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Registered number: 06750402
WALSTEAD UNITED KINGDOM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WALSTEAD UNITED KINGDOM LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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WALSTEAD UNITED KINGDOM LIMITED
CONTENTS
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Directors' Responsibilities Statement
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Independent Auditor's Report to the Members of Walstead United Kingdom Limited
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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WALSTEAD UNITED KINGDOM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present the Strategic Report of Walstead United Kingdom Limited (“the Company”) for the year ended 31 December 2024.
Walstead United Kingdom Limited is a subsidiary of Walstead Holdings Limited (the "Group").
Principal activity and business review
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The principal activity of the Company during the year ended 31 December 2024 continued to be that of a Holding company. The Company only generates revenue and incurs costs relating to the ownership and management of these entities.
The profit before taxation of the Company for the year was £89,000 (As restated 2023: £29,304,000).
The Company's financial position at 31 December 2024 is set out in the Balance Sheet on page 12. Details of the balances with group companies are shown in the appropriate notes.
There have not been any significant changes in the Company's principal activity during the year ended 31 December 2024 and the Directors are not aware of any likely major changes in the Company's activities in the next year.
Key performance indicators
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The Group manages and reports on its operations on a divisional basis. For this reason, the Company's Directors believe that further key performance indicators for the Company are not necessary or appropriate for an understanding of the development, performance or position of the business.
Information regarding company performance and relevant information for the year ended 31 December 2024 as well as Key Performance Indicators is contained within the consolidated financial statements of the immediate parent company, Walstead Group Limited.
Principal risks and uncertainties
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Competitive pressure in the market is a continuing risk for the Group, which could result in it losing sales to its key competitors. The Group manages this risk by ensuing the quality of its products, by providing added value services to its customers, having fast response times not only in supplying products but in handling all customer queries and by maintaining strong relationships with customers. The Group’s strategy is to focus on markets with greatest longevity and where competition is weak.
Another pandemic, or a further wave or escalation of the coronavirus pandemic, could result in disruption to our operational sites and / or customers / suppliers. Since the start of the pandemic in early 2020 the Group has developed policies and procedures using enhanced cleaning, social distancing, safety screens, one-way systems etc to allow Covid-secure working in our plants. Working from home has also been utilised where possible. These changes to our operations allowed us to minimise the interruption to operations, and can and will be used again if needed.
The Group places reliance on its key suppliers, and there is a potential risk that a supply disruption could impact customer satisfaction as an inability to print to schedule, leading to loss of revenue. The Group has processes in place to manage and monitor exposure to significant counterparties centrally and within the manufacturing sites; where we are exposed regarding specialised products, supplier and customer communication is at the heart of the process to ensure delivery is maintained. For all our key purchases we have relationships with alternative suppliers should there be a failure amongst any of the key suppliers.
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WALSTEAD UNITED KINGDOM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group places reliance on its key employees, with inherent risk that the resignation of key employees and the inability to recruit people with the right expertise and skills could adversely affect the Group's results. Training programmes and succession planning reduce this risk so that we have continuity. Incentive programmes also assist in retaining staff.
As the Company has no external revenues it is minimal credit risk.
The Company is financed by a group treasury function. The principal financial risks are discussed in the consolidated financial statements of the immediate parent company, Walstead Group Limited.
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an appropriate liquidity risk management framework for the management of the Group’s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.
Corporate and social responsibility
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The Group recognises the importance of understanding and controlling environmental impacts where possible. We aim to ensure our paper is sourced from sustainably and environmentally managed forests, and production waste materials are effectively recycled. Our printing processes aim to be as efficient as reasonably possible to minimise emission and other environmental impacts.
The Group is committed to working closely, and in a sustainable manner, with our suppliers and business partners. We consider our broader role within the community and look for opportunities where we can play a larger part in those communities.
The Group supports the principles laid out in the Universal Declaration of Human Rights; our major human rights impacts relate to colleagues, contractors, suppliers and our products.
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WALSTEAD UNITED KINGDOM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Directors' statement of compliance with duty to promote the success of the Company
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The Board of Directors consider, both individually and together, 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, and in doing so have regard (having regard to the stakeholders and matter set out in s172(1)(a-f) of the Act) in the decisions taken during the year ended 31 December 2024. The following paragraphs, together with our corporate and social responsibilities, summarise how the Directors fulfil their duties:
∙Our business plan is designed to have long term beneficial impact on the company and to contribute to its success in delivering a better quality, reliable service for our customers. We will continue to operate our business within tight budgetary controls;
∙Our employees are fundamental to the delivery of our plans. We aim to be a responsible employer in our approach to pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations in the way we do business;
∙To grow our businesses, we need to develop and maintain strong client relationships. We value all of our suppliers and where possible have multi-year contracts with our key customers and suppliers;
∙Our business plan considers the impact of the Company’s operations on the community and environment and our wider societal responsibilities;
∙As the Board of Directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours and doing so will contribute the delivery of our plans; and
∙As the Board of Directors, our intention is to behave responsibly toward our shareholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plan.
This report was approved by the Board and signed on its behalf.
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P Utting
Director
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WALSTEAD UNITED KINGDOM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their Annual report and the audited financial statements for the year ended 31 December 2024.
The Directors who served during the year ended 31 December 2024 and up to the date of approval of this report were:
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B Murray (appointed 3 September 2024)
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I Southerland (appointed 5 August 2024)
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N Johnson (resigned 3 September 2024)
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The Directors have not recommended a dividend during the year ended 31 December 2024 (2023: £nil).
The Company made no political donations or incurred any political expenditure during the year ended 31 December 2024 (2023: £nil).
The Company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the Company’s policy, wherever practicable, to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.
Engagement with employees
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The Company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the Company. The Company encourages employee participation and involvement in matters that affect their interests as employees.
The Company has established a clearly defined policy of Health and Safety which meets all the requirements set out in the Health and Safety at Work Act 1974.
Qualifying third party indemnity provisions
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The Company has made qualifying third-party indemnity provisions for the benefit of its Directors which remain in force at the date of this report.
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WALSTEAD UNITED KINGDOM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Matters covered in the Strategic Report
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In accordance with Section 414c (ii) of the Companies Act 2006, the Directors have chosen to include the following items in the Strategic Report:
∙Principal activity and business review
∙Principal risks and uncertainties
∙Future developments
Disclosure of information to auditor
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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.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The auditor, Edmund Carr LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the Board and signed on its behalf.
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P Utting
Director
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WALSTEAD UNITED KINGDOM LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 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.
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WALSTEAD UNITED KINGDOM LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALSTEAD UNITED KINGDOM LIMITED
Opinion
We have audited the financial statements of Walstead United Kingdom Limited (the ‘Company’) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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 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 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 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 report. 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. 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.
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WALSTEAD UNITED KINGDOM LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALSTEAD UNITED KINGDOM LIMITED
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Stategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors’ Report has 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 and the Directors’ Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Directors’ remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors’ Responsibilities Statement, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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WALSTEAD UNITED KINGDOM LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALSTEAD UNITED KINGDOM LIMITED
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;
∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
∙We identified the laws and regulations applicable to the Company through discussions with the Directors and other management, and from our commercial knowledge and experience of the manufacturing sector
∙We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations for the Company, including the Companies Act 2006, tax legislation and data protection, anti-bribery, employment, environmental and health and safety legislation.
∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.
∙Identified laws and regulations were communicated with the audit team regularly and the team remained alert of instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by;
∙Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.
∙Considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations.
∙Understanding the design of the Company’s remuneration policy
To address the risk of fraud through management bias and override of controls, we;
∙Performed analytical procedures to identify any unusual or unexpected relationships
∙Tested journal entries to identify unusual transactions
∙Investigated the rationale behind significant or unusual transactions
∙Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.
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
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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WALSTEAD UNITED KINGDOM LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALSTEAD UNITED KINGDOM LIMITED
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.
∙Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor’s Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor’s Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view).
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 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.
Thomas York FCCA (Senior Statutory Auditor)
For and on behalf of
Edmund Carr LLP
Chartered Accountants & Statutory Auditor
146 New London Road
Chelmsford
Essex
CM2 0AW
30 September 2025
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WALSTEAD UNITED KINGDOM LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Income from shares in group undertakings
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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All activities derive from continuing activities.
There was no other comprehensive income for the year ended 31 December 2024 (2023: £nil).
The prior year restatement is in relation to the reversal of a guarantee provision. Further details are given in note 21.
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The notes on pages 14 to 25 form part of these financial statements.
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WALSTEAD UNITED KINGDOM LIMITED
REGISTERED NUMBER: 06750402
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The prior year restatement is in relation to the reversal of a guarantee provision. Further details are given in note 21.
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
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B Murray
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The notes on pages 14 to 25 form part of these financial statements.
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WALSTEAD UNITED KINGDOM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Profit for the year (as restated)
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At 1 January 2024 (as restated)
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The prior year restatement is in relation to the reversal of a guarantee provision. Further details are given in note 21.
The notes on pages 14 to 25 form part of these financial statements.
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WALSTEAD UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Walstead United Kingdom Limited is a company incorporated, domiciled and registered in the UK under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales with registration number 06750402. The address of the Company’s registered office is 18 Westside Centre, London Road, Stanway, Colchester, England, CO3 8PH.
The principal activity of the Company continued to be that of a Holding company.
2.Accounting policies
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Basis of preparation of financial statements
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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 financial statements are rounded to the nearest thousand (£'000), unless otherwise stated.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Walstead Group Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.
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WALSTEAD UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following reasons:
The Company is part of a group, headed by the immediate parent company Walstead Group Limited, and the Directors of the Group have prepared a base case forecast and considered the factors that impact Walstead Group Limited and its subsidiaries and their future development, performance, cash flows and financial position along with the Group and Company's current and forecast liquidity in forming their opinion on the going concern basis.
These forecasts are dependent on the Company’s immediate parent company, Walstead Group Limited, providing financial support during that period including, if required, support in repayment of any intercompany amounts due. Walstead Group Limited has indicated its intention to continue to make available such funds as are needed by the Company for the period covered by the forecasts.
As with any Company placing reliance on other group entities for financial support, the Directors acknowledge that there can be no certainty that this support will continue, although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. The Directors considered the financial position and financing structure of Walstead Group Limited and the wider group, including discussing the Group’s forecasts over the going concern period and were satisfied with the intent and ability of Walstead Group Limited’s support.
Consequently, the Directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is pound 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.
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WALSTEAD UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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.
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WALSTEAD UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
The Company presents exceptional items to provide additional useful information on the operational performance of the Company. Exceptional income/costs include amounts that are not directly attributable to the ordinary activities of the Company.
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.
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Cash and cash equivalents
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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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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WALSTEAD UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Dividend income
Dividend income is recognised when the right to receive payment is established.
Dividends payable
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.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company’s accounting policies the Directors are required to make judgements, estimates and assumptions about the carrying amounts 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 performance 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 if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the Company’s accounting policies
There are not considered to be any critical judgements that the Directors have made in the process of applying the Company’s accounting policies.
Key sources of estimation uncertainty
There are not considered to be any key assumptions concerning the future or other key sources of estimation uncertainty at the reporting date.
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Rendering management services
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All turnover arose within the United Kingdom.
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WALSTEAD UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The operating loss is stated after charging/(crediting):
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During the year, the Company obtained the following services from the Company's auditor:
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Fees payable to the Company's auditor for the audit of the Company's financial statements
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The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
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The Company has no employees other than the Directors. The Directors are remunerated by other Group companies for their services to the Group as a whole and it is not practical to apportion their remuneration between the companies of which they are a Director. Consequently, their remuneration has not been disclosed in the Company's financial statements.
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Interest receivable from group companies
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WALSTEAD UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Interest payable and similar expenses
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Interest payable on loans from group undertakings
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WALSTEAD UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Current year group relief
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Adjustments in respect of previous periods
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2023 - lower than) the effective rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
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Expenses not deductible for tax purposes
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Adjustments to tax charge in respect of prior periods
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Changes in provisions leading to a decrease in the tax charge
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Non-trade loan relationship surplus
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Total tax (credit)/charge for the year
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The prior year restatement is in relation to the reversal of a guarantee provision. Further details are given in note 21.
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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WALSTEAD UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Reversal of guarantee provision
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The prior year restatement is in relation to the reversal of a guarantee provision. Further details are given in note 21.
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
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WALSTEAD UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Allotted, called up and fully paid
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5,380,000 (2023 - 5,380,000) Ordinary shares of £0.10 each
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Profit and loss account
The profit and loss account represents the accumulation of retained profits, net of dividends, which are in the form of distributable reserves.
The Company has provided a guarantee to its fellow subsidiaries to secure the Group’s hire purchase borrowings which are secured upon the fixed assets to which they relate. At 31 December 2024 the amount guaranteed was £13,408,000 (2023: £17,450,000).
The Company has also provided guarantees to its fellow subsidiaries in relation to their intercompany payable positions. At 31 December 2024 the amount guaranteed was £70,806,000 (2023: £54,790,000).
18.Guarantees
The Company has provided a guarantee of up to £500,000 to support the groups foreign exchange and credit card facilities.
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Related party transactions
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The Company has taken advantage of exemption in Section 33.1A FRS 102 from the requirement to disclose transactions entered into with wholly owned members of the Group.
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Post balance sheet events
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There are no post balance sheet events which require disclosure in, or adjustments to the financial statements.
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WALSTEAD UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
In the financial statements for the year ended 31 December 2023, a provision was accumulating for losses arising from the estimated present value of amounts expected to be required to settle guarantees that the Company had provided to Walstead Press Group Limited on its liabilities and movements thereon. During the year ended 31 December 2024, it was concluded that the provision should be reversed as the outflow of future economic benefit was no longer deemed probable.
As the conditions for this reversal were also present in the year ended 31 December 2023, the comparatives have been restated to reflect the impact of this change. This adjustment reduces the provision liability by £30,855,000 and increases exceptional income by £30,855,000.
The impact on the comparatives in these financial statements are shown in the extracts below:
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Statement of Comprehensive Income
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Provisions for liabilities
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Statement of Changes in Equity
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Profit/(loss) for the year
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Total equity at 31 December 2023
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK
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Changes in provisions leading to a decrease in the tax charge
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Exceptional income (note 11)
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Losses arising from guarantees
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Reversal of guarantee provision
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WALSTEAD UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
At 31 December 2024 the Company’s immediate parent company is Walstead Group Limited, a company registered in England and Wales (company registered number 09927306). Walstead Group Limited is the smallest group for which consolidated financial statements are drawn up and these financial statements are available from Companies House.
The ultimate holding company is Walstead Holdings Limited, a company registered in England and Wales (company registered number 09927148). Walstead Holdings Limited forms the largest group for which consolidated financial statements are drawn up and these financial statements are available from Companies House. The registered office for Walstead Holdings Limited is 18 Westside Centre, London Road, Colchester, Essex, CO3 8PH.
The ultimate controlling party is Rutland Partners LLP.
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Walstead Bicester Limited
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Print and related services
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Print and related services
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Walstead Peterborough Limited
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Print and related services
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Walstead Press Group Limited
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Walstead UK Holdings Limited
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Print and related services
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Registered offices
UK1 18 Westside Centre, London Road, Colchester, CO3 8PH
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