| Weaver Haulage Limited |
| Strategic Report |
|
| The directors presents their strategic report for the company for the year ended 31 March 2025. |
|
| Review of the business |
| As stated in the Directors' Report, the company operates as a freight transporter, operating primarily within the food processing and construction sectors. The company operates across the United Kingdom from its base in the East Midlands. |
|
| Results and performance |
The results of the company for the year, as set out in the Profit and Loss account, show a profit on ordinary activities before tax of £529,389 (2024 - £812,407). The shareholder's funds in the company total £1,429,156 (2024 - £1,664,407).
Turnover in the year rose by 33%, whilst gross profit on services rose by 4% as fuel costs continued the fall from their peak in 2022. Overheads rose due to increased labour costs, both through the increase in volume of activity and the continuing need to invest to provide a competitive offer to company drivers. The effect of moving to a new site has also impacted on overhead costs.
Overall, the company has experienced a robust financial year, given the underlying economic situation. This positive performance is a testament to the company's strategic initiatives, operational efficiency, and the dedication of its team. This has allowed the company to continue investing in fuel efficient Double Deck Fridge trailers to improve its environmental impact and minimise carbon emissions. Further investment in both trucks and trailers has allowed for greater capacity in a sustainable manner. |
| Business environment |
| The haulage industry is extremely competitive and investment in new, more sustainable and more efficient, trucks and trailers is vital for the ongoing health of the company. Demand for the company's services continues to be strong. Despite the level of competition, the company has managed to maintain its market share, demonstrating the strength of its value proposition and the effectiveness of its competitive strategies. |
|
| Strategy |
| The company's strategic initiatives have played a crucial role in its positive performance. Although moving to a new site has had a detrimental effect on the profit and loss in the short term, the long-term savings and improved service the company can offer will start to be very beneficial in the years to come. The company continues to focus on improving operational efficiency, enhancing its service offerings, and strengthening its customer relationships. |
|
| Principal risks and uncertainties |
The process of risk management is addressed through internal procedures and controls. All policies are subject to approval by the directors and ongoing review by management. Compliance with regulation, legal and ethical standards is a high priority for the company. The directors are responsible for satisfying themselves that a proper internal control framework exists to manage financial risks and that controls operate effectively.
The principal risks affecting the company are considered to relate to the market and economic environment, health and safety performance, interest rates and fuel costs. |
|
| Future developments |
Although the growth in the UK is expected to slow, the directors feels the haulage sector will remain reasonably strong. With investment in people, and a new operations centre, the company can now ensure profitability and maintain growth at satisfactory levels.
Overall, in the coming year the company aims to grow turnover, whilst improving gross profit margins. At the same time it aims to be able to cut overhead costs and still increase productivity. |
|
|
| This report was approved by the board on 31 December 2025 and signed on its behalf. |
|
|
|
| B R Harvey |
| Director |
|
|
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
|
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
|
| Other information |
| The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
| We have nothing to report in this regard. |
|
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| ● |
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| ● |
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. |
|
| Matters on which we are required to report by exception |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows: |
| ● |
the senior statutory auditor ensured that the engagement team had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| ● |
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |
| ● |
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation; |
| ● |
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
| ● |
all identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit. |
|
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
| ● |
making enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected or alleged fraud; |
| ● |
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
|
| To address the risk of fraud through management bias and override of controls, we: |
| ● |
performed analytical procedures to identify any unusual or unexpected relationships; |
| ● |
tested journal entries to identify unusual transactions; |
| ● |
assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and |
| ● |
investigated the rationale behind any significant or unusual transactions. |
|
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| ● |
agreeing accounts disclosures to underlying supporting documentation; |
| ● |
enquiring of management as to actual and potential litigation and claims; and |
| ● |
reviewing correspondence with HMRC, relevant regulators and the company's legal advisers. |
|
| A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. |
|
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
|
|
|
|
| Fergus Robinson |
| (Senior Statutory Auditor) |
Second Floor, West Wing |
| for and on behalf of |
10 Harborne Road |
| Sinclair & Co. (Accountants) Limited |
Edgbaston |
| Statutory Auditor |
Birmingham |
| 31 December 2025 |
B15 3AA |
|
| Weaver Haulage Limited |
| Statement of Cash Flows |
| for the year ended 31 March 2025 |
|
| Notes |
|
2025 |
|
2024 |
| £ |
£ |
| Operating activities |
| Profit for the financial year |
251,809 |
|
604,037 |
|
| Adjustments for: |
| Loss on sale of fixed assets |
324,072 |
|
21,598 |
| Interest receivable |
(2) |
|
(2) |
| Interest payable |
442,645 |
|
368,709 |
| Tax on profit on ordinary activities |
277,580 |
|
208,370 |
| Depreciation |
1,730,129 |
|
1,427,742 |
| (Increase)/decrease in stocks |
(66,507) |
|
7,026 |
| Increase in debtors |
(509,847) |
|
(469,641) |
| Increase in creditors |
873,391 |
|
509,987 |
|
|
|
3,323,270 |
|
2,677,826 |
|
| Interest received |
2 |
|
2 |
| Interest paid |
|
|
(73,295) |
|
(77,767) |
| Interest element of finance lease payments |
(369,350) |
|
(290,942) |
| Corporation tax paid |
(36,845) |
|
(13,200) |
|
| Cash generated by operating activities |
2,843,782 |
|
2,295,919 |
|
|
|
|
|
|
| Investing activities |
| Payments to acquire tangible fixed assets |
(36,515) |
|
(348,871) |
| Proceeds from sale of tangible fixed assets |
130,542 |
|
176,699 |
|
| Cash generated by/(used in) investing activities |
94,027 |
|
(172,172) |
|
|
|
|
|
|
| Financing activities |
| Equity dividends paid |
(490,000) |
|
(362,500) |
| Proceeds from the issue of shares |
2,900 |
|
- |
| Proceeds from new loans |
174,932 |
|
- |
| Repayment of loans |
(256,885) |
|
(50,000) |
| Capital element of finance lease payments |
(2,469,953) |
|
(1,196,408) |
|
| Cash used in financing activities |
(3,039,006) |
|
(1,608,908) |
|
|
|
|
|
|
| Net cash (used)/generated |
| Cash generated by operating activities |
2,843,782 |
|
2,295,919 |
| Cash generated by/(used in) investing activities |
94,027 |
|
(172,172) |
| Cash used in financing activities |
(3,039,006) |
|
(1,608,908) |
|
| Net cash (used)/generated |
(101,197) |
|
514,839 |
|
| Cash and cash equivalents at 1 April |
536,340 |
|
21,501 |
| Cash and cash equivalents at 31 March |
435,143 |
|
536,340 |
|
|
|
|
|
|
| Cash and cash equivalents comprise: |
| Cash at bank |
435,143 |
|
536,340 |
|
|
|
|
|
|
|
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Critical accounting estimates and judgements |
|
|
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. Assumptions and estimates are reviewed on an ongoing basis and any revisions to them are recognised in the period in which they are revised.
The following are those that management consider to be critical due to the level of judgement and estimation required:
Provisions
These are, as far as possible, estimated by reference to evidence of activity after the company's year-end. Any provision for bad and doubtful debts is created by reviewing the collectability of those debts, whist other provisions will be estimated in relation to costs charged after the year-end that relate to the year, or in relation to other identifiable losses.
Depreciation
The company makes an estimate as to the useful economic life of all its fixed assets, and depreciates the assets accordingly. There are regular reviews for impairments or other reductions in the carrying value of the assets, and adjustments to the carrying value are made at the time of each review, as necessary. |
|
|
| 3 |
Analysis of turnover |
2025 |
|
2024 |
| £ |
£ |
|
|
Services rendered |
15,468,875 |
|
11,627,086 |
|
|
|
|
|
|
|
|
|
|
By geographical market: |
|
|
UK |
15,468,875 |
|
11,627,086 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Operating profit |
2025 |
|
2024 |
| £ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
346,343 |
|
291,305 |
|
Depreciation of assets held under finance leases and hire purchase contracts |
|
1,383,786 |
|
1,136,437 |
|
Operating lease rentals - plant and machinery |
8,558 |
|
7,412 |
|
Operating lease rentals - land and buildings |
114,377 |
|
86,104 |
|
Auditors' remuneration for audit services |
12,000 |
|
- |
|
Auditors' remuneration for other services |
7,500 |
|
- |
|
Key management personnel compensation (including directors' emoluments) |
|
57,844 |
|
47,940 |
|
Carrying amount of stock sold |
6,005,408 |
|
4,704,042 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Directors' emoluments |
2025 |
|
2024 |
| £ |
£ |
|
|
Emoluments |
57,844 |
|
47,940 |
|
Company contributions to defined contribution pension plans |
1,464 |
|
1,438 |
|
|
|
|
|
|
59,308 |
|
49,378 |
|
|
|
|
|
|
|
|
|
|
|
Number of directors to whom retirement benefits accrued: |
2025 |
|
2024 |
| Number |
Number |
|
|
Defined contribution plans |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Staff costs |
2025 |
|
2024 |
| £ |
£ |
|
|
Wages and salaries |
1,362,156 |
|
393,829 |
|
Social security costs |
129,965 |
|
36,430 |
|
Other pension costs |
21,947 |
|
3,069 |
|
|
|
|
|
|
1,514,068 |
|
433,328 |
|
|
|
|
|
|
|
|
|
|
|
Average number of employees during the year |
Number |
Number |
|
|
Administration |
16 |
|
12 |
|
Distribution |
17 |
|
2 |
|
|
|
|
|
|
33 |
|
14 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Interest payable |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans and overdrafts |
60,449 |
|
59,703 |
|
Other loans |
12,846 |
|
18,064 |
|
Finance charges payable under finance leases and hire purchase contracts |
|
369,350 |
|
290,942 |
|
|
|
|
|
|
442,645 |
|
368,709 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Taxation |
2025 |
|
2024 |
| £ |
£ |
|
Analysis of charge in period |
|
Current tax: |
|
UK corporation tax on profits of the period |
151,600 |
|
13,200 |
|
|
|
|
|
|
|
|
|
|
Deferred tax: |
|
Origination and reversal of timing differences |
125,980 |
|
195,170 |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit on ordinary activities |
277,580 |
|
208,370 |
|
|
|
|
|
|
|
|
|
|
|
Factors affecting tax charge for period |
|
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
|
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
Profit on ordinary activities before tax |
529,389 |
|
812,407 |
|
|
|
|
|
|
|
|
|
|
Standard rate of corporation tax in the UK |
25% |
|
25% |
|
| £ |
£ |
|
Profit on ordinary activities multiplied by the standard rate of corporation tax |
|
132,347 |
|
203,102 |
|
|
Effects of: |
|
Expenses not deductible for tax purposes |
81,517 |
|
2,665 |
|
Capital allowances for period in excess of depreciation |
(62,264) |
|
(175,842) |
|
Utilisation of tax losses |
- |
|
(16,725) |
|
|
Current tax charge for period |
151,600 |
|
13,200 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery |
|
Motor vehicles |
|
Total |
|
|
At cost |
|
At cost |
|
At cost |
| £ |
£ |
£ |
£ |
|
Cost or valuation |
|
At 1 April 2024 |
49,497 |
|
260,082 |
|
8,702,888 |
|
9,012,467 |
|
Additions |
- |
|
255,843 |
|
3,360,306 |
|
3,616,149 |
|
Disposals |
(49,497) |
|
(93,029) |
|
(2,223,209) |
|
(2,365,735) |
|
At 31 March 2025 |
- |
|
422,896 |
|
9,839,985 |
|
10,262,881 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2024 |
32,778 |
|
136,097 |
|
3,774,439 |
|
3,943,314 |
|
Charge for the year |
- |
|
89,077 |
|
1,641,052 |
|
1,730,129 |
|
On disposals |
(32,778) |
|
(71,561) |
|
(1,760,868) |
|
(1,865,207) |
|
At 31 March 2025 |
- |
|
153,613 |
|
3,654,623 |
|
3,808,236 |
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
At 31 March 2025 |
- |
|
269,283 |
|
6,185,362 |
|
6,454,645 |
|
At 31 March 2024 |
16,719 |
|
123,985 |
|
4,928,449 |
|
5,069,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
Carrying value of plant and machinery included above held under finance leases and hire purchase contracts |
|
5,213,372 |
|
4,147,790 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Stocks |
2025 |
|
2024 |
| £ |
£ |
|
|
Finished goods and goods for resale |
66,507 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 11 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
2,495,399 |
|
1,956,404 |
|
Other debtors |
669,843 |
|
698,991 |
|
|
|
|
|
|
3,165,242 |
|
2,655,395 |
|
|
|
|
|
|
|
|
|
|
| 12 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans |
- |
|
50,000 |
|
Obligations under finance lease and hire purchase contracts |
2,194,808 |
|
1,458,131 |
|
Trade creditors |
819,893 |
|
669,045 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
190,000 |
|
- |
|
Corporation tax |
114,755 |
|
- |
|
Other taxes and social security costs |
485,095 |
|
421,355 |
|
Other creditors |
656,851 |
|
150,548 |
|
|
|
|
|
|
4,461,402 |
|
2,749,079 |
|
|
|
|
|
|
|
|
|
|
| 13 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans |
- |
|
31,953 |
|
Obligations under finance lease and hire purchase contracts |
3,443,349 |
|
3,116,259 |
|
Other creditors |
- |
|
37,500 |
|
|
|
|
|
|
3,443,349 |
|
3,185,712 |
|
|
|
|
|
|
|
|
|
|
| 14 |
Obligations under finance leases and hire purchase |
2025 |
|
2024 |
|
contracts |
£ |
£ |
|
|
Amounts payable: |
|
Within one year |
2,194,808 |
|
1,458,131 |
|
Within two to five years |
3,443,349 |
|
3,116,259 |
|
|
|
|
|
|
5,638,157 |
|
4,574,390 |
|
|
|
|
|
|
|
|
|
|
Obligations under finance leases and hire purchase contracts are secured on the assets concerned. |
|
|
| 15 |
Deferred taxation |
2025 |
|
2024 |
| £ |
£ |
|
|
Accelerated capital allowances |
787,670 |
|
661,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
|
At 1 April |
661,690 |
|
466,520 |
|
Charged to the profit and loss account |
125,980 |
|
195,170 |
|
|
At 31 March |
787,670 |
|
661,690 |
|
|
|
|
|
|
|
|
|
|
|
| 16 |
Share capital |
Nominal |
|
2025 |
|
2025 |
|
2024 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
3,000 |
|
3,000 |
|
100 |
|
|
|
|
|
|
|
|
|
| Nominal |
Number |
Amount |
| value |
£ |
|
Shares issued during the period: |
|
Ordinary shares |
£1 each |
|
2,900 |
|
2,900 |
|
|
|
|
|
|
|
|
| 17 |
Profit and loss account |
2025 |
|
2024 |
| £ |
£ |
|
|
At 1 April |
1,664,307 |
|
1,422,770 |
|
Profit for the financial year |
251,809 |
|
604,037 |
|
Dividends |
(490,000) |
|
(362,500) |
|
|
At 31 March |
1,426,116 |
|
1,664,307 |
|
|
|
|
|
|
|
|
|
|
| 18 |
Dividends |
2025 |
|
2024 |
| £ |
£ |
|
|
Dividends on ordinary shares (note 17) |
490,000 |
|
362,500 |
|
|
|
|
|
|
|
|
|
|
|
| 19 |
Controlling party |
|
|
The company is controlled by the directors and members of their family. |
|
|
| 20 |
Presentation currency |
|
|
The financial statements are presented in Sterling. |
|
|
| 21 |
Legal form of entity and country of incorporation |
|
|
Weaver Haulage Limited is a private company limited by shares and incorporated in England. |
|
|
| 22 |
Principal place of business |
|
|
The address of the company's registered office is: |
|
|
Weaver Farm |
|
Rue Hill |
|
Stoke on Trent |
|
Staffordshire |
|
ST10 3HE |