating profit of £230,616 on a turnover of £11,038,722.

Business Environment

The group has performed well in difficult circumstances absorbing extra costs due to geopolitical influences and again a very wet winter. Our plan is very much on target and having invested heavily in the business in order to get back to growth we are delighted that the investment is now bearing fruit.

We took the opportunity to realign our year end with the reality of our seasonally affected business. Within the period accounted for the 12 months from November 2023 to October 2024 justified the decision as this shows an increase in sales for the 12 month period to £9.3m compared with £7.5m in July 2023. This growth comes from our brands reputation for service and is being seen in every facet of our services. Our waste division continuing to grow impressively, tipper, grabs and our recycling division are all very much on the up with our pipeline looking full for this year.

The addition of our new wash-plant is starting to contribute after what was a relatively long commissioning period. It is an important strategic move increasing throughput and our recycling efficiency.

It is our aim to repeat double figure percentage growth again this financial year. We have had some 'exceptional' one-off costs that affected profit and in particular the very difficult market for second-hand trucks. We will contract hire replacements and wait for the market to recover to normal rates.

The overall business investment has seen replacement of 50% of our truck fleet and a 30% increase in skip bins to fuel our ambitions for our recycling businesses success. We have returned to highway, utility sourced business and the relationships have continued to increase revenue and opportunities this financial year. The EBITDA has increased in this financial year as we pay off debt, increase sales and prune back any unmerited costs.

Our customers are growing and very loyal. We pride ourselves on service and are constantly tweaking these areas too.

Strategy

The group is focussing on its key performance indicators in all areas including logistics, investment returns, sales and marketing, recovery days and efficiencies across the board. The investment will not stop, with a new CRM system, electronic weighbridge upgrade and increases in production through the wash-plant and efficiencies over all of the many business channels.

The key elements are thus:

- Broadening the product range

- Efficiency in terms of trips and logistics

- Solid reporting and KPI analysis including SWOT analysis

- Investment

- Good recruiting where necessary

Future Outlook

The 2024/25 year has been a busy one already and we are confident that the company has returned to the high standards of reliable financial performance which its renowned for as we enter into our 30th year of trading.

In essence, the business is climbing back to its previous heights with old business channels reopened, new business channels opening and existing expanding rapidly. We have already factored in the changes in the recent Budget and our forecasts are strong as we enter into the really profitable months of the Spring and onwards.

PRINCIPAL RISKS AND UNCERTAINTIES

The director is acutely aware of the tough business environment that the group operates in. The director has been continuing to strengthen across all departments and is highly accountable to each of their teams. Information flow is much clearer, new channels of work identified and in some cases new ideas bringing greater performance and logistical economies.

The director is confident that they have done everything possible to mitigate most risks associated with the uncertain environment all UK businesses operate in but are comforted in the knowledge that the current UK trading picture is not isolated as they look across to the Continent and beyond.

The management do look at risks to the business and they review them regularly and the key risks identified are as below:

Competition

It is a very competitive market and so an eye is always on margin when prospecting for work. Not being the cheapest in the market does have a risk but this is countered by excellent service levels. Operating on the customer experience is key and fulfilling orders promptly is a KPI that is carefully watched. We also review the state of the current competition. It's a constant process. We are focusing less on an expanded area but trying to minimise costs by keeping it at a local level and this is working well.

Employee

The director realises that they are not going to achieve the excellence that the company is capable of without a well-trained and dedicated team. Team meetings are regular because of the threat to the group of departures that materially affect a section. The director and team are compensated for their loyalty, skill and dedication but are acutely aware of areas where there may be a single point of failure and are equipped to respond accordingly.

Supply Chain

The group has a diverse range of suppliers due to the stock range. They are also exposed to external threats and so the group always has in mind alternatives for this purpose. The group has been very fortunate to have great suppliers for decades and the relationships are kept strong. Insurance is kept in place for eventualities as indeed it is for the group's activities.

KEY PERFORMANCE INDICATORS

We have made significant progress in the year on the group's overriding objective and elements of our strategy for growth. The board monitors progress on the overall strategy and the individual strategic elements by reference to our Key Performance Indicators (KPIs).

Performance during the period, together with historical trend data is set out in the table below:

2024

2023

Definition, method of calculation

Growth in sales (annualised) (%)

16.9%

1.2%

Year on year sales growth expressed as a percentage. Sales have grown in the period, off the back of greater investment and logistical efficiencies.

Gross margin (%)

27.6%

29.1%

Gross margin is the ratio of gross profit before exceptional items expressed as a percentage. This has remained stable during the period.

ON BEHALF OF THE BOARD:

M R Howard - Director

19 June 2025

The director presents his report with the financial statements of the company and the group for the period 1 August 2023 to 31 October 2024.

DIVIDENDS

The total distribution of dividends for the period ended 31 October 2024 will be £49,000 (31 July 2023: £139,083). The directors recommend that no final dividend be paid.

DIRECTOR

M R Howard held office during the whole of the period from 1 August 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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.

ON BEHALF OF THE BOARD:

M R Howard - Director

19 June 2025

Opinion

We have audited the financial statements of Waltet Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 October 2024 which comprise the Consolidated Statement of 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 October 2024 and of the group's loss for the period 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the group, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the group.

- We obtained an understanding of how the group is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the group's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the group operates in, and their practical experience through training and participation with audit engagements of a similar nature.

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.

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.

Gary Brown FCCA ACA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

20 June 2025

TURNOVER

11,038,722

7,556,078

Cost of sales

(7,986,712

)

(5,353,529

)

GROSS PROFIT

3,052,010

2,202,549

Administrative expenses

(3,055,017

)

(2,079,054

)

(3,007

)

123,495

Other operating income

233,623

10,514

OPERATING PROFIT

4

230,616

134,009

Interest receivable and similar income

1,172

-

231,788

134,009

Amounts written off investments

5

-

(200

)

231,788

133,809

Interest payable and similar expenses

6

(582,635

)

(266,009

)

LOSS BEFORE TAXATION

(350,847

)

(132,200

)

Tax on loss

7

(13,738

)

(36,673

)

LOSS FOR THE FINANCIAL PERIOD

(364,585

)

(168,873

)

OTHER COMPREHENSIVE INCOME

Revaluation of tangible fixed assets

808,477

-

Income tax relating to other comprehensive income

(214,619

)

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

593,858

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

229,273

(168,873

)

Loss attributable to:

Owners of the parent

(364,585

)

(168,873

)

Total comprehensive income attributable to:

Owners of the parent

229,273

(168,873

)

FIXED ASSETS

Intangible assets

10

346,667

427,917

Tangible assets

11

9,081,015

7,457,832

Investments

12

-

-

9,427,682

7,885,749

CURRENT ASSETS

Stocks

13

705,135

554,922

Debtors

14

2,576,918

2,045,969

Cash at bank and in hand

251,902

381,192

3,533,955

2,982,083

CREDITORS

Amounts falling due within one year

15

(4,132,188

)

(3,054,537

)

NET CURRENT LIABILITIES

(598,233

)

(72,454

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,829,449

7,813,295

CREDITORS

Amounts falling due after more than one year

16

(5,800,436

)

(5,373,335

)

PROVISIONS FOR LIABILITIES

20

(745,687

)

(336,907

)

NET ASSETS

2,283,326

2,103,053

CAPITAL AND RESERVES

Called up share capital

21

200

200

Non-distributable profit and loss reserve

22

643,858

50,000

Retained earnings

22

1,639,268

2,052,853

SHAREHOLDERS' FUNDS

2,283,326

2,103,053

The financial statements were approved by the director and authorised for issue on 19 June 2025 and were signed by:

M R Howard - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

5,192,519

4,239,795

Investments

12

200

200

5,192,719

4,239,995

CURRENT ASSETS

Debtors

14

680,761

960,176

Cash at bank

524

803

681,285

960,979

CREDITORS

Amounts falling due within one year

15

(96,605

)

(80,856

)

NET CURRENT ASSETS

584,680

880,123

TOTAL ASSETS LESS CURRENT LIABILITIES

5,777,399

5,120,118

CREDITORS

Amounts falling due after more than one year

16

(4,154,577

)

(3,895,955

)

PROVISIONS FOR LIABILITIES

20

(214,619

)

-

NET ASSETS

1,408,203

1,224,163

CAPITAL AND RESERVES

Called up share capital

21

200

200

Non-distributable profit and loss reserve

22

643,858

50,000

Retained earnings

22

764,145

1,173,963

SHAREHOLDERS' FUNDS

1,408,203

1,224,163

Company's loss for the financial year

(360,818

)

(56,963

)

The financial statements were approved by the director and authorised for issue on 19 June 2025 and were signed by:

M R Howard - Director

Non-distributable

Called up

profit and

share

Retained

loss

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 August 2022

200

2,360,809

50,000

2,411,009

Changes in equity

Total comprehensive income

-

(168,873

)

-

(168,873

)

Dividends

-

(139,083

)

-

(139,083

)

Balance at 31 July 2023

200

2,052,853

50,000

2,103,053

Changes in equity

Total comprehensive income

-

(364,585

)

593,858

229,273

Dividends

-

(49,000

)

-

(49,000

)

Balance at 31 October 2024

200

1,639,268

643,858

2,283,326

Non-distributable

Called up

profit and

share

Retained

loss

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 August 2022

200

1,370,009

50,000

1,420,209

Changes in equity

Total comprehensive income

-

(56,963

)

-

(56,963

)

Dividends

-

(139,083

)

-

(139,083

)

Balance at 31 July 2023

200

1,173,963

50,000

1,224,163

Changes in equity

Total comprehensive income

-

(360,818

)

593,858

233,040

Dividends

-

(49,000

)

-

(49,000

)

Balance at 31 October 2024

200

764,145

643,858

1,408,203

Cash flows from operating activities

Cash generated from operations

1

658,731

(289,752

)

Interest paid

(296,940

)

(151,502

)

Interest element of hire purchase payments paid

(285,695

)

(114,507

)

Taxation refund

108,433

80,098

Net cash from operating activities

184,529

(475,663

)

Cash flows from investing activities

Purchase of tangible fixed assets

(305,240

)

(229,475

)

Sale of tangible fixed assets

484,133

275,567

Interest received

1,172

-

Net cash from investing activities

180,065

46,092

Cash flows from financing activities

Net loan income / (repayments)

166,933

398,750

Net hire purchase income / (repayments)

(1,177,046

)

(37,455

)

Amount introduced by directors

576,133

68,031

Amount withdrawn by directors

(205,768

)

(139,574

)

Increase in invoice financing

194,864

410,794

Equity dividends paid

(49,000

)

(139,083

)

Net cash from financing activities

(493,884

)

561,463

(Decrease)/increase in cash and cash equivalents

(129,290

)

131,892

Cash and cash equivalents at beginning of period

2

381,192

249,300

Cash and cash equivalents at end of period

2

251,902

381,192

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1.8.23

to

Year Ended

31.10.24

31.7.23

£

£

Loss before taxation

(350,847

)

(132,200

)

Depreciation charges

561,747

378,953

Loss/(profit) on disposal of fixed assets

69,607

(668

)

Finance costs

582,635

266,009

Finance income

(1,172

)

-

861,970

512,094

Increase in stocks

(150,213

)

(509,721

)

Increase in trade and other debtors

(458,959

)

(587,515

)

Increase in trade and other creditors

405,933

295,390

Cash generated from operations

658,731

(289,752

)

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:

Period ended 31 October 2024

31.10.24

1.8.23

£

£

Cash and cash equivalents

251,902

381,192

Year ended 31 July 2023

31.7.23

1.8.22

£

£

Cash and cash equivalents

381,192

249,300

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.8.23

Cash flow

At 31.10.24

£

£

£

Net cash

Cash at bank and in hand

381,192

(129,290

)

251,902

381,192

(129,290

)

251,902

Debt

Finance leases

(1,958,444

)

(366,657

)

(2,325,101

)

Debts falling due within 1 year

-

(79,155

)

(79,155

)

Debts falling due after 1 year

(1,862,250

)

(87,778

)

(1,950,028

)

(3,820,694

)

(533,590

)

(4,354,284

)

Total

(3,439,502

)

(662,880

)

(4,102,382

)