Caseware UK (AP4) 2025.0.111 2025.0.111 2025-12-31 2025-12-31 The tax expense for the year 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 balance sheet 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 balance sheet 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. 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Registered number: 00343359 WELCH'S TRANSPORT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
WELCH'S TRANSPORT LIMITED COMPANY INFORMATION
DIRECTORS | Mr J N Welch
| Mr C N Welch
| Mr D R Welch
COMPANY SECRETARY | Mr J N Welch
REGISTERED NUMBER | 00343359
REGISTERED OFFICE | Moorfield Road
| Duxford
| Cambridge
| CB22 4PS
INDEPENDENT AUDITOR | PEM Audit Limited
| Statutory Auditor
| Salisbury House
| Station Road
| Cambridge
| CB1 2LA
BANKERS | Barclays Bank Plc
| Castle Park
| Castle Hill
| Cambridge
| CB3 0AN
WELCH'S TRANSPORT LIMITED CONTENTS
| Pages
Strategic Report | 1 - 2
Directors' Report | 3 - 5
Independent Auditor's Report | 6 - 9
Statement of Comprehensive Income | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 - 26
WELCH'S TRANSPORT LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
INTRODUCTION
The Directors present their Strategic Report incorporating the business review, which includes the principal risks and uncertainties of the business and key performance indicators.
BUSINESS REVIEW
The Directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of risks and uncertainties faced. Turnover in the year arising from transport related activities amounted to £14,472,015 (2024 - £12,941,712), from motor trade activities amounted to £2,325,913 (2024 - £1,915,939) and from crane hire activities amounted to £167,866 (2024 - £152,755). The Company's operating profit for the year increased from £175,405 to £297,221 with profit before tax increasing from £191,949 to £319,887. The increase in turnover resulted from several large distribution contract wins during the year. The restructuring of the sales and business development function mentioned in last year’s report continues to produce results with further contracts already won in 2026. This is particularly pleasing given that the market was, and continues to be, generally flat and highly competitive. Large contract wins tend to have heavy onboarding costs and take a period to settle down before profits start to flow, which should be reflected in 2026 results. The Company's motor trade activities also saw an increase in turnover from an expanding customer base albeit limited by the Company's ability to recruit additional technicians, a common problem in the sector currently. Customer service levels, measured by objective KPI’s, remained strong and the Company continues to enjoy the benefit of the investment in the Traffic, Dealer and Warehouse Management System implemented in previous years. Capital expenditure on vehicles and trailers remained consistent during the year and in line with the Group's vehicle replacement policies. The refurbishment programme also continued as planned. Trailer prices continue to fall back from the previously inflated levels as do truck prices. Lead times are the lowest that they have been since the pandemic and ‘stock’ vehicles are readily available to purchase. The businesses road to net zero continues with the third EV deployed during the year and with another three on order for delivery in Q2/Q3 2026. The six bay hyper chargers with 1 Mw dedicated supplies will be operational at the Bedford and Duxford depots by the end of Q3 2026, which will future proof both depots for the energy transition that is to come over the next few years. The Company's 75% owned subsidiary undertaking, JPS Installs Limited, had another difficult year and the decision was taken by the Directors to close this business early in 2026. TBM Fulfilment Solution UK Ltd, the Group’s 50% owned e-commerce and fulfilment business, settled into bigger premises and is now well placed for significant growth in the coming years. The Company encompasses all the trading activities of the overall Group, paying management fees to its ultimate parent undertaking, Welch’s Group Holdings Limited. A review of this business will give a better understanding of the Group’s overall financial strength and net worth. Whilst the Directors are aware that any plans for future development of the business may be subject to unforeseen events outside of their control, particularly given the performance of the current administrations both at home and in America, they view the coming year with guarded confidence. Page 1
WELCH'S TRANSPORT LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
PRINCIPAL RISKS AND UNCERTAINTIES
The Company has for many years believed that outright ownership of its asset base and avoiding any form of borrowing is in its best interests and, other than the occasional modest loan for the purchase of property, intends to continue with this policy. As such the Company has little exposure to financial, credit or interest rate risk. The loosening of the capping of Business Property Relief is welcome and has removed an element of the financial burden that the principal shareholders faced at a personal level. The industries that the business operates in can be dangerous, but the Company believes that its systems, processes and general culture limit these risks as far as possible. External consultants support the management team in continually promoting a proactive approach to Health and Safety in all areas of the business. The Company’s Quality and Environmental management system continue to be externally accredited to the ISO 9001 and 14001 standards. The transport depots support the voluntary Freight Operators Recognition Scheme (FORS) with the Cambridge location currently accredited to the silver standard whilst the St Ives depot is accredited to the gold standard.
FINANCIAL KEY PERFORMANCE INDICATORS
The Directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover, operating profit, cash balances and return on capital employed.
OTHER KEY PERFORMANCE INDICATORS
The Directors consider the main other key performance indicators are the delivery performance, compliance, utilisation and productivity of its transport operations, which are monitored daily, and a range of criteria on the motor trade side of the business, which are regularly reviewed by our franchise partners. This report was approved by the Board of Directors and signed on its behalf.
Mr J N Welch Director
Date: 21 July 2026
Page 2
WELCH'S TRANSPORT LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Directors present their report and the financial statements for the year ended 31 December 2025.
PRINCIPAL ACTIVITIES
The principal activities during the year were the provision of transport and motor trade related activities as well as crane hire services.
RESULTS AND DIVIDENDS
The profit for the year, after taxation, amounted to £243,738 (2024 - £145,872). An interim dividend of £250,000 (2024 - £Nil) was paid in the year on the Ordinary shares. The Directors do not recommend the payment of a final dividend (2024 - £Nil).
DIRECTORS
The Directors who served during the year and to the date of this report, were:
Mr J N Welch
Mr C N Welch
Mr D R Welch
The Company maintains insurance, as permitted by Section 233 of the Companies Act 2006, for its Directors against liabilities incurred in relation to the companies within the Group.
DIRECTORS' RESPONSIBILITIES STATEMENT
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 judgements and accounting estimates that are reasonable and prudent: and ∙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 3
WELCH'S TRANSPORT LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
FUTURE DEVELOPMENTS
The Directors intend to continue to grow all areas of the business in the foreseeable future.
FINANCIAL INSTRUMENTS
The Company has exposure to two main areas of risk - liquidity risk and credit risk. To a lesser extent the Company is exposed to interest rate risk. The most significant financial risks to which the Company is exposed are described below: Liquidity risk The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The Company expects to meet its financial obligations through its operating cash flows. In the event that its operating cash flows are insufficient to cover all of the Company's financial obligations, short term flexibility can be obtained through borrowings from fellow group undertakings. Credit risk The Company’s principal financial assets are cash and trade debtors, with the main credit risk arising from its trade debtors. The Company manages credit risk by conducting thorough credit assessments for new and existing customers, setting appropriate credit limits, and continuously monitoring creditworthiness. Credit limits are reviewed on a regular basis in conjunction with debt aging and collection history. Interest rate risk The Company is not exposed to significant interest rate fluctuations as it has no third-party borrowings.
POST BALANCE SHEET EVENTS
There have been no significant events affecting the Company since the year end requiring disclosure.
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. Page 4
WELCH'S TRANSPORT LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
AUDITOR
Our auditor, Peters Elworthy & Moore, transferred their audit registration and therefore that part of their business to a newly incorporated company, PEM Audit Limited, on 1 September 2025. Accordingly, Peters Elworthy & Moore ceased to be the Company’s auditor with the Directors duly appointing PEM Audit Limited to fill the vacancy arising. The auditor, PEM Audit Limited, will be proposed for reappointment in accordance with Section 485 of the Companies Act 2006. This report was approved by the Board of Directors and signed on its behalf.
Mr J N Welch Director
Date: 21 July 2026
Page 5
WELCH'S TRANSPORT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELCH'S TRANSPORT LIMITED
OPINION
We have audited the financial statements of Welch's Transport Limited (the 'Company') for the year ended 31 December 2025, which comprise of the Statement of Comprehensive Income, the Balance Sheet, 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 31 December 2025 and of its profit for the year 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. Page 6
WELCH'S TRANSPORT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELCH'S TRANSPORT LIMITED (CONTINUED)
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.
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 year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
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 THE DIRECTORS
As explained more fully in the Directors' Responsibilities Statement, set out on page 3, 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 7
WELCH'S TRANSPORT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELCH'S TRANSPORT 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ∙the engagement partner ensured that the engagement team collectively had the appropriate, competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the Company through discussions with the Directors and other management, and from our commercial knowledge and experience of the haulage and transport sector; ∙we focused on specific laws and regulations which we considered may have a direct effect on the financial statements or the operations of the Company, including the Companies Act 2006 and taxation legislation; ∙in addition, we considered provisions of other laws and regulations which do not have a direct effect on the financial statements but compliance with which might be fundamental to the Company’s ability to operate or to avoid material penalty; ∙we made enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; ∙we assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur; and ∙laws and regulations identified were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. As a result of the above risk assessment procedures, we identified the greatest risk of material misstatement on the financial statements arising from irregularities and fraud to be within the potential for management to override controls together with the risk of fraudulent revenue recognition. We considered the risk of fraudulent revenue recognition to be most prevalent in the cut-off of revenue. In response to these identified risks, we designed procedures which included, but were not limited to: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business; ∙we evaluated the assumptions and judgements used by management within significant accounting estimates and assessed whether these indicated evidence of management bias; ∙we used Audit Data Analytics to review the Company's data for unusual journals; and ∙performed substantive testing for a sample of revenue transactions and assessed whether revenue was recognised in the correct financial period. Page 8
WELCH'S TRANSPORT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELCH'S TRANSPORT LIMITED (CONTINUED) AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED) In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing the financial statement disclosures to underlying supporting documentation; ∙assessment of the extent of compliance with the laws and regulations identified above through making enquiries of management; and ∙discussing with management and those charged with governance actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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.
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. Adam Smith (Senior Statutory Auditor) for and on behalf of PEM Audit Limited Statutory Auditor Salisbury House Station Road Cambridge CB1 2LA 21 July 2026 Page 9
WELCH'S TRANSPORT LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Notes | £ | £
Turnover | 4 | 16,965,794 | 15,010,406
Cost of sales |  | (13,061,362) | (11,795,486)
GROSS PROFIT |  | 3,904,432 | 3,214,920
Administrative expenses |  | (3,931,105) | (3,386,135)
Other operating income | 5 | 323,894 | 346,620
OPERATING PROFIT | 6 | 297,221 | 175,405
Income from fixed assets investments | 10 | 22,461 | 16,544
Interest receivable and similar income | 11 | 205 | -
PROFIT BEFORE TAX |  | 319,887 | 191,949
Tax on profit | 12 | (76,149) | (46,077)
PROFIT FOR THE FINANCIAL YEAR |  | 243,738 | 145,872
There were no recognised gains and losses for the years ended 31 December 2025 or 2024, other than those included in the Statement of Comprehensive Income, above.
There was no Other Comprehensive Income for the year ended 31 December 2025 (2024 - £Nil).
The notes on pages 13 to 26 form part of these financial statements.
Page 10
WELCH'S TRANSPORT LIMITED REGISTERED NUMBER: 00343359 BALANCE SHEET AS AT 31 DECEMBER 2025
| 2025 | 2025 | 2024 | 2024
Notes | £ | £ | £ | £
FIXED ASSETS |  |  |  |  |
Tangible assets | 13 |  | 1,765,236 |  | 1,120,538
Investments | 14 |  | 412,988 |  | 402,988
|  |  | 2,178,224 |  | 1,523,526
CURRENT ASSETS |  |  |  |  |
Stocks | 15 | 255,304 |  | 288,124 |
Debtors: amounts falling due within one year | 16 | 3,293,655 |  | 2,839,898 |
Cash at bank and in hand | 17 | 1,252,778 |  | 875,778 |
|  | 4,801,737 |  | 4,003,800 |
Creditors: amounts falling due within one year | 18 | (3,703,775) |  | (2,267,477) |
NET CURRENT ASSETS |  |  | 1,097,962 |  | 1,736,323
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 3,276,186 |  | 3,259,849
PROVISION FOR LIABILITIES |  |  |  |  |
Deferred tax | 19 |  | (202,059) |  | (179,460)
NET ASSETS |  |  | 3,074,127 |  | 3,080,389
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 20 |  | 712,060 |  | 712,060
Share premium account | 21 |  | 250 |  | 250
Profit and loss account | 21 |  | 2,361,817 |  | 2,368,079
SHAREHOLDERS' FUNDS |  |  | 3,074,127 |  | 3,080,389
The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf by:
Mr J N Welch
Director
Date: 21 July 2026
The notes on pages 13 to 26 form part of these financial statements. Page 11
WELCH'S TRANSPORT LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 JANUARY 2023 | 712,060 | 250 | 2,222,207 | 2,934,517
COMPREHENSIVE INCOME FOR THE YEAR |  |  |  |
Profit for the year | - | - | 145,872 | 145,872
At 1 JANUARY 2024 | 712,060 | 250 | 2,368,079 | 3,080,389
COMPREHENSIVE INCOME FOR THE YEAR |  |  |  |
Profit for the year | - | - | 243,738 | 243,738
CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS |  |  |  |
Dividends paid | - | - | (250,000) | (250,000)
AT 31 DECEMBER 2025 | 712,060 | 250 | 2,361,817 | 3,074,127
| The notes on pages 13 to 26 form part of these financial statements.
Page 12
WELCH'S TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | GENERAL INFORMATION
Welch's Transport Limited (the "Company") is a private company limited by shares and incorporated in England and Wales. Its registered office is Moorfield Road, Duxford, Cambridge CB22 4PS. The Company's functional and presentational currency is Sterling. 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 judgement 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; and ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Welch's Group Holdings Limited as at 31 December 2025 and these consolidated financial statements may be obtained from Moorfield Road, Duxford, Cambridge CB22 4PS.
| 2.3 | EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under Section 400 of the Companies Act 2006. Page 13
WELCH'S TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.4 | GOING CONCERN
The UK economy remains in a fragile state. Global supply issues keep re-surfacing and the prices of many goods and services remain elevated. The administrations on both sides of the Atlantic are adding costs to businesses and increasing uncertainty. The Directors continually monitor this situation, planning measures to reduce the Company's cost base if there was a significant reduction in revenues and sourcing alternative suppliers where needed. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing these financial statements.
| 2.5 | TURNOVER
Turnover comprises revenue recognised by the Company in respect of the transport, motor and crane hire goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Turnover is recognised as the fair value of the consideration received or receivable and is recognised when the goods have been transported or the services supplied.
| 2.6 | GOVERNMENT GRANTS
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
| 2.7 | DEFINED CONTRIBUTION PENSION SCHEME
The Company operates a defined contribution pension scheme for its employees. A defined contribution pension scheme 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 Other Creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 14
WELCH'S TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.8 | CURRENT AND DEFERRED TAXATION
The tax expense for the year 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 balance sheet 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 balance sheet 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 balance sheet date.
| 2.9 | 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, as detailed below. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 10%/33% straight line
|  |  |  | Motor vehicles | - | 1% to 3% monthly reducing balance
|  |  |  | Office equipment | - | 33% 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. Page 15
WELCH'S TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.10 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.11 | INVESTMENTS
The Company's investment in its subsidiary undertaking is measured at cost less accumulated impairment charges. Investments held in unlisted shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the year. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment charges. The Company's investment in a joint venture is held at cost less accumulated impairment charges.
| 2.12 | STOCKS
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.13 | DEBTORS
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | 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.
| 2.15 | CREDITORS
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | 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 to related parties and investments in ordinary shares. Page 16
WELCH'S TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.17 | DIVIDENDS
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an Annual General Meeting.
3. | JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: V aluation of investment in unlisted shares At 31 December 2025, the Company holds an investment in an unlisted company. Previously the Company recognised the investment at fair value in the Balance Sheet as the Directors believed that this could be estimated with reasonable certainty, given the detailed information they had access to in relation to the investment. The fair value was estimated using a net assets valuation method as laid out in the articles of association of that company. Management reviews this valuation method at each year end for reasonableness and therefore considers the carrying value of the investment. Management no longer has access to detailed information and therefore no longer believes that this investment can be estimated with reasonable certainty. Accordingly, the investment remains at the most recent valuation and management considers if there are any indications of impairment at each year end. Useful economic lives of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the useful economic lives and residual values of the assets. The useful economic lives and residual values are assessed based on industry knowledge and historical useful economic lives of previously owned tangible fixed assets. In making this assessment, management has taken into consideration industry conditions, the expected use period and the resale market for second hand assets.
4. | TURNOVER
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Road haulage and warehousing | 14,472,015 | 12,941,712
| Garage activities | 2,325,913 | 1,915,939
| Crane hire | 167,866 | 152,755
|  | 16,965,794 | 15,010,406
| All turnover arose within the United Kingdom.
Page 17
WELCH'S TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | OTHER OPERATING INCOME
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net rents receivable | 163,371 | 231,845
| Government grants receivable | 158,856 | 46,987
| Other grants receivable | 1,667 | 67,788
|  | 323,894 | 346,620
| Government grants receivable represents amounts receivable under the eFREIGHT 2030 scheme of £158,856 (2024 - £46,987).
6. | OPERATING PROFIT
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 455,952 | 287,227
| Loss on disposal of tangible fixed assets | 191 | -
7. | AUDITOR'S REMUNERATION
| During the year, 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 | 24,000 | 23,000
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated financial statements of the ultimate parent undertaking.
Page 18
WELCH'S TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | EMPLOYEES
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 6,103,232 | 5,598,571
| Social security costs | 746,537 | 585,349
| Cost of defined contribution pension scheme | 181,381 | 170,941
|  | 7,031,150 | 6,354,861
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Office and management | 31 | 29
|  | Drivers and fitters | 120 | 115
|  |  | 151 | 144
9. | DIRECTORS' REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 131,380 | 90,716
| During the current and prior years, none of the Directors were accruing retirement benefits in respect of the defined contribution pension scheme.
10. | INCOME FROM INVESTMENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends received from investment in unlisted shares | 22,461 | 16,544
Page 19
WELCH'S TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | INTEREST RECEIVABLE AND SIMILAR INCOME
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest receivable on Corporation Tax | 205 | -
12. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| CURRENT TAX |  |
| UK Corporation Tax on profit for the year | 53,550 | -
| Adjustments in respect of prior years | - | (3,478)
| TOTAL CURRENT TAX | 53,550 | (3,478)
| DEFERRED TAX |  |
| Origination and reversal of timing differences | 22,599 | 49,555
| TAX ON PROFIT | 76,149 | 46,077
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is lower than (2024 - lower 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 | 319,887 | 191,949
| Profit on ordinary activities multiplied by standard rate of Corporation Tax in the UK of 25% (2024 - 25%) | 79,972 | 47,987
| EFFECTS OF: |  |
| Expenses not deductible for tax purposes | 1,791 | 2,869
| Adjustments in respect of prior years | - | (3,478)
| Non-taxable dividends received from UK companies | (5,614) | (4,136)
| Tax losses carried back | - | 2,835
| TOTAL TAX CHARGE FOR THE YEAR | 76,149 | 46,077
Page 20
WELCH'S TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.TAXATION (CONTINUED)
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges.
13. | TANGIBLE FIXED ASSETS
|  | Plant and machinery | Motor vehicles | Office equipment | Total
|  | £ | £ | £ | £
| COST |  |  |  |
| At 1 January 2025 | 949,181 | 1,049,768 | 333,164 | 2,332,113
| Additions | 788,537 | 289,998 | 22,306 | 1,100,841
| Disposals | (5,830) | - | (7,835) | (13,665)
| At 31 December 2025 | 1,731,888 | 1,339,766 | 347,635 | 3,419,289
| DEPRECIATION |  |  |  |
| At 1 January 2025 | 754,745 | 157,870 | 298,960 | 1,211,575
| Charge for the year on owned assets | 88,441 | 340,419 | 27,092 | 455,952
| Disposals | (5,639) | - | (7,835) | (13,474)
| At 31 December 2025 | 837,547 | 498,289 | 318,217 | 1,654,053
| NET BOOK VALUE |  |  |  |
| At 31 December 2025 | 894,341 | 841,477 | 29,418 | 1,765,236
| At 31 December 2024 | 194,436 | 891,898 | 34,204 | 1,120,538
Page 21
WELCH'S TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | FIXED ASSET INVESTMENTS
|  | Investment in subsidiary undertaking | Unlisted investments | Investment in joint venture | Total
|  | £ | £ | £ | £
| COST AND NET BOOK VALUE |  |  |  |
| At 1 January 2025 | 6,500 | 396,438 | 50 | 402,988
| Additions | 10,000 | - | - | 10,000
| At 31 December 2025 | 16,500 | 396,438 | 50 | 412,988
| During the year, the Company purchased a further 1,000 Ordinary shares of £1 each in its subsidiary undertaking, JPS Installs Limited, for a consideration of £10,000, resulting in the Company's shareholding increasing to 75%.
| SUBSIDIARY UNDERTAKING
| As at 31 December 2025, the following was a subsidiary undertaking of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| JPS Installs Limited | Moorfield Road, Duxford, Cambridge CB22 4PS | Distribution and installation of office furniture | Ordinary £1 | 75%
| JOINT VENTURE
| As at 31 December 2025, the following was a joint venture of the Company:
| Name | Registered office | Principal activity | Holding
| TBM Fulfillment Solution UK Ltd | Moorfield Road, Duxford, Cambridge CB22 4PS | Provision of e-commerce fulfilment service | 50%
15. | STOCKS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 255,304 | 288,124
Page 22
WELCH'S TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,166,152 | 1,884,530
| Amounts owed by subsidiary undertaking | 42,045 | 29,320
| Amounts owed by joint venture | 64,932 | 73,010
| Other debtors | 63,211 | 3,462
| Prepayments and accrued income | 957,315 | 849,576
|  | 3,293,655 | 2,839,898
17. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,252,778 | 875,778
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,060,927 | 836,255
| Amounts owed to ultimate parent undertaking | 372,445 | 579,224
| Corporation Tax payable | 53,550 | -
| Other taxation and social security | 560,776 | 312,640
| Other creditors | 35,554 | 77,800
| Accruals and deferred income | 1,620,523 | 461,558
|  | 3,703,775 | 2,267,477
Page 23
WELCH'S TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | DEFERRED TAXATION
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 179,460 | 129,905
| Charge to profit or loss | 22,599 | 49,555
| AT END OF YEAR | 202,059 | 179,460
| The deferred tax liability comprises:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 181,335 | 190,368
| Tax losses carried forward | - | (32,887)
| Other short term timing differences | (4,025) | (2,770)
| Capital gains | 24,749 | 24,749
|  | 202,059 | 179,460
20. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 356,030 (2024 - 356,030) Ordinary shares of £1 each | 356,030 | 356,030
|  | 356,030 (2024 - 356,030) 2% Non-cumulative preference shares of £1 each | 356,030 | 356,030
|  |  | 712,060 | 712,060
| The Ordinary shares and the Non-cumulative preference shares rank pari passu in all aspects.
Page 24
WELCH'S TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | RESERVES
Share Premium Account Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium. Profit and Loss Account Includes all current and prior year retained profit and losses. The balance of £2,361,817 (2024 - £2,368,079) includes £74,244 (2024 - £74,244) that is not distributable.
22. | CAPITAL COMMITMENTS
| At 31 December 2025 the Company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | 781,183 | 1,159,100
23. | PENSION COMMITMENTS
The Company's pension obligations are covered by a defined contribution pension scheme operated by the Welch Group. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £181,381 (2024 - £170,941). Contributions amounting to £35,548 (2024 - £26,131) were payable to the fund at the balance sheet date and are included in Other Creditors.
24. | RELATED PARTY TRANSACTIONS
| The Company has traded on commercial terms with its 75% owned subsidiary. Sales/recharges amounted to £147,200 (2024 - £202,050) and purchases amounted to £3,610 (2024 - £6,499). At the year end £42,045 (2024 - £29,320) was owed to the Company. The Company has traded on commercial terms with its joint venture during the year. Sales/recharges amounted to £29,270 (2024 - £213,458). At the year end £64,932 (2024 - £73,010) was owed to the Company. All other related party transactions have taken place between wholly owned members of the Group, therefore these transactions are not disclosed under the exemption provided by paragraph 33.1A of FRS102.
Page 25
WELCH'S TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
25. | CONTROLLING PARTY
The immediate and ultimate parent undertaking, and controlling party is Welch's Group Holdings Limited, a company incorporated in England and Wales. The smallest and largest group to include the results of the Company is that headed by Welch's Group Holdings Limited. Copies of the consolidated financial statements of Welch's Group Holdings Limited are publicly available from the registered office at Moorfield Road, Duxford, Cambridge CB22 4PS.
Page 26