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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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WELCH'S TRANSPORT LIMITED
COMPANY INFORMATION
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WELCH'S TRANSPORT LIMITED
CONTENTS
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WELCH'S TRANSPORT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their Strategic Report incorporating the business review, which includes the principal risks and uncertainties of the business and key performance indicators.
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.
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WELCH'S TRANSPORT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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.
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.
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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.
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).
The Directors who served during the year and to the date of this report, were:
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.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 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.
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WELCH'S TRANSPORT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors intend to continue to grow all areas of the business in the foreseeable future.
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.
There have been no significant events affecting the Company since the year end requiring disclosure.
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WELCH'S TRANSPORT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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WELCH'S TRANSPORT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELCH'S TRANSPORT LIMITED
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).
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.
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.
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WELCH'S TRANSPORT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELCH'S TRANSPORT LIMITED (CONTINUED)
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.
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.
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.
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WELCH'S TRANSPORT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELCH'S TRANSPORT 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 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.
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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.
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.
for and on behalf of
Statutory Auditor
Salisbury House
Station Road
CB1 2LA
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WELCH'S TRANSPORT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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WELCH'S TRANSPORT LIMITED
REGISTERED NUMBER: 00343359
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf by:
The notes on pages 13 to 26 form part of these financial statements.
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WELCH'S TRANSPORT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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
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:
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.
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.
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
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.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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.
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
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.
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:
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.
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
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.
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.
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
include: Valuation 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.
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 22
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 23
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 24
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Share Premium Account
Profit and Loss Account
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.
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WELCH'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The immediate and ultimate parent undertaking, and controlling party is
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.
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