Wilson of Kendal Limited

	Page
Strategic Report	1
Directors' Report	2
Consolidated Profit and Loss Account	3
Consolidated Statement of Comprehensive Income	4
Consolidated Balance Sheet	5
Company Balance Sheet	6—7
Consolidated Statement of Changes in Equity	8
Consolidated Statement of Cash Flows	9
Notes to the Consolidated Statement of Cash Flows	10
Notes to the Financial Statements	11—20

The directors present their strategic report for the period ended 31 March 2025.

Review of the Business

The period ended 31 March 2025 has been a significant one for the Group, marking both a year of solid operational performance and strategic expansion. During the year, the Group completed the acquisition of A&F Grant Limited, a transport operator based in the North of Scotland. This acquisition forms part of the Group’s long-term growth strategy to broaden its regional footprint, expand fleet capacity and enhance service capability.

The haulage industry continued to face pressures during the year from rising costs, driver shortages and general cost inflation. Despite these headwinds, trading remained resilient. Demand remained steady, supported by strong relationships with long-standing customers.

Investment continued in modernising the vehicle fleet, improving fuel efficiency and ensuring compliance with tightening environmental and safety standards. The Group also advanced its digital logistics systems to improve route planning, vehicle tracking and customer reporting.

Principal Risks and Uncertainties

The directors recognise a number of principal risks and uncertainties that could impact the business:

Fuel price volatility: Fuel remains one of the largest cost components in the business. The Group mitigates this risk through efficient route planning and continual investment in modern, fuel-efficient vehicles.

Driver recruitment and retention: A nationwide shortage of qualified HGV drivers continues to place upward pressure on wages and availability. The Group mitigates this risk through competitive pay structures, driver training and retention initiatives.

Economic conditions: A downturn in the UK economy could affect customer volumes. The Group manages this risk through diversification across sectors and long-term contract arrangements with core clients.

Regulatory and environmental compliance: Increasing environmental legislation and changes to vehicle emission standards could require future investment. The Group maintains proactive compliance monitoring and continues to upgrade its fleet accordingly.

The Board reviews these risks regularly to ensure that appropriate controls and mitigations remain in place.

Future Developments

The Group remains focused on sustainable growth, operational efficiency and service excellence. Key priorities for the coming year include:

Continued integration of A&F Grant Limited;
Further fleet renewal to reduce emissions and improve reliability;
Investment in technology to enhance route optimisation and customer communication; and
Ongoing development of driver training and retention programmes.

The directors are confident that the Group is well placed to navigate industry challenges and to deliver long-term value for both employees and customers.

On behalf of the board

Mr R A Wilson

Director

25/11/2025

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Wilson of Kendal Limited

Company No. 07545351

Directors' Report For the Period 1 March 2024 to 31 March 2025

Directors' Report

The directors present their report and the financial statements for the period ended 31 March 2025.

Principal Activity

The group's principal activity continues to be that of road haulage, logistics and storage services.

Directors

The directors who held office during the period were as follows:

Mr R A Wilson

Mrs J Wilson

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

On behalf of the board

Mr R A Wilson

Director

25/11/2025

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Wilson of Kendal Limited

Consolidated Profit and Loss Account

For the Period 1 March 2024 to 31 March 2025

Consolidated Profit and Loss Account

		31 March 2025	29 February 2024
	Notes	£	£
TURNOVER	3	13,489,926	8,178,090
Cost of sales		(10,415,703 )	(5,352,859 )

GROSS PROFIT		3,074,223	2,825,231

Administrative expenses		(734,781 )	(203,724 )
Other operating income		21,423	-

OPERATING PROFIT	5	2,360,865	2,621,507
Other interest receivable and similar income	9	41,357	30,743
Interest payable and similar charges	10	(165,386 )	(56,957 )

PROFIT BEFORE TAXATION		2,236,836	2,595,293
Tax on Profit	11	(436,384 )	(655,459 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL PERIOD ATTRIBUTABLE TO THE OWNERS OF THE PARENT		1,800,452	1,939,834

The notes on pages 10 to 20 form part of these financial statements.

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Wilson of Kendal Limited

Consolidated Statement of Comprehensive Income

For the Period 1 March 2024 to 31 March 2025

Consolidated Statement of Comprehensive Income

	31 March 2025	29 February 2024
	£	£
PROFIT FOR THE FINANCIAL PERIOD	1,800,452	1,939,834
OTHER COMPREHENSIVE INCOME FOR THE PERIOD	-	-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO THE OWNERS OF THE PARENT	1,800,452	1,939,834

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Wilson of Kendal Limited

Consolidated Balance Sheet

As At 31 March 2025

Consolidated Balance Sheet

Registered number: 07545351

		31 March 2025		29 February 2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	12		861,203		-
Tangible Assets	13		6,098,137		2,217,392

			6,959,340		2,217,392
CURRENT ASSETS
Stocks	15	75,257		-
Debtors	16	3,773,175		2,183,407
Cash at bank and in hand		2,564,519		3,514,259

		6,412,951		5,697,666
Creditors: Amounts Falling Due Within One Year	17	(3,339,154 )		(1,665,306 )

NET CURRENT ASSETS (LIABILITIES)			3,073,797		4,032,360

TOTAL ASSETS LESS CURRENT LIABILITIES			10,033,137		6,249,752

Creditors: Amounts Falling Due After More Than One Year	18		(2,194,842 )		(701,133 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	21		(1,022,990 )		(507,766 )

NET ASSETS			6,815,305		5,040,853

CAPITAL AND RESERVES
Called up share capital	23		200		200
Profit and Loss Account			6,815,105		5,040,653

SHAREHOLDERS' FUNDS			6,815,305		5,040,853

On behalf of the board

Mr R A Wilson

Director

25/11/2025

The notes on pages 10 to 20 form part of these financial statements.

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Wilson of Kendal Limited

Company Balance Sheet

As At 31 March 2025

Company Balance Sheet

Registered number: 07545351

		31 March 2025		29 February 2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	13		2,890,838		2,217,392
Investments	14		1,959,782		-

			4,850,620		2,217,392
CURRENT ASSETS
Debtors	16	3,226,032		2,183,407
Cash at bank and in hand		1,685,101		3,514,259

		4,911,133		5,697,666
Creditors: Amounts Falling Due Within One Year	17	(1,869,710 )		(1,665,306 )

NET CURRENT ASSETS (LIABILITIES)			3,041,423		4,032,360

TOTAL ASSETS LESS CURRENT LIABILITIES			7,892,043		6,249,752

Creditors: Amounts Falling Due After More Than One Year	18		(861,520 )		(701,133 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	21		(696,239 )		(507,766 )

NET ASSETS			6,334,284		5,040,853

CAPITAL AND RESERVES
Called up share capital	23		200		200
Profit and Loss Account			6,334,084		5,040,653

SHAREHOLDERS' FUNDS			6,334,284		5,040,853

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Wilson of Kendal Limited

Company Balance Sheet (continued)

As At 31 March 2025

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the period was £ 1,319,431 (2024: £ 1,939,834 profit).

For the period ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr R A Wilson

Director

25/11/2025

The notes on pages 10 to 20 form part of these financial statements.

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Wilson of Kendal Limited

Consolidated Statement of Changes in Equity

For the Period 1 March 2024 to 31 March 2025

Consolidated Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 March 2023	200	3,199,819	3,200,019
Profit for the year and total comprehensive income	-	1,939,834	1,939,834

Dividends paid	-	(99,000)	(99,000)

As at 29 February 2024 and 1 March 2024	200	5,040,653	5,040,853


Profit for the period and total comprehensive income	-	1,800,452	1,800,452

Dividends paid	-	(26,000)	(26,000)

As at 31 March 2025	200	6,815,105	6,815,305

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Wilson of Kendal Limited

Consolidated Statement of Cash Flows

For the Period 1 March 2024 to 31 March 2025

Consolidated Statement of Cash Flows

		31 March 2025	29 February 2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	2,713,088	1,556,413
Interest paid		(165,386 )	(56,957 )
Tax paid		(463,892 )	(113,494 )

Net cash generated from operating activities		2,083,810	1,385,962

Cash flows from investing activities
Purchase of intangible assets		(912,157 )	-
Purchase of tangible assets		(5,297,310 )	(1,252,580 )
Proceeds from disposal of tangible assets		143,893	50,122
Interest received		41,357	30,743

Net cash used in investing activities		(6,024,217 )	(1,171,715 )

Cash flows from financing activities
Equity dividends paid		(26,000 )	(99,000 )
Repayment of bank borrowings		(10,075 )	-
Repayment of finance leases		3,026,742	723,638
Amount introduced by directors		-	113,997

Net cash generated from financing activities		2,990,667	738,635



(Decrease)/increase in cash and cash equivalents		(949,740 )	952,882
Cash and cash equivalents at beginning of period	2	3,514,259	2,561,377

Cash and cash equivalents at end of period	2	2,564,519	3,514,259

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Wilson of Kendal Limited

Notes to the Consolidated Statement of Cash Flows

For the Period 1 March 2024 to 31 March 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial period to cash generated from operations

	31 March 2025	29 February 2024
	£	£
Profit for the financial period	1,800,452	1,939,834
Adjustments for:
Tax on profit	436,384	655,459
Interest expense	165,386	56,957
Interest income	(41,357 )	(30,743 )
Amortisation of intangible assets	50,954	-
Depreciation of tangible assets	1,261,595	555,194
Loss on disposal of tangible assets	11,077	20,889
Movements in working capital:
Increase in stocks	(75,257 )	-
Increase in trade and other debtors	(1,589,768 )	(2,183,407 )
Increase in trade and other creditors	693,622	542,230

Net cash generated from operations	2,713,088	1,556,413

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	31 March 2025	29 February 2024
	£	£
Cash at bank and in hand	2,564,519	3,514,259

3. Analysis of changes in net funds/(debt)

	As at 1 March 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	3,514,259	(949,740)	2,564,519
Finance leases	(1,246,320)	(2,670,980)	(3,917,300)
Debts falling due within one year	-	(9,925)	(9,925 )
Debts falling due after more than one year	-	(5,000)	(5,000)

	2,267,939	(3,635,645)	(1,367,706)

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Wilson of Kendal Limited

Notes to the Financial Statements

For the Period 1 March 2024 to 31 March 2025

Notes to the Financial Statements

1. General Information

Wilson of Kendal Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07545351 . The registered office is High House Farm House, Helsington, Kendal, Cumbria, LA8 8AG .

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 March 2025.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

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Wilson of Kendal Limited

Notes to the Financial Statements (continued)

For the Period 1 March 2024 to 31 March 2025

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.

Goodwill is amortised over its expected useful life which is estimated to be ten years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	10% straight line
Plant & Machinery	20% reducing balance
Motor Vehicles	20% reducing balance
Fixtures & Fittings	15% straight line

2.7. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.8. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

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Wilson of Kendal Limited

Notes to the Financial Statements (continued)

For the Period 1 March 2024 to 31 March 2025

2.9. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.10. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Turnover

Analysis of turnover by class of business is as follows:

	31 March 2025	29 February 2024
	£	£
Haulage	13,489,926	8,178,090

4. Other Operating Income

	31 March 2025	29 February 2024
	£	£
Rental income	1,527	-
Other operating income	19,896	-

	21,423	-

5. Operating Profit

The operating profit is stated after charging:

	31 March 2025	29 February 2024
	£	£
Bad debts	389	37,479
Depreciation of tangible fixed assets	1,261,595	555,194
Amortisation of intangible fixed assets	50,954	-
Loss on disposal of tangible fixed assets	11,077	20,889

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Wilson of Kendal Limited

Notes to the Financial Statements (continued)

For the Period 1 March 2024 to 31 March 2025

6. Staff Costs

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

	Group		Company
	31 March 2025	29 February 2024	31 March 2025	29 February 2024
	£	£	£	£
Wages and salaries	3,137,956	1,710,859	1,909,388	1,710,859
Social security costs	319,175	172,937	196,964	172,937
Other pension costs	139,464	101,896	104,733	101,896

	3,596,595	1,985,692	2,211,085	1,985,692

7. Average Number of Employees

Group

Average number of employees, including directors, during the period was as follows:

	31 March 2025	29 February 2024
Office and administration	16	7
Sales, marketing and distribution	83	44

	99	51

Company

Average number of employees, including directors, during the period was: 50 (2024: 51)

8. Directors' remuneration

	31 March 2025	29 February 2024
	£	£
Emoluments	58,475	18,120
Company contributions to money purchase pension schemes	62,067	62,908

	120,542	81,028

9. Interest Receivable and Similar Income

	31 March 2025	29 February 2024
	£	£
Bank interest receivable	41,342	30,743
Other interest receivable	15	-

	41,357	30,743

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Wilson of Kendal Limited

Notes to the Financial Statements (continued)

For the Period 1 March 2024 to 31 March 2025

10. Interest Payable and Similar Charges

	31 March 2025	29 February 2024
	£	£
Bank loans and overdrafts	153	-
Factoring charges	5,375	-
Finance charges payable under finance leases and hire purchase contracts	159,858	56,957

	165,386	56,957

11. Tax on Profit

	Tax Rate		31 March 2025	29 February 2024
The tax charge on the profit for the period was as follows:
	31 March 2025	29 February 2024	£	£
Current tax
UK Corporation Tax	25.0%	24.5%	256,686	463,892
Deferred Tax
Deferred taxation			179,698	191,567


Total tax charge for the period			436,384	655,459


The actual charge for the period can be reconciled to the expected charge for the period based on the profit and the standard rate of corporation tax as follows:
			31 March 2025	29 February 2024
			£	£
Profit before tax			2,236,836	2,595,293

Tax on profit at 25% (UK standard rate)			547,237	635,847
Goodwill/depreciation not allowed for tax			417,010	141,140
Expenses not deductible for tax purposes			4,200	2,828
Capital allowances			(723,307 )	(316,744 )
Short term timing differences			191,244	192,388

Total tax charge for the period			436,384	655,459

12. Intangible Assets

Group

	Goodwill
	£
Cost
As at 1 March 2024	-
Additions	912,157

As at 31 March 2025	912,157

...CONTINUED

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Wilson of Kendal Limited

Notes to the Financial Statements (continued)

For the Period 1 March 2024 to 31 March 2025

Amortisation
As at 1 March 2024	-
Provided during the period	50,954

As at 31 March 2025	50,954

Net Book Value
As at 31 March 2025	861,203

As at 1 March 2024	-

Company

The company had no intangible fixed assets as at 31 March 2025 or 29 February 2024.

13. Tangible Assets

Group

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 March 2024	-	33,479	5,614,181	-	5,647,660
Additions	2,726	3,706,636	1,578,250	9,698	5,297,310
Disposals	-	(83,933 )	(695,515 )	-	(779,448 )

As at 31 March 2025	2,726	3,656,182	6,496,916	9,698	10,165,522

Depreciation
As at 1 March 2024	-	31,727	3,398,541	-	3,430,268
Provided during the period	827	467,944	791,568	1,256	1,261,595
Disposals	-	(70,414 )	(554,064 )	-	(624,478 )

As at 31 March 2025	827	429,257	3,636,045	1,256	4,067,385

Net Book Value
As at 31 March 2025	1,899	3,226,925	2,860,871	8,442	6,098,137

As at 1 March 2024	-	1,752	2,215,640	-	2,217,392

Company

	Plant & Machinery	Motor Vehicles	Total
	£	£	£
Cost
As at 1 March 2024	33,479	5,614,181	5,647,660
Additions	34,087	1,578,250	1,612,337
Disposals	-	(695,515 )	(695,515 )

As at 31 March 2025	67,566	6,496,916	6,564,482

...CONTINUED

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Wilson of Kendal Limited

Notes to the Financial Statements (continued)

For the Period 1 March 2024 to 31 March 2025

Depreciation
As at 1 March 2024	31,727	3,398,541	3,430,268
Provided during the period	5,872	791,568	797,440
Disposals	-	(554,064 )	(554,064 )

As at 31 March 2025	37,599	3,636,045	3,673,644

Net Book Value
As at 31 March 2025	29,967	2,860,871	2,890,838

As at 1 March 2024	1,752	2,215,640	2,217,392

14. Investments

Company

	Unlisted
	£
Cost
As at 1 March 2024	-
Additions	1,959,782

As at 31 March 2025	1,959,782

Provision
As at 1 March 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	1,959,782

As at 1 March 2024	-

15. Stocks

	31 March 2025	29 February 2024
	£	£
Stock	75,257	-

16. Debtors

	Group		Company
	31 March 2025	29 February 2024	31 March 2025	29 February 2024
	£	£	£	£
Due within one year
Trade debtors	2,968,994	1,338,204	1,806,976	1,338,204
Amounts owed by group undertakings	-	-	794,336	-
Amounts owed by participating interests	737,377	797,937	620,970	797,937
Other debtors	66,804	47,266	3,750	47,266

	3,773,175	2,183,407	3,226,032	2,183,407

Page 17

Page 18

Wilson of Kendal Limited

Notes to the Financial Statements (continued)

For the Period 1 March 2024 to 31 March 2025

17. Creditors: Amounts Falling Due Within One Year

	Group		Company
	31 March 2025	29 February 2024	31 March 2025	29 February 2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	1,727,458	545,187	879,008	545,187
Trade creditors	645,587	166,696	234,695	166,696
Bank loans and overdrafts	9,925	-	-	-
Other creditors	126,701	122,138	116,675	122,138
Corporation tax	256,686	463,892	256,686	463,892
Taxation and social security	511,272	342,893	357,425	342,893
Accruals and deferred income	61,525	24,500	25,221	24,500

	3,339,154	1,665,306	1,869,710	1,665,306

18. Creditors: Amounts Falling Due After More Than One Year

	Group		Company
	31 March 2025	29 February 2024	31 March 2025	29 February 2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	2,189,842	701,133	861,520	701,133
Bank loans	5,000	-	-	-

	2,194,842	701,133	861,520	701,133

19. Loans

An analysis of the maturity of loans is given below:

	Group
	31 March 2025	29 February 2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	9,925	-

	Group
	31 March 2025	29 February 2024
	£	£
Amounts falling due between one and five years:
Bank loans	5,000	-

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Page 19

Wilson of Kendal Limited

Notes to the Financial Statements (continued)

For the Period 1 March 2024 to 31 March 2025

20. Obligations Under Finance Leases and Hire Purchase

	Group		Company
	31 March 2025	29 February 2024	31 March 2025	29 February 2024
	£	£	£	£
The future minimum finance lease payments are as follows:
Not later than one year	1,727,458	545,187	879,008	545,187
Later than one year and not later than five years	2,189,842	701,133	861,520	701,133

	3,917,300	1,246,320	1,740,528	1,246,320

	3,917,300	1,246,320	1,740,528	1,246,320

21. Deferred Taxation

The provision for deferred tax is made up as follows:

	Group		Company
	31 March 2025	29 February 2024	31 March 2025	29 February 2024
	£	£	£	£
Other timing differences	1,022,990	507,766	696,239	507,766

22. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 March 2024	507,766	507,766
Additions	515,224	515,224

Balance at 31 March 2025	1,022,990	1,022,990

23. Share Capital

	31 March 2025	29 February 2024
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100
100 Ordinary A shares of £ 1.00 each	100	100

	200	200

Page 19

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Wilson of Kendal Limited

Notes to the Financial Statements (continued)

For the Period 1 March 2024 to 31 March 2025

24. Business Combinations

A&F Grant Limited

On 12 September 2024 the group acquired 100% of the issued share capital of A&F Grant Limited, which was accounted for using the purchase method.

	Book Values	Adjustments	Fair Value
Net assets acquired
	£	£	£
Tangible Assets	3,164,997	42,302	3,207,299
Stocks	16,808	-	16,808
Debtors	1,404,270	-	1,404,270
Cash at bank and in hand	91	-	91
Creditors: Amounts falling due within one year	(2,204,874)	42,442	(2,162,432 )
Creditors: Amounts falling due after more than one year	(1,153,663)	-	(1,153,663 )
Deferred taxation	(264,747)	-	(264,747 )

Total identifiable net assets	962,882	84,744	1,047,626


Goodwill			912,156

Total Consideration			1,959,782


The consideration was satisfied by:
Cash consideration paid			1,900,000
Costs directly attributable to the business combination			59,782

Total Consideration			1,959,782

25. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the period the charge to the profit and loss account in respect of defined contribution schemes was £139,464 (2024: £101,896).

At the balance sheet date contributions of £7,442 (2024: £8,141) were due to the fund and are included in creditors.

26. Dividends

	31 March 2025	29 February 2024
	£	£
On equity shares:
Interim dividend paid	26,000	99,000

Page 20