REGISTERED NUMBER: 00405322 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

for

Herbert Walkers Limited

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

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

The directors present their strategic report for the year ended 31 March 2025.

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. The company has seen an increase in gross profit margins from 23% to 29%.

In the current year turnover is £13,562,489 (2024 £13,500,171) and profits before tax are £952,404 (2024 £48,455).

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

20 November 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

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 2025.

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 2024 to the date of this report.

The directors shown below were in office at 31 March 2025 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 2024 or 31 March 2025.

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.

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

20 November 2025

Opinion

We have audited the financial statements of Herbert Walkers Limited (the 'company') for the year ended 31 March 2025 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 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 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.

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:

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.

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

20 November 2025

TURNOVER

4

13,562,489

13,500,171

Cost of sales

(9,578,716

)

(10,376,850

)

GROSS PROFIT

3,983,773

3,123,321

Administrative expenses

(3,039,561

)

(3,066,934

)

944,212

56,387

Other operating income

6,757

-

950,969

56,387

Interest receivable and similar income

43,869

66,422

994,838

122,809

Interest payable and similar expenses

7

(42,434

)

(74,354

)

PROFIT BEFORE TAXATION

8

952,404

48,455

Tax on profit

9

(324,609

)

28,719

PROFIT FOR THE FINANCIAL YEAR

627,795

77,174

PROFIT FOR THE YEAR

627,795

77,174

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

627,795

77,174

FIXED ASSETS

Tangible assets

10

6,032,488

3,352,024

CURRENT ASSETS

Stocks

11

1,288,920

1,421,385

Debtors

12

2,679,559

2,825,842

Cash at bank and in hand

807,970

2,914,220

4,776,449

7,161,447

CREDITORS

Amounts falling due within one year

13

3,459,494

4,104,432

NET CURRENT ASSETS

1,316,955

3,057,015

TOTAL ASSETS LESS CURRENT LIABILITIES

7,349,443

6,409,039

CREDITORS

Amounts falling due after more than one year

14

(22,005

)

(34,005

)

PROVISIONS FOR LIABILITIES

17

(831,568

)

(506,959

)

NET ASSETS

6,495,870

5,868,075

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

6,196,825

5,569,030

SHAREHOLDERS' FUNDS

6,495,870

5,868,075

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2025 and were signed on its behalf by:

K Chapman - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 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

Changes in equity

Total comprehensive income

-

627,795

-

-

627,795

Balance at 31 March 2025

48,995

6,196,825

50

250,000

6,495,870

Cash flows from operating activities

Cash generated from operations

1

1,047,939

1,784,113

Interest paid

(42,434

)

(74,354

)

Net cash from operating activities

1,005,505

1,709,759

Cash flows from investing activities

Purchase of tangible fixed assets

(3,420,082

)

(446,362

)

Sale of tangible fixed assets

746,251

2,500

Interest received

43,869

66,422

Net cash from investing activities

(2,629,962

)

(377,440

)

Cash flows from financing activities

Increase in HP contracts

(12,000

)

(12,000

)

Changes in group undertaking debt

(469,793

)

(178,141

)

Net cash from financing activities

(481,793

)

(190,141

)

(Decrease)/increase in cash and cash equivalents

(2,106,250

)

1,142,178

Cash and cash equivalents at beginning of year

2

2,914,220

1,772,042

Cash and cash equivalents at end of year

2

807,970

2,914,220

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.25

31.3.24

£

£

Profit before taxation

952,404

48,455

Depreciation charges

712,604

662,496

Profit on disposal of fixed assets

(719,239

)

(2,500

)

Finance costs

42,434

74,354

Finance income

(43,869

)

(66,422

)

944,334

716,383

Decrease in stocks

132,465

588,985

(Increase)/decrease in trade and other debtors

(263,922

)

818,939

Increase/(decrease) in trade and other creditors

235,062

(340,194

)

Cash generated from operations

1,047,939

1,784,113

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 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

807,970

2,914,220

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

2,914,220

1,772,042

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

2,914,220

(2,106,250

)

807,970

2,914,220

(2,106,250

)

807,970

Debt

Finance leases

(45,000

)

12,000

(33,000

)

Debts falling due after 1 year

(1,005

)

-

(1,005

)

(46,005

)

12,000

(34,005

)

Total

2,868,215

(2,094,250

)

773,965

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.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss and any subsequent reversal is recognised in the profit and loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled. or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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

31.3.25

31.3.24

£

£

Wages and salaries

3,453,416

3,703,909

Social security costs

102,784

100,192

Other pension costs

96,588

99,163

3,652,788

3,903,264

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

31.3.25

31.3.24

Administration

3

8

Production

92

99

Selling/distribution

8

9

103

116

31.3.25

31.3.24

£

£

Directors' remuneration

356,914

349,974

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:

31.3.25

31.3.24

£

£

Emoluments etc

104,298

101,799

Pension contributions to money purchase schemes

4,821

7,321

6.	EXCEPTIONAL ITEMS

31.3.25

31.3.24

£

£

Exceptional items

-

(8,084

)

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

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

£

£

Loan interest

42,434

74,354

Loan interest represents amounts payable to group companies.

8.	PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

31.3.25

31.3.24

£

£

Hire of plant and machinery

103,259

5,187

Depreciation - owned assets

712,606

662,495

Profit on disposal of fixed assets

(719,239

)

(2,500

)

Auditors' remuneration

17,000

17,000

9.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

31.3.25

31.3.24

£

£

Deferred tax

324,609

(28,719

)

Tax on profit

324,609

(28,719

)

UK corporation tax has been charged at 25% (2024 - 25%).