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Registered number: 00343359









WELCH'S TRANSPORT LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
WELCH'S TRANSPORT LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
Mr J N Welch 
Mr C N Welch 
Mr D R Welch 




COMPANY SECRETARY
Mr J N Welch



REGISTERED NUMBER
00343359



REGISTERED OFFICE
Moorfield Road
Duxford

Cambridge

CB22 4PS




INDEPENDENT AUDITOR
Peters Elworthy & Moore
Chartered Accountants & Statutory Auditor

Salisbury House

Station Road

Cambridge

CB1 2LA




BANKERS
Barclays Bank Plc
Castle Park

Castle Hill

Cambridge

CB3 0AN





 
WELCH'S TRANSPORT LIMITED
 

CONTENTS



Pages
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 25


 
WELCH'S TRANSPORT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

INTRODUCTION
 
The Directors present their Strategic Report incorporating the business review, which includes the principal risks and uncertainties of the business and key performance indicators.

BUSINESS REVIEW
 
The Directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of risks and uncertainties faced.
Turnover in the year arising from transport related activities amounted to £12,941,712 (2023 - £12,662,196),  from motor trade activities amounted to £1,915,939 (2023 - £1,984,711) and from crane hire activities amounted to £152,755 (2023 - £197,985).
The Company's operating profit for the year decreased from £341,525 to £175,405 with profit before tax reducing from £348,083 to £191,949.
The reduction in turnover, operating profit and profit before tax arose from a difficult year whereby volumes from most of the Company's customer base showing little growth resulting in both storage, distribution and motor trade activities all recording lower profits.  
A restructuring of the sales and business development function mid-year, along with the deployment of additional resource did yield positive results towards the end of the year with several business wins from both new and existing customers, which will bring additional volumes during the year ending 31 December 2025. As at 31 December 2024, the Company's sales pipeline is strong.
During the year customers have remained extremely price sensitive but were accepting of price increases where a sound justification was put forward particularly when accompanied by improved service offerings and management information.
Customer service levels, measured by objective KPI’s, remained consistently high and the Company has started to see the full benefit of the investment in the new Traffic, Dealer and Warehouse Management System implemented in the previous year. 
Capital expenditure on vehicles and trailers remained consistent during the year and in line with the Company's vehicle replacement policies. The refurbishment programme also continued as planned. Trailer prices fell back from the previously inflated levels and whilst truck prices did not, they have plateaued and numerous ‘cancelled orders’ at more favourable prices were in evidence. 
After deploying its first fully electric 19 tonne LGV in the year ended 31 December 2023, the Company deployed its first maximum weight artic during the year with a second due deployed in quarter one 2025. As part of the Company's journey to net Zero, six bay hyper chargers with 1 Mw dedicated supplies were ordered for both Bedford and Duxford depots, which will future proof both depots albeit at a seven-figure cost. Both are expected to be operational by mid-2025. This was as part of one the Department of Transports ‘Zero Emission’ projects, which means an element of grant funding was obtained.
The Company encompasses all the trading activities of the overall Group, paying management fees to its parent undertaking, Welch’s Group Holdings Limited. A review of this business will give a better understanding of the Group’s overall financial strength and net worth.
Whilst the Directors are aware that any plans for future development of the business may be subject to unforeseen events outside of their control, particularly given the new administrations both at home and in America, they view the coming year with guarded confidence.

Page 1

 
WELCH'S TRANSPORT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
 
The Company has for many years believed that outright ownership of its asset base and avoiding any form of borrowing is in its best interests and, other than the occasional modest loan for the purchase of property, intends to continue with this policy. As such the Company has little exposure to financial, credit or interest rate risk. The capping of Business Property Relief will have a significant impact on the business and will limit investment in the coming years as the business attempts to build cash given that the inheritance tax liability that the principal shareholders now face are unaffordable at a personal level. The industries that the business operates in can be dangerous, but the Company believes that its systems, processes and general culture limit these risks as far as possible. External consultants support the management team in continually promoting a proactive approach to Health and Safety in all areas of the business. The Company’s Quality and Environmental management system continue to be externally accredited to the ISO 9001 and 14001 standards. The transport depots support the voluntary Freight Operators Recognition Scheme (FORS) with the Cambridge location currently accredited to the silver standard whilst the St Ives depot is accredited to the gold standard.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The Directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover, operating profit, cash balances and return on capital employed.

OTHER KEY PERFORMANCE INDICATORS
 
The Directors consider the main other key performance indicators are the delivery performance, compliance, utilisation and productivity of its transport operations, which are monitored daily, and a range of criteria on the motor trade side of the business, which are regularly reviewed by our franchise partners.


This report was approved by the Board of Directors and signed on its behalf.



Mr J N Welch
Director

Date: 2 June 2025

Page 2

 
WELCH'S TRANSPORT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

PRINCIPAL ACTIVITIES

The principal activities during the year was the provision of transport and motor trade related activities as well as crane hire services.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £145,872 (2023 - £272,478).

An interim dividend of £Nil (2023 - £250,000) was paid in the year on the Ordinary shares.  The Directors do not recommend the payment of a final dividend (2023 - £Nil).

DIRECTORS

The Directors who served during the year and to the date of this report, except as stated otherwise, were:

Mr J N Welch 
Mr C N Welch 
Mr D R Welch (appointed 6 April 2024)

The Company maintains insurance, as permitted by Section 233 of the Companies Act 2006, for its Directors against liabilities incurred in relation to the companies within the Group.

DIRECTORS' RESPONSIBILITIES STATEMENT

The Directors are responsible for preparing the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
WELCH'S TRANSPORT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

FUTURE DEVELOPMENTS

The Directors intend to continue to grow all areas of the business in the forseeable future.

FINANCIAL INSTRUMENTS

The Company has exposure to two main areas of risk - liquidity risk and credit risk. To a lesser extent the Company is exposed to interest rate risk. The most significant financial risks to which the Company is exposed are described below:
Liquidity risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The Company expects to meet its financial obligations through its operating cash flows.  In the event that its operating cash flows are insufficient to cover all of the Company's financial obligations, short term flexibility can be obatined through borrowings from other group undertakings.
Credit risk
The Company’s principal financial assets are cash and trade debtors, with the main credit risk arising from its trade debtors. The Company manages credit risk by conducting thorough credit assessments for new customers, setting appropriate credit limits, and continuously monitoring creditworthiness. Credit limits are reviewed on a regular basis in conjunction with debt aging and collection history.
Interest rate risk
The Company is not exposed to significant interest rate fluctuations as it has no third party borrowings.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end requiring disclosure.

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

AUDITOR

Under Section 487(2) of the Companies Act 2006Peters Elworthy & Moore will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the Board of Directors and signed on its behalf.
 





Mr J N Welch
Director

Date: 2 June 2025

Page 4

 
WELCH'S TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELCH'S TRANSPORT LIMITED
 

OPINION


We have audited the financial statements of Welch's Transport Limited (the 'Company') for the year ended 31 December 2024, which comprise of the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
WELCH'S TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELCH'S TRANSPORT LIMITED (CONTINUED)


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF THE DIRECTORS
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
WELCH'S TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELCH'S TRANSPORT LIMITED (CONTINUED)


AUDITOR'S 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 an Auditor's Report 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 is detailed below:
 
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate, competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the Company through discussions with the Directors and other management, and from our knowledge and experience of the haulage and transport sector;
we obtained an understanding of the legal and regulatory framework applicable to the Company and how the Company is complying with that framework;
we obtained an understanding of the Company’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance;
we identified which laws and regulations were significant in the context of the Company.  The laws and regulations we considered in this context were Companies Act 2006 and taxation legislation. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items;
in addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Company’s ability to operate or to avoid material penalty; and
ensured laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

Page 7

 
WELCH'S TRANSPORT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELCH'S TRANSPORT LIMITED (CONTINUED)


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 Auditor's Report.


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 2006Our 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 an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Adam Smith (Senior Statutory Auditor)
  
for and on behalf of
Peters Elworthy & Moore
 
Chartered Accountants
Statutory Auditor
  
Salisbury House
Station Road
Cambridge
CB1 2LA

3 June 2025
Page 8

 
WELCH'S TRANSPORT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023
Notes
£
£

  

Turnover
 4 
15,010,406
14,844,892

Cost of sales
  
(11,795,486)
(11,422,044)

GROSS PROFIT
  
3,214,920
3,422,848

Administrative expenses
  
(3,386,135)
(3,306,550)

Other operating income
 5 
346,620
225,227

OPERATING PROFIT
 6 
175,405
341,525

Income from fixed assets investments
 10 
16,544
2,781

Profit on disposal of investment
  
-
4,500

Interest payable and similar expenses
 11 
-
(723)

PROFIT BEFORE TAX
  
191,949
348,083

Tax on profit
 12 
(46,077)
(75,605)

PROFIT FOR THE FINANCIAL YEAR
  
145,872
272,478

There were no recognised gains and losses for the years ended 31 December 2024 or 2023, other than those included in the Statement of Comprehensive Income, above.

There was no Other Comprehensive Income for the year ended 31 December 2024 (2023 - £Nil).

The notes on pages 12 to 25 form part of these financial statements.

Page 9

 
WELCH'S TRANSPORT LIMITED
REGISTERED NUMBER: 00343359

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2024
2023
2023
Notes
£
£
£
£

FIXED ASSETS
  

Tangible assets
 13 
1,120,538
586,012

Investments
 14 
402,988
402,988

  
1,523,526
989,000

CURRENT ASSETS
  

Stocks
 15 
288,124
312,053

Debtors: amounts falling due within one year
 16 
2,839,898
2,218,945

Cash at bank and in hand
 17 
875,778
916,186

  
4,003,800
3,447,184

Creditors: amounts falling due within one year
 18 
(2,267,477)
(1,371,762)

NET CURRENT ASSETS
  
 
 
1,736,323
 
 
2,075,422

TOTAL ASSETS LESS CURRENT LIABILITIES
  
3,259,849
3,064,422

PROVISION FOR LIABILITIES
  

Deferred tax
 19 
(179,460)
(129,905)

NET ASSETS
  
3,080,389
2,934,517


CAPITAL AND RESERVES
  

Called up share capital 
 20 
712,060
712,060

Share premium account
 21 
250
250

Profit and loss account
 21 
2,368,079
2,222,207

SHAREHOLDERS' FUNDS
  
3,080,389
2,934,517


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




Mr J N Welch
Director

Date: 2 June 2025

The notes on pages 12 to 25 form part of these financial statements.

Page 10

 
WELCH'S TRANSPORT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total
 equity

£
£
£
£


At 1 JANUARY 2023
712,060
250
2,199,729
2,912,039


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
272,478
272,478


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends paid
-
-
(250,000)
(250,000)



At 1 JANUARY 2024
712,060
250
2,222,207
2,934,517


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
145,872
145,872


AT 31 DECEMBER 2024
712,060
250
2,368,079
3,080,389


The notes on pages 12 to 25 form part of these financial statements.

Page 11

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

Welch's Transport Limited (the "Company") is a private company limited by shares and incorporated in England and Wales.  Its registered office is Moorfield Road, Duxford, Cambridge CB22 4PS.
The Company's functional and presentational currency is Sterling.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Welch's Group Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Moorfield Road, Duxford, Cambridge CB22 4PS.

 
2.3

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under Section 400 of the Companies Act 2006.

Page 12

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

GOING CONCERN

The UK economy remains in a fragile state. Global supply issues keep re-surfacing and the prices of many goods and services remain elevated. New administrations on both sides of the Atlantic are adding costs to businesses and increasing uncertainty. The Directors continually monitor this situation, planning measures to reduce the Company's cost base if there was a significant reduction in revenues and sourcing alternative suppliers where needed. Accordingly the Directors continue to adopt the going concern basis of accounting in preparing these financial statements.

 
2.5

TURNOVER

Turnover comprises revenue recognised by the Company in respect of the transport, motor and crane hire goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Turnover is recognised as the fair value of the consideration received or receivable and is recognised when the goods have been transported or the services supplied.

 
2.6

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

DEFINED CONTRIBUTION PENSION SCHEME

The Company operates a defined contribution pension scheme for its employees. A defined contribution pension scheme is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as Other Comprehensive Income or to an item recognised directly in equity is also recognised in Other Comprehensive Income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date

 
2.9

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as detailed below.

Depreciation is provided on the following basis:

Plant and machinery
-
10%/33% straight line
Motor vehicles
-
1% to 3% monthly reducing balance
Office equipment
-
33% 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.

Page 14

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

INVESTMENTS

The Company's investment in its subsidiary undertaking is measured at cost less accumulated impairment charges.
Investments held in unlisted shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the year. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment charges.
The Company's investment in a Joint Venture is held at cost less accumulated impairment charges.

 
2.11

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to related parties and investments in ordinary shares.


Page 15

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.16

DIVIDENDS

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 an Annual General Meeting.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made
include:
Investment valuation
At 31 December 2024, the Company holds an investment in an unlisted company.  The Company recognises the investment at fair value in the balance sheet as the Directors believe that this can be estimated with reasonable certainty.  The fair value is estimated using a net assets valuation method as laid out in the articles of association of that company. Management review this valuation method at each year end for reasonableness and therefore considers the carrying value of the investment.
Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the useful economic lives and residual values of the assets. The useful economic lives and residual values are assessed based on industry knowledge and historical useful economic lives of previously owned tangible fixed assets. In making this assessment, management has taken into consideration industry conditions, the expected use period and the resale market for second hand assets.


4.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Road haulage and warehousing
12,941,712
12,662,196

Garage activities
1,915,939
1,984,711

Crane hire
152,755
197,985

15,010,406
14,844,892


All turnover arose within the United Kingdom.

Page 16

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


OTHER OPERATING INCOME

2024
2023
£
£

Net rents receivable
231,845
225,227

Government grants receivable
46,987
-

Other grants receivable
67,788
-

346,620
225,227


Government grants receivable represents amounts receivable under the eFREIGHT 2030 scheme of £46,987 (2023 - £Nil).


6.


OPERATING PROFIT

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

2024
2023
£
£

Depreciation of tangible fixed assets
287,227
189,655

(Profit) on disposal of tangible fixed assets
-
(4,400)


7.


AUDITOR'S REMUNERATION

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
23,000
21,500

The undertaking has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated financial statements of the ultimate parent undertaking.

Page 17

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


EMPLOYEES

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
5,598,571
5,229,226

Social security costs
585,349
543,036

Cost of defined contribution pension scheme
170,941
147,950

6,354,861
5,920,212


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Office and management
29
32



Drivers and fitters
115
109

144
141


9.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
90,716
78,010


During the current and prior years, none of the Directors were accruing retirement benefits in respect of the defined contribution pension scheme.


10.


INCOME FROM INVESTMENTS

2024
2023
£
£





Dividends received from unlisted investment
16,544
2,781


Page 18

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Interest payable on Corporation Tax
-
723


12.


TAXATION


2024
2023
£
£

CURRENT TAX


UK Corporation Tax on profit for the year
-
2,154

Adjustments in respect of prior years
(3,478)
-

TOTAL CURRENT TAX
(3,478)
2,154

DEFERRED TAX


Origination and reversal of timing differences
49,555
73,451


TAX ON PROFIT
46,077
75,605

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
191,949
348,083


Profit on ordinary activities multiplied by standard rate of Corporation Tax in the UK of 25% (2023 - 19%)
47,987
66,136

EFFECTS OF:


Expenses not deductible for tax purposes
2,869
9,997

Adjustments in respect of prior years
(3,478)
-

Non taxable dividends received from UK companies
(4,136)
(528)

Tax losses carried back
2,835
-

TOTAL TAX CHARGE FOR THE YEAR
46,077
75,605

Page 19

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.TAXATION (CONTINUED)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


13.


TANGIBLE FIXED ASSETS





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



COST


At 1 January 2024
942,186
273,560
311,993
1,527,739


Additions
23,249
776,208
22,296
821,753


Disposals
(16,254)
-
(1,125)
(17,379)



At 31 December 2024

949,181
1,049,768
333,164
2,332,113



DEPRECIATION


At 1 January 2024
626,959
48,134
266,634
941,727


Charge for the year on owned assets
144,040
109,736
33,451
287,227


Disposals
(16,254)
-
(1,125)
(17,379)



At 31 December 2024

754,745
157,870
298,960
1,211,575



NET BOOK VALUE



At 31 December 2024
194,436
891,898
34,204
1,120,538



At 31 December 2023
315,227
225,426
45,359
586,012

Page 20

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


FIXED ASSET INVESTMENTS





Investment in subsidiary undertaking
Unlisted investments
Investment in joint venture
Total

£
£
£
£



COST AND NET BOOK VALUE


At 1 January 2024
6,500
396,438
50
402,988



At 31 December 2024
6,500
396,438
50
402,988





SUBSIDIARY UNDERTAKING


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

JPS Installs Limited
Moorfield Road, Duxford, Cambridge CB22 4PS
Distribution and installation of office furniture
Ordinary £1
65%


JOINT VENTURE


The following was a joint venture of the Company:


Name

Registered office

Principal activity

Holding

TBM Fulfillment Solution UK Ltd
Moorfield Road, Duxford, Cambridge CB22 4PS
Provision of e-commerce fulfillment service
50%


15.


STOCKS

2024
2023
£
£

Finished goods and goods for resale
288,124
312,053


Page 21

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


DEBTORS

2024
2023
£
£


Trade debtors
1,884,530
1,890,926

Amounts owed by subsidiary undertaking
29,320
34,816

Amounts owed by joint venture
73,010
63,729

Other debtors
3,462
2,741

Prepayments and accrued income
849,576
226,733

2,839,898
2,218,945



17.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
875,778
916,186



18.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
836,255
681,785

Amounts owed to ultimate parent undertaking
579,224
47,038

Corporation Tax payable
-
2,154

Other taxation and social security
312,640
455,040

Other creditors
77,800
73,993

Accruals and deferred income
461,558
111,752

2,267,477
1,371,762


Page 22

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
129,905
56,454


Charge to profit or loss
49,555
73,451



AT END OF YEAR
179,460
129,905

The deferred tax liability comprises:

2024
2023
£
£


Accelerated capital allowances
190,368
106,347

Tax losses carried forward
(32,886)
-

Other short term timing differences
(2,770)
(1,190)

Capital gains
24,748
24,748

179,460
129,905


20.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



356,030 (2023 - 356,030) Ordinary shares of £1 each
356,030
356,030
356,030 (2023 - 356,030) 2% Non-cumulative preference shares of £1 each
356,030
356,030

712,060

712,060

The Ordinary shares and the Non-cumulative preference shares rank pari passu in all aspects.


Page 23

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


RESERVES

Share Premium Account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium.

Profit and Loss Account

Includes all current and prior year retained profit and losses. The balance of £2,368,079 (2023 - £2,222,207) includes £74,244  (2023 - £74,244) that is not distributable.


22.


CAPITAL COMMITMENTS


At 31 December 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
1,159,100
953,000

The amount committed includes amounts that the Company is expecting to receive government grants for. 


23.


PENSION COMMITMENTS

The Company's pension obligations are covered by a defined contribution pension scheme operated by the Welch Group. The assets of the scheme are held separately from those of the Company in an independently administered fund.
The pension cost charge represents contributions payable by the Company to the fund and amounted to £170,941 (2023 - £147,950). Contributions amounting to £26,131 (2023 - £27,417) were payable to the fund at the balance sheet date and are included in other creditors.


24.


RELATED PARTY TRANSACTIONS

The Company has traded on commercial terms with its 65% owned subsidiary. Sales/recharges amounted to £202,050 (2023 - £181,858) and purchases amounted to £6,499 (2023 - £Nil). At the year end £29,320 (2023 - £34,816) was owed to the Company.
 
The Company has traded on commercial terms with its joint venture during the year. Sales/recharges amounted to £213,458 (2023 - £254,767).  At the year end £73,010 (2023 - £63,729) was owed to the Company.
All other related party transactions have taken place between wholly owned members of the Group, therefore these transactions are not disclosed under the exemption provided by paragraph 33.1A of FRS102.

Page 24

 
WELCH'S TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.


CONTROLLING PARTY

The immediate and ultimate parent undertaking, and controlling party is Welch's Group Holdings Limited, a company incorporated in England and Wales.
The smallest and largest group to include the results of the Company is that headed by Welch's Group Holdings Limited.  Copies of the consolidated financial statements of Welch's Group Holdings Limited are publicly available from the registered office at Moorfield Road, Duxford, Cambridge CB22 4PS.

 
Page 25