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Registered number: 01554970









WELCH'S GROUP HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
WELCH'S GROUP HOLDINGS LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
Mr A G Welch 
Mr J N Welch 




COMPANY SECRETARY
Mr J N Welch



REGISTERED NUMBER
01554970



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
Abacus House

Castle Park

Castle Hill

Cambridge

CB3 0AN





 
WELCH'S GROUP HOLDINGS LIMITED
 

CONTENTS



Pages
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10 - 11
Company Balance Sheet
 
12 - 13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16 - 17
Notes to the Financial Statements
 
18 - 37


 
WELCH'S GROUP HOLDINGS LIMITED
 
 
GROUP 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.
Group turnover in the year  amounted to £16,123,325 (2023 - £15,717,999) with overall operating profit amounting to £384,176 (2023 - £1,123,388) and profit before tax amounting to £473,389 (2023 - £1,172,674). Included in the operating profit and profit before tax for the year was a gain of £Nil (2023 - £729,000) relating to the revaluation of the Group's investment properties.
The Group's trading activities continue to be primarily undertaken by Welch’s Transport Limited, a subsidiary undertaking. The reduction in turnover, operating profit and profit before tax arose from a difficult year whereby volumes from most of the subsidiary undertaking'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 subsidiary undertaking'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 Group'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 Group deployed its first maximum weight artic during the year with a second due deployed in quarter one 2025. As part of the Group'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 Group's 65% owned subsidiary, JPS Installs Limited, had another difficult year and failed to contribute materially to the consolidated Group’s results.
TBM Fulfilment Solution UK Ltd, the Group’s 50% owned e-commerce and fulfilment business, produced a reasonable profit during the year benefiting the Group result albeit the move to bigger premises mid-year increased the ongoing cost base and incurred several large one-off costs. It is, however, now well placed for significant growth in the coming years.
 
Page 1

 
WELCH'S GROUP HOLDINGS LIMITED
 

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

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.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The Group 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 Group 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 Group 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 Group’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 Group 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 GROUP HOLDINGS 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 of the Group during the year was the provision of transport and motor trade related activities as well as crane hire services and furniture distribution and installation.
The principal activity of the Company was that of an investment holding company.

RESULTS AND DIVIDENDS

The profit for the year, after taxation and minority interests, amounted to £341,295 (2023 - £841,863).

An interim dividend of £6,000 (2023 - £6,000) was paid in the year on the Ordinary B 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 R N Welch (resigned 5 April 2024)
Mr A G Welch 
Mr J N Welch 

The Group 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 Group Strategic Report, the Directors' Report and the consolidated 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 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 for the Group'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 and the Group will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
WELCH'S GROUP HOLDINGS 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 foreseeable future.

FINANCIAL INSTRUMENTS

The Group has exposures to two main areas of risk - liquidity risk and credit risk. To a lesser extent the Group is exposed to interest rate risk. The most significant financial risks to which the Group is exposed are described below:
Liquidity risk
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The Group 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 Group's financial obligations, short term flexibility could be obtained from third parties.  
Credit risk
The Group’s principal financial assets are cash and trade debtors, with the main credit risk arising from its trade debtors. The Group 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 Group 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 Group 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 GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELCH'S GROUP HOLDINGS LIMITED
 

OPINION


We have audited the financial statements of Welch's Group Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise of the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, 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 Group's and of the Parent Company's affairs as at 31 December 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 Auditor's 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 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 Group's or 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.


Page 5

 
WELCH'S GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELCH'S GROUP HOLDINGS 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 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 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 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 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.


Page 6

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


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.


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 Consolidated 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 Group 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 Group and how the Group is complying with that framework;
we obtained an understanding of the Group’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 Group.  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 which do not have a direct effect on the financial statements but compliance with which might be fundamental to the Group's ability to operate or to avoid material penalties; 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 Group’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.
 
Page 7

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


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.

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;
enquiring of management as to actual and potential litigation and claims; and
we reviewed minutes of meetings of those charged with governance

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 GROUP HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023
Note
£
£

TURNOVER
  

Group and share of joint ventures' turnover
  
16,737,949
16,248,717

Less: share of joint ventures' turnover
  
(614,624)
(530,718)

GROUP TURNOVER
  
16,123,325
15,717,999

Cost of sales
  
(13,070,030)
(12,449,473)

GROSS PROFIT
  
3,053,295
3,268,526

Administrative expenses
  
(3,330,644)
(3,226,301)

Other operating income
 5 
658,090
352,163

Fair value movements on investment properties
  
-
729,000

OPERATING PROFIT
 6 
380,741
1,123,388

Share of profit of joint venture
  
3,435
18,816

TOTAL OPERATING PROFIT
  
384,176
1,142,204

Income from fixed assets investments
  
16,544
2,781

Interest receivable and similar income
 11 
72,912
54,086

Interest payable and similar expenses
 12 
(243)
(26,397)

PROFIT BEFORE TAXATION
  
473,389
1,172,674

Tax on profit
 13 
(146,427)
(342,049)

PROFIT FOR THE FINANCIAL YEAR
  
326,962
830,625

  

PROFIT FOR THE YEAR ATTRIBUTABLE TO:
  

Non-controlling interests
  
(14,333)
(11,238)

Owners of the Parent Company
  
341,295
841,863

  
326,962
830,625

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

The notes on pages 18 to 37 form part of these financial statements.

Page 9

 
WELCH'S GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 01554970

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2024
2023
2023
Notes
£
£
£
£

FIXED ASSETS
  

Tangible assets
 16 
13,831,288
13,445,952

Investments
 17 
426,394
429,022

Investment properties
 18 
3,254,000
3,254,000

  
17,511,682
17,128,974

CURRENT ASSETS
  

Stocks
 19 
288,124
312,053

Debtors: amounts falling due within one year
 20 
2,977,305
2,432,068

Current asset investments
 21 
900,000
-

Cash at bank and in hand
 22 
1,501,768
2,668,193

  
5,667,197
5,412,314

Creditors: amounts falling due within one year
 23 
(1,948,379)
(1,789,275)

NET CURRENT ASSETS
  
 
 
3,718,818
 
 
3,623,039

TOTAL ASSETS LESS CURRENT LIABILITIES
  
21,230,500
20,752,013

PROVISION FOR LIABILITIES
  

Deferred taxation
 25 
(2,364,202)
(2,206,677)

NET ASSETS
  
18,866,298
18,545,336


CAPITAL AND RESERVES
  

Called up share capital 
 26 
16,221
16,221

Share premium account
 27 
487,751
487,751

Capital redemption reserve
 27 
500
500

Profit and loss account
 27 
18,321,298
17,986,003

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY
  
18,825,770
18,490,475

Non-controlling interests
  
40,528
54,861

TOTAL EQUITY
  
18,866,298
18,545,336


Page 10

 
WELCH'S GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 01554970
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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 18 to 37 form part of these financial statements.

Page 11

 
WELCH'S GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 01554970

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2024
2023
2023
Notes
£
£
£
£

FIXED ASSETS
  

Tangible assets
 16 
12,678,804
12,813,897

Investments
 17 
1,189,001
1,189,001

Investment properties
 18 
3,254,000
3,254,000

  
17,121,805
17,256,898

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 20 
608,517
62,939

Current asset investments
 21 
900,000
-

Cash at bank and in hand
 22 
540,261
1,628,311

  
2,048,778
1,691,250

Creditors: amounts falling due within one year
 23 
(164,131)
(279,847)

NET CURRENT ASSETS
  
 
 
1,884,647
 
 
1,411,403

TOTAL ASSETS LESS CURRENT LIABILITIES
  
19,006,452
18,668,301

  

PROVISION FOR LIABILITIES
  

Deferred taxation
 25 
(2,184,742)
(2,065,261)

NET ASSETS
  
16,821,710
16,603,040


CAPITAL AND RESERVES
  

Called up share capital 
 26 
16,221
16,221

Share premium account
 27 
487,751
487,751

Capital redemption reserve
 27 
500
500

Profit and loss account
 27 
16,317,238
16,098,568

SHAREHOLDERS' FUNDS
  
16,821,710
16,603,040


The profit after tax of the Parent Company for the year was £224,670 (2023 - £839,928).
 
Page 12

 
WELCH'S GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 01554970
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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 18 to 37 form part of these financial statements.

Page 13
 

 
WELCH'S GROUP HOLDINGS LIMITED


 

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



Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Equity attributable to owners of Parent Company
Non-controlling interests
Total
 equity


£
£
£
£
£
£
£



AT 1 JANUARY 2023
16,221
487,751
500
17,151,485
17,655,957
59,754
17,715,711



COMPREHENSIVE INCOME FOR THE YEAR


Profit for the year
-
-
-
841,863
841,863
(11,238)
830,625



CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS


Dividends paid
-
-
-
(6,000)
(6,000)
-
(6,000)


Part disposal of subsidiary undertaking
-
-
-
(1,345)
(1,345)
6,345
5,000





AT 1 JANUARY 2024
16,221
487,751
500
17,986,003
18,490,475
54,861
18,545,336



COMPREHENSIVE INCOME FOR THE YEAR


Profit for the year
-
-
-
341,295
341,295
(14,333)
326,962



CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS


Dividends paid
-
-
-
(6,000)
(6,000)
-
(6,000)



AT 31 DECEMBER 2024
16,221
487,751
500
18,321,298
18,825,770
40,528
18,866,298



The notes on pages 18 to 37 form part of these financial statements.

Page 14

 

 
WELCH'S GROUP HOLDINGS LIMITED


 

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



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


£
£
£
£
£



AT 1 JANUARY 2022
16,221
487,751
500
15,264,640
15,769,112



COMPREHENSIVE INCOME FOR THE YEAR


Profit for the year
-
-
-
839,928
839,928



CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS


Dividends paid
-
-
-
(6,000)
(6,000)





AT 1 JANUARY 2023
16,221
487,751
500
16,098,568
16,603,040





Profit for the year
-
-
-
224,670
224,670



CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS


Dividends paid
-
-
-
(6,000)
(6,000)



AT 31 DECEMBER 2024
16,221
487,751
500
16,317,238
16,821,710



The notes on pages 18 to 37 form part of these financial statements.

Page 15
 
WELCH'S GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
326,962
830,625

ADJUSTMENTS FOR:

Depreciation of tangible fixed assets
1,441,979
1,295,449

(Profit) on disposal of tangible assets
(94,361)
(60,025)

Interest payable and similar expenses
243
26,397

Interest receiveable and similar income
(89,456)
(56,867)

Taxation charge
146,427
342,049

Decrease/(increase) in stocks
23,929
(31,126)

(Increase)/decrease in debtors
(523,630)
119,124

(Increase)/decrease in amounts owed by joint venture
(9,281)
49,156

Increase/(decrease) in creditors
254,893
(332,551)

Fair value (gains) recognised in Profit and Loss
-
(729,000)

Share of operating (profit) in joint venture
(3,435)
(18,816)

Corporation tax (paid)
(24,529)
(96,544)

NET CASH GENERATED FROM OPERATING ACTIVITIES

1,449,741
1,337,871


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(1,904,223)
(1,771,632)

Proceeds from disposal of tangible fixed assets
171,269
74,153

Purchase of unlisted and other investments
-
(84,758)

Proceeds from part disposal of subsidiary
-
5,000

Interest received
72,912
54,086

Dividends received
16,544
2,781

NET CASH FROM INVESTING ACTIVITIES

(1,643,498)
(1,720,370)
Page 16

 
WELCH'S GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£



CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of loans
-
(818,200)

Repayment of other loan
(66,425)
(261,313)

Dividends paid
(6,000)
(6,000)

Interest paid
(243)
(26,397)

NET CASH USED IN FINANCING ACTIVITIES
(72,668)
(1,111,910)

(DECREASE) IN CASH AND CASH EQUIVALENTS
(266,425)
(1,494,409)

Cash and cash equivalents at beginning of year
2,668,193
4,162,602

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
2,401,768
2,668,193


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
1,501,768
2,668,193

Current asset investments
900,000
-

2,401,768
2,668,193


Page 17

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

1.


GENERAL INFORMATION

Welch's Group Holdings 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 Group's presentational currency is Sterling.  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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries (the "Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

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 Group'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.

 
2.4

TURNOVER

Turnover comprises revenue recognised by the Group for goods and services supplied during the year in respect of transport, motor trade, crane hire and office furniture supply and installation activities, 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.

Page 18

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

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 Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

DEFINED CONTRIBUTION PENSION SCHEMES

The Group operates defined contribution pension schemes for its employees. A defined contribution pension scheme is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.7

INTEREST INCOME

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

 
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

Page 19

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

TANGIBLE FIXED ASSETS

Freehold properties are carried at deemed cost less accumulated depreciation.  The deemed cost is the carrying valuation at the date of transition to FRS102.  The valuations were determined from market based evidence and were undertaken by a profiesisonal qualified valuer.
Freehold land is not depreciated.
Other 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 Group 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:

Freehold property
-
2% straight line
Plant and machinery
-
10%/33% straight line
Motor vehicles and cranes
-
1% - 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.

 
2.10

INVESTMENT PROPERTIES

Investment properties are carried at fair value determined by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

INVESTMENTS

The Company's investments in its subsidiary undertakings are 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 Consolidated Statement of Comprehensive Income for the year. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment charges.

Page 20

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

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.

 
2.13

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.

 
2.14

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

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.

Page 21

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.16

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is Sterling. The Group's presentational currency is Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in Other Comprehensive Income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within either 'Interest Receivable' or Interest Payable'. All other foreign exchange gains and losses are presented in profit or loss within 'Administrative Expenses'.

 
2.17

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 

 
2.18

FINANCIAL INSTRUMENTS

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

Page 22

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.19

JOINT VENTURE

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.
In the consolidated financial statements, interests in joint ventures are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the Profit or Loss, Other Comprehensive Income and equity of the joint venture. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in joint ventures are shown as the Group's share of the identifiable net assets.


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 Group holds an investment in an unlisted company.  The Group 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.
Investment property valuations
Investment properties are recognised at fair value in these consolidated financial statements.  External valuers are used periodically to obtain formal valuations of the properties and at each year end management consider the carrying values and judge whether there has been a material change based on market conditions. 
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.

Page 23

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

4.


TURNOVER

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


2024
2023
£
£

Road haulage and warehousing
12,817,104
12,520,084

Garage activities
1,913,129
1,982,104

Crane hire
546,045
197,985

Office furniture sales and installation
847,047
1,017,826

16,123,325
15,717,999


All turnover arose within the United Kingdom.


5.


OTHER OPERATING INCOME

2024
2023
£
£

Net rents receivable
402,521
352,163

Government grants receivable
46,987
-

Insurance claim receivable
140,794
-

Other grants receivable
67,788
-

658,090
352,163


Government grants receivable represents amounts receivable under the eFREIGHT 2030 scheme of £50,963 (2023 - £Nil).


6.


OPERATING PROFIT

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

2024
2023
£
£

Depreciation of tangible fixed assets
1,441,979
1,295,449

(Profit) on disposal of tangible fixed assets
(94,361)
(60,025)

Page 24

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

7.


AUDITOR'S REMUNERATION

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


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and Parent Company's financial statements
22,450
20,200


Fees payable to the Group's auditor in respect of other services relating to accounts preparation and taxation amounted to £15,550 (2023 - £14,700).





8.


EMPLOYEES

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
6,016,666
5,596,891
133,000
140,500

Social security costs
634,240
587,406
18,559
20,180

Cost of defined contribution pension schemes
177,252
153,256
-
-

6,828,158
6,337,553
151,559
160,680


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Office and management
31
40
2
3



Drivers, fitters and salesmen
122
109
-
-

153
149
2
3

Page 25

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

9.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
138,226
160,237


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

The highest paid Director received remuneration of £66,551 (2023 - £65,786).


10.


INCOME FROM INVESTMENTS

2024
2023
£
£





Dividends received from unlisted investment
16,544
2,781



11.


INTEREST RECEIVABLE AND SIMILAR INCOME

2024
2023
£
£


Bank interest receivable
72,912
54,086


12.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank loan interest payable
-
20,317

Other loan interest payable
243
5,357

Interest payable on Corporation Tax
-
723

243
26,397

Page 26

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

13.


TAXATION


2024
2023
£
£

CURRENT TAX


UK Corporation Tax on profit for the year
-
29,364

Joint venture taxation
6,063
3,663

Adjustments in respect of prior years
(17,161)
(4,629)


TOTAL CURRENT TAX
(11,098)
28,398

DEFERRED TAX


Origination and reversal of timing differences
144,434
66,342

Capital gains
13,201
247,309

Adjustments in respect of prior years
(110)
-

TOTAL DEFERRED TAX
157,525
313,651


TAX ON PROFIT
146,427
342,049

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023 - higher than) the standard rate of Corporation Tax in the UK of 25.00% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
473,389
1,172,674


Profit on ordinary activities multiplied by standard rate of Corporation Tax in the UK of 25.00% (2023 - 23.52%)
118,347
275,813

EFFECTS OF:


Expenses not deductible for tax purposes
70,722
67,301

Adjustments in respect of prior years
(17,271)
(4,629)

Adjustments in respect of prior years in the joint venture
(2,730)
-

Non-taxable income
(39,335)
(654)

Unrelieved tax losses carried forward
1,605
4,218

Tax losses carried back
15,089
-

TOTAL TAX CHARGE FOR THE YEAR
146,427
342,049

Page 27

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


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

At 31 December 2024 the Group has tax losses amounting to £366,707 (2023 - £197,363) which are available for offset against future taxable profits.  In relation to these losses a deferred tax asset of £89,712 (2023 - £49,341) has been offset against the deferred tax liability arising in relation to accelerated capital allowances and £1,605 (2023 - £Nil) has not been recognised as the Directors consider that it is uncertain that these tax losses would be utilised in the foreseeable future by that subsidiary undertaking.


14.


DIVIDENDS

2024
2023
£
£


Dividends paid on Ordinary B shares
6,000
6,000


15.


PARENT COMPANY PROFIT FOR THE YEAR

The Company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the Parent Company for the year was £224,670 (2023 - £839,928).

Page 28

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

16.


TANGIBLE FIXED ASSETS

Group






Freehold property
Plant and machinery
Motor vehicles and cranes
Office equipment
Total

£
£
£
£
£



COST OR VALUATION


At 1 January 2024
10,946,010
942,186
10,858,097
311,993
23,058,286


Additions
19,852
23,249
1,838,826
22,296
1,904,223


Disposals
-
(16,254)
(1,149,109)
(1,125)
(1,166,488)



At 31 December 2024

10,965,862
949,181
11,547,814
333,164
23,796,021



DEPRECIATION


At 1 January 2024
1,262,024
626,959
7,456,717
266,634
9,612,334


Charge for the year on owned assets
160,916
144,040
1,103,572
33,451
1,441,979


Disposals
-
(16,254)
(1,072,201)
(1,125)
(1,089,580)



At 31 December 2024

1,422,940
754,745
7,488,088
298,960
9,964,733



NET BOOK VALUE



At 31 December 2024
9,542,922
194,436
4,059,726
34,204
13,831,288



At 31 December 2023
9,683,986
315,227
3,401,380
45,359
13,445,952

Freehold properties are carried at deemed cost being the carrying valuation at the date of transition to FRS102.  The valuations were determined from market based evidence and were undertaken by a profiesisonal qualified valuer.
Included in freehold property is land with a cost of £2,920,022 (2023 - £2,920,022) which is not depreciated.
The historic cost of the freehold property included in the above valuation is £7,971,664 (2023 - £7,951,812) and the accumulated depreciation thereon is £1,429,206 (2023 - £1,269,773).

Page 29

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

           16.TANGIBLE FIXED ASSETS (CONTINUED)


Company






Freehold property
Motor vehicles
Other fixed assets
Total

£
£
£
£

COST OR VALUATION


At 1 January 2024
10,946,010
7,590,854
1,593,119
20,129,983


Additions
19,852
652,618
410,000
1,082,470


Disposals
-
(681,213)
(467,896)
(1,149,109)



At 31 December 2024

10,965,862
7,562,259
1,535,223
20,063,344



DEPRECIATION


At 1 January 2024
1,262,024
5,140,133
913,929
7,316,086


Charge for the year on owned assets
160,916
854,179
125,560
1,140,655


Disposals
-
(653,542)
(418,659)
(1,072,201)



At 31 December 2024

1,422,940
5,340,770
620,830
7,384,540



NET BOOK VALUE



At 31 December 2024
9,542,922
2,221,489
914,393
12,678,804



At 31 December 2023
9,683,986
2,450,721
679,190
12,813,897

Freehold properties are carried at deemed cost being the carrying valuation at the date of transition to FRS102.  The valuations were determined from market based evidence and were undertaken by a profiesisonal qualified valuer.
Included in freehold property is land with a cost of £2,920,022 (2023 - £2,920,022) which is not depreciated.
The historic cost of the freehold property included in the above valuation is £7,971,664 (2023 - £7,951,812) and the accumulated depreciation thereon is £1,429,206 (2023 - £1,269,773).






Page 30

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

17.


FIXED ASSET INVESTMENTS

Group





Unlisted investments
Investment in joint ventures
Total

£
£
£



COST AND NET BOOK VALUE


At 1 January 2024
396,438
32,584
429,022


Share of (loss)
-
(2,628)
(2,628)



At 31 December 2024
396,438
29,956
426,394




Company





Investment in subsidiary undertaking

£



COST AND NET BOOK VALUE


At 1 January 2024
1,189,001



At 31 December 2024
1,189,001





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Welch's Transport Limited
Moorfiled Road, Duxford, Cambridge CB22 4PS
Provision of transport and motor trade related activities as well as crane hire services
Ordinary and Non-cummulative preference
100%
JPS Installs Limited *
Moorfiled Road, Duxford, Cambridge CB22 4PS
Distribution and installation of office furniture
Ordinary
65%
Welch Group Garages Limited
Moorfiled Road, Duxford, Cambridge CB22 4PS
Dormant
Ordinary
100%
Welch's Crane Hire Limited
Moorfiled Road, Duxford, Cambridge CB22 4PS
Dormant
Ordinary
100%

* Investment held indirectly through the Company's own investment in Welch's Transport Limited.

Page 31

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

JOINT VENTURE


As at 31 December 2024 the following was a joint venture of the subsidiary Welch's Transport Limited:


Name

Registered office

Principal activity

Holding

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


18.


INVESTMENT PROPERTIES

Group and Company


Investment properties

£



VALUATION


At 1 January 2024
3,254,000



AT 31 DECEMBER 2024
3,254,000

The 2024 valuations are based on guidance from Carter Jonas, qualified surveyors, on an open market value for existing use basis.
The historic cost of the investment properties amounts to £1,170,000 (2023 - £1,170,000).






19.


STOCKS

Group
2024
Group
2023
£
£

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


Page 32

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

20.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,011,651
2,110,915
-
-

Amounts owed by subsidiary undertaking
-
-
579,224
47,038

Amounts owed by joint venture
73,010
63,729
-
-

Other debtors
16,955
7,370
13,493
-

Prepayments and accrued income
875,689
250,054
15,800
15,901

2,977,305
2,432,068
608,517
62,939



21.


CURRENT ASSET INVESTMENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank deposits not available on demand
900,000
-
900,000
-



22.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,501,768
2,668,193
540,261
1,628,311



23.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loan
-
66,425
-
66,425

Trade creditors
918,893
819,884
29,510
31,085

Amounts owed to fellow group undertaking
-
-
14,000
14,000

Corporation tax payable
-
29,364
-
27,210

Other taxation and social security
443,671
572,033
89,965
75,479

Other creditors
104,148
96,200
20,833
17,500

Accruals and deferred income
481,667
205,369
9,823
48,148

1,948,379
1,789,275
164,131
279,847


Page 33

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

24.


LOANS


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Other loan
-
66,425
-
66,425



The other loan was at a fixed interest rate of 2.6% per annum and was repayable over a five year period which ended during the year. The loan was secured by a legal charge over one of the Group's operational buildings.

Page 34

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

25.


DEFERRED TAXATION


Group



2024
2023


£

£






At beginning of year
2,206,677
1,893,026


Charge to profit or loss
157,525
313,651



AT END OF YEAR
2,364,202
2,206,677

Company


2024
2023


£

£






At beginning of year
2,065,261
1,819,982


Charge to profit or loss
119,481
245,279



AT END OF YEAR
2,184,742
2,065,261

The deferred tax liability comprises:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
1,029,883
843,106
831,528
725,248

Tax losses carried forward
(90,072)
(49,341)
(49,341)
(49,341)

Other short term timing differences
(2,912)
(1,190)
-
-

Capital gains
1,427,303
1,414,102
1,402,555
1,389,354

2,364,202
2,206,677
2,184,742
2,065,261

Page 35

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

26.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



14,721 (2023 - 14,721) Ordinary A shares of £1 each
14,721
14,721
1,500 (2023 - 1,500) Ordinary B shares of £1 each
1,500
1,500

16,221

16,221

The Ordinary A shares have full rights.  The Ordinary B shares have no voting rights attached to them therefore have no right to receive notices of any general meetings, nor the right to attend at such general meetings. 



27.


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

Capital Redemption Reserve

Includes the nominal value of shares repurchased by the company.

Profit and Loss Account

Includes all current and prior year retained profit and losses less dividends paid. The Consolidated Profit and Loss Account Reserve of £18,321,298 (2023 - £17,986,003) includes £2,881,772 (2023 - £2,894,973) that is not distributable. The Company Profit and Loss Account Reserve of £16,317,238 (2023 - £16,098,568) includes £1,369,454 (2023 - £1,382,655) that is not distributable.

28.


ANALYSIS OF NET DEBT




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

2,668,193

(1,166,425)

1,501,768

Debt due within 1 year

(66,425)

66,425

-

Current asset investments

-

900,000

900,000



2,601,768
(200,000)
2,401,768

Page 36

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

29.


CAPITAL COMMITMENTS




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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

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

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


30.


PENSION COMMITMENTS

The Group's pension obligations are covered by two defined contribution schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. Contributions payable to the schemes by the Group during the year amounted to £177,252 (2023 - £153,256). Contributions amounting to £27,452 (2023 - £28,445) were payable at the balance sheet date and are included in other creditors


31.


RELATED PARTY TRANSACTIONS

The Group 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 - £34,814) was owed to the Group.
 
The Group 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 Group.
 
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.


32.


CONTROLLING PARTY

The shares of the holding company are owned by several members of the Welch family, none of whom have control of the Company by virtue of the number of shares held.

 
Page 37