Company Registration number:
Willmott's Transport Limited
for the Year Ended 31 December 2025
Willmott's Transport Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Willmott's Transport Limited
Company Information
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Directors |
A M Stott J A Rogers C Baker A D Tuck D A Gray J M Edwards |
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Registered office |
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Auditors |
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Willmott's Transport Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the company is logistics/retail support and warehousing within the UK, and Europe.
Business Strategy
Our strategy is focused on delivering sustainable growth through operational efficiency, customer retention, and selective investment. We aim to be environmentally conscious innovators, communicators and optimisers of our fleet and warehouse utilisation. We look to provide enhanced digital systems, maintain high service standards across our divisions, and ensure the Company remains well positioned for continued development.
Fair review of the business
The Company delivered a strong improvement in profitability during the year despite continued challenges across the transport and warehousing sectors. Revenue increased to £34.8m, representing growth of +3.7%, demonstrating the Company's continued focus on growing profitable revenue.
During the year the Company continued to experience strong upward inflationary pressure, with increasing National Insurance costs, maintenance costs and labour cost increases adding significant cost pressures. To mitigate these cost pressures, management remained focused on improving operational efficiency. The benefits of prior investments in fleet, warehousing infrastructure and digital systems, together with continued cost control and operational improvements, contributed to the margin improvement. The Company also continued to review its fleet and asset base, balancing investment requirements with working capital and cash generation.
We have maintained BRC, ISO9001 and ISO14001, Soil Association and Cyber Essentials certifications.
The Company continued to invest in 2025, with tangible asset additions of £4.4m (2024: £2.9m). The Company continues to invest selectively where this improves efficiency, service quality, asset utilisation and the resilience of operations.
Looking ahead, the Board remains focused on growing both transport and warehousing activities through the development of existing customer relationships, the acquisition of new business and continued investment in technology and operational capability. During 2026, the Company will open its newest depot in Chippenham, further strengthening the operational network and supporting future growth opportunities.
Willmott's Transport Limited
Strategic Report for the Year Ended 31 December 2025
Key performance indicators
The trading results for the period and the company's financial position at the end of the period are in accordance with all budgets and forecasts for the period.
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Unit |
2025 |
2024 |
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Return on Capital Employed |
% |
12 |
9 |
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Gross Profit Margin |
% |
31 |
29 |
The Directors monitor the Return on Capital Employed (“ROCE”) ratio, which measures the Company’s profitability and the efficiency with which capital is utilised within the business. The ROCE percentage for 2025 has improved, reflecting increased operating profitability and the continued focus on the efficient utilisation of assets and working capital. The Directors also closely monitor the Company’s gross profit percentage, which increased to during the period.
The senior management team regularly review specific key performance indicators. We remain committed to reducing our environmental impact. During 2025 we continued to review opportunities to reduce fuel consumption, improve vehicle fill, optimise time utilisation and reduce deviations from schedule. We maintain ISO14001 certification and continue to explore initiatives that support both operational efficiency and our customers’ sustainability goals. Substantial reductions can be achieved by making better use of vehicle capacity, which in turn can reduce accidents, pollution and operating costs. The solar panels installed at the Waterlip site continue to support energy supply for the site, which is operated with electric forklift trucks.
The average number of employees dropped slightly to 243 during 2025 (2024: 248). We remain committed to providing a safe, inclusive and supportive workplace. Training and development remain a priority, and we continue to review recruitment, retention and workforce planning in response to industry-wide labour challenges and changes in the mix of operational and administrative roles.
Willmott's Transport Limited
Strategic Report for the Year Ended 31 December 2025
Principal risks and uncertainties
Economic conditions
Economic conditions remained challenging during 2025. Energy, fuel, employment and maintenance costs continued to require close management, and the increase in Employers National Insurance from April 2025 increased the employment cost base. The Company continues to use surcharge structures where appropriate, but remains focused on operating efficiency, customer pricing discipline, contract review and utilisation improvements to protect margins in a competitive market.
Risk Management
During the period the Directors continued to review the fundamental risks of the Company. Risk management is discussed and addressed regularly by senior management.
Financial instruments
Objectives and policies
The management objectives are to retain sufficient liquid funds to enable it to meet its day to day requirements, minimise the Company's exposure to fluctuating interest rates, and match the repayment schedule of any external borrowings with the future cash flows expected to arise from the Company's trading activities.
Price risk, credit risk, liquidity risk and cash flow risk
The Company is exposed to a moderate level of credit risk, liquidity risk and cash flow risk. The Company manages these risks by financing its operations through the continued support of its bankers and financers, supplemented by long term bank borrowings where necessary to fund expansion or capital expenditure programmes. The Company is not exposed to price risk as it holds no listed investments.
Approved by the Board on
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Willmott'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.
Dividends
Ordinary dividends were paid amounting to £180,000 (2024: £188,000). The directors do not recommend payment of a final dividend.
Directors of the company
The directors who held office during the year were as follows:
Directors' liabilities
The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. The provisions remain in force at the reporting date.
Information included in the Strategic Report
The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the company's financial risk management objectives and policies, its exposure to price risk, credit risk, liquidity risk and cash flow risk and the future development of the business.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors Albert Goodman LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the Board on
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Willmott's Transport Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 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.
Willmott's Transport Limited
Independent Auditor's Report to the Members of Willmott's Transport Limited
Opinion
We have audited the financial statements of Willmott's Transport Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, 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 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 UK, including the FRC’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 director's 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 original financial statements were 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.
Willmott's Transport Limited
Independent Auditor's Report to the Members of Willmott's Transport Limited
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
In the light of our 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 and the Directors' Report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Willmott's Transport Limited
Independent Auditor's Report to the Members of Willmott's Transport Limited
Auditor 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:
The extent to which the audit was considered capable of detecting irregularities including fraud
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:
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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; |
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we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the haulage sector; |
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, and health and safety legislation; |
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships; |
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tested journal entries to identify unusual transactions; |
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
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investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
Willmott's Transport Limited
Independent Auditor's Report to the Members of Willmott's Transport Limited
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agreeing financial statement disclosures to underlying supporting documentation; |
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enquiring of management as to 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.
For and on behalf of
Goodwood House
Blackbrook Park Avenue
Somerset
TA1 2PX
Willmott's Transport Limited
Profit and Loss Account
for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
Willmott's Transport Limited
Statement of Comprehensive Income
for the Year Ended 31 December 2025
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2025 |
2024 |
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Profit for the year |
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Total comprehensive income for the year |
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Willmott's Transport Limited
(Registration number: 00701449)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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Approved and authorised by the
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Willmott's Transport Limited
Statement of Changes in Equity
for the Year Ended 31 December 2025
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Share capital |
Share premium |
Revaluation reserve |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2025 |
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Profit for the year |
- |
- |
- |
- |
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Other comprehensive income |
- |
- |
( |
- |
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- |
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Total comprehensive income |
- |
- |
( |
- |
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Dividends |
- |
- |
- |
- |
( |
( |
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Purchase of own share capital |
(1) |
- |
- |
1 |
(50,280) |
(50,280) |
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At 31 December 2025 |
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Share capital |
Share premium |
Revaluation reserve |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2024 |
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- |
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Profit for the year |
- |
- |
- |
- |
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Issue of share capital |
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- |
- |
- |
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Dividends |
- |
- |
- |
- |
( |
( |
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At 31 December 2024 |
5,005 |
41,899 |
1,033,006 |
25,000 |
6,459,399 |
7,564,309 |
Willmott's Transport Limited
Notes to the Financial Statements
for the Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Summary of 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); and
• the requirements of Section 11 Basic Financial Instruments.
Name of parent of group
These financial statements are consolidated in the financial statements of Stotts Group Limited.
The financial statements of Stotts Group Limited may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
Willmott's Transport Limited
Notes to the Financial Statements
for the Year Ended 31 December 2025
Turnover recognition
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue is recognised when the company obtains the right to consideration for the performance of its services.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Freehold Buildings |
Straight line over 50 years |
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Property Improvements |
25% Straight line |
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Plant and machinery |
25% Reducing balance |
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Fixtures, fittings & equipment |
25% Straight line |
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Motor vehicles |
20% Straight line & 25% Reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Willmott's Transport Limited
Notes to the Financial Statements
for the Year Ended 31 December 2025
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
Willmott's Transport Limited
Notes to the Financial Statements
for the Year Ended 31 December 2025
Reserves
Called up share capital represents the nominal value of shares that have been issued.
Share premium account includes any premiums received on the issue of share capital. Transaction costs associated with the issuing of shares are deducted from the share premium.
Profit and loss account includes all current and prior period profits and losses.
Capital redemption reserve records the nominal value of shares repurchased by the company.
Revaluation reserve is the surplus or deficit arising on the revaluation of an asset of a company.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Willmott's Transport Limited
Notes to the Financial Statements
for the Year Ended 31 December 2025
Key sources of estimation uncertainty
The preparation of financial statements to conform to generally accepted accounting practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.
The estimates and assumptions which have a significant risk on causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Depreciation:
The directors use their knowledge of the business and the industry to estimate the useful life and residual value of tangible fixed assets in order to arrive at applicable depreciation rates. In accordance with Section 17 of FRS102, the directors review and update these estimates if there are indicators that current estimates should change. During the year there was no change in the depreciation rates.
It must be noted that there is inherent uncertainty with these estimates as factors such as unexpected wear and tear, technological advancement and changes in market price may result in future changes to the appropriate rate of depreciation.
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
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2025 |
2024 |
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|
Haulage services |
29,937,171 |
28,825,268 |
|
Warehousing and storage |
4,834,403 |
4,711,977 |
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Operating lease expense - property |
|
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Other finance income |
|
|
Willmott's Transport Limited
Notes to the Financial Statements
for the Year Ended 31 December 2025
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
Willmott's Transport Limited
Notes to the Financial Statements
for the Year Ended 31 December 2025
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration |
|
|
|
Distribution |
|
|
|
Directors |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
499,996 |
339,040 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
Willmott's Transport Limited
Notes to the Financial Statements
for the Year Ended 31 December 2025
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
- |
( |
|
487,515 |
(7,839) |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
Willmott's Transport Limited
Notes to the Financial Statements
for the Year Ended 31 December 2025
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
- |
( |
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax decrease arising from group relief |
- |
( |
|
Deferred tax credit from unrecognised tax loss or credit |
- |
( |
|
Tax decrease from effect of adjustment in research and development tax credit |
- |
( |
|
Chargeable gain |
|
- |
|
Total tax charge |
|
|
Willmott's Transport Limited
Notes to the Financial Statements
for the Year Ended 31 December 2025
|
Tangible assets |
|
Land and buildings |
Property improvements |
Plant and machinery |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||||
|
At 1 January 2025 |
|
|
|
|
|
|
|
Additions |
|
- |
|
|
|
|
|
Disposals |
( |
- |
- |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 January 2025 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
|
|
|
Carrying amount |
||||||
|
At 31 December 2025 |
|
|
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
|
Included within the net book value of land and buildings above is £8,052,733 (2024 - £8,186,729) in respect of freehold land and buildings.
Willmott's Transport Limited
Notes to the Financial Statements
for the Year Ended 31 December 2025
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Plant and machinery |
94,339 |
125,785 |
|
Motor vehicles |
5,521,969 |
5,304,011 |
|
5,616,308 |
5,429,796 |
|
Stocks |
|
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
|
Bank overdrafts |
( |
( |
|
Cash and cash equivalents in statement of cash flows |
(39,957) |
186,544 |
|
Debtors |
|
Current |
Note |
2025 |
2024 |
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Corporation tax |
- |
|
|
|
|
|
Willmott's Transport Limited
Notes to the Financial Statements
for the Year Ended 31 December 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
|
|
|
|
Accrued expenses |
|
|
|
|
Corporation tax |
|
- |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
Other creditors of £143,566 (2024: £1,090,132) are secured by fixed and floating charges over the assets of the company. This Other creditors balance is made solely of an invoice financing facility.
|
Provisions for liabilities |
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 January 2025 |
|
|
|
|
Increase (decrease) in existing provisions |
|
- |
|
|
At 31 December 2025 |
|
|
|
|
|
|||
Willmott's Transport Limited
Notes to the Financial Statements
for the Year Ended 31 December 2025
Deferred tax
Deferred tax assets and liabilities:
|
2025 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Capital gains/(losses) |
- |
|
|
- |
|
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Capital gains/(losses) |
- |
|
|
Short term timing differences |
|
- |
|
|
|
The dilapidation provision of £169,055 will be utilised between December 2024 and December 2031 when the leases terminate.
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
5,000 |
|
5,000 |
|
|
|
3 |
|
5 |
|
|
|
1 |
- |
- |
|
|
|
|
|
|
Share changes
|
During the year 1 Ordinary B share of £1 was re-designated as 1 |
Rights, preferences and restrictions
|
Ordinary A have the following rights, preferences and restrictions: |
|
Ordinary B have the following rights, preferences and restrictions: |
|
Ordinary C have the following rights, preferences and restrictions: |
Willmott's Transport Limited
Notes to the Financial Statements
for the Year Ended 31 December 2025
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
- |
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Share-based payments |
Scheme details and movements
|
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £
Willmott's Transport Limited
Notes to the Financial Statements
for the Year Ended 31 December 2025
|
Contingent liabilities |
The company has provided an unlimited guarantee in favour of NatWest Bank Plc covering the liabilities of all companies within the Stotts Group Limited group. The bank has secured this debt against freehold property owned by the companies and an unlimited debenture over all assets of the company.
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Bank overdrafts |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Hire purchase contracts are denominated in sterling with nominal interest rates of between 3% and 8%. The carrying amount at year end is £5,616,307 (2024: £5,447,515). These contracts are repayable in monthly instalments over 3 to 6 years from the date they are advanced.
Included within creditors falling due within one year are obligations under finance leases of £1,930,386 (2024: £1,194,054) for which security has been given by the company in the form of fixed charges over the assets to which the obligations relate.
Included within creditors falling due after one year are obligations under finance leases of £3,570,537 (2024: £4,253,461) for which security has been given by the company in the form of fixed charges over the assets to which the obligations relate.
Bank overdrafts and loans are secured by fixed and floating charges over the assets of the company and the group.
Loans and borrowings due in greater than five years
Included in the loans and borrowings are the following amounts due after more than five years:
|
2025 |
2024 |
|
|
After more than five years by instalments |
|
- |
|
- |
- |
Willmott's Transport Limited
Notes to the Financial Statements
for the Year Ended 31 December 2025
|
Related party transactions |
Summary of transactions with group companies
During the year the company made sales to other group entities of £786,925 (2024: £1,636,183) and purchases from group entities of £808,421 (2024: £1,251,131). In addition, the company charged rent of £30,000 (2024: £nil) to another group entity. At the year end the company owed £119,682 (2024: £64,097) to these group entities.
Summary of transactions with all entities with joint control or significant interest
|
Parent and ultimate parent undertaking |
The ultimate controlling party is Mr A Stott by virtue of 100% ownership of the called up share capital of Stotts Group Limited.
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £