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Registered number: 02261988
WALSTEAD PETERBOROUGH LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WALSTEAD PETERBOROUGH LIMITED
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COMPANY INFORMATION
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Principal place of business
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WALSTEAD PETERBOROUGH LIMITED
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CONTENTS
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Directors' Responsibilities Statement
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Independent Auditor's Report to the Members of Walstead Peterborough 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 PETERBOROUGH LIMITED
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present the Strategic Report of Walstead Peterborough Limited (“the Company”) for the year ended 31 December 2024.
Walstead Peterborough 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 quality web-offset printing of magazines, journals and brochures for the publishing sector. The Directors are not aware of any likely major changes in the Company's activities in the upcoming year.
Turnover has decreased by 14.4% on prior year which represents volumes declining on contractual titles, volatile pricing in the commericial market and a decrease in the energy surcharge. This was matched by a decrease in cost of sales by 16.9% on the prior year which represents falling energy costs and softening paper prices. The resulting profit before taxation of the Company for the year ended 31 December 2024 was £1,372,000 (2023: £1,202,000).
The Company's financial position at 31 December 2024 is set out in the Balance Sheet on page 11.
Financial 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 the Company's performance and relevant information for the year as well as Key Performance Indicators is contained within the consolidated financial statements of the intermediate parent company, Walstead Group Limited.
Principal risks and uncertainties
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Competitive pressure in the UK is a risk for the Company, which could result in it losing sales to its key competitors. The Company manages this risk by ensuring 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 relatively weak.
Another pandemic could result in disruption to our operational sites and / or customers / suppliers. The Group has developed policies and procedures to allow safe working in our plants and minimise the risk of spreading disease. Whilst there have been some permanent changes to business practice, additional procedures will be re-instated as needed to minimise the interruption to operations.
The Company 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 potentially exposed regarding specialised products supplier and customer communication is at the heart of the process to ensure delivery is maintained. For all of our key purchases we have relationships with alternative suppliers should there be a failure amongst any of the key suppliers.
The Company’s business is subject to occupational health and safety rules. Failure to comply with these rules could lead to fines or monetary penalties being levied on the Company. Health and safety guidelines and training is in place across the Group. Regular audits and updates and a review of near-misses is performed on a monthly basis.
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WALSTEAD PETERBOROUGH LIMITED
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company 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.
The Company's credit risk is primarily attributable to its trade debtors. The amounts presented in the Balance Sheet are net of allowances for doubtful debts. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The Company has no significant concentration of credit risk.
The Company is financed by a group treasury function. The principal financial risks are discussed in the intermediate parent company, Walstead Group Limited, consolidated financial statements.
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 Company’s short, medium and long-term funding and liquidity management requirements. The Company 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.
This report was approved by the Board and signed on its behalf.
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WALSTEAD PETERBOROUGH LIMITED
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
The Directors have not recommended a dividend during the year ended 31 December 2024 (2023: £NIL).
The Directors who served during the year and up to the date of approval of this report were:
N Johnson (resigned 3 September 2024)
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B G Murray (appointed 3 September 2024)
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I Southerland (appointed 5 August 2024)
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The Company made no political donations or incurred any political expenditure during the year ended 31 December 2024 (2023: £NIL).
The Company’s principal financial instruments are cash and cash equivalents, trade and other debtors, loans and lease liabilities. The main purpose of these financial instruments is to fund the Company’s operations.
Research and development activities
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The Company did not incur expenditure on research and development activities 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.
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.
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
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WALSTEAD PETERBOROUGH LIMITED
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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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In June 2025 the Group announced that the private equity shareholder in Walstead Holdings Limited, the Company’s ultimate holding company, has indicated that they are looking to realise their investment in the Walstead business. At this stage in the process the particular buyer has not yet been identified and no adjustments have been made to the 2024 financial statements relating to this.
This report was approved by the Board and signed on its behalf.
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WALSTEAD PETERBOROUGH LIMITED
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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 judgments 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;
∙assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
∙use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALSTEAD PETERBOROUGH LIMITED
Opinion
We have audited the financial statements of Walstead Peterborough 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 related notes, including the accounting policies in note 2.
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 UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; 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 are described below. We have fulfilled our ethical responsibilities under, and are independent of the Company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.
Going concern
The Directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its operations, and as they have concluded that the Company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).
In our evaluation of the Directors’ conclusions, we considered the inherent risks to the Company’s business model and analysed how those risks might affect the Company’s financial resources or ability to continue operations over the going concern period.
Our conclusions based on this work:
∙we consider that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate;
∙we have not identified, and concur with the directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for the going concern period.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Company will continue in operation.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALSTEAD PETERBOROUGH LIMITED
Fraud and breaches of laws and regulations – ability to detect
Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:
∙Enquiring of directors as to the Company’s high-level policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud.
∙Reading board minutes.
∙Using analytical procedures to identify any unusual or unexpected relationships.
We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.
As required by auditing standards, we perform procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition, in particular:
∙the risk that the Company's management may be in a position to make inappropriate accounting entries; and
∙the risk that revenue is overstated through recording revenues in the wrong period.
We did not identify any additional fraud risks.
In determining the audit procedures we took into account the results of our evaluation and testing of the operating effectiveness of some of the Company-wide fraud risk management controls.
We performed procedures including:
∙Identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation. These included journal entries posted to unrelated accounts linked to the fraud risk over revenue recognition, journal entries posted to unrelated accounts linked to cash and borrowings.
∙Testing a sample of revenue transactions to supporting documentation to assess whether revenue had been recorded in the correct period.
Identifying and responding to risks of material misstatement related to compliance with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors (as required by auditing standards), and discussed with the directors the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALSTEAD PETERBOROUGH LIMITED
Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the Company’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety, GDPR, anti-bribery and employment law recognising the nature of the Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an 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. For example, 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.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
Strategic Report and Directors' Report
The Directors are responsible for the Strategic Report and the Directors’ Report. Our opinion on the financial statements does not cover those reports and we do not express an audit opinion thereon.
Our responsibility is to read the Strategic Report and Directors’ Report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:
∙we have not identified material misstatements in the Strategic Report and the Directors’ Report;
∙in our opinion the information given in those reports for the financial year is consistent with the financial statements; and
∙in our opinion those reports have been prepared in accordance with the Companies Act 2006.
Matters on which we are required to report by exception
Under the Companies Act 2006, we are required 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.
We have nothing to report in these respects.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALSTEAD PETERBOROUGH LIMITED
Directors’ responsibilities
As explained more fully in their statement set out on page 5, the Directors are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities
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 our opinion in an Auditor’s Report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.
The purpose of our audit work and to whom we owe our responsibilities
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.
Michael Scrivener (Senior statutory auditor)
for and on behalf of
KPMG LLP, Statutory Auditor
Chartered Accountants
20 Station Road
Cambridge
CB1 2JD
30 September 2025
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WALSTEAD PETERBOROUGH LIMITED
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Restructuring and other costs
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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).
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The notes on pages 13 to 31 form part of these financial statements.
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WALSTEAD PETERBOROUGH LIMITED
REGISTERED NUMBER:02261988
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BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due after more than one year
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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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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
The notes on pages 13 to 31 form part of these financial statements.
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WALSTEAD PETERBOROUGH LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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The notes on pages 13 to 31 form part of these financial statements.
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WALSTEAD PETERBOROUGH LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Walstead Peterborough 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 02261988. 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 during the year ended 31 December 2024 continued to be quality web-offset printing of magazines, journals and brochures for the publishing sector.
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 judgment 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 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙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 PETERBOROUGH LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Changes in accounting policies
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FRS 102 standard not yet applied
The following new standards, interpretations and amendments, which are not yet effective and have not been adopted early in these financial statements, will or may have an effect on the Company's future financial statements:
∙Amendments to Section 20: Leases - The amendment will see the lease accounting for lessees align with international accounting standards, with right-of-use assets and lease liabilities being recognised on all leases and no separation between operating and finance leases.
Walstead Peterborough Limited ("the Company") is part of a group, headed by the intermediate parent company Walstead Group Limited ("the Group"). The Directors of the Group have provided the Company with a Letter of Support giving assurance over the going concern position of the Company. The financing requirements of the Company are considerably below those of the Group.
The Directors of the Group have prepared a base case forecast and considered the factors that impact the Group 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. In doing so, the Directors have prepared forecasts covering a period of at least 12 months from the date of signing these financial statements.
The Group and Company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report. Principal risks are detailed on pages 1 - 2.
The Directors have prepared cash flow forecasts and performed a going concern assessment for at least 12 months from the date of approval of these financial statements (the going concern period), which indicates that in the base case scenario the Group will have sufficient funds to meet its liabilities as they fall due during the going concern assessment period.
The Directors have also prepared severe yet plausible downside scenarios, which take account of potential and realistic decline in trading performance driven by inflation and loss in customer demand.
In particular, these scenarios include modelling reductions in revenue or an increase in the price of goods. Results from these models noted that there was sufficient funds to meet Group’s liabilities as they fall due during the going concern assessment period.
For the year ended 31 December 2024, Walstead Group Limited reported revenue of €540.7m and net assets of €62.6m.
In addition to operating cash flows, the Group meets day to day financing and working capital needs through external facilities and shareholder loan notes, amounting to €149.8m. As part of the Group’s working capital management, it utilises invoice factoring facilities. These ongoing factoring facilities have operated successfully and efficiently for a number of years.
There are no covenants attached to the shareholder loan notes and the factoring facility held across the Group is subject to a net equity covenant. The Directors note that at no point in the modelling (i.e. either at the base case or severe but plausible case) the covenants were expected to breach.
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WALSTEAD PETERBOROUGH LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Going concern (continued)
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Walstead Group Limited has indicated its intention to continue to make available such funds as are needed by the Company during the going concern assessment period. 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 private equity shareholder in Walstead Holdings Limited, the Company’s ultimate parent company, has indicated that they are looking to realise their investment in the Walstead business. At this stage in the process the particular buyer has not yet been identified. Therefore it is possible that a change of ownership may occur during the going concern period. While it is not possible to predict precisely what would happen to the Company in the event of a change in ownership, having considered factors such as the Group’s market leading position and its integrated operations, the Directors are confident that the going concern basis remains appropriate as the date of approving the financial statements.
Consequently, the Directors are confident that the Group and the Company will have sufficient working capital to continue to meet its liabilities for at least 12 months from the date of approval of these financial statements and therefore have prepared these 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.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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WALSTEAD PETERBOROUGH LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Contracts are entered into with customers for the provision of printed goods. The contract stipulates rates applicable to each product and invoices are raised in accordance with a matrix or pricing structure stipulated within the contract. Contracts can be agreed for specific jobs or may be for longer periods spanning the year end. Where a contract does not cover a specific job, orders are raised under the contract for specific products. These are produced on separate print runs making them easily identifiable. In certain circumstances, contracts may allow for a rebate if volume or revenue targets are met within a set period. Rebates are accrued against turnover based on achievement against targets within the financial year. Turnover from printed materials includes sales of waste paper.
Turnover is measured based on the consideration to which the Company expects to be entitled in a contract with a customer, net of value added tax, and excludes amounts collected on behalf of third parties.
Turnover is recognised when all of the following conditions are satisfied;
∙control of the products has transferred, that is either when the products have been delivered to the customer or the customer collects the goods as defined within the contract;
∙the customer has full discretion over the channel and price to sell the products; and
∙there is no unfulfilled obligation that could affect the customer’s acceptance of the products.
Delivery occurs when;
∙the products have been shipped to the specific location or loaded for delivery in the case of an ex-works contract;
∙the risks of obsolescence and loss have been transferred to the customer; and
∙either the customer has accepted the products in accordance with sales contract, the acceptance provisions have lapsed, or the Company has objective evidence that all criteria for acceptance have been satisfied.
A debtor is recognised at the point the control of the products has transferred, since this is the point in time that the consideration is unconditional because only the passage of time is required before payment is due.
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WALSTEAD PETERBOROUGH LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Leases in which the Company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. All other leases are classified as operating leases.
Operating leases
Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation, in which case the payments related to the structured increases are recognised as incurred.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessees benefit from the use of the leased asset.
Finance leases
At commencement of the lease term the Company recognises an asset and liability equal to the lower of the fair value of the leased asset or, if lower, the present value of the minimum lease payments. Any initial direct costs of the Company (incremental costs directly attributable to negotiating and arranging the lease) are added to the amount recognised as an asset. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. Leased assets are depreciated over the shorter of the lease term and their useful lives, except where the Company expects to renew the lease or take legal ownership of the assets at the end of the lease term, where the useful economic life is used.
Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability using the rate implicit in the lease. The finance charge is allocated to each period during the lease term to produce a constant periodic rate of interest on the remaining balance of the liability.
Contingent rents are charged to profit or loss in the period in which they are incurred. Where additional lending is drawn against existing leased assets the additional amounts are treated as further drawings of existing finance leases and not as new leases or separate borrowings.
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 PETERBOROUGH LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
The Company intends to use carried forward tax losses against its own future profits.
The Company may utilise group relief, surrendering and receiving tax deductions from carried forward losses with other subsidiaries incorporated in the UK. If the Company surrenders losses, a group relief debtor is recognised for the tax benefit in the receiving Company. If the Company receives losses, a group relief creditor is recognised for the tax benefit received.
The tax charges and credits included in these financial statements are estimates and the final group relief strategy used for the tax computations submitted might differ. In these cases, an adjustment is made in respect of previous periods and this is reflected in the 'Group taxation relief in respect of the prior year' line on Note 11.
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WALSTEAD PETERBOROUGH LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Restructuring and other costs
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The Company presents restructuring and other costs to provide additional useful information on the operational performance of the Company. Other costs includes expenses relating to the forgiveness of intercompany balances.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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:
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Over the remaining lease term
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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.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured stocks and work in progress, cost includes an appropriate share of overheads based on normal operating capacity.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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WALSTEAD PETERBOROUGH LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
All other financial assets are initially are measured at cost less impairment and financial liabilities recognised when the Company becomes a party to the contractual provisions of the instrument.
The measurement of the debt factoring is defined in accounting policy .
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
Trade debtors are subject to a factoring arrangement whereby an advance is received based upon and secured against trade debtors. Where the Company has neither transferred or retained substantially all the risks and rewards of ownership of the trade debtors it recognises the asset to the extent of its continued involvement.
The interest element of the finance charge is recognised as it accrues and is included in profit and loss with other interest charges.
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WALSTEAD PETERBOROUGH LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Judgments 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 judgments in applying the Company's accounting policies
There are not considered to be any critical judgments 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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An analysis of turnover by class of business is as follows:
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All turnover arose within the United Kingdom.
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WALSTEAD PETERBOROUGH LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The operating profit is stated after charging/(crediting):
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Depreciation of tangible assets
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Foreign exchange losses/(gains)
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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 intermediate parent company, Walstead Group Limited.
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Staff costs were as follows:
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Contributions to defined contribution plans
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The average monthly number of employees, including the Directors, during the year was as follows:
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WALSTEAD PETERBOROUGH LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 payable and similar expenses
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Finance leases and hire purchase contracts
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Current year group relief
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Adjustments in respect of previous periods
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WALSTEAD PETERBOROUGH LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). 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 the effective rate of corporation tax in the UK of 25% (2023 - 23.5%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Adjustments to tax charge in respect of prior periods
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Changes in provisions leading to an increase in the tax charge
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Non-trade loan relationship surplus
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Total tax charge for the year
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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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Restructuring and other costs
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WALSTEAD PETERBOROUGH LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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WALSTEAD PETERBOROUGH LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Raw materials and consumables
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The carrying value of stocks are stated net of impairment losses totalling £191,000 (2023 - £152,000). Impairment losses totalling £39,000 (2023 - £128,000)were recognised in cost of sales.
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There are no material differences between the value of stock and their replacement value.
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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WALSTEAD PETERBOROUGH LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
15.Debtors (continued)
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The carrying amounts of trade debtors include debts which are subject to a factoring arrangement. Under this arrangement, Walstead Peterborough Limited has transferred the relevant debts to the factor in exchange for a facility which allows it to draw down cash of up to 95% of the value of the debt. The sale of these debts is non-recourse up to the credit limit provided by the insurance provider subject to a 10% deductible. As a result, the Company has transferred a proportion of the risks and rewards of ownership of the financial asset and therefore only recognises the asset to the extent it continues to be exposed to the changes in value in accordance with FRS 102. The Company continues to carry the risks associated with trade debtors above the credit limit and consequently these debtors are recognised in the Balance Sheet.
Amounts advanced by the factor that could become repayable under the terms of the agreement are presented as secured borrowing. Cash that has not been advanced in respect of non-recourse debts sold to the factor is shown within other debtors.
Amounts owed by group undertakings are interest free, have no fixed date of repayment, are unsecured and are repayable on demand. Whilst amounts owed by group undertakings are repayable on demand, £30,282,000 (2023: £28,143,000) is not expected to be paid within one year.
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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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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Amounts owed to group undertakings are interest free, unsecured and are repayable on demand.
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WALSTEAD PETERBOROUGH LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Deferred tax asset at 1 January
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Charged to profit or loss (note 11)
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Deferred tax (liability)/asset at 31 December
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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The Company has unprovided gross deferred tax assets of £197k (2023: £NIL).
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WALSTEAD PETERBOROUGH LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charged to profit or loss
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The provision relates to estimated dilapidations for rental properties.
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Authorised, allotted, called up and fully paid
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2 (2023: 2) Ordinary shares of £1 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 parent companies and 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 £10,984,000 (2023: £14,330,000).
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £151,000 (2023: £156,000).
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WALSTEAD PETERBOROUGH LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The Company has taken advantage of the exemption in Section 33.1A FRS 102 from the requirement to disclose transactions entered into with wholly owned members of the Group.
Amounts owed by/(to) group undertakings are disclosed below.
The Company has no other related party transactions to report.
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Amounts owed by/(to) parent entities
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Amounts owed by/(to) fellow subsidiaries
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Post balance sheet events
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In June 2025 the Group announced that the private equity shareholder in Walstead Holdings Limited, the Company’s ultimate holding company, has indicated that they are looking to realise their investment in the Walstead business. At this stage in the process the particular buyer has not yet been identified and no adjustments have been made to the 2024 financial statements relating to this.
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WALSTEAD PETERBOROUGH 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 UK Holdings Limited, a company registered in England and Wales (company registered number 06941612). The Company's intermediate 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, Stanway, Colchester, Essex, England, CO3 8PH.
The ultimate controlling party is Rutland Partners LLP. Rutland Partners LLP is held by multiple partners and is diversified. It is not significantly influenced by a single person.
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