IRIS Accounts Production v24.2.0.383 00186454 Board of Directors 1.4.23 31.3.24 31.3.24 true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh001864542023-03-31001864542024-03-31001864542023-04-012024-03-31001864542022-03-31001864542022-04-012023-03-31001864542023-03-3100186454ns15:EnglandWales2023-04-012024-03-3100186454ns14:PoundSterling2023-04-012024-03-3100186454ns10:Director12023-04-012024-03-3100186454ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3100186454ns10:FRS1022023-04-012024-03-3100186454ns10:Audited2023-04-012024-03-3100186454ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3100186454ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3100186454ns10:FullAccounts2023-04-012024-03-310018645412023-04-012024-03-3100186454ns10:OrdinaryShareClass12023-04-012024-03-3100186454ns10:Director22023-04-012024-03-3100186454ns10:Director32023-04-012024-03-3100186454ns10:CompanySecretary12023-04-012024-03-3100186454ns10:RegisteredOffice2023-04-012024-03-3100186454ns5:CurrentFinancialInstruments2024-03-3100186454ns5:CurrentFinancialInstruments2023-03-3100186454ns5:ShareCapital2024-03-3100186454ns5:ShareCapital2023-03-3100186454ns5:RetainedEarningsAccumulatedLosses2024-03-3100186454ns5:RetainedEarningsAccumulatedLosses2023-03-3100186454ns5:ShareCapital2022-03-3100186454ns5:RetainedEarningsAccumulatedLosses2022-03-3100186454ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3100186454ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3100186454ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-012024-03-3100186454ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-04-012024-03-3100186454ns5:PlantMachinery2023-04-012024-03-3100186454ns5:MotorVehicles2023-04-012024-03-3100186454ns5:ComputerEquipment2023-04-012024-03-3100186454ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-04-012024-03-3100186454ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-04-012023-03-3100186454ns10:HighestPaidDirector2023-04-012024-03-3100186454ns5:OwnedAssets2023-04-012024-03-3100186454ns5:OwnedAssets2022-04-012023-03-3100186454ns10:OrdinaryShareClass12022-04-012023-03-3100186454ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-3100186454ns5:PatentsTrademarksLicencesConcessionsSimilar2024-03-3100186454ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-3100186454ns5:LandBuildings2023-03-3100186454ns5:PlantMachinery2023-03-3100186454ns5:MotorVehicles2023-03-3100186454ns5:ComputerEquipment2023-03-3100186454ns5:LandBuildings2023-04-012024-03-3100186454ns5:LandBuildings2024-03-3100186454ns5:PlantMachinery2024-03-3100186454ns5:MotorVehicles2024-03-3100186454ns5:ComputerEquipment2024-03-3100186454ns5:LandBuildings2023-03-3100186454ns5:PlantMachinery2023-03-3100186454ns5:MotorVehicles2023-03-3100186454ns5:ComputerEquipment2023-03-3100186454ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3100186454ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3100186454ns5:WithinOneYear2024-03-3100186454ns5:WithinOneYear2023-03-3100186454ns5:BetweenOneFiveYears2024-03-3100186454ns5:BetweenOneFiveYears2023-03-3100186454ns5:AllPeriods2024-03-3100186454ns5:AllPeriods2023-03-3100186454ns5:DeferredTaxation2023-03-3100186454ns5:DeferredTaxation2023-04-012024-03-3100186454ns5:DeferredTaxation2024-03-3100186454ns10:OrdinaryShareClass12024-03-3100186454ns5:RetainedEarningsAccumulatedLosses2023-03-31
REGISTERED NUMBER: 00186454 (England and Wales)



































Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2024

for

Walkers Nonsuch Limited

Walkers Nonsuch Limited (Registered number: 00186454)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Walkers Nonsuch Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs E J Rae
Mrs C E Kennerley
J R Rae



SECRETARY: Mrs E J Rae



REGISTERED OFFICE: Calverley Street
Longton
Stoke-on-Trent
Staffordshire
ST3 1QS



REGISTERED NUMBER: 00186454 (England and Wales)



SENIOR STATUTORY AUDITOR: Paul Scriven FCCA



AUDITORS: Paterson Brodie Limited
Chartered Certified Accountants
Statutory Auditor
Cliveden Chambers
Cliveden Place
Longton
Stoke-on-Trent
Staffordshire
ST3 4JB

Walkers Nonsuch Limited (Registered number: 00186454)

Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
Walkers Nonsuch Limited is one of England's finest and oldest makers of traditional toffee having operated in Stoke-on-Trent since the late nineteenth century. The company prides itself on the quality of it's product using the best quality ingredients available.

The company continues to grow year on year and now exports it's product worldwide. The board of directors are pleased to report another successful year for the company. The financial performance for the year shows an operating profit of £645,680 (2023 - £93,707). The balance sheet demonstrates that the company is financially strong.

The future growth of the company is supported by the policy of continued investment in new machinery and product development. There is a good relationship with suppliers, and the company continues to source new markets for it's products, both at home and overseas.

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in very competitive market areas. In order to maintain competitive pricing, costs, margins and final selling prices are reviewed on a regular basis.

Supply chain risks are managed by a combination of nurturing long term business relationships with suppliers and maintaining adequate buffer stocks of raw ingredients. Potential alternative suppliers are reviewed on an on-going basis.

KEY PERFORMANCE INDICATORS
The board of directors monitor the progress of the company by reference to the operating results which are detailed above. This is done on a quarterly basis.

The directors are pleased with the results, taking into account not only the volatility of the exchange rate over the period but also the variations in commodity prices.

FINANCIAL RISK MANAGEMENT
The primary financial risk exposure relates to foreign exchange. The company buys and sells in US Dollars and Euro's. The company hold funds in these currencies in order to cover these transactions where possible. The foreign exchange position is monitored on a regular basis.

ON BEHALF OF THE BOARD:





Mrs E J Rae - Director


16 September 2024

Walkers Nonsuch Limited (Registered number: 00186454)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of confectionery manufacturing.

DIVIDENDS
An interim dividend of £0.05 per share was paid on 20 December 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £ 14,688 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mrs E J Rae
Mrs C E Kennerley

Other changes in directors holding office are as follows:

J R Rae was appointed as a director after 31 March 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

Walkers Nonsuch Limited (Registered number: 00186454)

Report of the Directors
for the Year Ended 31 March 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:




Mrs E J Rae - Director


16 September 2024

Report of the Independent Auditors to the Members of
Walkers Nonsuch Limited

Opinion
We have audited the financial statements of Walkers Nonsuch Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 March 2024 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 Auditors' 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Walkers Nonsuch Limited


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 Report of the Directors.

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 three, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the companies act 2006 and UK corporate taxation laws.
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making enquiries to the managing director and the management team of the company.
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:
-identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
-understanding how those charged with governance considered and addressed the potential override of controls or other inappropriate influence over the financial reporting process;
-challenging assumptions and judgements made by management in its significant accounting estimates;
-identifying and testing journal entries, in particular any journal entries posted with unusual account combinations;
-assessing the extent of compliance with the relevant laws and regulations.
We communicated relevant laws and regulations identified to the management team and our audit team performed the audit procedures as detailed above.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Walkers Nonsuch Limited


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 a Report of the Auditors 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.




Paul Scriven FCCA (Senior Statutory Auditor)
for and on behalf of Paterson Brodie Limited
Chartered Certified Accountants
Statutory Auditor
Cliveden Chambers
Cliveden Place
Longton
Stoke-on-Trent
Staffordshire
ST3 4JB

16 September 2024

Walkers Nonsuch Limited (Registered number: 00186454)

Income Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   

TURNOVER 3 13,994,848 12,589,471

Cost of sales 11,199,447 10,670,257
GROSS PROFIT 2,795,401 1,919,214

Distribution costs 574,769 546,072
Administrative expenses 1,574,952 1,279,435
2,149,721 1,825,507
OPERATING PROFIT 5 645,680 93,707

Interest receivable and similar income 44,580 4,820
PROFIT BEFORE TAXATION 690,260 98,527

Tax on profit 6 178,140 15,924
PROFIT FOR THE FINANCIAL YEAR 512,120 82,603

Walkers Nonsuch Limited (Registered number: 00186454)

Other Comprehensive Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 512,120 82,603


OTHER COMPREHENSIVE INCOME
Fair value reserve
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

512,120

82,603

Walkers Nonsuch Limited (Registered number: 00186454)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 2,295 2,295
Tangible assets 9 1,564,406 1,816,578
Investments 10 250 250
1,566,951 1,819,123

CURRENT ASSETS
Stocks 11 935,449 1,036,624
Debtors 12 2,108,877 2,183,268
Cash at bank and in hand 3,677,218 2,566,471
6,721,544 5,786,363
CREDITORS
Amounts falling due within one year 13 1,462,677 1,314,014
NET CURRENT ASSETS 5,258,867 4,472,349
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,825,818

6,291,472

PROVISIONS FOR LIABILITIES 15 206,058 169,144
NET ASSETS 6,619,760 6,122,328

CAPITAL AND RESERVES
Called up share capital 16 293,760 293,760
Retained earnings 17 6,326,000 5,828,568
SHAREHOLDERS' FUNDS 6,619,760 6,122,328

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





Mrs E J Rae - Director


Walkers Nonsuch Limited (Registered number: 00186454)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 293,760 5,775,341 6,069,101

Changes in equity
Dividends - (29,376 ) (29,376 )
Total comprehensive income - 82,603 82,603
Balance at 31 March 2023 293,760 5,828,568 6,122,328

Changes in equity
Dividends - (14,688 ) (14,688 )
Total comprehensive income - 512,120 512,120
Balance at 31 March 2024 293,760 6,326,000 6,619,760

Walkers Nonsuch Limited (Registered number: 00186454)

Cash Flow Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,105,557 290,545
Tax paid - (105,946 )
Net cash from operating activities 1,105,557 184,599

Cash flows from investing activities
Purchase of tangible fixed assets (52,704 ) (557,804 )
Sale of tangible fixed assets 28,002 3,999
Interest received 44,580 4,820
Net cash from investing activities 19,878 (548,985 )

Cash flows from financing activities
Equity dividends paid (14,688 ) (29,376 )
Net cash from financing activities (14,688 ) (29,376 )

Increase/(decrease) in cash and cash equivalents 1,110,747 (393,762 )
Cash and cash equivalents at beginning of
year

2

2,566,471

2,960,233

Cash and cash equivalents at end of year 2 3,677,218 2,566,471

Walkers Nonsuch Limited (Registered number: 00186454)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.3.24 31.3.23
£    £   
Profit before taxation 690,260 98,527
Depreciation charges 296,070 279,986
(Profit)/loss on disposal of fixed assets (19,196 ) 21,620
Expensing of prior year property costs - 19,150
Finance income (44,580 ) (4,820 )
922,554 414,463
Decrease in stocks 101,175 277,673
Decrease/(increase) in trade and other debtors 74,391 (215,442 )
Increase/(decrease) in trade and other creditors 7,437 (186,149 )
Cash generated from operations 1,105,557 290,545

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 3,677,218 2,566,471
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 2,566,471 2,960,233


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 2,566,471 1,110,747 3,677,218
2,566,471 1,110,747 3,677,218
Total 2,566,471 1,110,747 3,677,218

Walkers Nonsuch Limited (Registered number: 00186454)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Walkers Nonsuch Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
The company has ongoing expenditure on patents and licences which is classified as intangible assets. Due to the small amounts involved the company does not propose to provide for amortisation of these costs.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% on reducing balance
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Walkers Nonsuch Limited (Registered number: 00186454)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating leases
Operating lease costs are spread evenly over the period of the lease and accounted for on an annual basis.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
£    £   
Home market 7,415,739 6,522,218
Export market 6,579,109 6,067,253
13,994,848 12,589,471

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 2,340,599 2,083,972
Social security costs 202,578 170,833
Other pension costs 62,634 61,960
2,605,811 2,316,765

The average number of employees during the year was as follows:
31.3.24 31.3.23

Directors 2 2
Administration and management 11 10
Production 64 65
77 77

31.3.24 31.3.23
£    £   
Directors' remuneration 244,629 196,593
Directors' pension contributions to money purchase schemes 9,602 10,062

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Walkers Nonsuch Limited (Registered number: 00186454)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director for the year ended 31 March 2024 is as follows:
31.3.24
£   
Emoluments etc 129,753
Pension contributions to money purchase schemes 4,801

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Depreciation - owned assets 296,070 279,984
(Profit)/loss on disposal of fixed assets (19,196 ) 21,620
Auditors' remuneration 12,113 10,966
Foreign exchange differences 25,376 (39,044 )

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 141,226 (17,849 )

Deferred tax:
Origination / (reversal) of timing differences 36,914 33,773
Tax on profit 178,140 15,924

Walkers Nonsuch Limited (Registered number: 00186454)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
Profit before tax 690,260 98,527
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

172,565

18,720

Effects of:
Expenses not deductible for tax purposes 8,341 9,556
Income not taxable for tax purposes (13,148 ) -
Capital allowances in excess of depreciation - (90,321 )
Depreciation in excess of capital allowances 55,106 -
Utilisation of tax losses (81,638 ) -
Adjustments to tax charge in respect of previous periods - (17,849 )
Movement in deferred tax provision 36,914 33,773
Losses c/fwd included in deferred tax movement - 62,045
Total tax charge 178,140 15,924

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 March 2024.

31.3.23
Gross Tax Net
£    £    £   
Fair value reserve

7. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary shares of £1 each
Interim 14,688 29,376

8. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 April 2023
and 31 March 2024 2,295
NET BOOK VALUE
At 31 March 2024 2,295
At 31 March 2023 2,295

Walkers Nonsuch Limited (Registered number: 00186454)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 1,325,549 3,794,706 145,033 40,110 5,305,398
Additions - 52,704 - - 52,704
Disposals - (113,956 ) (24,115 ) - (138,071 )
At 31 March 2024 1,325,549 3,733,454 120,918 40,110 5,220,031
DEPRECIATION
At 1 April 2023 763,261 2,574,023 115,729 35,807 3,488,820
Charge for year 34,569 248,838 9,436 3,227 296,070
Eliminated on disposal - (113,833 ) (15,432 ) - (129,265 )
At 31 March 2024 797,830 2,709,028 109,733 39,034 3,655,625
NET BOOK VALUE
At 31 March 2024 527,719 1,024,426 11,185 1,076 1,564,406
At 31 March 2023 562,288 1,220,683 29,304 4,303 1,816,578

Included in cost of land and buildings is freehold land of £ 20,063 (2023 - £ 20,063 ) which is not depreciated.

10. FIXED ASSET INVESTMENTS

The company has a minority shareholding in the Independent Manufacturers Alliance Limited, consisting of 250 ordinary shares of £1 each.

11. STOCKS
31.3.24 31.3.23
£    £   
Finished goods 173,876 198,457
Raw materials 761,573 838,167
935,449 1,036,624

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 2,079,496 2,177,304
Other debtors 350 100
Provision - Discounts allowed (32,633 ) (33,398 )
Prepayments 61,664 39,262
2,108,877 2,183,268

Walkers Nonsuch Limited (Registered number: 00186454)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 830,155 854,519
Tax 141,226 -
Social security and other taxes 53,093 42,765
VAT 119,595 130,533
Other creditors 37,038 6,727
Accrued expenses 281,570 279,470
1,462,677 1,314,014

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 17,133 6,897
Between one and five years 32,546 17,817
49,679 24,714

15. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax
Accelerated capital allowances 206,058 169,144

Deferred
tax
£   
Balance at 1 April 2023 169,144
Charge to Income Statement during year 36,914
Taken to fair value reserve
Balance at 31 March 2024 206,058

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
293,760 Ordinary £1 293,760 293,760

Walkers Nonsuch Limited (Registered number: 00186454)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

17. RESERVES
Retained
earnings
£   

At 1 April 2023 5,828,568
Profit for the year 512,120
Dividends (14,688 )
At 31 March 2024 6,326,000

18. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for certain ones of its employees together with an auto enrolment scheme for production workers. During the year the company paid/committed to pay, contributions of £62,634 (2023 - £171,960).