REGISTERED NUMBER: 00832101 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Walker Humphrey Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

M W Humphrey

S A Humphrey

S Rennison

D Watson

REGISTERED OFFICE:

Unit 15 Seafox Court

Sherburn in Elmet

Leeds

West Yorkshire

LS25 6PL

REGISTERED NUMBER:

00832101 (England and Wales)

AUDITORS:

Beaumonts (Statutory Auditors)

8 Navigation Court

Calder Park

Wakefield

WF2 7BJ

Walker Humphrey Limited is a wholesale distributor of bakery ingredients, food service and packaging, based in Sherburn in Elmet, Leeds. Established in 1963, the company has grown into a regional distributor supplying independent craft bakers, patisseries, chocolatiers, and larger bakery and food wholesale operations across Yorkshire and neighboring counties.

The company operates its own fleet of temperature-controlled vehicles and is accredited to the BRCGS Global Standard for Storage & Distribution, demonstrating its commitment to quality and food safety. Walker Humphrey Limited remains privately owned and family-run, with operations focused on reliability, customer service, and sustainability.

REVIEW OF BUSINESS

Turnover increased by 3.4% to £21.2m (2023: £20.5m). Gross profit rose to £3.60m (2023: £3.55m), with the gross margin broadly stable at 17.0% (2023: 17.3%).

Profit before tax was £130k (2023: £617k), reflecting higher overheads due to investment in headcount and operational capacity to support future growth.

Key Performance Indicators

KPI

2024

2023

Movement

Turnover (£m)

21.2

20.5

+3.4%

Gross Profit (£m)

3.60

3.55

+1.6%

Gross Margin (%)

17.0%

17.3%

-.3 pp

PRINCIPAL RISKS AND UNCERTAINTIES

Market and customer demand - The food distribution sector is competitive. The company mitigates this risk by working closely with customers to understand their needs, maintaining competitive pricing, and providing early notification of any price changes. Strong supplier relationships also help secure competitive pricing.

Cost inflation - Volatility in input, energy, and transport costs is managed through long-term supplier agreements and proactive cost control.

Labour availability - Recruiting and retaining skilled staff is critical. The company invests in its workforce and training to support growth and service levels.

Regulatory compliance - Ongoing adherence to food safety, transport, and environmental standards is maintained through robust procedures and accreditations.

Information technology and cyber security - With increasing cyber threats, the company has implemented secure systems, firewalls, and antivirus protection. IT resilience and security remain areas of ongoing investment.

MATTERS OF STRATEGIC IMPORTANCE

During the year, the company expanded its workforce to ensure sufficient capacity for future growth. While this increased overheads in 2024, it strengthens the business further for future growth.

The company also continues to prioritise customer service, supply chain resilience, and sustainability initiatives as key areas of strategic importance.

OUTLOOK

In 2025, the company is investing in a new IT platform to enhance efficiency, data management, analysis and customer service. In addition, the directors are preparing a three-year strategic business plan to further strengthen objectives around growth, profitability, and sustainability.

These measures, combined with the investment in workforce, are expected to support improved financial performance and position the company well for long-term success.

DIRECTORS' STATEMENT

The directors consider that the company has delivered a fair and balanced performance in 2024, maintaining strong trading results while investing in resources for future growth. With robust systems, committed staff, and clear strategic objectives, the directors are confident that Walker Humphrey Limited is well placed to achieve its long-term goals.

ON BEHALF OF THE BOARD:

M W Humphrey - Director

30 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

Interim dividends per share were paid as follows:

6

- 8 January 2024

6

- 6 April 2024

6

- 6 July 2024

6

- 6 October 2024

5

- 21 March 2024

29

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 174,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

M W Humphrey

S A Humphrey

S Rennison

D Watson

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Beaumonts (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M W Humphrey - Director

30 September 2025

Opinion

We have audited the financial statements of Walker Humphrey Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and its activities, we identified that the principal risks of non-compliance with laws and regulations related to breaches in health and safety law, employment law, applicable Generally Accepted Accounting Practices, the Companies Act 2006, taxation legislation, money laundering and the UK Bribery Act, and we considered the extent to which non-compliance might have a material effect on the financial statements. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to the posting of inappropriate journal entries and management bias in accounting estimates. Our audit procedures included:

Discussions with the directors;

Consideration of unusual costs;

Challenging assumptions and judgements made by management in determining significant accounting estimates;

Identifying and testing journal entries.

We communicated identified laws and regulations throughout our Team and remained alert to any indications of

non-compliance throughout the audit.

Owing to the inherent limitations of an audit there is unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Philip Samuel (Senior Statutory Auditor)

for and on behalf of Beaumonts (Statutory Auditors)

8 Navigation Court

Calder Park

Wakefield

WF2 7BJ

30 September 2025

TURNOVER

21,196,130

20,499,629

Cost of sales

17,594,469

16,952,931

GROSS PROFIT

3,601,661

3,546,698

Administrative expenses

3,418,595

2,864,075

183,066

682,623

Other operating income

19,733

11,560

OPERATING PROFIT

4

202,799

694,183

Interest payable and similar expenses

5

73,118

77,111

PROFIT BEFORE TAXATION

129,681

617,072

Tax on profit

6

48,612

146,684

PROFIT FOR THE FINANCIAL YEAR

81,069

470,388

FIXED ASSETS

Intangible assets

8

300,620

338,471

Tangible assets

9

1,151,099

1,189,370

Investment property

10

-

225,000

1,451,719

1,752,841

CURRENT ASSETS

Stocks

11

2,466,703

2,051,413

Debtors

12

2,412,783

2,958,784

Cash at bank and in hand

323,679

404,904

5,203,165

5,415,101

CREDITORS

Amounts falling due within one year

13

4,231,741

4,458,026

NET CURRENT ASSETS

971,424

957,075

TOTAL ASSETS LESS CURRENT LIABILITIES

2,423,143

2,709,916

CREDITORS

Amounts falling due after more than one year

14

(606,696

)

(773,770

)

PROVISIONS FOR LIABILITIES

18

(83,275

)

(110,043

)

NET ASSETS

1,733,172

1,826,103

CAPITAL AND RESERVES

Called up share capital

19

6,000

6,000

Capital redemption reserve

20

4,000

4,000

Fair value reserve

20

-

193,992

Retained earnings

20

1,723,172

1,622,111

SHAREHOLDERS' FUNDS

1,733,172

1,826,103

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

M W Humphrey - Director

S A Humphrey - Director

Called up

Capital

Fair

share

Retained

redemption

value

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

6,000

1,440,723

4,000

193,992

1,644,715

Changes in equity

Dividends

-

(289,000

)

-

-

(289,000

)

Total comprehensive income

-

470,388

-

-

470,388

Balance at 31 December 2023

6,000

1,622,111

4,000

193,992

1,826,103

Changes in equity

Dividends

-

(174,000

)

-

-

(174,000

)

Total comprehensive income

-

275,061

-

(193,992

)

81,069

Balance at 31 December 2024

6,000

1,723,172

4,000

-

1,733,172

Cash flows from operating activities

Cash generated from operations

1

(479,248

)

560,914

Interest paid

(69,726

)

(74,275

)

Interest element of hire purchase payments paid

(3,392

)

(2,836

)

Tax paid

(97,564

)

(155,486

)

Net cash from operating activities

(649,930

)

328,317

Cash flows from investing activities

Purchase of intangible fixed assets

-

(368,515

)

Purchase of tangible fixed assets

(101,436

)

(88,690

)

Sale of tangible fixed assets

499

4,001

Sale of investment property

222,840

-

Net cash from investing activities

121,903

(453,204

)

Cash flows from financing activities

Capital repayments in year

(15,619

)

(23,741

)

Amount introduced by directors

276,872

-

Amount withdrawn by directors

-

(383,902

)

Equity dividends paid

(174,000

)

(289,000

)

Net cash from financing activities

87,253

(696,643

)

Decrease in cash and cash equivalents

(440,774

)

(821,530

)

Cash and cash equivalents at beginning of year

2

(837,120

)

(15,590

)

Cash and cash equivalents at end of year

2

(1,277,894

)

(837,120

)

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

31.12.24

31.12.23

£

£

Profit before taxation

129,681

617,072

Depreciation charges

169,204

187,796

Loss on disposal of fixed assets

10,014

5,025

Finance costs

73,118

77,111

382,017

887,004

Increase in stocks

(415,290

)

(572,919

)

Decrease/(increase) in trade and other debtors

269,131

(824,840

)

(Decrease)/increase in trade and other creditors

(715,106

)

1,071,669

Cash generated from operations

(479,248

)

560,914

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

323,679

404,904

Bank overdrafts

(1,601,573

)

(1,242,024

)

(1,277,894

)

(837,120

)

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

404,904

304,934

Bank overdrafts

(1,242,024

)

(320,524

)

(837,120

)

(15,590

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

404,904

(81,225

)

323,679

Bank overdrafts

(1,242,024

)

(359,549

)

(1,601,573

)

(837,120

)

(440,774

)

(1,277,894

)

Debt

Finance leases

(36,527

)

15,619

(20,908

)

Debts falling due within 1 year

(159,099

)

(2,935

)

(162,034

)

Debts falling due after 1 year

(735,688

)

164,968

(570,720

)

(931,314

)

177,652

(753,662

)

Total

(1,768,434

)

(263,122

)

(2,031,556

)

1.	STATUTORY INFORMATION

Walker Humphrey 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 Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of investment property.

These financial statements are prepared in sterling and are rounded to the nearest £.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

Turnover is measured at the amounts received or receivable, excluding discounts, rebates and value added tax in respect of bakery sundries.

Goodwill

Goodwill, being the amounts in connection with the acquisition of businesses, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Improvements to property

-

15% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account as incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

1,430,915

1,122,972

Social security costs

146,038

103,018

Other pension costs

149,528

173,859

1,726,481

1,399,849

The average number of employees during the year was as follows:

31.12.24

31.12.23

Sales

12

8

Admin

11

9

Transport

10

9

Warehouse

10

9

43

35

31.12.24

31.12.23

£

£

Directors' remuneration

177,092

161,842

Directors' pension contributions to money purchase schemes

111,385

142,100

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

4

4

4.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Depreciation - owned assets

119,587

132,250

Depreciation - assets on hire purchase contracts

11,767

18,501

Loss on disposal of fixed assets

10,014

5,025

Goodwill amortisation

37,851

37,044

Foreign exchange differences

(16,428

)

(8,777

)

Audit fees

13,950

7,950

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Bank loan interest

66,233

73,441

Other interest

3,493

834

Hire purchase

3,392

2,836

73,118

77,111

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

75,380

171,478

Deferred tax

(26,768

)

(24,794

)

Tax on profit

48,612

146,684

7.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary shares of £1 each

Interim

174,000

289,000

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

378,515

AMORTISATION

At 1 January 2024

40,044

Amortisation for year

37,851

At 31 December 2024

77,895

NET BOOK VALUE

At 31 December 2024

300,620

At 31 December 2023

338,471