REGISTERED NUMBER: 00533089 (England and Wales) |
Group Strategic Report, Directors' Report and |
Consolidated Financial Statements for the Year Ended 30 June 2024 |
for |
Walker & Son (Hauliers) Limited |
REGISTERED NUMBER: 00533089 (England and Wales) |
Group Strategic Report, Directors' Report and |
Consolidated Financial Statements for the Year Ended 30 June 2024 |
for |
Walker & Son (Hauliers) Limited |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Directors' Report | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
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 & Son (Hauliers) Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Statutory Auditor |
68 Queen Street |
Sheffield |
South Yorkshire |
S1 1WR |
BANKERS: | Barclays Bank Plc |
Leicester |
Leicestershire |
LE87 2BB |
SOLICITORS: |
Mowbray House |
Castle Meadow Road |
Nottingham |
Nottinghamshire |
NG2 1BJ |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Group Strategic Report |
for the Year Ended 30 June 2024 |
The directors present their strategic report of the company and the group for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
The directors consider that the results for the year and financial position at the end of the year were positive, |
particularly in light of the challenging economic environment, including inflation and high interest rates. |
The group's key financial and other performance indicators during the year were as follows: |
Unit | 2024 | 2023 |
Turnover | £ 's | 20,503 | 34,284 |
Gross profit | £ 's | 9,121 | 10,701 |
Gross profit margin | % | 44 | 31 |
Profit before tax | £ 's | 18,108 | 17,499 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company has continued to successfully operate and supply customers during the challenging recent years and has seen an increase in turnover in the haulage industry reflecting ongoing recovery in demand. |
The business' activities expose it primarily to the financial risks of changes in fuel prices, availability of drivers, fluctuations in the property market and the demand for electricity. |
ON BEHALF OF THE BOARD: |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Directors' Report |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the group are that of haulage, plant hire, property development, energy production, energy storage, storage and rental. |
DIVIDENDS |
The following interim dividends were paid on 20 March 2024: |
Share class | Share sub-class | Dividend per share |
Ordinary | A | £0.85 |
Ordinary | B | £14.48 |
Ordinary | C | £13.52 |
Ordinary | E | £5.86 |
Ordinary | F | £1.41 |
The directors recommend that no final dividend be paid. The total distribution of dividends for the year ended 30 June 2024 will be £188,600. |
FUTURE DEVELOPMENTS |
The group continues to invest in energy production and storage, whilst also maintaining a strong focus on its traditional revenue streams, which remain profitable. Given the group’s strong history and established reputation, we expect continued healthy profitability in the year ahead. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
FINANCIAL INSTRUMENTS |
The business' activities exposes it primarily to the financial risks of changes in foreign currency exchange rates, fluctuations in the property market and rising fuel costs. |
The business' principal financial instruments comprise bank balances, overdrafts, trade debtors, trade creditors, loans and finance lease agreements. The main purpose of these instruments is to finance the business' operations. |
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debts. |
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due. |
DONATIONS AND EXPENDITURE |
During the year the company has made donations of £1,128 to local charities and good causes. |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Directors' Report |
for the Year Ended 30 June 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Directors' Report 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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. |
AUDITORS |
The auditors, Landin Wilcock & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Walker & Son (Hauliers) Limited |
Opinion |
We have audited the financial statements of Walker & Son (Hauliers) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 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 30 June 2024 and of the group's profit 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 Directors' Report, 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 & Son (Hauliers) 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Directors' Report 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 Directors' Report. |
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 four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Walker & Son (Hauliers) 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- minimal reliance was placed upon the operating effectiveness of internal controls in the design and |
performance of our substantive procedures; |
- discussions were held with management considering known or suspected non-compliance with laws, |
regulations and fraud; |
- journal entries were reviewed for any entries made outside the ordinary reporting processes with particular |
emphasis on those with unusual account combinations, entries crediting revenue and those without specific |
descriptions; |
- management assumptions in their significant accounting estimates were challenged and scrutinised. |
There are inherent limitations in the audit procedures described above, and the further removed |
non-compliance with laws and regulations is from the events and transactions reflected in the financial |
statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement |
due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate |
concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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. |
for and on behalf of |
Statutory Auditor |
68 Queen Street |
Sheffield |
South Yorkshire |
S1 1WR |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Consolidated |
Income Statement |
for the Year Ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 5 | 20,503,176 | 34,284,343 |
Cost of sales | (11,381,901 | ) | (23,582,945 | ) |
GROSS PROFIT | 9,121,275 | 10,701,398 |
Administrative expenses | (6,840,455 | ) | (5,464,675 | ) |
2,280,820 | 5,236,723 |
Other operating income | 10,571,120 | 7,435,357 |
Gain/loss on revaluation of investment property |
5,760,218 |
4,879,825 |
GROUP OPERATING PROFIT | 7 | 18,612,158 | 17,551,905 |
Share of operating profit in |
Joint ventures | - | 876 |
Interest receivable and similar income | 66,858 | 46,322 |
18,679,016 | 17,599,103 |
Amounts written off investments | 9 | (310,403 | ) | (34,779 | ) |
18,368,613 | 17,564,324 |
Interest payable and similar expenses | 10 | (261,025 | ) | (65,115 | ) |
PROFIT BEFORE TAXATION | 18,107,588 | 17,499,209 |
Tax on profit | 11 | (4,591,529 | ) | (3,680,503 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 13,516,059 | 13,818,706 |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 13,516,059 | 13,818,706 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
13,516,059 |
13,818,706 |
Total comprehensive income attributable to: |
Owners of the parent | 13,516,059 | 13,818,706 |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Consolidated Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 14 | 1,250,008 | 1,366,516 |
Tangible assets | 15 | 44,750,181 | 45,272,856 |
Investments | 16 | - | 401,687 |
Investment property | 17 | 78,053,310 | 66,271,807 |
124,053,499 | 113,312,866 |
CURRENT ASSETS |
Stocks | 18 | 11,060,922 | 4,776,391 |
Debtors | 19 | 9,219,956 | 7,848,321 |
Investments | 20 | 1,243,087 | 1,101,815 |
Cash at bank and in hand | 3,570,471 | 2,065,459 |
25,094,436 | 15,791,986 |
CREDITORS |
Amounts falling due within one year | 21 | (14,069,795 | ) | (9,490,208 | ) |
NET CURRENT ASSETS | 11,024,641 | 6,301,778 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 135,078,140 | 119,614,644 |
CREDITORS |
Amounts falling due after more than one year |
22 |
(516,140 |
) |
- |
PROVISIONS FOR LIABILITIES | 26 | (15,605,713 | ) | (13,985,816 | ) |
NET ASSETS | 118,956,287 | 105,628,828 |
CAPITAL AND RESERVES |
Called up share capital | 27 | 44,898 | 44,898 |
Share premium | 28 | 1,249,576 | 1,249,576 |
Capital redemption reserve | 28 | 13,852 | 13,852 |
Retained earnings | 28 | 117,647,961 | 104,320,502 |
SHAREHOLDERS' FUNDS | 118,956,287 | 105,628,828 |
The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2025 and were signed on its behalf by: |
Mr Richard Edward Walker - Director |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Company Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 14 |
Tangible assets | 15 |
Investments | 16 |
Investment property | 17 |
CURRENT ASSETS |
Stocks | 18 |
Debtors | 19 |
Investments | 20 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 21 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
22 |
( |
) |
PROVISIONS FOR LIABILITIES | 26 | ( |
) | ( |
) |
NET ASSETS |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Company Balance Sheet - continued |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 27 |
Share premium | 28 |
Capital redemption reserve | 28 |
Retained earnings | 28 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 14,131,974 | 13,042,116 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 July 2022 | 44,898 | 90,663,796 | 1,249,576 | 13,852 | 91,972,122 |
Changes in equity |
Dividends | - | (162,000 | ) | - | - | (162,000 | ) |
Total comprehensive income | - | 13,818,706 | - | - | 13,818,706 |
Balance at 30 June 2023 | 44,898 | 104,320,502 | 1,249,576 | 13,852 | 105,628,828 |
Changes in equity |
Dividends | - | (188,600 | ) | - | - | (188,600 | ) |
Total comprehensive income | - | 13,516,059 | - | - | 13,516,059 |
Balance at 30 June 2024 | 44,898 | 117,647,961 | 1,249,576 | 13,852 | 118,956,287 |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Company Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2024 |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Consolidated Cash Flow Statement |
for the Year Ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 8,696,437 | 17,984,690 |
Interest paid | (261,025 | ) | (21,998 | ) |
Interest element of hire purchase or finance lease rental payments paid |
- |
(43,117 |
) |
Tax paid | (610,133 | ) | (853,946 | ) |
Net cash from operating activities | 7,825,279 | 17,065,629 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,944,647 | ) | (7,319,037 | ) |
Purchase of investment property | (10,123,251 | ) | (6,784,803 | ) |
Sale of tangible fixed assets | 874,636 | 603,557 |
Sale of investment property | 3,100,000 | 175,000 |
Purchase of current asset investments | - | (670,000 | ) |
Investment loans repaid | - | 8,000 |
Interest received | 16,843 | 17,260 |
Net cash from investing activities | (8,076,419 | ) | (13,970,023 | ) |
Cash flows from financing activities |
New loans in year | 5,030,000 | - |
Loan repayments in year | (3,085,248 | ) | - |
Capital repayments of HP in year | - | (3,892,769 | ) |
Equity dividends paid | (188,600 | ) | (162,000 | ) |
Net cash from financing activities | 1,756,152 | (4,054,769 | ) |
Increase/(decrease) in cash and cash equivalents | 1,505,012 | (959,163 | ) |
Cash and cash equivalents at beginning of year |
2 |
2,065,459 |
3,024,622 |
Cash and cash equivalents at end of year | 2 | 3,570,471 | 2,065,459 |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 June 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 18,107,588 | 17,499,209 |
Depreciation charges | 3,089,045 | 3,037,738 |
Profit on disposal of fixed assets | (377,885 | ) | (93,673 | ) |
Gain on revaluation of fixed assets | (5,760,218 | ) | (4,879,825 | ) |
Increase/(decrease) in provisions | 1 | (876 | ) |
Amounts written off investments | 310,431 | 49,517 |
Finance costs | 261,025 | 65,115 |
Finance income | (66,858 | ) | (46,322 | ) |
15,563,129 | 15,630,883 |
(Increase)/decrease in stocks | (6,284,531 | ) | 3,187,131 |
(Increase)/decrease in trade and other debtors | (1,371,636 | ) | 244,588 |
Increase/(decrease) in trade and other creditors | 789,475 | (1,077,912 | ) |
Cash generated from operations | 8,696,437 | 17,984,690 |
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 30 June 2024 |
30/6/24 | 1/7/23 |
£ | £ |
Cash and cash equivalents | 3,570,471 | 2,065,459 |
Year ended 30 June 2023 |
30/6/23 | 1/7/22 |
£ | £ |
Cash and cash equivalents | 2,065,459 | 3,024,622 |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 June 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1/7/23 | Cash flow | At 30/6/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,065,459 | 1,505,012 | 3,570,471 |
2,065,459 | 1,505,012 | 3,570,471 |
Liquid resources |
Current asset investments | 1,101,815 | 141,272 | 1,243,087 |
1,101,815 | 141,272 | 1,243,087 |
Debt |
Debts falling due within 1 year | (2,167,558 | ) | (1,428,612 | ) | (3,596,170 | ) |
Debts falling due after 1 year | - | (516,140 | ) | (516,140 | ) |
(2,167,558 | ) | (1,944,752 | ) | (4,112,310 | ) |
Total | 999,716 | (298,468 | ) | 701,248 |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Walker & Son (Hauliers) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
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 company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements, which are presented alongside the consolidated financial statements. Exemptions have been taken in relation to the presentation of an individual cash flow statement. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2024. |
A subsidiary undertaking is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
Inter-company transactions, balance and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full. |
Intra-group losses are also eliminated but may indicate impairment that requires recognition in the consolidated financial statements. |
The consolidated financial statements include the group's share of results and net assets of associated undertakings, under the equity method of accounting. Profits arising from transactions with associate undertakings are eliminated in proportion to the group's interest in the shares of that undertaking. |
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 & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
3. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from building development sales is classified as the sale of goods and is recognised when the substantial risks and rewards of ownership are passed to the buyer, this is typically the date of completion. |
Some of the group's turnover classified as building development sales is derived from construction contracts. Turnover from construction contracts is recognised by reference to the stage of completion on the given contract. The stage of completion is determined by a comparison of contract costs at the reporting date with expected total contract costs at completion. |
Revenue from all other sources of income referred to in note 5 is recognised in the period in which the services were rendered. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Wind turbines | - |
Plant and machinery | - |
Motor vehicles | - |
Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses. |
Investment property |
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. |
The cost of finished goods and work in progress comprises the direct materials and direct labour costs and those overheads that have been incurred in bring the stocks to their present condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the group becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. |
All of the group's financial instruments can be categorised as 'Basic Financial Instruments' and are accounted for in accordance with Section 11 of FRS 102. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
3. | ACCOUNTING POLICIES - continued |
Employee benefit trusts |
The group has established trusts for the benefit of all its employees and certain of their dependants. Monies held in these trusts are held by independent trustees and managed at their discretion. |
Where the group retains future economic benefit from, and has de facto control of the assets and liabilities of the trust, they are accounted for as assets and liabilities of the group until the earlier of the date than an allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust vest in identified individuals. |
Where monies held in a trust are determined by the group on the basis of employees' past services to the business and the group can obtain no future economic benefit from those monies, such monies, whether in trust or accrued for by the group, are charged to the profit and loss account in the period to which they relate. |
Going concern |
The directors have considered the funding requirements for the business for the twelve months from the date of the audit report and consider the company to be a going concern. |
4. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
Valuation of investment properties - due to the nature of the group's investment properties, management have to make several judgements in the determination of their fair valuation. Management form their valuations through regular observation of the commercial property market after making due allowance for the difference in condition and location between the observed properties and that of the group's properties. |
Stock and work in progress provisions - due to the complex nature of the group's developments, profitability is subject to change. Management constantly monitor the ongoing costs of projects, expected costs to completion, as well as expected realisable value through a mixture of independent property valuations and internally generated development appraisals. The outcome of such monitoring may lead to stock and work in progress provisions being recognised in the financial statements. |
Power, Plant and Equipment - included within Power, Plant and Equipment are capacity market contracts with a net book value of £35,612,512 (2023 - £36,048,158). This is a new market to the United Kingdom and the forecasting models are based on a number of market conditions over a period of 15 years from 2020. The plant has only been running for a period of time and the capacity market payments commenced in October 2020. The current performance is not representative of the expected future performance of the contracts. Based on the future performance a selling price of £60 - £65 per mwh over the next 15 years for the projects would not give rise to an impairment. |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
5. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Haulage charges | 13,405,142 | 11,843,066 |
Storage | 115,350 | 92,129 |
Handling | 818,746 | 662,086 |
Building development sales | 141,275 | 7,792,058 |
Wind turbine income | 1,860,900 | 1,227,597 |
Versa lift hire | 1,455,384 | 1,398,632 |
Power generation | 2,706,379 | 11,268,775 |
20,503,176 | 34,284,343 |
6. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 3,799,854 | 3,779,067 |
Social security costs | 464,061 | 451,571 |
Other pension costs | 456,185 | 245,875 |
4,720,100 | 4,476,513 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Production | 71 | 84 |
Administration and support | 23 | 16 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 98,693 | 168,857 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
7. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 2,972,537 | 2,921,230 |
Profit on disposal of fixed assets | (377,885 | ) | (93,673 | ) |
Patents and licences amortisation | 116,508 | 116,508 |
Foreign exchange differences | 1,140 | (13,452 | ) |
8. | AUDITORS' REMUNERATION |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
32,060 |
35,046 |
Total audit fees | 32,060 | 35,046 |
Taxation compliance services | 16,000 | 12,250 |
Taxation advisory services | 8,350 | 5,750 |
Other non- audit services | 12,000 | 11,300 |
Total non-audit fees | 36,350 | 29,300 |
Total fees payable | 68,410 | 64,346 |
9. | AMOUNTS WRITTEN OFF INVESTMENTS |
2024 | 2023 |
£ | £ |
Amounts written off investments | 401,660 | - |
Investment Portfolio movements | (91,257 | ) | 34,779 |
310,403 | 34,779 |
10. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 18,559 | - |
Other interest | - | 21,998 |
Interest payable | 242,466 | - |
Hire purchase | - | 43,117 |
261,025 | 65,115 |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
11. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 2,971,633 | 1,030,417 |
Deferred tax | 1,619,896 | 2,650,086 |
Tax on profit | 4,591,529 | 3,680,503 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 18,107,588 | 17,499,209 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 20.496 %) |
4,526,897 |
3,586,638 |
Effects of: |
Expenses not deductible for tax purposes | 337,223 | 371,915 |
Income not taxable for tax purposes | (184,122 | ) | (333,303 | ) |
rates on some earnings |
Deferred tax relating to changes in tax rate or laws | - | 477,451 |
timing differences |
Tax effect from indexation allowance on capital gains | (9,623 | ) | (216,404 | ) |
Other adjustment | (67,484 | ) | - |
Super deduction enhancement | - | (205,471 | ) |
Land remediation enhancement | (11,362 | ) | (323 | ) |
Total tax charge | 4,591,529 | 3,680,503 |
12. | 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. |
13. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | 188,600 | 162,000 |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
14. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
licences |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 | 1,747,625 |
AMORTISATION |
At 1 July 2023 | 381,109 |
Amortisation for year | 116,508 |
At 30 June 2024 | 497,617 |
NET BOOK VALUE |
At 30 June 2024 | 1,250,008 |
At 30 June 2023 | 1,366,516 |
Company |
Patents |
and |
licences |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
Amortisation for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
15. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Wind | Plant and | Motor |
property | turbines | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2023 | 1,035,214 | 3,827,399 | 41,800,279 | 13,467,658 | 60,130,550 |
Additions | 65,000 | - | 899,036 | 980,611 | 1,944,647 |
Disposals | - | - | - | (1,499,198 | ) | (1,499,198 | ) |
Reclassification/transfer | 1,001,966 | - | - | - | 1,001,966 |
At 30 June 2024 | 2,102,180 | 3,827,399 | 42,699,315 | 12,949,071 | 61,577,965 |
DEPRECIATION |
At 1 July 2023 | 408,985 | 1,664,136 | 5,589,927 | 7,194,646 | 14,857,694 |
Charge for year | 13,394 | 191,370 | 1,811,976 | 955,797 | 2,972,537 |
Eliminated on disposal | - | - | - | (1,002,447 | ) | (1,002,447 | ) |
At 30 June 2024 | 422,379 | 1,855,506 | 7,401,903 | 7,147,996 | 16,827,784 |
NET BOOK VALUE |
At 30 June 2024 | 1,679,801 | 1,971,893 | 35,297,412 | 5,801,075 | 44,750,181 |
At 30 June 2023 | 626,229 | 2,163,263 | 36,210,352 | 6,273,012 | 45,272,856 |
The book value of assets held under finance leases and hire purchase contracts for both the group and the company is £nil (2023 - £nil). |
Company |
Freehold | Wind | Plant and | Motor |
property | turbines | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Reclassification/transfer |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
16. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in joint | Unlisted |
venture | investments | Totals |
£ | £ | £ |
COST |
At 1 July 2023 | 1 | 401,687 | 401,688 |
Impairments | (1 | ) | (401,687 | ) | (401,688 | ) |
At 30 June 2024 | - | - | - |
PROVISIONS |
At 1 July 2023 | 1 | - | 1 |
Provision for year | (1 | ) | - | (1 | ) |
At 30 June 2024 | - | - | - |
NET BOOK VALUE |
At 30 June 2024 | - | - | - |
At 30 June 2023 | - | 401,687 | 401,687 |
Company |
Shares in | Interest |
group | in joint | Unlisted |
undertakings | venture | investments | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 | 1,138,754 |
Impairments | ( |
) | ( |
) | ( |
) | (1,138,149 | ) |
At 30 June 2024 | 605 |
NET BOOK VALUE |
At 30 June 2024 | 605 |
At 30 June 2023 | 1,138,754 |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
16. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Ollerton Road, Tuxford, Newark, Nottinghamshire, NG22 0PQ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Registered office: Ollerton Road, Tuxford, Newark, Nottinghamshire, NG22 0PQ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: Ollerton Road, Tuxford, Newark, Nottinghamshire, NG22 0PQ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: Ollerton Road, Tuxford, Newark, Nottinghamshire, NG22 0PQ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
16. | FIXED ASSET INVESTMENTS - continued |
Registered office: Ollerton Road, Tuxford, Newark, Nottinghamshire, NG22 0PQ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: Ollerton Road, Tuxford, Newark, Nottinghamshire, NG22 0PQ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: Ollerton Road, Tuxford, Newark, Nottinghamshire, NG22 0PQ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: Ollerton Road, Tuxford, Newark, Nottinghamshire, NG22 0PQ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
16. | FIXED ASSET INVESTMENTS - continued |
Registered office: Ollerton Road, Tuxford, Newark, Nottinghamshire, NG22 0PQ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Profit for the year |
The company was dissolved on 16 April 2024. |
17. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 July 2023 | 66,271,807 |
Additions | 10,123,251 |
Disposals | (3,100,000 | ) |
Revaluations | 5,760,218 |
Reclassification/transfer | (1,001,966 | ) |
At 30 June 2024 | 78,053,310 |
NET BOOK VALUE |
At 30 June 2024 | 78,053,310 |
At 30 June 2023 | 66,271,807 |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 2024 | 5,760,218 |
Valuation in 2023 | 39,009,775 |
Cost | 33,283,317 |
78,053,310 |
Note that the revaluation stated in 2023 is the effect of accumulated revaluations up to 30 June 2023. |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
17. | INVESTMENT PROPERTY - continued |
Company |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
Additions |
Disposals | ( |
) |
Revaluations | 5,760,218 |
Reclassification/transfer | (1,001,966 | ) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 2024 | 5,760,218 |
Valuation in 2023 | 39,535,529 |
Cost | 29,237,564 |
74,533,311 |
Note that the revaluation stated in 2023 is the effect of accumulated revaluations up to 30 June 2023. |
18. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Stocks | 214,158 | 185,874 |
Work-in-progress | 10,846,764 | 4,590,517 |
11,060,922 | 4,776,391 |
The value of impairment losses recognised on work in progress was £450,227 (2023 - £450,227). |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
19. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 6,047,924 | 4,174,960 |
Amounts owed by group undertakings | - | - |
Other debtors | 1,013,142 | 917,169 |
Directors' loan accounts | 414,039 | 418,458 | 414,039 | 418,458 |
Prepayments | 1,744,851 | 2,337,734 |
9,219,956 | 7,848,321 |
20. | CURRENT ASSET INVESTMENTS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Unlisted investments | 516,609 | 466,594 | 516,609 | 466,594 |
Other | 726,478 | 635,221 |
1,243,087 | 1,101,815 |
21. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 23) | 1,428,612 | - |
Other loans (see note 23) | 2,167,558 | 2,167,558 |
Trade creditors | 1,899,436 | 2,064,494 |
Amounts owed to group undertakings | - | - |
Tax | 2,940,716 | 579,216 |
Social security and other taxes | 171,563 | 167,477 |
VAT | 890,794 | 411,841 | 882,924 | 406,859 |
Other creditors | 2,469,410 | 2,415,765 |
Directors' loan accounts | 60,170 | 56,294 | 60,170 | 56,294 |
Accruals and deferred income | 2,041,536 | 1,627,563 |
14,069,795 | 9,490,208 |
22. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 23) | 516,140 | - |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
23. | 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 loans | 1,428,612 | - |
Other loans | 478,792 | 188,766 | 478,792 | 188,766 |
Other loans 2 | 1,688,766 | 1,978,792 | 1,688,766 | 1,978,792 |
3,596,170 | 2,167,558 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 516,140 | - |
24. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Operating leases - Group and company |
The total of future minimum lease payments for the group is: within one year £140,500 (2023 - £140,500), between one and five years £562,000 (2023 - £562,000) and is more than five years £1,856,207 (2023 - £1,996,707) which totals £2,558,707 (2023 - £2,699,207). |
Operating leases - Lessor |
Group |
The total of future minimum lease payments for the group is: within one year £1,860,320 (2023 - £1,861,714), between one and five years £5,768,620 (2023 - £3,582,596) and is more than five years £1,145,317 (2023 - £1,037,969) which totals £8,774,257 (2023 - £6,482,279). |
Company |
The total of future minimum lease payments for the company is: within one year £1,667,070 (2023 - £1,701,122), between one and five years £5,461,558 (2023 - £3,512,596) and is more than five years £1,145,317 (2023 - £1,037,969) which totals £8,273,945 (2023 - £6,251,687). |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
25. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 1,944,752 | - |
The bank loan is secured by four legal charges over the company's land and buildings and investment property. |
26. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | - | 61,351 |
Deferred tax | 15,398,041 | 13,716,794 | 14,563,339 | 13,375,513 |
15,398,041 | 13,778,145 | 14,563,339 | 13,375,513 |
Other provisions |
Other provisions | 200,000 | 200,000 | 200,000 | 200,000 |
Joint venture losses | 7,672 | 7,671 | - | - |
207,672 | 207,671 |
Aggregate amounts | 15,605,713 | 13,985,816 | 14,763,339 | 13,575,513 |
Group |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 July 2023 | 13,778,145 | 207,671 |
Charge to Income Statement during year | 1,619,896 | - |
Balance at 30 June 2024 | 15,398,041 | 207,671 |
Company |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Charge to Income Statement during year |
Balance at 30 June 2024 |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
27. | CALLED UP SHARE CAPITAL |
The above ordinary shares can be sub-divided into the following classes: A Ordinary of £1 each - 17,643; B Ordinary of £1 each - 5,178; C Ordinary of £1 each - 5,178; D Ordinary of £1 each - 1; E Ordinary of £1 each - 2,560; F Ordinary of £1 each - 2,558; G Ordinary of £1 each - 1; H Ordinary of £1 each - 3,802; I Ordinary of £1 each - 3,802; J Ordinary of £1 each - 4,175. |
All sub-classes of shares carry equal voting rights and rights to a dividend. |
28. | RESERVES |
Group |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2023 | 104,320,502 | 1,249,576 | 13,852 | 105,583,930 |
Profit for the year | 13,516,059 | 13,516,059 |
Dividends | (188,600 | ) | (188,600 | ) |
At 30 June 2024 | 117,647,961 | 1,249,576 | 13,852 | 118,911,389 |
Company |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2023 | 103,933,506 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 June 2024 | 117,876,880 |
Share premium - includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium reserve. |
Capital redemption reserve - represents the historic purchase of own shares by the group or company. |
Retained earnings - includes all current and prior period retained profits and losses, net of dividends and transfers. |
29. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements | 1,935,073 | 850,082 |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
30. | OTHER FINANCIAL COMMITMENTS |
The group has a number of financial guarantees totalling £1,061,358 (2023 - £1,061,358). |
31. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023: |
2024 | 2023 |
£ | £ |
Mr Richard Edward Walker |
Balance outstanding at start of year | 13,547 | (25,678 | ) |
Amounts advanced | 105,971 | 214,523 |
Amounts repaid | (125,000 | ) | (175,298 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (5,482 | ) | 13,547 |
Mr Daniel Richard Edward Walker |
Balance outstanding at start of year | (43,177 | ) | (1,226 | ) |
Amounts advanced | 79,027 | 48,780 |
Amounts repaid | (75,000 | ) | (90,731 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (39,150 | ) | (43,177 | ) |
Mr James Anthony Edward Walker |
Balance outstanding at start of year | 404,909 | 498,120 |
Amounts advanced | 79,130 | 66,789 |
Amounts repaid | (70,000 | ) | (160,000 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 414,039 | 404,909 |
No interest is charged or credited on credit balances but interest is charged on overdrawn balances. No security is offered. |
Walker & Son (Hauliers) Limited (Registered number: 00533089) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
32. | RELATED PARTY DISCLOSURES |
The Walker Homes Tuxford Limited Partnership |
The limited partnership is developing residential property for sale. Robin Hood Airport Developments Limited which is a subsidiary of Walker & Son (Hauliers) Limited is the general partner of the above limited partnership. During the year Robin Hood Airport Developments Limited received a share of profits of £918 (2023 - £157 ) from The Walker Homes Tuxford Limited Partnership. |
Walker & Son (Hauliers) Limited is the developer on behalf of the limited partnership and invoiced the limited partnership £nil (2023 - £nil). Walker & Son (Hauliers) Limited are charging interest on the balance due to the company and charged interest of £nil (2023 - £nil) during the year. |
The amount due to Walker & Son (Hauliers) Limited at the 30 June 2024 was £292,380 (2023 - £292,380). |
The amount due to the Limited Partner from Robin Hood Airport Developments Limited at the 30 June 2024 was £1,991,902 (2023 - £1,980,900). |
33. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr Richard Edward Walker. |
The ultimate controlling party is Mr Richard Edward Walker. |
Subsequent to the year end, control of the company passed to the Richard Walker Family Trust, which is |
now considered the ultimate controlling party. |
The most senior parent entity producing publicly available financial statements is Walker & Son (Hauliers) Limited. These financial statements are available upon request from Ollerton Road, Tuxford, Newark, Nottinghamshire, NG22 0PQ. |