REGISTERED NUMBER: 00970056 (England and Wales)

FINANCIAL STATEMENTS FOR THE PERIOD 2 FEBRUARY 2025 TO 31 JANUARY 2026

FOR

WALTER EDMUNDSON (HAULAGE) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr D Hall

Mr J L Van Den Heever

REGISTERED OFFICE:

8 Prospect Place

Off Prescot Road

East Pimbo

Skelmersdale

Lancashire

WN8 9QD

REGISTERED NUMBER:

00970056 (England and Wales)

AUDITORS:

Moore Dixon LP

26-28 Athol Street

Douglas

Isle of Man

IM1 IJB

BANKERS:

HSBC plc

40 Fishergate

Preston

Lancashire

PR1 2AD

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

124,373

27,417

124,373

27,417

CURRENT ASSETS

Stocks

2,454

265

Debtors

7

2,302,535

207,402

Cash in hand

1,559

60,706

2,306,548

268,373

CREDITORS

Amounts falling due within one year

8

3,288,121

424,804

NET CURRENT LIABILITIES

(981,573

)

(156,431

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(857,200

)

(129,014

)

PENSION ASSET

13

436,000

263,000

NET (LIABILITIES)/ASSETS

(421,200

)

133,986

CAPITAL AND RESERVES

Called up share capital

10

1,800

1,800

Retained earnings

11

(423,000

)

132,186

SHAREHOLDERS' FUNDS

(421,200

)

133,986

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2026 and were signed on its behalf by:

Mr D Hall - Director

Mr J L Van Den Heever - Director

1.	STATUTORY INFORMATION

Walter Edmundson (Haulage) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The company's main trading address is the same as the registered office which can be found on the company information page of these financial statements.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Judgements and key sources of estimation uncertainty

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

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

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for haulage services provided in the normal course of business, and is shown net of VAT and trade discounts.

Intangible assets other than goodwill

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Amortisation is provided in order to write off each licence over its estimated useful life.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on cost

Motor vehicles

-

20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value.

Stocks

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

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' .

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial instruments, which includes trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at the market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument's measured at present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.If not they are presented as non-current liabilities. Trade payables are recognised at transaction price and subsequently measure at amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Pension costs and other post-retirement benefits

For the company's defined benefit scheme the amounts charged to operating profit are the gains and losses on settlement and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the profit and loss account. If the benefits have not vested immediately the costs are recognised over the period until vesting occurs. The interest cost and the expected returns on assets are shown as a net amount of other finance income adjacent to interest in the profit and loss account.

Actuarial gains and losses are recognised immediately in the statement of other comprehensive income.

The assets of the pension scheme are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate on a high quality corporate bond equivalent currency and term to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The resulting defined benefit asset or liability, net of the related deferred tax, is presented separately after other net assets on the face of the balance sheet.

Employer contributions made to the company's stakeholder and other defined contributions schemes are charged to the profit and loss in the period to which they relate.

Going concern

The company has continued a trend of reporting a loss in the period to 31 January 2026 being £623,186 (year ended 1 February 2025: loss £308,333). The balance sheet at 31 January 2026 shows a net current liability position of £981,573 (1 February 2025: net current liability position £156,431). The entity has a deficit in shareholder funds of £421,200 at the 31 January 2026 (1 February 2025: surplus £133,986). The above losses and net current liability position may indicate conditions that may cause a material uncertainty in relation to going concern to exist. However, the ultimate parent company, Heron and Brearley Holdings Limited, have agreed to continue to provide financial support to the company to facilitate the continuing trade of the company for a period of 12 months from date of approval of the 31 January 2026 financial statements.

Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to settle the obligation is recognised at its present value. When a provision is measured at present value, the unwinding of the discount as a finance cost in the profit or loss in the period in which it arises.

Employee benefits

The costs of short term benefits are recognised as a liability and an expense, unless those costs are required to be recognised as stock.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received. This is only recognised if considered to be material.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Expenses

Expenses are accounted for on an accruals basis.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 35 (2025 - 33 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 2 February 2025

and 31 January 2026

103,518

12,007

115,525

AMORTISATION

At 2 February 2025

and 31 January 2026

103,518

12,007

115,525

NET BOOK VALUE

At 31 January 2026

-

-

-

At 1 February 2025

-

-

-

6.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 2 February 2025

92,337

16,599

108,936

Additions

111,604

3,220

114,824

At 31 January 2026

203,941

19,819

223,760

DEPRECIATION

At 2 February 2025

71,634

9,885

81,519

Charge for period

15,176

2,692

17,868

At 31 January 2026

86,810

12,577

99,387

NET BOOK VALUE

At 31 January 2026

117,131

7,242

124,373

At 1 February 2025

20,703

6,714

27,417

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/26

1/2/25

£

£

Trade debtors

97,065

72,940

Amounts owed by group undertakings

2,170,237

-

Prepayments and accrued income

35,233

134,462

2,302,535

207,402

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/26

1/2/25

£

£

Trade creditors

152,698

232,421

Amounts owed to group undertakings

2,988,286

26,332

Social security and other taxes

95,976

128,592

Accrued expenses

51,161

37,459

3,288,121

424,804

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/1/26

1/2/25

£

£

Within one year

170,907

193,381

Between one and five years

165,853

73,151

336,760

266,532

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/1/26

1/2/25

value:

£

£

1,800

Ordinary shares

£1

1,800

1,800

11.

RESERVES

Retained

earnings

£

At 2 February 2025

132,186

Deficit for the period

(623,186

)

Actuarial gain

68,000

At 31 January 2026

(423,000

)

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Dixon BA BFP FCA (Senior Statutory Auditor)

for and on behalf of Moore Dixon LP

We draw attention to note 3 in the financial statements, which states that the company has continued a

trend of reporting a loss in the period to 31 January 2026 being £623,186 (year ended 1 February 2025:

loss £308,333).. The balance sheet at 31 January 2026 shows a net current liability position of £981,573

(1 February 2025: net current liabilities position £156,431). The entity has a deficit in shareholder funds of

£421,200 at the 31 January 2026 (1 February 2025: surplus £133,986).

The above losses and net current liability position may indicate conditions that may cause a material uncertainty in relation to going concern to exist. However, the ultimate parent company, Heron and Brearley Holdings Limited, have agreed to continue to provide financial support to the company to facilitate the continuing trade of the company for a period of 12 months from date of approval of the 31 January 2026 financial statements.

13.	EMPLOYEE BENEFIT OBLIGATIONS

The company operates a pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the company. Contributions to the scheme are charged to the profit and loss account so as to spread the cost of pensions over employees' working lives with the company. The contributions are determined by a qualified actuary on the basis of triennial valuations using the projected unit method. The most recent valuation was as at 6 April 2022. The assumptions that have the most significant effect on the results of the valuation are those relating to the rate of return on investments and the rate of increase in salaries and pensions.

The total contributions paid in respect of this scheme were £122,000 (2025: £71,000).

The company has agreed a schedule of contributions on 5 July 2023 following the 6 April 2022 triennial valuation.

Contributions in respect of the one remaining member :

From 1 October 2020, employer contributions of 13.8% per annum of pensionable earnings in respect of active members have been made. The schedule of contributions agreed on 5 July 2023, shows that this percentage will remain at 23.7% per annum.

The company has agreed to pay deficit repair contributions.

The employer will pay £70,000 per annum from 1 July 2023 until 6 February 2033. The payments will be made as equal monthly installments.

Employees contributions are to remain at 6% of pensionable payroll.

The company also contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the administered fund described above. The pension cost charge represents contributions payable by the company to the fund and amounted to £27,342 (2025: £18,246).

The amounts recognised in profit or loss are as follows:

Defined benefit

pension plans

31/1/26

1/2/25

£

£

Current service cost

32,000

11,000

Net interest from net defined benefit asset/liability

(15,000

)

(5,000

)

Past service cost

-

-

17,000

6,000

Actual return on plan assets

146,000

37,000

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit

pension plans

31/1/26

1/2/25

£

£

Opening defined benefit obligation

(263,000

)

(134,000

)

Current service cost

32,000

11,000

Contributions by employer

(122,000

)

(71,000

)

Net interest cost

(15,000

)

(5,000

)

Actuarial losses/(gains)

(68,000

)

(64,000

)

(436,000

)

(263,000

)

Changes in the fair value of scheme assets are as follows:

Defined benefit

pension plans

31/1/26

1/2/25

£

£

Opening fair value of scheme assets

1,352,000

1,260,000

Contributions by employer

122,000

71,000

Contributions by scheme participants

2,000

1,000

Expenses paid by scheme

(28,000

)

(9,000

)

Interest income

73,000

37,000

Benefits paid

(45,000

)

(34,000

)

Gain/ loss on asset return

in excess of interest income

(21,000

)

26,000

1,455,000

1,352,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit

pension plans

31/1/26

1/2/25

£

£

Actuarial gains/(losses)

68,000

64,000

68,000

64,000

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit

pension plans

31/1/26

1/2/25

£

£

Pooled investment vehicles

1,318,000

1,102,000

Cash

64,000

105,000

Insured annuities

73,000

145,000

1,455,000

1,352,000

Changes in the fair value of scheme liabilities are as follows:

Defined benefit

pension plans

2026

2025

£

£

Value of liabilities at 2 February 2025/30 June 2024

1,089,000

1,126,000

Current service cost

4,000

2,000

Interest on liabilities

58,000

32,000

Member contributions

2,000

1,000

Experience loss (gain) on liabilities

-

-

Loss (gain) on changes in financial assumptions

(35,000

)

(35,000

)

Loss (gain) on changes in demographic assumptions

9,000

-

Loss (gain) on experience adjustment

(63,000

)

(3,000

)

Benefits paid

(45,000

)

(34,000

)

Value of liabilities at 31 January 2026 / 1 February 2025

1,019,000

1,089,000

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

31/1/26

1/2/25

Discount rate

5.55%

5.35%

Future salary increases

2.00%

2.00%

Future pension increases RPI max 5%

2.90%

3.00%

The 6 April 2022 triennial report of the Scheme assumed post-retirement mortality experience to be in line with S3NxA tables based on occupational pension scheme data.. An allowance was made for future mortality improvements in line with CMI 2021 projections with a 1.50% p.a. long term trend for males and a 1.00% p.a. long term trend for females.

Under this mortality assumption as at 31 January 2026, the expected future lifetime for a member retiring at 65 at the accounting date would be 21.4 years for males and 23.8 years for females. As a result of expected improvements to mortality in the future, the future expectation of life at retirement for a member retiring at 65 in 20 years' time would be 22.4 years for males and 24.9 years for females.

In accordance with the Sale and Purchase Agreement entered into with the sellers of Manx Independent Carriers (acquired on 20 January 2025), an amount of £171,500 was deducted from the purchase price. This deduction represents 50% of the upper limit of the scheme actuary's preliminary estimate of the potential increase in the Walter Edmunson Pension and Assurance Scheme's liabilities.

Under the terms of the agreement, this adjustment will be revisited once the ongoing legal review is concluded and, if applicable, the Trustees determine to amend the basis of valuation. Should no additional obligation ultimately arise, or the final valuation be lower than the provisional estimate, a reimbursement may become payable to the sellers. Any such adjustment will be recognised in accordance with FRS 102 at the point the underlying obligation becomes clear.

14.	RELATED PARTY DISCLOSURES

During the year the company had transactions with various related party companies, being Manx Independent Carriers Limited, Heron Brearley Limited, Trade Distribution Limited and Davenory Limited.

During the year sales of £2,159,314 (2025: £1,358,450) were made to Manx Independent Carriers Limited.

The following purchases were made during the year:

2026

2025

£

£

Manx Independent Carriers Limited

14,408

21,854

Davenory Limited

52,000

39,000

The following balances were outstanding at the balance sheet date.

2026

2025

£

£

Due to Manx Independent Carriers Limited

-

26,332

Due from Manx Independent Carriers Limited

1,947,721

-

Due to Heron and Brearley Limited

2,936,065

-

Due to Trade Distribution Limited

52,221

-

Due from Davenory Limited

222,516

-

15.	SUBSEQUENT EVENTS

The directors have considered all events occurring between the reporting date and the date these financial statements were authorised for issue. No events have occurred which require adjustment to, or disclosure in, the financial statements in accordance with Section 32 of FRS 102.

16.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be Heron and Brearley Holdings Limited, a company based in the Isle of Man.

The consolidated financial statements are drawn up by Heron and Brearley Holdings Limited, whose address is:

Distribution Centre,

Kewaigue

Douglas

IM2 1QG

Isle of Man