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REGISTERED NUMBER: 00405322 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2024

for

Herbert Walkers Limited

Herbert Walkers Limited (Registered number: 00405322)






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 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 15


Herbert Walkers Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: K Chapman
A W Chapman
M A Vanston
A Christie
J Rawlinson
M J Lammas





SECRETARY: A W Chapman





REGISTERED OFFICE: 115 Dockfield Road
Shipley
West Yorkshire
BD17 7AR





REGISTERED NUMBER: 00405322 (England and Wales)





AUDITORS: Stirk Lambert & Co
Chartered Accountants
Statutory Auditors
Russell Chambers
61a North Street
Keighley
West Yorkshire
BD21 3DS

Herbert Walkers Limited (Registered number: 00405322)

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
The company continues to provide sheet fed printing services to a large number of private and public companies. The company's activities are the production of a wide range of commercial print with a specialisation in packaging and greeting card production.We consider our key financial performance indicators to be turnover and profit.

The directors are pleased that the company achieved its level of turnover in such challenging times. The company maintained a reasonable gross margin percentage however profit margin was adversely impacted due to external factors, resulting in a decrease in profit before tax.

In the current year turnover is £13,500,171 (2023 £14,883,346) and profits before tax are £48,455 (2023 £494,967).

PRINCIPAL RISKS AND UNCERTAINTIES
The company manages credit risk by the use of a credit insurance policy. Each customer is assessed, and an appropriate credit limit applied. Limits are reviewed on a regular basis by the directors to ensure that possible over trading with company's that may be a credit risk is minimised.

FUTURE DEVELOPMENT
Company strategy is to grow the business on the strength of maintaining and developing an existing customer base. Investments made in production equipment will provide the basis for further development.

Overheads are under continuous scrutiny and the aim is to operate as efficiently as possible.

ON BEHALF OF THE BOARD:





K Chapman - Director


23 September 2024

Herbert Walkers Limited (Registered number: 00405322)

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 the design and printing of commercial print.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

The 3% non-cum preference shareholders have waived their rights to a dividend for the year.

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

The directors shown below were in office at 31 March 2024 but did not hold any interest in the following:

Ordinary shares of £1 each
3% Non-cum preference shares of £1 each

at 1 April 2023 or 31 March 2024.

K Chapman
A W Chapman
M A Vanston
A Christie
J Rawlinson
M J Lammas

DISCLOSURE IN THE STRATEGIC REPORT
Information relating to the review of the business, the principal risks and uncertainties facing the business, and the future development of the business are disclosed via the strategic 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies 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.

Herbert Walkers Limited (Registered number: 00405322)

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.

AUDITORS
The auditors, Stirk Lambert & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





K Chapman - Director


23 September 2024

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

Opinion
We have audited the financial statements of Herbert Walkers Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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
Herbert Walkers 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.

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


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:

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 directors and other management, and from our commercial knowledge and experience of the sector;

- 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;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- 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:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and

- considered 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:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias;

- 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:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims and

- reviewing correspondence with HMRC and relevant regulators

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
Herbert Walkers 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.




Stephen McGevor FCCA (Senior Statutory Auditor)
for and on behalf of Stirk Lambert & Co
Chartered Accountants
Statutory Auditors
Russell Chambers
61a North Street
Keighley
West Yorkshire
BD21 3DS

23 September 2024

Herbert Walkers Limited (Registered number: 00405322)

Income Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 4 13,500,171 14,883,346

Cost of sales (10,376,850 ) (11,073,405 )
GROSS PROFIT 3,123,321 3,809,941

Administrative expenses (3,066,934 ) (3,243,199 )
56,387 566,742

Interest receivable and similar income 66,422 2,579
122,809 569,321

Interest payable and similar expenses 7 (74,354 ) (74,354 )
PROFIT BEFORE TAXATION 8 48,455 494,967

Tax on profit 9 28,719 (183,038 )
PROFIT FOR THE FINANCIAL YEAR 77,174 311,929

Herbert Walkers Limited (Registered number: 00405322)

Other Comprehensive Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 77,174 311,929


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

77,174

311,929

Herbert Walkers Limited (Registered number: 00405322)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 10 3,352,024 3,568,157

CURRENT ASSETS
Stocks 11 1,421,385 2,010,370
Debtors 12 2,825,842 3,526,641
Cash at bank and in hand 2,914,220 1,772,042
7,161,447 7,309,053
CREDITORS
Amounts falling due within one year 13 (4,104,432 ) (4,504,626 )
NET CURRENT ASSETS 3,057,015 2,804,427
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,409,039

6,372,584

CREDITORS
Amounts falling due after more than one
year

14

(34,005

)

(46,005

)

PROVISIONS FOR LIABILITIES 17 (506,959 ) (535,678 )
NET ASSETS 5,868,075 5,790,901

CAPITAL AND RESERVES
Called up share capital 18 48,995 48,995
Share premium 19 50 50
Capital redemption reserve 19 250,000 250,000
Retained earnings 19 5,569,030 5,491,856
SHAREHOLDERS' FUNDS 5,868,075 5,790,901

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





K Chapman - Director


Herbert Walkers Limited (Registered number: 00405322)

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

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2022 48,995 5,179,927 50 250,000 5,478,972

Changes in equity
Total comprehensive income - 311,929 - - 311,929
Balance at 31 March 2023 48,995 5,491,856 50 250,000 5,790,901

Changes in equity
Total comprehensive income - 77,174 - - 77,174
Balance at 31 March 2024 48,995 5,569,030 50 250,000 5,868,075

Herbert Walkers Limited (Registered number: 00405322)

Statement of Cash Flows
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,784,113 921,785
Interest paid (74,354 ) (74,354 )
Net cash from operating activities 1,709,759 847,431

Cash flows from investing activities
Purchase of tangible fixed assets (446,362 ) (1,628,558 )
Sale of tangible fixed assets 2,500 500
Interest received 66,422 2,579
Net cash from investing activities (377,440 ) (1,625,479 )

Cash flows from financing activities
Increase in HP contracts (12,000 ) 57,000
Changes in group undertaking debt (178,141 ) (396,160 )
Net cash from financing activities (190,141 ) (339,160 )

Increase/(decrease) in cash and cash equivalents 1,142,178 (1,117,208 )
Cash and cash equivalents at beginning of
year

2

1,772,042

2,889,250

Cash and cash equivalents at end of year 2 2,914,220 1,772,042

Herbert Walkers Limited (Registered number: 00405322)

Notes to the Statement of Cash Flows
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 48,455 494,967
Depreciation charges 662,496 577,604
Profit on disposal of fixed assets (2,500 ) (500 )
Finance costs 74,354 74,354
Finance income (66,422 ) (2,579 )
716,383 1,143,846
Decrease in stocks 588,985 60,326
Decrease in trade and other debtors 818,939 472,956
Decrease in trade and other creditors (340,194 ) (755,343 )
Cash generated from operations 1,784,113 921,785

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 2,914,220 1,772,042
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,772,042 2,889,250


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 1,772,042 1,142,178 2,914,220
1,772,042 1,142,178 2,914,220
Debt
Finance leases (57,000 ) 12,000 (45,000 )
Debts falling due after 1 year (1,005 ) - (1,005 )
(58,005 ) 12,000 (46,005 )
Total 1,714,037 1,154,178 2,868,215

Herbert Walkers Limited (Registered number: 00405322)

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

1. STATUTORY INFORMATION

Herbert Walkers 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements.and estimates. The items in the financial statements where these judgements and estimates have been made include:

The useful lives of fixed assets and depreciation. The depreciation rates adopted are based on historical experience of similar assets.

The stage of completion for items of Work in Progress at the year end. The company utilises costing software to record all costs on work being completed. The information recorded is regarded as a reliable basis to review the value of Work in Progress at the year end.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant & machinery - 33% on cost, 20% on cost and 10% on cost
Fixtures & fittings - 33% on cost and 10% on cost
Computer equipment - 33% on cost and 20% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


Herbert Walkers Limited (Registered number: 00405322)

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

3. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Leasing
Assets obtained under hire purchase contracts or finance leases are capitalised and depreciated in the same manner as other assets. The related obligations, net of future finance charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.


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.

4. TURNOVER

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

5. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 3,703,909 3,542,723
Social security costs 100,192 118,573
Other pension costs 99,163 97,494
3,903,264 3,758,790

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

Administration 8 8
Production 99 97
Selling/distribution 9 9
116 114

Herbert Walkers Limited (Registered number: 00405322)

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

5. EMPLOYEES AND DIRECTORS - continued

31.3.24 31.3.23
£    £   
Directors' remuneration 349,974 328,949
Directors' pension contributions to money purchase schemes 20,628 20,628

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

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
31.3.24 31.3.23
£    £   
Emoluments etc 101,799 100,049
Pension contributions to money purchase schemes 7,321 7,321

6. EXCEPTIONAL ITEMS
31.3.24 31.3.23
£    £   
Exceptional items (8,084 ) -

The exceptional item relates to a fraudulent payment not covered under our insurance.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Loan interest 74,354 74,354

Loan interest represents amounts payable to group companies.

8. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Hire of plant and machinery 5,187 7,383
Depreciation - owned assets 662,495 577,604
Profit on disposal of fixed assets (2,500 ) (500 )
Auditors' remuneration 17,000 14,300

Herbert Walkers Limited (Registered number: 00405322)

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

9. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Deferred tax (28,719 ) 183,038
Tax on profit (28,719 ) 183,038

UK corporation tax has been charged at 25% .

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

31.3.24 31.3.23
£    £   
Profit before tax 48,455 494,967
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

12,114

94,044

Effects of:
Expenses not deductible for tax purposes 1,332 980
Capital allowances in excess of depreciation (26,033 ) (314,471 )
Utilisation of tax losses 12,587 167,896
Deferred taxation (28,719 ) 183,038


Group relief - 51,551



Total tax (credit)/charge (28,719 ) 183,038

Herbert Walkers Limited (Registered number: 00405322)

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

10. TANGIBLE FIXED ASSETS
Improvements
to Plant & Fixtures Computer
property machinery & fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 134,542 10,402,232 275,230 322,494 11,134,498
Additions - 335,972 48,212 62,178 446,362
Disposals - (40,276 ) - - (40,276 )
At 31 March 2024 134,542 10,697,928 323,442 384,672 11,540,584
DEPRECIATION
At 1 April 2023 134,541 6,918,467 216,144 297,189 7,566,341
Charge for year - 616,136 25,504 20,855 662,495
Eliminated on disposal - (40,276 ) - - (40,276 )
At 31 March 2024 134,541 7,494,327 241,648 318,044 8,188,560
NET BOOK VALUE
At 31 March 2024 1 3,203,601 81,794 66,628 3,352,024
At 31 March 2023 1 3,483,765 59,086 25,305 3,568,157

11. STOCKS
31.3.24 31.3.23
£    £   
Raw materials & consumables 728,670 994,696
Work-in-progress 307,144 699,694
Finished goods 385,571 315,980
1,421,385 2,010,370

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 2,140,253 2,754,048
Amounts owed by group undertakings 417,266 299,126
Prepayments & accrued income 268,323 473,467
2,825,842 3,526,641

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 16) 12,000 12,000
Trade creditors 1,672,112 1,996,875
Amounts owed to group undertakings 1,662,057 1,722,057
Social security & other taxes 63,189 61,431
VAT 177,488 234,125
Other creditors 197,905 147,298
Accrued expenses 319,681 330,840
4,104,432 4,504,626

Herbert Walkers Limited (Registered number: 00405322)

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

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Preference shares (see note 15) 1,005 1,005
Hire purchase contracts (see note 16) 33,000 45,000
34,005 46,005

15. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Preference shares 1,005 1,005

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1,005 3% Non-cum preference £1 1,005 1,005

16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 12,000 12,000
Between one and five years 33,000 45,000
45,000 57,000

17. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax
Accelerated capital allowances 727,455 756,595
Losses (220,496 ) (220,917 )
506,959 535,678

Herbert Walkers Limited (Registered number: 00405322)

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

17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 535,678
Provided during year (28,719 )
Balance at 31 March 2024 506,959

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
48,995 Ordinary £1 48,995 48,995

19. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 5,491,856 50 250,000 5,741,906
Profit for the year 77,174 77,174
At 31 March 2024 5,569,030 50 250,000 5,819,080

20. PENSION COMMITMENTS

The company operates defined contribution pension schemes. The pension cost charge for the year represents contributions payable by the company to the fund and amounted to £165,488 (2023 £151,063).

There were no outstanding or prepaid contributions at either the beginning or end of the financial year.

21. ULTIMATE PARENT COMPANY

In the opinion of the directors the immediate and ultimate parent undertaking is Stangs Limited.

22. CAPITAL COMMITMENTS
31.3.24 31.3.23
£    £   
Contracted but not provided for in the
financial statements - 51,950

Herbert Walkers Limited (Registered number: 00405322)

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

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
A Christie
Balance outstanding at start of year 2,900 11,300
Amounts repaid (2,900 ) (8,400 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 2,900

24. RELATED PARTY DISCLOSURES

The company is wholly owned by its parent company and has taken advantage of the exemption in FRS102 to not disclose transactions with its parent company and other wholly owned subsidiaries within the group. Consolidated financial statements for the group are available at Companies House.

25. CONTROL RELATIONSHIPS

K Chapman, director and shareholder of Stangs Limited the ultimate parent undertaking, is considered to be the controlling party.

26. DEBENTURE

A debenture containing fixed and floating charges has been provided to Stangs Limited.