Company Registration Number: 14979302
FOR THE PERIOD ENDED 28 DECEMBER 2025
WALKERS TRANSPORT HOLDINGS LIMITED
COMPANY INFORMATION
WALKERS TRANSPORT HOLDINGS LIMITED
CONTENTS
WALKERS TRANSPORT HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 28 DECEMBER 2025
The Directors present their strategic report together with the financial statements for the period ended 28 December 2025. The comparative period covers the period from incorporation on 4 July 2023 to 29 December 2024.
The principal activity of the Group is that of palletised freight distribution.
The principal activity of the Company is that of a holding company.
Corporate Information
Walkers Transport Holdings Limited (“the Company”) is the holding company of TCP Topco (California) Limited and its subsidiaries, which together form the Walkers Transport Holdings group (“the Group”).
The principal activity of the Group is that of palletised freight distribution.
The principal activity of the Company is that of a holding company.
Corporate Information
Walkers Transport Holdings Limited (“the Company”) is the holding company of TCP Topco (California) Limited and its subsidiaries, which together form the Walkers Transport Holdings group (“the Group”).
The palletised distribution and warehousing market services a broad spectrum of industry sectors, hence the Group’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 Group’s focus on maintaining high service standards for customers has led to improved customer retention and volume growth.
The result for the Group for the period shows a loss before tax of £736 (2024: £2,480,195). At the end of the year the Group's net liabilities totalled £3,642,598 (2024: £3,243,105).
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. At the end of the period the Group's EBITDA was £5,741,803.
The result for the Group for the period shows a loss before tax of £736 (2024: £2,480,195). At the end of the year the Group's net liabilities totalled £3,642,598 (2024: £3,243,105).
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. At the end of the period the Group's EBITDA was £5,741,803.
Various conflicts around the world, international trade negotiations and UK government fiscal policies are creating uncertainty in the UK economy. This is leading to supressed forecasts for demand and increased cost of living in the UK together with an inflationary risk on the Group’s supplies. It is uncertain how long markets will be affected.
We’ve 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 group are those consistent within the sector, namely inflation and volatility in customer demand. Both risks can affect the Group’s profitability. The Group has memberships with a pallet network, which supplements the capacities of the Group’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, bank overdrafts, 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.
We’ve 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 group are those consistent within the sector, namely inflation and volatility in customer demand. Both risks can affect the Group’s profitability. The Group has memberships with a pallet network, which supplements the capacities of the Group’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, bank overdrafts, 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.
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WALKERS TRANSPORT HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
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.
Section 172 statement
Under s172 of the Companies Act 2006, the directors have a duty to promote the success of the company for the benefit of its members as a whole, and in so doing have regard to broader stakeholder interests.
As part of the decision making process, the Board consider the potential impact of decisions on relevant stakeholders whilst also having regard to a number of broader factors, including the desirability of the company maintaining a reputation for high standards of business conduct, the impact of the Company’s operations on the community and environment and the likely consequences of decisions in the long term. Where possible, decisions are carefully discussed with affected groups and are therefore fully understood and supported when taken.
Details of our key stakeholders and engagement methods are set out below.
Colleagues
Our people are instrumental to our long term prosperity and we want them to be successful individually and as a team. The company strives to build a culture of engagement, integrity and safety, fostering a supportive environment in which our colleagues and our operations can develop.
The executive directors all undertake ‘hands on’ roles within the business, allowing regular two way communication which ensures that any issues or concerns can be brought to the surface and speedily dealt with. The company has a policy of promoting from within wherever possible, as evidenced by a number of internal promotions which took effect during the year.
The group is committed to enabling colleagues to reach their full potential, and to that end continues to invest in apprenticeships and other training schemes. The group also provides health and welfare schemes for the benefit of colleagues and their families.
Customers
The Group provides transport and storage services to a broad range of customers across a number of different industries. The objective is to deliver a best-in-class service at all times. To this end the group provides dedicated account management and day to day customer service contacts, and carefully monitors performance using ‘on time in full’ metrics. The group strives to be at the forefront of technological developments, providing customers with appropriate tools to enable transactions to be tracked on a real time basis, as well as providing performance metrics to allow service commitments to be monitored.
The Group continues to foster partnership arrangements with customers, as evidenced by a number of long term contracts which embody minimum service standards within service level agreements. We continuously engage with customers on the subject of efficiency and cost optimisation, in order to ensure that we deliver the highest quality of service at a competitive price.
Under s172 of the Companies Act 2006, the directors have a duty to promote the success of the company for the benefit of its members as a whole, and in so doing have regard to broader stakeholder interests.
As part of the decision making process, the Board consider the potential impact of decisions on relevant stakeholders whilst also having regard to a number of broader factors, including the desirability of the company maintaining a reputation for high standards of business conduct, the impact of the Company’s operations on the community and environment and the likely consequences of decisions in the long term. Where possible, decisions are carefully discussed with affected groups and are therefore fully understood and supported when taken.
Details of our key stakeholders and engagement methods are set out below.
Colleagues
Our people are instrumental to our long term prosperity and we want them to be successful individually and as a team. The company strives to build a culture of engagement, integrity and safety, fostering a supportive environment in which our colleagues and our operations can develop.
The executive directors all undertake ‘hands on’ roles within the business, allowing regular two way communication which ensures that any issues or concerns can be brought to the surface and speedily dealt with. The company has a policy of promoting from within wherever possible, as evidenced by a number of internal promotions which took effect during the year.
The group is committed to enabling colleagues to reach their full potential, and to that end continues to invest in apprenticeships and other training schemes. The group also provides health and welfare schemes for the benefit of colleagues and their families.
Customers
The Group provides transport and storage services to a broad range of customers across a number of different industries. The objective is to deliver a best-in-class service at all times. To this end the group provides dedicated account management and day to day customer service contacts, and carefully monitors performance using ‘on time in full’ metrics. The group strives to be at the forefront of technological developments, providing customers with appropriate tools to enable transactions to be tracked on a real time basis, as well as providing performance metrics to allow service commitments to be monitored.
The Group continues to foster partnership arrangements with customers, as evidenced by a number of long term contracts which embody minimum service standards within service level agreements. We continuously engage with customers on the subject of efficiency and cost optimisation, in order to ensure that we deliver the highest quality of service at a competitive price.
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WALKERS TRANSPORT HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
Suppliers
The Group works with a broad range of suppliers in order to support and underpin our operations. We foster strong and positive relationships with our suppliers and work to develop transparent and mutually beneficial partnerships with them. Engagement with our suppliers is important as they are fundamental to the quality of our service and to ensure that as a business, we meet the high standards that we set ourselves and that our customers expect. We engage with our suppliers through regular telephone, email and video contacts. With our more significant suppliers we meet periodically to discuss service levels, rates, environmental considerations and any other matters of importance.
The Group works with a broad range of suppliers in order to support and underpin our operations. We foster strong and positive relationships with our suppliers and work to develop transparent and mutually beneficial partnerships with them. Engagement with our suppliers is important as they are fundamental to the quality of our service and to ensure that as a business, we meet the high standards that we set ourselves and that our customers expect. We engage with our suppliers through regular telephone, email and video contacts. With our more significant suppliers we meet periodically to discuss service levels, rates, environmental considerations and any other matters of importance.
This report was approved by the board and signed on its behalf.
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WALKERS TRANSPORT HOLDINGS 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.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the period, after taxation, amounted to £404,756 (2024 - loss £3,343,105).
No dividends were paid during the period. The Directors do not recommend the payment of a final dividend.
The directors who served during the period were:
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 a dedicated web based platform which is accessible by all employees 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.
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WALKERS TRANSPORT HOLDINGS 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 Group is forecast to generate cash and that the Group has sufficient cash reserves and headroom in borrowing facilities to enable the Group 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 Group 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.
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WALKERS TRANSPORT HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
The Group’s energy consumption, along with the energy intensity metric expressed per metre squared are as follows:
CO2e is calculated per vehicle using vehicle kilometres, gathered from odometer data, multiplied by the estimated KGCO2e per KM value of 0.94353.
KWh for vehicles is calculated using the average laden and average HGV diesel KWh per KM figures provided on the government website:
https://www.gov.uk/government /publications /greenhouse-gas-reporting -conversion -factors-2023
KWh for electricity used in the Group’s properties is provided directly by our fuel suppliers. KGCO2e is then calculated using the fuel mix disclosures shown on their website. This is updated whenever there is a change of supplier.
Most of the Group’s emissions are attributable to the fleet, which it strives to achieve the latest in Euro standards and optimize each vehicle’s utilization to minimize the impact of its carbon footprint. The Group has partnered with a carbon offset scheme, which allows customers to contribute a part of the selling price to meaningful worldwide environmental improvement projects, which goes some way to reducing the net impact on the environment.
KWh for vehicles is calculated using the average laden and average HGV diesel KWh per KM figures provided on the government website:
https://www.gov.uk/government /publications /greenhouse-gas-reporting -conversion -factors-2023
KWh for electricity used in the Group’s properties is provided directly by our fuel suppliers. KGCO2e is then calculated using the fuel mix disclosures shown on their website. This is updated whenever there is a change of supplier.
Most of the Group’s emissions are attributable to the fleet, which it strives to achieve the latest in Euro standards and optimize each vehicle’s utilization to minimize the impact of its carbon footprint. The Group has partnered with a carbon offset scheme, which allows customers to contribute a part of the selling price to meaningful worldwide environmental improvement projects, which goes some way to reducing the net impact on the environment.
The Group’s policy on electric vehicles is to continue to explore opportunities to make use of them. Limitations experienced to date are the time and cost of charging, plus the prohibitive purchase costs and lease costs of electric heavy goods vehicles. The Group will follow the industry’s and government’s lead in what is recommended best practice. Most of the Group’s company car fleet is either electric or hybrid.
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.
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WALKERS TRANSPORT HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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WALKERS TRANSPORT HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALKERS TRANSPORT HOLDINGS LIMITED
We have audited the financial statements of Walkers Transport Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 28 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Consolidated Analysis of Net Debt, the Company 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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.
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 Group's or the parent 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.
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WALKERS TRANSPORT HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALKERS TRANSPORT HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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WALKERS TRANSPORT HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALKERS TRANSPORT HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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 Group 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 health and 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.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' Report.
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WALKERS TRANSPORT HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALKERS TRANSPORT HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
Leeds
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WALKERS TRANSPORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 DECEMBER 2025
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WALKERS TRANSPORT HOLDINGS LIMITED
REGISTERED NUMBER: 14979302
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 28 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 39 form part of these financial statements.
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WALKERS TRANSPORT HOLDINGS LIMITED
REGISTERED NUMBER: 14979302
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 28 DECEMBER 2025
The Company's loss for the year was £217,176 (2024 - £354,957).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 39 form part of these financial statements.
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WALKERS TRANSPORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 DECEMBER 2025
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WALKERS TRANSPORT HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 DECEMBER 2025
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WALKERS TRANSPORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 DECEMBER 2025
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WALKERS TRANSPORT HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
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WALKERS TRANSPORT HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 28 DECEMBER 2025
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WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Walkers Transport Holdings 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 operation and its principal activities are outlined in the Strategic Report.
2.Accounting policies
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 presentation currency of these financial statements is Sterling. All amounts in these financial statements have been rounded to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
2.Accounting policies (continued)
The Directors have prepared forecasts to 30 June 2027, based on revenue run rates in the early part of 2026. These demonstrate that the Group is forecast to generate cash and that the Group has sufficient cash reserves and headroom in borrowing facilities to enable the Group 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 Group 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.
In preparing the separate financial statements of the Parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:
• No cash flow statement or net debt reconciliation has been presented for the Parent Company: and
• No disclosure has been given for the aggregate remuneration of the key management personnel of the Parent Company as their remuneration is included in the totals for the Group as a whole.
• No cash flow statement or net debt reconciliation has been presented for the Parent Company: and
• No disclosure has been given for the aggregate remuneration of the key management personnel of the Parent Company as their remuneration is included in the totals for the Group as a whole.
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 on storage sales, whereby turnover 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 Group and the revenue can be 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.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be 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.
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WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
2.Accounting policies (continued)
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WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss as described below.
Non financial assets
An asset is impaired when there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had the impairment loss not been recognised. Impairment charges are recognised in the profit and loss account.
Non financial assets
An asset is impaired when there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had the impairment loss not been recognised. Impairment charges are recognised in the profit and loss account.
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WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
2.Accounting policies (continued)
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:
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Page 24
WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
2.Accounting policies (continued)
The Group 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 financing transactions, 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 Consolidated 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.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
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 financing transactions, 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 Consolidated 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.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
Page 25
WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 26
WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 27
WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 28
WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 29
WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
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Page 31
WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
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Page 32
WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 33
WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 34
WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
18.Loans (continued)
Page 35
WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
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Page 36
WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
On 3 April 2025, 52,632 Ordinary C shares were issued at a nominal value of £0.10.
The A, B and C shares have attached full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption. Preference share holders are entitled to interest at 8%.
The A, B and C shares have attached full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption. Preference share holders are entitled to interest at 8%.
Profit and loss account
Subsequent to the year end, the borrowings of a fellow group companies and loan notes were repaid in full in May 2026, with all related security and charges being released on the same date.
In May 2026, the Group took out new funding opportunities which involved the provision of cross guarantees.
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in and independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £210,960 (2024 - £227,778 ) in the current accounting period. Contributions totalling £26,647 (2024 - £85,422 ) were payable to the fund at the reporting date and are included in creditors.
Page 37
WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 38
WALKERS TRANSPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
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.
From 15th May 2026, the ultimate controlling party is considered to be Framtid Midco 4 Limited following the acquisition of the majority shareholding.
Page 39