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Company Registration Number: 02938633 WALKERS TRANSPORT MIDLANDS LIMITED FINANCIAL STATEMENTS 28 DECEMBER 2025
WALKERS TRANSPORT MIDLANDS LIMITED COMPANY INFORMATION
Directors | J Scott
| S Hobman
| D Balfour
Registered number | 02938633
Registered office | Howley Park Industrial Estate
| Howley Park Road East
| Morley
| Leeds
| England
| LS27 0BN
Independent auditor | Armstrong Watson Audit Limited
| Chartered Accountants & Statutory Auditors
| Third Floor
| 10 South Parade
| Leeds
| West Yorkshire
| LS1 5QS
WALKERS TRANSPORT MIDLANDS LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 5
Directors' Responsibilities Statement | 6
Independent Auditor's Report | 7 - 10
Statement of Comprehensive Income | 11
Statement of Financial Position | 12
Statement of Changes in Equity | 13
Notes to the Financial Statements | 14 - 26
WALKERS TRANSPORT MIDLANDS LIMITED STRATEGIC REPORT FOR THE PERIOD ENDED 28 DECEMBER 2025
Introduction
The Directors present their strategic report together with the financial statements for the year ended 28 December 2025. Principal activity The principal activity of the Company is palletised freight distribution.
Fair review of business
The palletised distribution and warehousing market services a broad spectrum of industry sectors, hence the Company’s activity is a reasonable representation of how the UK economy is operating. The UK’s GDP increased slightly during 2025; a combination of higher prices and tighter financial conditions suppressed general demand for goods and therefore the movement of goods. As a result, the UK logistics market has been competitive and challenging. However the Company’s focus on maintaining high service standards for customers has led to improved customer retention and volume growth. The result for the Company for the year show a profit before tax of £153,306 (2024 - £93,127). At the end of the year the Company's net assets totalled £3,963,709 (2024 - £3,887,371). The Directors consider that the most relevant key performance indicators for the business are turnover and EBITDA. EBITDA is calculated as operating profit as set out in the income statement with amounts added back for depreciation and amortisation.
| 2025 | 2024
| £ | £
Operating profit | 187,812 | 132,030
Depreciation | 229,206 | 189,847
Loss on disposal of fixed assets | 65,231 | -
Bank charges | 7,351 | 4,353
EBITDA | 489,600 | 326,230
Page 1
WALKERS TRANSPORT MIDLANDS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 28 DECEMBER 2025
Principal risks and uncertainties
Various conflicts around the world, international trade negotiations and UK government fiscal policies are creating uncertainty in the UK economy. This is leading to forecasts of suppressed demand and an increased cost of living in the UK, together with an inflationary risk on the company’s supplies. It is uncertain how long markets will be affected. The Company has experienced an increase in trading in the early part of 2026. Although uncertainty in the economy exists, the directors believe the current proposition provides significant scope for further growth. The business is well invested and has the appropriate levels of finance available to support the growth strategy. The key risks facing the Company are those consistent within the sector, namely inflation and volatility in customer demand. Both risks can affect the Company’s profitability. The Company has memberships with a pallet network, which supplements the capacities of the Company’s fleet and provides a buffer in volatile times. Management maintains close relationships with key customers and focus on providing a high quality service. The businesses principal financial instruments comprise: cash balances, trade debtors, trade creditors, fuel hedging and finance lease arrangements. The main purpose of these instruments is to ensure that the business' operations are adequately financed at all times. In respect of bank balances, liquidity risk is managed by utilising an Invoice Discounting facility. Where surplus funds are available these are invested to maximise returns. The group’s credit risk is managed via the maintenance of credit policies aimed at minimising losses and by the maintenance of a whole turnover credit insurance policy. Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet agreed supplier credit terms.
Future developments
Uncertainty within the UK economy is likely to prevail over the short to medium term. Nevertheless, the Directors remain confident that they can continue to grow revenue and improve profitability, by continuing to provide market leading levels of customer service. This report was approved by the board and signed on its behalf.
J Scott Director
Date: 31 July 2026
Page 2
WALKERS TRANSPORT MIDLANDS LIMITED DIRECTORS' REPORT FOR THE PERIOD ENDED 28 DECEMBER 2025 The directors present their report and the financial statements for the period ended 28 December 2025.
Principal activity
The principal activity of the Company is palletised freight distribution.
Results and dividends
The profit for the period, after taxation, amounted to £76,338 (2024 - £60,714). No dividends were paid during the year (2024 - £Nil). The Directors do not recommend the payment of a final dividend.
Directors
The directors who served during the period were:
J Scott
S Hobman
D Balfour
A Griggs (appointed 1 January 2025, resigned 24 July 2026)
Future developments
Uncertainty within the UK economy is likely to prevail over the short to medium term. Nevertheless, the Directors remain confident that they can continue to grow revenue and improve profitability, by continuing to provide market leading levels of customer service.
Engagement with employees
The company recognises the importance of strong communication and relations with all its employees and, to this end, is committed to keeping employees fully informed on all matters affecting them. The company utilises the communications functionality within its HR system in order to communicate messages quickly and seamlessly across the workforce. In addition, regular management briefings are conducted at a departmental level in order to cascade information and to allow any issues to be raised.
Engagement with suppliers, customers and others
The company is in regular contact with key suppliers in relation to product / service offering, quality and pricing, with each supplier relationship being the responsibility of nominated roles and individuals. The sales team has built strong relationships with customers through many years’ experience of operating in the transport sector. The sales team meet regularly with customers to obtain feedback on services provided, levels of service and to address any service issues.
Disabled employees
Applications for employment by disabled persons are always considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of staff being disabled every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability.
Qualifying third-party indemnity provisions
The Company has maintained Directors’ and officers’ liability insurance throughout the year and to the date of this report for the benefit of the Company, the Directors and its officers. The Company has entered into qualifying third party indemnity arrangements for the benefit of all of its Directors in a form and scope which comply with the requirements of the Companies Act 2006. Page 3
WALKERS TRANSPORT MIDLANDS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 28 DECEMBER 2025
Going Concern
The financial statements are prepared on a going concern basis which the Directors believe to be appropriate as outlined below. The Directors have prepared forecasts to 30 June 2027, based on revenue run rates in the early part of 2026. These demonstrate that the Company is forecast to generate cash and that the Company has sufficient cash reserves and headroom in borrowing facilities to enable the Company to meet its obligations as they fall due. The forecasts assume a continuation of revenue run rates experienced in the early part of 2026, together with some modest new business gains. Whilst the Directors recognise that it is difficult to predict the overall impact of uncertainty in the UK economy on trading in 2026 and beyond, levels of trading during the early part of 2026 provide a high degree of confidence that the Company can meet its financial forecasts. The group had net current liabilities of £1,351,810 at the balance sheet date (2024: £1,805,131), although this is after taking account of bank borrowings of £2,197,969 (2024: £1,738,333) in respect of an invoice discounting facility, classed as due within one year due to its rolling nature, but which technically has no fixed repayment date. The group have entered into new borrowings post year end and forecasts to June 2027 have been prepared on that basis. The Directors' forecasts indicate that the Group has sufficient cash reserves and headroom in borrowing facilities to enable it to meet its obligations as they fall due, and as such the Directors believe that it is appropriate to prepare the financial statements on a going concern basis.
Greenhouse gas emissions, energy consumption and energy efficiency action
The Company is exempt from the requirements of Streamlined Energy and Carbon Reporting as its ultimate parent undertaking, Walkers Transport Holdings Limited, prepares a consolidated Directors' Report that includes the Company's energy use and greenhouse gas emissions information. The Company has therefore not presented separate SECR disclosures. Matters covered in the Strategic Report In accordance with section 414C(11) of the Companies Act, certain matters required to be detailed in the Directors' Report are detailed in the Strategic Report where the Directors consider them to be of strategic importance to the Group. Page 4
WALKERS TRANSPORT MIDLANDS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 28 DECEMBER 2025
Disclosure of information to auditor
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.
Auditor
The Auditors, Armstrong Watson Audit Limited, will be proposed for reappointment in accordance with section 487(2) of the Companies Act 2006. This report was approved by the board and signed on its behalf.
J Scott Director
Date: 31 July 2026
Page 5
WALKERS TRANSPORT MIDLANDS LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE PERIOD ENDED 28 DECEMBER 2025 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; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 6
WALKERS TRANSPORT MIDLANDS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALKERS TRANSPORT MIDLANDS LIMITED
Opinion
We have audited the financial statements of Walkers Transport Midlands Limited (the 'Company') for the period ended 28 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 28 December 2025 and of its profit for the period then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor'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 United Kingdom, including the Financial Reporting Council'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. Page 7
WALKERS TRANSPORT MIDLANDS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALKERS TRANSPORT MIDLANDS LIMITED (CONTINUED)
Opinion 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 period 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
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 8
WALKERS TRANSPORT MIDLANDS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALKERS TRANSPORT MIDLANDS LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational healthmand employment legislation. ∙We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance. ∙We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period. ∙The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls. ∙We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above. ∙We enquired of the directors and third-party advisors about actual and potential litigation and claims. ∙We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. ∙In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias. Due 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, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or noncompliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. Page 9
WALKERS TRANSPORT MIDLANDS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WALKERS TRANSPORT MIDLANDS LIMITED (CONTINUED)
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. Steven Williams (Senior Statutory Auditor) for and on behalf of Armstrong Watson Audit Limited Chartered Accountants & Statutory Auditors Leeds 4 August 2026 Page 10
WALKERS TRANSPORT MIDLANDS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 28 DECEMBER 2025
| 2025 | 2024
| £ | £
Turnover | 4 | 12,062,763 | 10,677,313
Cost of sales |  | (9,417,373) | (8,327,776)
Gross profit |  | 2,645,390 | 2,349,537
Administrative expenses |  | (2,457,578) | (2,217,507)
Operating profit | 5 | 187,812 | 132,030
Interest payable and similar expenses | 9 | (34,506) | (38,903)
Profit before tax |  | 153,306 | 93,127
Tax on profit | 10 | (76,968) | (32,413)
Profit for the financial period |  | 76,338 | 60,714
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024: £NIL).
The notes on pages 14 to 26 form part of these financial statements.
Page 11
WALKERS TRANSPORT MIDLANDS LIMITED REGISTERED NUMBER: 02938633 STATEMENT OF FINANCIAL POSITION AS AT 28 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 962,597 |  | 634,939
|  |  | 962,597 |  | 634,939
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 12 | 7,312,555 |  | 7,485,803 |
Bank and cash balances |  | 246,837 |  | 145,576 |
|  | 7,559,392 |  | 7,631,379 |
Creditors: amounts falling due within one year | 13 | (4,434,301) |  | (4,326,699) |
Net current assets |  |  | 3,125,091 |  | 3,304,680
Total assets less current liabilities |  |  | 4,087,688 |  | 3,939,619
Creditors: amounts falling due after more than one year | 14 |  | - |  | (12,542)
Provisions for liabilities |  |  |  |  |
Deferred tax | 16 | (123,979) |  | (39,706) |
|  |  | (123,979) |  | (39,706)
Net assets |  |  | 3,963,709 |  | 3,887,371
Capital and reserves |  |  |  |  |
Called up share capital | 17 |  | 1,000 |  | 1,000
Profit and loss account |  |  | 3,962,709 |  | 3,886,371
|  |  | 3,963,709 |  | 3,887,371
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J Scott
Director
Date: 31 July 2026
The notes on pages 14 to 26 form part of these financial statements. Page 12
WALKERS TRANSPORT MIDLANDS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 28 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 1,000 | 3,825,657 | 3,826,657
Comprehensive income for the period |  |  |
Profit for the period | - | 60,714 | 60,714
Total comprehensive income for the period | - | 60,714 | 60,714
At 29 December 2024 | 1,000 | 3,886,371 | 3,887,371
Comprehensive income for the period |  |  |
Profit for the period | - | 76,338 | 76,338
Total comprehensive income for the period | - | 76,338 | 76,338
At 28 December 2025 | 1,000 | 3,962,709 | 3,963,709
| The notes on pages 14 to 26 form part of these financial statements.
Page 13
WALKERS TRANSPORT MIDLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 DECEMBER 2025
1. | General information
Walkers Transport Midlands Limited is a private company, limited by shares, incorporated in England and Wales under the Companies Act 2006. The address of the registered office is shown on the Company Information page. The nature of the Company’s operations and its principal activities are outlined in the Directors' Report. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 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:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Walkers Transport Holdings Limited as at 28 December 2025 and these financial statements may be obtained from Howley Park Road East Howley Park Industrial Estate, Morley, Leeds, West Yorkshire, LS27 0BN. Page 14
WALKERS TRANSPORT MIDLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The financial statements are prepared on a going concern basis which the Directors believe to be appropriate as outlined below. The Directors have prepared forecasts to 30 June 2027, based on revenue run rates in the early part of 2026. These demonstrate that the Company is forecast to generate cash and that the Company has sufficient cash reserves and headroom in borrowing facilities to enable the Company to meet its obligations as they fall due. The forecasts assume a continuation of revenue run rates experienced in the early part of 2026, together with some modest new business gains. Whilst the Directors recognise that it is difficult to predict the overall impact of uncertainty in the UK economy on trading in 2026 and beyond, levels of trading during the early part of 2026 provide a high degree of confidence that the Company can meet its financial forecasts. The group had net current liabilities of £1,351,810 at the balance sheet date (2024: £1,805,131), although this is after taking account of bank borrowings of £2,197,969 (2024: £1,738,333) in respect of an invoice discounting facility, classed as due within one year due to its rolling nature, but which technically has no fixed repayment date. The Directors' forecasts indicate that the Company has sufficient cash reserves and headroom in borrowing facilities to enable it to meet its obligations as they fall due, and as such the Directors believe that it is appropriate to prepare the financial statements on a going concern basis
| 2.4 | Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of services to customers. Haulage turnover is recognised on the completion of the delivery of pallets to the given customer and once proof of delivery exists. Turnover is also recognised in storage sales, whereby revenue is generated through holding pallets for customers. The turnover is recognised once the pallet is in warehouse storage and the invoice has been raised. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. 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 lessee's benefit from the use of the leased asset.
| 2.6 | Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Page 15
WALKERS TRANSPORT MIDLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Finance costs
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.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
| 2.9 | Pensions
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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the period 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 reporting 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 reporting 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 reporting date. Page 16
WALKERS TRANSPORT MIDLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets
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. 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:
|  |  |  | Plant and machinery | - | 20% | reducing balance
|  |  |  | Motor vehicles | - | 25% | reducing balance
|  |  |  | Fixtures and fittings | - | 15% | reducing balance
|  |  |  | Computer equipment | - | 25% | straight line
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.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 17
WALKERS TRANSPORT MIDLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 DECEMBER 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the Directors have had to make the following judgements and key sources of estimations of uncertainty: ∙Tangible fixed assets (see note 11) Tangible fixed assets are depreciated over their useful lives, taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issue such as future market conditions, the remaining life of the asset and projected disposal values. ∙Impairment of debtors (see note 12) The Company makes an estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, management consider factors which include the current credit rating of the debtor, the ageing profile of the debtors and historical experience.
4. | Turnover
The whole of the turnover is attributable to palletised freight distribution.
| All turnover arose within the United Kingdom.
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WALKERS TRANSPORT MIDLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 DECEMBER 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation | 229,206 | 189,847
| Other operating lease rentals | 193,755 | 173,774
6. | Auditor's remuneration
| During the period, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 11,150 | 10,620
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
7. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,757,672 | 1,814,344
| Social security costs | 185,980 | 153,907
| Cost of defined contribution scheme | 35,966 | 40,223
|  | 1,979,618 | 2,008,474
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 58 | 57
8. | Directors' remuneration
| The emoluments of the Directors are paid by a fellow group undertaking without recourse. The Directors are common to a number of fellow subsidiaries and it is therefore not possible to make an accurate apportionment of their emoluments in respect of services to each of the individual subsidiaries.
Page 19
WALKERS TRANSPORT MIDLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 DECEMBER 2025
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 8,835 | 16,300
| Other loan interest payable | 24,042 | 19,567
| Finance leases and hire purchase contracts | 1,629 | 3,036
|  | 34,506 | 38,903
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | - | 70,290
| Adjustments in respect of previous periods | (7,305) | -
|  | (7,305) | 70,290
| Total current tax | (7,305) | 70,290
| Deferred tax |  |
| Origination and reversal of timing differences | 83,214 | (37,877)
| Adjustments in respect of prior periods | 1,059 | -
| Total deferred tax | 84,273 | (37,877)
| Tax on profit | 76,968 | 32,413
Page 20
WALKERS TRANSPORT MIDLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 DECEMBER 2025 10.Taxation (continued)
| Factors affecting tax charge for the period
| The tax assessed for the period is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 153,306 | 93,128
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 38,327 | 23,282
| Effects of: |  |
| Adjustments to tax charge in respect of prior periods | (7,305) | -
| Adjustments to tax charge in respect of prior periods - deferred tax | 1,059 | -
| Fixed asset timing differences | - | 3,203
| Expenses not deductible for tax purposes | - | 6,366
| Movement in deferred tax not recognised | - | (438)
| Group relief | 44,887 | -
| Total tax charge for the period | 76,968 | 32,413
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 21
WALKERS TRANSPORT MIDLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 DECEMBER 2025
11. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 29 December 2024 | 18,917 | 1,181,214 | 583,431 | 7,958 | 1,791,520
| Additions | 4,485 | 607,522 | 2,115 | 8,575 | 622,697
| Disposals | - | (450,143) | - | - | (450,143)
| At 28 December 2025 | 23,402 | 1,338,593 | 585,546 | 16,533 | 1,964,074
| Depreciation |  |  |  |  |
| At 29 December 2024 | 15,229 | 934,856 | 203,911 | 2,585 | 1,156,581
| Charge for the period on owned assets | 4,331 | 124,341 | 98,145 | 2,389 | 229,206
| Disposals | - | (384,310) | - | - | (384,310)
| At 28 December 2025 | 19,560 | 674,887 | 302,056 | 4,974 | 1,001,477
| Net book value |  |  |  |  |
| At 28 December 2025 | 3,842 | 663,706 | 283,490 | 11,559 | 962,597
| At 28 December 2024 | 3,688 | 246,358 | 379,520 | 5,373 | 634,939
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 540,173 | 137,558
|  | 540,173 | 137,558
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WALKERS TRANSPORT MIDLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 DECEMBER 2025
12. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,891,363 | 1,841,886
| Amounts owed by group undertakings | 4,907,295 | 5,379,459
| Other debtors | 70,859 | 80,723
| Prepayments and accrued income | 194,790 | 183,735
| Invoice discounting | 248,248 | -
|  | 7,312,555 | 7,485,803
| Amounts owed by group undertakings are interest free and repayable on demand. Other borrowings relate to an invoice discounting facility with the bank. Interest is charged at a rate of 6.8% per annum for use of the facility. In the prior year this was included within other borrowings.
13. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other borrowings | - | 363,808
| Trade creditors | 1,069,571 | 1,169,854
| Amounts owed to group undertakings | 2,736,610 | 2,335,590
| Corporation tax | - | 69,917
| Other taxation and social security | 222,475 | 197,078
| Obligations under finance lease and hire purchase contracts | 13,006 | 15,493
| Other creditors | 8,641 | 6,763
| Accruals and deferred income | 383,998 | 168,196
|  | 4,434,301 | 4,326,699
| Other borrowings relate to an invoice discounting facility with the bank. Interest is charged at a rate of 6.8% per annum for use of the facility. In the current year this was included within other debtors. Amounts owed to group undertakings are unsecured, interest-free, have no fixed repayment date and are repayable on demand. Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.
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WALKERS TRANSPORT MIDLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 DECEMBER 2025
14. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | - | 12,542
|  | - | 12,542
15. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 13,006 | 15,493
| Between 1-5 years | - | 12,542
|  | 13,006 | 28,035
16. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (39,706)
| Charged to profit or loss | (84,273)
| At end of year | (123,979)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (127,275) | (39,706)
| Tax losses carried forward | 982 | -
| Short term timing differences | 2,314 | -
|  | (123,979) | (39,706)
Page 24
WALKERS TRANSPORT MIDLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 DECEMBER 2025
17. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2024 - 1,000) Ordinary shares shares of £1.00 each | 1,000 | 1,000
18. | Reserves
Profit and loss account This represents the retained profit/(losses) of the company over time.
19. | Contingent liabilities
Walkers Transport Midlands Limited has provided a cross guarantee against other borrowings of fellow group companies. At the year end the Company's exposure under this guarantee was £2,197,969 (2024: £1,266,526). In addition the Company has also provided cross guarantees against loan notes included in fellow group company TCP Bidco (California) Limited. At the year the total liability of the loan notes was £16,528,401 (2024: £11,710,200). Subsequent to the year end, the borrowings of a fellow group company and loan notes were repaid in full on 15 May 2026, with all related security and charges being released on the same date. On 19 May 2026, Walkers Transport Midlands Limited has provided a cross guarantee against other borrowings of a fellow group companies.
20. | Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £35,966 (2024 - £40,223). Contributions totalling £8,641 (2024 - £6,765) were payable to the fund at the reporting date and are included in creditors.
21. | Commitments under operating leases
| At 28 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 464,327 | 345,355
| Later than 1 year and not later than 5 years | 841,702 | 749,664
|  | 1,306,029 | 1,095,019
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WALKERS TRANSPORT MIDLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 DECEMBER 2025
22. | Related party transactions
| The Company has taken advantage of the exemption available in Section 33.1a of FRS 102 whereby it has not disclosed transactions with ultimate parent company or wholly owned subsidiary undertaking of the group.
23. | Controlling party
The immediate parent undertaking of the Company is Stockbridge Investments Limited, a company incorporated in England and Wales. The registered office of Stockbridge Investments Limited is Howley Park Industrial Estate, Morley, Leeds, England, LS27 0BN. The ultimate parent undertaking, and parent undertaking of the smallest and largest group for which consolidated accounts are prepared is, Walkers Transport Holdings Limited. The registered office of Walkers Transport Holdings Limited is Howley Park Industrial Estate, Morley, Leeds, England, LS27 0BN. Consolidated accounts of Walkers Transport Holdings Limited are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF 14 3UZ. To 15th May 2026, the ultimate controlling party is considered to be Total Capital Partners California Investment LP by virtue of a collective majority shareholding in Walkers Transport Holdings Limited. From 15th May 2026, the ultimate controlling party is considered to be Framtid Midco 4 Limited following the acquisition of the majority shareholding.
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