Financial Statements
For the financial year ended 31 December 2024
Registered number: 01554539
Company Information
Contents
Group strategic report
For the financial year ended 31 December 2024
The directors present their strategic report of the company and the group for the year ended 31 December 2024.
The directors are satisfied with the group's trading results for the year. The group continued to perform well during the year as seen in the results discussed below, despite external cost pressures, including the increase in UK National Insurance Contributions. The directors consider the group to be in a strong financial position and well situated to achieve further good results in the future.
The directors monitor the progress of the business based on the following KPI‘s:
As for many businesses in our sector, the business environment in which we operate is very challenging and highly competitive. The directors consider that the principal risks and uncertainties faced by the company are in the following categories.
Economic risk
The risk of increased interest rates and/or inflation having an adverse impact on served markets, adverse exchange movements, unrealistic increases in wages or infrastructural cost impacting adversely on competitiveness of the group and its principal customers. The company manage these risks by innovative product sourcing and strict control of costs.
Competition risk
The directors of the company manage competition risk through close attention to maintaining excellent customer service levels and providing innovative product offerings.
Financial risk
The company has budgetary and financial reporting procedures, supported by appropriate key performance indicators, to manage credit, liquidity and other financial risk.
Consequently, with these challenges and uncertainties in mind, we are aware that any plans for future development of our business may be subject to unforeseen future events outside our control.
Page 1
Group strategic report (continued)
For the financial year ended 31 December 2024
The board of directors of Walker Fire Limited both individually and together, confirm that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, in line with Section 172 (1) (a-f) of the Companies Act 2006, in the decisions taken during the year ended 31 December 2024. The following paragraphs summarise how the directors fulfil their duties:
∙As the board of directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner and that the best interest of the company is at the forefront when making decisions.
∙We recognise that our employees are fundamental and core to our business and services provided by the company. We acknowledge the importance of keeping our employees motivated and engaged through a responsible approach to salary and benefit packages and through training. We ensure our staff are appropriately qualified and can continue to develop within the company through our performance system. We also acknowledge that the health and safety of the employees is key to our business.
∙As the board of directors, we recognize that our suppliers are fundamental to the quality of our products and ensuring that as a business we meet the high standards of conduct that we have set. We are committed to engaging with our suppliers and customers to maintain and grow our business relationships, ensuring that we receive and provide the best service possible. We endeavour to review feedback from all our stakeholders in a timely manner and consider it prior to any decision making.
∙As our products and consumer base grows so too does our risk environment, we are committed to engaging with our stakeholders to effectively identify, evaluate, manage and mitigate the risks the company faces in a timely manner. Please see the principal risks and uncertainties in our Strategic report for further details.
∙We as directors, ensure that the board remains informed and monitors compliance with the relevant Company Law and governance standards resulting in the company maintaining a reputation for high standards of business conduct.
∙The group continues to invest in its IT, the aim is to ensure the companies remain at the forefront, in the delivery of services to our customers. In addition, the group has focussed integrating its IT systems to newly acquired companies, with good success. Further work is planned to streamline stock with our suppliers, with improved forecasting being of significant benefit. Our systems allow a transparent means of measuring productivity and ensures a fairer reporting system for all staff. Increased levels of internal auditing in operations has maintained our high standards of business conduct. The board and shareholders are committed to ensuring these standards are the foundations of our core values.
∙We continue to use the group as a consolidation platform and will seek additional acquisitions to strengthen this.
This report was approved by the board on 26 September 2025 and signed on its behalf.
Page 2
Directors' report
For the financial year ended 31 December 2024
The directors present their report and the financial statements for the financial year ended 31 December 2024 .
The profit for the financial year, after taxation, amounted to £699,018 (2023: £1,010,996).
No dividends will be distributed for the year ended 31 December 2024 (2023: £Nil).
The directors who served during the financial year were:
The group plans to continue its present activities.
Objectives and policies
The group's operations expose it to a variety of financial risks that include the effects of changes in debt, market prices, credit risk, liquidity risk and interest rate risk (where relevant). The group has in place a risk management programme that seems to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.
Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.
The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
The group has implemented policies that require appropriate credit checks on potential customers before sales are made.
The group has an ongoing programme of modification and improvement of its products, some of which is carried out in the UK and some via group companies located in the Republic of Ireland.
Page 3
Director's report (continued)
For the financial year ended 31 December 2024
The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the financial year is 40,000kWh or lower.
In March 2025, Company purchased 100% of the share capital of Spitfire Services (Hull) Ltd and Blackwood Fire Ltd.
The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 26 September 2025 and signed on its behalf.
Page 4
Directors' responsibilities statement
For the financial year ended 31 December 2024
...........................................
D P Cosgrove
Director
Date: 26 September 2025
Page 5
Independent auditor's report to the members of Walker Fire (UK) Limited
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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Group and company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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.
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 the date 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 6
Independent auditor's report to the members of Walker Fire (UK) Limited (continued)
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements.
Page 7
Independent auditor's report to the members of Walker Fire (UK) Limited (continued)
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is responsible for assessing the Group and 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 management either intend to liquidate the Group and company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group and company's financial reporting process.
The objectives of an auditor 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 their 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.
A further description of an auditor's 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.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection requirements in the jurisdictions in which the company operates and holds data, non-compliance related to employment regulation in the UK and other environment regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgments and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions.
Page 8
Independent auditor's report to the members of Walker Fire (UK) Limited (continued)
Responsibilities of the auditor for the audit of the financial statements (continued)
∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
∙inspection of the company’s legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made;
∙ gaining an understanding of the internal controls established to mitigate risk related to fraud;
∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing challenging assumptions and judgments made by management in their significant accounting estimates, including impairment of trade debtors, useful lives of tangible assets and goodwill, impairment of tangible assets and goodwill and impairment of investments;
∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
This report is made solely to the company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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.
for and on behalf of
Chartered Accountants
& Statutory Auditors
Date:
Page 9
Consolidated statement of comprehensive income
For the financial year ended 31 December 2024
Page 10
Consolidated statement of financial position
As at 31 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025.
The notes on pages 16 to 36 form part of these financial statements.
Page 11
Company statement of financial position
As at 31 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025 .
The notes on pages 16 to 36 form part of these financial statements.
Page 12
Consolidated statement of changes in equity
For the financial year ended 31 December 2024
Consolidated statement of changes in equity
For the financial year ended 31 December 2023
Page 13
Company statement of changes in equity
For the financial year ended 31 December 2024
Company statement of changes in equity
For the financial year ended 31 December 2023
Page 14
Consolidated statement of cash flows
For the financial year ended 31 December 2024
Page 15
Notes to the financial statements
For the financial year ended 31 December 2024
Walker Fire (UK) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.
2.Accounting policies
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 judgment 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:
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, 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.
Page 16
Notes to the financial statements
For the financial year ended 31 December 2024
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Page 17
Notes to the financial statements
For the financial year ended 31 December 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
Page 18
Notes to the financial statements
For the financial year ended 31 December 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 19
Notes to the financial statements
For the financial year ended 31 December 2024
2.Accounting policies (continued)
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Page 20
Notes to the financial statements
For the financial year ended 31 December 2024
2.Accounting policies (continued)
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Page 21
Notes to the financial statements
For the financial year ended 31 December 2024
2.Accounting policies (continued)
Other financial instruments
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
The following are significant management judgments in applying the accounting policies of the Group that have the most significant effect on the financial statements.
Judgments
In the process of applying the Group’s accounting policies, management has made the following judgments, apart from those involving estimations, which have the most significant effect on the amounts recognised in the financial statements:
Assessing whether an agreement is a finance or operating lease
Estimates
Information about estimates and assumptions that have the most significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below. Actual results may be substantially different.
Page 22
Notes to the financial statements
For the financial year ended 31 December 2024
3.Judgments in applying accounting policies (continued)
Useful lives of tangible assets and goodwill
Impairment of tangible and intangible fixed assets, including goodwill
The Group assesses impairment on tangible and intangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The factors that the company considers important which could trigger an impairment review include the following:
∙significant under performance relative to expected historical or projected future operating results;
∙significant changes in the manner of use of the acquired assets or the strategy for overall business; and
∙significant negative industry or economic trends.
In determining the present value of estimated future cash flows expected to be generated from the continued use of the assets, the company is required to make estimates and assumptions that can materially affect the financial statements.
These assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss would be recognised whenever evidence exists that the carrying value is not recoverable. For purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows.
An impairment loss is recognised and charged to profit or loss if the discounted expected future cash flows are less than the carrying amount. Fair value is estimated by discounting the expected future cash flows using a discount factor that reflects the risk-free rate of interest for a term consistent with the period of expected cash flows.The carrying value of goodwill and tangible fixed assets are disclosed at note 11 and 12 respectively.
Impairment of investments
Determining whether the carrying value of financial assets has been impaired requires an estimation of the value in use of the investment in subsidiaries.The carrying value of investments is disclosed at note 13.
Impairment of trade debtors
The company estimates the allowance for doubtful trade receivables based on assessment of specific accounts where the company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgment used was based on the best available facts and circumstances including but not limited to, the length of relationship. The carrying value of trade debtors is disclosed at note 16.
Page 23
Notes to the financial statements
For the financial year ended 31 December 2024
3.Judgments in applying accounting policies (continued)
Recoverability of stocks
The company has made judgments when assessing the impairment of its stock. Slow moving stock, overstocked and obsolete items are reviewed regularly, and impairment has been reviewed with reference to historical loss experience updated for current conditions. The carrying value of stocks is disclosed at note 15.
Recoverability of debtors
The company has made judgments when assessing the impairment of its debtors. Outstanding balances have been grouped on the basis of similar risk characteristics such as past-due status, and impairment has been reviewed with reference to historical loss experience updated for current conditions. The carrying value of debtors is disclosed at note 16.
In accordance with Schedule 1, p68 of SI2008/410, the directors have taken the exemption from disclosing particulars of turnover on the grounds that it would be seriously prejudicial to the company.
Page 24
Notes to the financial statements
For the financial year ended 31 December 2024
Page 25
Notes to the financial statements
For the financial year ended 31 December 2024
There were no factors that may affect future tax charges.
Page 26
Notes to the financial statements
For the financial year ended 31 December 2024
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 27
Notes to the financial statements
For the financial year ended 31 December 2024
11.Intangible assets (continued)
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 28