Company registration number SC029652 (Scotland)
WALTER DAVIDSON & SONS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
WALTER DAVIDSON & SONS LTD
COMPANY INFORMATION
Directors
A S Gordon
Mrs K H Gordon
T H Lonsdale
Mrs K Cowle
Secretary
A S Gordon
Company number
SC029652
Registered office
21-24 Wellmeadow
Blairgowrie
Perthshire
United Kingdom
PH10 6AT
Auditor
Azets Audit Services
5 Whitefriars Crescent
Perth
United Kingdom
PH2 0PA
WALTER DAVIDSON & SONS LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 7
Independent auditor's report
8 - 10
Group profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 37
WALTER DAVIDSON & SONS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
- 1 -

The directors present the strategic report for the year ended 31 January 2026.

Review of the business

The Directors are pleased with the company's financial results. Although the business has faced several challenges brought about by current UK Government Policy. The significant rise in the National Living Wage, with its incremental effects, and Employers National Insurance Contributions has led to a reduction in company profits.

The results have shown a small decrease in company turnover due to the company terminating several Health Board SLA product supply arrangements. However this has not impacted on NHS profits which saw a reasonable rise during the year.

The company continues to invest in its' employees training. In particular, resources have been focused on building our team of Pharmacist Independent Prescribers. The majority of our pharmacies now have Independent Prescribers on site and this gives advanced patient care and additional remuneration inflows for the company.

The company didn't acquire any new pharmacies in 2025. We did, however, lodge two applications for opening new pharmacy premises with Tayside and Dumfries & Galloway Health Board respectively. The outcome of these applications will be known in 2026.

The Directors expect that 2026 will see another good year's results. We will continue to build our cash resources and look for pharmacy acquisition opportunities. We expect that the NHS remuneration settlement for the year will be better than the previous year and that should allow the company to improve its' profitability.

Principal risks and uncertainties

It is group policy that an ongoing and active interest is taken in evaluating and managing the risks inherent in operating retail pharmacies.

The directors recognise that the main risks are as follows:-

Health & Safety Risk: This is managed through the group's policies and procedures and the quality of their management team. The group's policies and procedures are reviewed frequently.

Credit Risk: The group assesses the credit risk applicable to customers to ensure that credit is not extended where there is a likelihood of default.

Liquidity Risk: Liquidity Risk reflects the risk that the group will have insufficient reserves to meet its financial liabilities as they fall due. The directors' objective is to ensure adequate funding is available within the group to finance the business.

Financial instruments

The group's financial risk management objectives are to ensure sufficient working capital for the group. This is achieved through careful management of cash resources including trade debtors and trade creditors. The use of financial instruments is not material to the assessment of the assets, liabilities, financial position and profit of the group.

WALTER DAVIDSON & SONS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 2 -
Employees

The directors pursue a policy of promoting equality of opportunity to all employees and of developing their involvement and interest in the group. Both formal and informal systems of communication are used and managers have specific responsibility to communicate effectively with the employees.

Training is considered to be a fundamental requirement and the group provides training outlets to ensure staff are trained to an appropriate standard.

Disabled persons

The group will employ disabled persons when they appear to be suitable for a particular vacancy and every effort is made to ensure that they are given full and fair consideration when such vacancies arise.

During employment the group seeks to work with employees, taking into account their personal circumstances, to ensure appropriate training, development and advancement opportunities are available to enable them to reach their full potential.

Future developments

The group is looking to expand through the acquisition of additional properties and pharmacies where appropriate opportunities arise.

Promoting the success of the group

The Directors are aware of their duty under s172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole and, in doing so, to have regards (amongst other matters) to:

• The likely consequences of any decision in the long term;

• The interest of the Group’s employees;

• The need to foster the Group’s business relationships with suppliers, customers and others;

• The impact of the Group’s operation on the community and the environment;

• The desirability of the Group maintaining a reputation for high standards of business conduct; and

• The need to act fairly as between members of the Group.

Our planning is designed to have a long-term beneficial impact on the group and contribute to its future success through improving quality, operating within budgetary controls and in line with our regulatory targets. This requires us to consider the long term in all of our strategic decisions at board level.

Our employees are fundamental to the success of our group. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and wellbeing of our employees is one of our primary considerations in how we operate.

We aim to act responsibly and fairly in how we engage with suppliers. The group has oversight of the procurement processes and receives regular updates on any matter of significance. The group is very much focussed on its customers and patients, and the directors commit considerable time, effort and resources into understanding and responding to their needs. The directors also seek to build strong relationships with other stakeholders in the areas where we operate.

As an independent pharmacy group, the directors understand the impact of the group’s operations on the communities it serves and the environment, and attribute performance to behaving as a responsible business.

WALTER DAVIDSON & SONS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 3 -

The directors' intentions are to behave responsibly and ensure that management operates in a responsible manner. Operating within the high standards of conduct and good governance required for a business in our sector. All of our people are expected to act within the regulatory framework dictated by our sector. Our reputation is important and the reputational impact of decisions made by the directors are always considered.

As a group, our intention is to behave responsibly towards our shareholders and to treat them fairly and equally, so that they too may benefit from the group’s success.

Section 172 (1) of the Companies Act 2006 requires directors of the group to act in a way which they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole, and in doing so have regard to the interests of the stakeholders, including customers, suppliers and the wider community in which it operates. In doing this, Section 172 requires each director to have regard to the above matters.

Engagement with employees

The group places considerable value on the involvement of its employees and has continued its previous practice of keeping them informed on matters affecting them as employees and on the various factors affecting the performance of the group. This is achieved through formal and informal meetings, internal bulletins and the group’s intranet and website. Employees are consulted regularly on a wide range of matters likely to affect their interests.

Engagement with suppliers, patients, customers and significant others

The group aims to act responsibly and fairly in how it engages with suppliers and customers and has policies in place for entering and maintaining relationships to ensure that it treats all suppliers and customers fairly.

On behalf of the board

A S Gordon
Director
12 June 2026
WALTER DAVIDSON & SONS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
- 4 -

The directors present their annual report and financial statements for the year ended 31 January 2026.

Principal activities

The principal activity of the company and group continued to be that of retail pharmacy and veterinary chemists.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £1,131,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A S Gordon
G W I Davidson
(Deceased 20 March 2026)
Mrs K H Gordon
T H Lonsdale
Mrs K Cowle
Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the group's performance.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

WALTER DAVIDSON & SONS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 5 -
Energy and carbon report
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
117,251
- Electricity purchased
907,670
- Fuel consumed for transport
910,970
- Indirect emmissions related to Fuel used in personal/hire cars on business use (including fuel for which the organisation reimburses its employees following claims for business mileage)
231,669
2,167,560
Emissions of CO2 equivalent
Metric tonnes
Metric tonnes
Scope 1 - direct emissions
- Gas combustion
21.45
- Fugitive emissions
3.55
- Fuel consumed for owned transport
217.73
242.73
Scope 2 - indirect emissions
- Electricity purchased
160.66
Scope 3 - indirect emissions
- Indirect emmissions related to Fuel used in personal/hire cars on business use (including fuel for which the organisation reimburses its employees following claims for business mileage)
53.11
Total gross emissions
456.51
Intensity ratio
Tonnes CO2e per full time employee
0.42
Quantification and reporting methodology

The methodology used is the Greenhouse Gas Protocol, using the 2025 UK Government conversion factors produced by the Department for Business, Energy & Industrial Strategy.

This report has been prepared in line with the UK Government’s ‘Environmental Reporting Guidelines including Streamlined Energy and Carbon Reporting guidance’ (dated March 2019).

The market-based method for calculating scope 2 electricity emissions has been applied. From April 2025 onwards, all of our sites are now supplied with 100% REGO backed electricity.

Assumptions made in the reporting were as follows:

- A previous survey of refrigeration equipment and plant was supplemented with assumptions about refrigeration plants for which no data was available from recent acquisitions.

- Air conditioning operational emissions have been assumed based upon refrigerant charge, engineering judgement and IPCC/BEIS/DEFRA recommendations.

- For sites where there were billing irregularities and/or contract changeover periods, we have estimated the data based upon a combination of factors - seasonal consumption patterns or an agreed electricity profile relative to other similar sites.

WALTER DAVIDSON & SONS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 6 -
Intensity measurement

The agreed activity metric chosen was ‘Full-time equivalent’ employees (FTE), with a reference value of 707 FTE in the period.

The intensity ratio for this reporting period is 0.42 tonnes CO2e/FTE.

Measures taken to improve energy efficiency

We continue to work with ECO3 Partnership to identify practical measures to reduce energy consumption across our building portfolio and transport operations.

Ten years on, our solar PV system at our Welton Road Warehouse, Blairgowrie has generated more than 155,000 kWh of renewable electricity, delivering a decade of consistent, on site clean energy production. This long term performance has played a central role in reducing our operational emissions and strengthening our energy resilience. By supplying a significant share of the site’s electricity demand, the system has minimised our grid consumption and supported measurable progress against our SECR reduction objectives. Over the decade, the installation has become a dependable part of our energy strategy, providing predictable generation, lowering operating costs, and demonstrating our commitment to sustained carbon reduction. Its contribution continues to grow as we optimise energy use across the site and explore further opportunities for on site renewables.

Under our “Fitter, Greener Fleet” initiative, we have been systematically modernising our fleet, moving to hybrid and electric vehicles in phases to reduce emissions and improve operational efficiency.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

WALTER DAVIDSON & SONS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 7 -
On behalf of the board
A S Gordon
Director
12 June 2026
WALTER DAVIDSON & SONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WALTER DAVIDSON & SONS LTD
- 8 -
Opinion

We have audited the financial statements of Walter Davidson & Sons Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2026 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 31 January 2026 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

WALTER DAVIDSON & SONS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WALTER DAVIDSON & SONS LTD
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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 directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

WALTER DAVIDSON & SONS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WALTER DAVIDSON & SONS LTD
- 10 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sally Cheeney (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
5 Whitefriars Crescent
Perth
PH2 0PA
1 July 2026
WALTER DAVIDSON & SONS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2026
- 11 -
2026
2025
Notes
£
£
Turnover
3
72,128,508
72,168,274
Cost of sales
(44,907,686)
(46,083,223)
Gross profit
27,220,822
26,085,051
Distribution costs
(401,850)
(400,113)
Administrative expenses
(22,778,990)
(20,911,162)
Other operating income
519,060
225,743
Operating profit
4
4,559,042
4,999,519
Interest payable and similar expenses
8
(7,729)
(133,407)
Profit before taxation
4,551,313
4,866,112
Tax on profit
9
(1,537,593)
(1,698,186)
Profit for the financial year
24
3,013,720
3,167,926
Profit for the financial year is all attributable to the owners of the parent company.
WALTER DAVIDSON & SONS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2026
- 12 -
2026
2025
£
£
Profit for the year
3,013,720
3,167,926
Other comprehensive income
-
-
Total comprehensive income for the year
3,013,720
3,167,926
Total comprehensive income for the year is all attributable to the owners of the parent company.
WALTER DAVIDSON & SONS LTD
GROUP BALANCE SHEET
AS AT
31 JANUARY 2026
31 January 2026
- 13 -
2026
2025
Notes
£
£
£
£
Fixed assets
Goodwill
11
16,990,797
18,624,601
Other intangible assets
11
1,622,196
1,865,387
Total intangible assets
18,612,993
20,489,988
Tangible assets
12
7,130,134
7,253,311
25,743,127
27,743,299
Current assets
Stocks
14
5,736,255
5,583,131
Debtors
15
6,876,713
5,931,822
Cash at bank and in hand
7,722,177
5,826,407
20,335,145
17,341,360
Creditors: amounts falling due within one year
16
(7,658,306)
(8,511,601)
Net current assets
12,676,839
8,829,759
Total assets less current liabilities
38,419,966
36,573,058
Creditors: amounts falling due after more than one year
17
(58,048)
(62,550)
Provisions for liabilities
Deferred tax liability
19
210,499
241,809
(210,499)
(241,809)
Net assets
38,151,419
36,268,699
Capital and reserves
Called up share capital
21
39,000
39,000
Revaluation reserve
22
795,095
795,095
Capital redemption reserve
23
1,000
1,000
Profit and loss reserves
24
37,316,324
35,433,604
Total equity
38,151,419
36,268,699
The financial statements were approved by the board of directors and authorised for issue on 12 June 2026 and are signed on its behalf by:
12 June 2026
A S Gordon
Director
Company registration number SC029652 (Scotland)
WALTER DAVIDSON & SONS LTD
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2026
31 January 2026
- 14 -
2026
2025
Notes
£
£
£
£
Fixed assets
Goodwill
11
16,990,797
18,624,601
Other intangible assets
11
1,622,196
1,865,387
Total intangible assets
18,612,993
20,489,988
Tangible assets
12
6,925,359
7,109,018
25,538,352
27,599,006
Current assets
Stocks
14
3,932,743
3,835,793
Debtors
15
6,232,669
5,259,535
Cash at bank and in hand
7,717,228
5,821,458
17,882,640
14,916,786
Creditors: amounts falling due within one year
16
(6,404,074)
(7,227,479)
Net current assets
11,478,566
7,689,307
Total assets less current liabilities
37,016,918
35,288,313
Provisions for liabilities
Deferred tax liability
19
181,931
207,949
(181,931)
(207,949)
Net assets
36,834,987
35,080,364
Capital and reserves
Called up share capital
21
39,000
39,000
Revaluation reserve
22
795,095
795,095
Capital redemption reserve
23
1,000
1,000
Profit and loss reserves
24
35,999,892
34,245,269
Total equity
36,834,987
35,080,364

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £2,885,623 (2025 - £3,016,355 profit).

The financial statements were approved by the board of directors and authorised for issue on 12 June 2026 and are signed on its behalf by:
12 June 2026
A S Gordon
Director
Company registration number SC029652 (Scotland)
WALTER DAVIDSON & SONS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2026
- 15 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2024
39,000
795,095
1,000
32,967,678
33,802,773
Year ended 31 January 2025:
Profit and total comprehensive income
-
-
-
3,167,926
3,167,926
Dividends
10
-
-
-
(702,000)
(702,000)
Balance at 31 January 2025
39,000
795,095
1,000
35,433,604
36,268,699
Year ended 31 January 2026:
Profit and total comprehensive income
-
-
-
3,013,720
3,013,720
Dividends
10
-
-
-
(1,131,000)
(1,131,000)
Balance at 31 January 2026
39,000
795,095
1,000
37,316,324
38,151,419
WALTER DAVIDSON & SONS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2026
- 16 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2024
39,000
795,095
1,000
31,930,913
32,766,008
Year ended 31 January 2025:
Profit and total comprehensive income for the year
-
-
-
3,016,356
3,016,356
Dividends
10
-
-
-
(702,000)
(702,000)
Balance at 31 January 2025
39,000
795,095
1,000
34,245,269
35,080,364
Year ended 31 January 2026:
Profit and total comprehensive income
-
-
-
2,885,623
2,885,623
Dividends
10
-
-
-
(1,131,000)
(1,131,000)
Balance at 31 January 2026
39,000
795,095
1,000
35,999,892
36,834,987
WALTER DAVIDSON & SONS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2026
- 17 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
5,881,462
6,629,091
Interest paid
(7,729)
(133,407)
Income taxes paid
(1,600,617)
(1,600,514)
Net cash inflow from operating activities
4,273,116
4,895,170
Investing activities
Purchase of intangible assets
(50,000)
(472,239)
Purchase of tangible fixed assets
(274,487)
(552,322)
Proceeds from disposal of tangible fixed assets
52,691
363,607
Net cash used in investing activities
(271,796)
(660,954)
Financing activities
Repayment of bank loans
-
(2,720,966)
Payment of finance leases obligations
(43,399)
(44,986)
Dividends paid to equity shareholders
(1,131,000)
(702,000)
Net cash used in financing activities
(1,174,399)
(3,467,952)
Net increase in cash and cash equivalents
2,826,921
766,264
Cash and cash equivalents at beginning of year
3,416,664
2,650,400
Cash and cash equivalents at end of year
6,243,585
3,416,664
Relating to:
Cash at bank and in hand
7,722,177
5,826,407
Bank overdrafts included in creditors payable within one year
(1,478,592)
(2,409,743)
WALTER DAVIDSON & SONS LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2026
- 18 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
5,480,602
6,443,477
Interest paid
-
0
(128,306)
Income taxes paid
(1,551,007)
(1,586,186)
Net cash inflow from operating activities
3,929,595
4,728,985
Investing activities
Purchase of intangible assets
(50,000)
(472,239)
Purchase of tangible fixed assets
(213,682)
(552,322)
Proceeds from disposal of tangible fixed assets
49,357
363,607
Net cash used in investing activities
(214,325)
(660,954)
Financing activities
Repayment of bank loans
-
(2,720,966)
Dividends paid to equity shareholders
(1,131,000)
(702,000)
Net cash used in financing activities
(1,131,000)
(3,422,966)
Net increase in cash and cash equivalents
2,584,270
645,065
Cash and cash equivalents at beginning of year
3,873,769
3,228,704
Cash and cash equivalents at end of year
6,458,039
3,873,769
Relating to:
Cash at bank and in hand
7,717,228
5,821,458
Bank overdrafts included in creditors payable within one year
(1,259,189)
(1,947,689)
WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
- 19 -
1
Accounting policies
Company information

Walter Davidson & Sons Ltd (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is 21-24 Wellmeadow, Blairgowrie, Perthshire, United Kingdom, PH10 6AT.

The group consists of Walter Davidson & Sons Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Walter Davidson & Sons Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 January 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 20 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is fifteen years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
15 years
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
nil
Fixtures and fittings
20% on reducing balance and 15% on cost
Computers
20% on reducing balance
Motor vehicles
20% on reducing balance
WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 21 -

Freehold property is valued on a vacant possession basis which in the opinion of the directors is the residual value and therefore no depreciation is charged.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in profit or loss.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 22 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Cost is measured as follows:

NHS stock is valued using the retail method which measures cost by reducing the sales value of the inventory by the appropriate percentage gross margin. The reduction percentage is calculated based on varying discount levels for branded and generic drugs together with the corresponding reimbursement values.

Over the counter, warehouse and veterinary stock is measured using the most recent purchase price taken from supplier invoices which results in an approximate cost.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 23 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 24 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 25 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

No significant estimates and judgements have been identified which require additional disclosure.

3
Turnover
2026
2025
£
£
Turnover analysed by class of business
Retail Pharmacies
66,943,487
66,978,329
Veterinary Chemists
5,185,021
5,189,945
72,128,508
72,168,274
2026
2025
£
£
Turnover analysed by geographical market
United Kingdom
72,128,508
72,168,274
4
Operating profit
2026
2025
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
360,792
356,973
Depreciation of tangible fixed assets held under finance leases
24,251
22,638
Loss on disposal of tangible fixed assets
8,654
9,827
Amortisation of intangible assets
1,926,995
1,937,826
5
Auditor's remuneration
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
33,000
37,275
Audit of the financial statements of the company's subsidiaries
7,000
6,557
40,000
43,832
WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 26 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2026
2025
2026
2025
Number
Number
Number
Number
Administration
20
41
20
19
Sales and marketing
627
594
604
594
Distribution
60
53
60
53
Total
707
688
684
666

Their aggregate remuneration comprised:

Group
Company
2026
2025
2026
2025
£
£
£
£
Wages and salaries
15,259,930
14,129,799
14,675,571
13,592,364
Social security costs
1,504,354
1,019,093
1,444,941
966,994
Pension costs
669,688
580,969
606,440
534,188
17,433,972
15,729,861
16,726,952
15,093,546
7
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
494,212
493,940
Company pension contributions to defined contribution schemes
128,673
121,321
622,885
615,261
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2026
2025
£
£
Remuneration for qualifying services
196,278
191,665
Company pension contributions to defined contribution schemes
60,000
60,000
WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 27 -
8
Interest payable and similar expenses
2026
2025
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
60
128,306
Other finance costs:
Interest on finance leases and hire purchase contracts
7,669
5,101
Total finance costs
7,729
133,407
9
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
1,657,485
1,693,946
Adjustments in respect of prior periods
(88,582)
62,214
Total current tax
1,568,903
1,756,160
Deferred tax
Origination and reversal of timing differences
(31,310)
(57,974)
Total tax charge
1,537,593
1,698,186

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2026
2025
£
£
Profit before taxation
4,551,313
4,866,112
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
1,137,828
1,216,528
Tax effect of expenses that are not deductible in determining taxable profit
167
4,806
Change in unrecognised deferred tax assets
6,936
(73,131)
Adjustments in respect of prior years
(88,582)
62,414
Fixed asset differences
481,244
479,194
Chargeable gains/(losses)
-
0
8,375
Taxation charge
1,537,593
1,698,186
WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 28 -
10
Dividends
2026
2025
Recognised as distributions to equity holders:
£
£
Final paid
351,000
351,000
Interim paid
780,000
351,000
1,131,000
702,000
11
Intangible fixed assets
Group
Goodwill
Patents & licences
Total
£
£
£
Cost
At 1 February 2025
25,958,635
12,500,544
38,459,179
Additions
50,000
-
0
50,000
At 31 January 2026
26,008,635
12,500,544
38,509,179
Amortisation and impairment
At 1 February 2025
7,334,034
10,635,157
17,969,191
Amortisation charged for the year
1,683,804
243,191
1,926,995
At 31 January 2026
9,017,838
10,878,348
19,896,186
Carrying amount
At 31 January 2026
16,990,797
1,622,196
18,612,993
At 31 January 2025
18,624,601
1,865,387
20,489,988
WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
11
Intangible fixed assets
(Continued)
- 29 -
Company
Goodwill
Negative goodwill
Patents & licences
Total
£
£
£
£
Cost
At 1 February 2025
26,116,379
(157,744)
12,500,544
38,459,179
Additions
50,000
-
0
-
0
50,000
At 31 January 2026
26,166,379
(157,744)
12,500,544
38,509,179
Amortisation and impairment
At 1 February 2025
7,491,778
(157,744)
10,635,157
17,969,191
Amortisation charged for the year
1,683,804
-
0
243,191
1,926,995
At 31 January 2026
9,175,582
(157,744)
10,878,348
19,896,186
Carrying amount
At 31 January 2026
16,990,797
-
0
1,622,196
18,612,993
At 31 January 2025
18,624,601
-
0
1,865,387
20,489,988
12
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 February 2025
5,409,580
4,825,408
14,503
784,454
11,033,945
Additions
-
0
148,908
2,060
172,243
323,211
Disposals
-
0
-
0
-
0
(114,523)
(114,523)
At 31 January 2026
5,409,580
4,974,316
16,563
842,174
11,242,633
Depreciation and impairment
At 1 February 2025
-
0
3,464,368
9,918
306,348
3,780,634
Depreciation charged in the year
-
0
283,652
1,329
100,062
385,043
Eliminated in respect of disposals
-
0
-
0
-
0
(53,178)
(53,178)
At 31 January 2026
-
0
3,748,020
11,247
353,232
4,112,499
Carrying amount
At 31 January 2026
5,409,580
1,226,296
5,316
488,942
7,130,134
At 31 January 2025
5,409,580
1,361,040
4,585
478,106
7,253,311
WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
12
Tangible fixed assets
(Continued)
- 30 -
Company
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 February 2025
5,409,580
4,790,199
576,330
10,776,109
Additions
-
0
148,908
64,774
213,682
Disposals
-
0
-
0
(96,838)
(96,838)
At 31 January 2026
5,409,580
4,939,107
544,266
10,892,953
Depreciation and impairment
At 1 February 2025
-
0
3,437,225
229,866
3,667,091
Depreciation charged in the year
-
0
282,039
63,012
345,051
Eliminated in respect of disposals
-
0
-
0
(44,548)
(44,548)
At 31 January 2026
-
0
3,719,264
248,330
3,967,594
Carrying amount
At 31 January 2026
5,409,580
1,219,843
295,936
6,925,359
At 31 January 2025
5,409,580
1,352,974
346,464
7,109,018

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2026
2025
2026
2025
£
£
£
£
Motor vehicles
136,770
90,552
-
0
-
0

Land and buildings with a carrying amount of £3,944,000 (group and company) were revalued at 30 April 2019 by J & E Shepherd Chartered Surveyors, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on vacant possession.

If freehold property had not been revalued it would have been included at the following historical cost £4,829,640 (2025 - £5,111,882).

WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 31 -
13
Subsidiaries

Details of the company's subsidiaries at 31 January 2026 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Five Mile Limited
21-24 Wellmeadow, Blairgowre, PH10 6AT
Ordinary
100.00
Drymen Potions Limited
21-24 Wellmeadow, Blairgowre, PH10 6AT
Ordinary
100.00
Scotpharm Supplies Limited
21-24 Wellmeadow, Blairgowre, PH10 6AT
Ordinary
100.00
Methven Pharmacy Limited
21-24 Wellmeadow, Blairgowre, PH10 6AT
Ordinary
100.00
Letham Dispensary Limited
21-24 Wellmeadow, Blairgowre, PH10 6AT
Ordinary
100.00
Davidsons Farm & Country Limited
21-24 Wellmeadow, Blairgowre, PH10 6AT
Ordinary
100.00
McPherson Pharmacy Limited
21-24 Wellmeadow, Blairgowre, PH10 6AT
Ordinary
100.00
Hutchison Healthcare Limited
21-24 Wellmeadow, Blairgowre, PH10 6AT
Ordinary
100.00
George Ellis Limited
21-24 Wellmeadow, Blairgowre, PH10 6AT
Ordinary
100.00
Dunblane Healthcare Limited
21-24 Wellmeadow, Blairgowre, PH10 6AT
Ordinary
100.00
Newfield (Dundonald) Limited
21-24 Wellmeadow, Blairgowre, PH10 6AT
Ordinary
100.00
John Ross (Dundee) Limited
21-24 Wellmeadow, Blairgowre, PH10 6AT
Ordinary
100.00
LP North Two Limited
21-24 Wellmeadow, Blairgowre, PH10 6AT
Ordinary
100.00

Five Mile Limited, Drymen Potions Limited, Methven Pharmacy Limited and Letham Dispensary Limited were all hived up in 2019 into Walter Davidson and Sons Limited. McPherson Pharmacy Limited and Hutchison Healthcare Limited were hived up in 2020 into Walter Davidson and Sons Limited. George Ellis Limited was hived up in 2021 into Walter Davidson and Sons Limited. Dunblane Healthcare Ltd and Newfield (Dundonald) Ltd were hived up into Walter Davidson and Sons Limited in 2021. John Ross (Dundee) Limited was hived up in January 2023. LP North Two LImited was hived up in June 2023.

14
Stocks
Group
Company
2026
2025
2026
2025
£
£
£
£
Finished goods and goods for resale
5,736,255
5,583,131
3,932,743
3,835,793
15
Debtors
Group
Company
2026
2025
2026
2025
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,754,839
4,939,733
5,123,724
4,276,467
Other debtors
933,772
854,122
920,843
845,101
Prepayments and accrued income
188,102
137,967
188,102
137,967
6,876,713
5,931,822
6,232,669
5,259,535
WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 32 -
16
Creditors: amounts falling due within one year
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Bank loans and overdrafts
1,478,592
2,409,743
1,259,189
1,947,689
Obligations under finance leases
18
46,307
36,480
-
0
-
0
Trade creditors
5,114,874
5,074,415
4,209,668
4,350,265
Amounts owed to group undertakings
-
0
-
0
3,792
37,154
Corporation tax payable
594,943
626,657
546,643
577,306
Other taxation and social security
323,567
281,123
292,665
239,450
Accruals and deferred income
100,023
83,183
92,117
75,615
7,658,306
8,511,601
6,404,074
7,227,479
17
Creditors: amounts falling due after more than one year
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Obligations under finance leases
18
58,048
62,550
-
0
-
0
18
Finance lease obligations
Group
Company
2026
2025
2026
2025
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
46,307
36,480
-
0
-
0
In two to five years
58,048
62,550
-
0
-
0
104,355
99,030
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 33 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2026
2025
Group
£
£
Accelerated capital allowances
253,998
254,458
Retirement benefit obligations
(14,931)
(12,649)
239,067
241,809
Statutory database figures differ from the trial balance:
Deferred tax balances
210,499
241,809
Difference
28,568
-
Liabilities
Liabilities
2026
2025
Company
£
£
Accelerated capital allowances
196,406
220,598
Retirement benefit obligations
(14,475)
(12,649)
181,931
207,949
Group
Company
2026
2026
Movements in the year:
£
£
Liability at 1 February 2025
241,809
207,949
Credit to profit or loss
(31,310)
(26,018)
Liability at 31 January 2026
210,499
181,931
WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 34 -
20
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
669,688
580,969

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
39,000
39,000
39,000
39,000
22
Revaluation reserve
Group
Company
2026
2025
2026
2025
£
£
£
£
At the beginning and end of the year
795,095
795,095
795,095
795,095
23
Capital redemption reserve
Group
Company
2026
2025
2026
2025
£
£
£
£
At the beginning and end of the year
1,000
1,000
1,000
1,000
24
Profit and loss reserves
Group
Company
2026
2025
2026
2025
£
£
£
£
At the beginning of the year
35,433,604
32,967,678
34,245,269
31,930,913
Profit for the year
3,013,720
3,167,926
2,885,623
3,016,356
Dividends
(1,131,000)
(702,000)
(1,131,000)
(702,000)
At the end of the year
37,316,324
35,433,604
35,999,892
34,245,269
WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 35 -
25
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2026
2025
2026
2025
£
£
£
£
Within one year
269,194
359,510
254,572
342,020
Between two and five years
622,950
734,259
620,153
728,145
In over five years
773,823
920,403
773,823
920,403
1,665,967
2,014,172
1,648,548
1,990,568
26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2026
2025
£
£
Aggregate compensation
692,736
677,449
27
Directors' transactions

Dividends totalling £558,250 (2025 - £346,500) were paid in the year in respect of shares held by the company's directors.

28
Controlling party

The group is under the control of the Davidson family by virtue of their cumulative shareholding in the parent company.

WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 36 -
29
Cash generated from group operations
2026
2025
£
£
Profit after taxation
3,013,720
3,167,926
Adjustments for:
Taxation charged
1,537,593
1,698,186
Finance costs
7,729
133,407
Loss on disposal of tangible fixed assets
8,654
9,827
Amortisation and impairment of intangible assets
1,926,995
1,937,826
Depreciation and impairment of tangible fixed assets
385,043
379,611
Movements in working capital:
Increase in stocks
(153,124)
(266,934)
(Increase)/decrease in debtors
(944,891)
432,820
Increase/(decrease) in creditors
99,743
(863,578)
Cash generated from operations
5,881,462
6,629,091
30
Analysis of changes in net funds - group
1 February 2025
Cash flows
New finance leases
31 January 2026
£
£
£
£
Cash at bank and in hand
5,826,407
1,895,770
-
7,722,177
Bank overdrafts
(2,409,743)
931,151
-
(1,478,592)
3,416,664
2,826,921
-
6,243,585
Obligations under finance leases
(99,030)
43,399
(48,724)
(104,355)
3,317,634
2,870,320
(48,724)
6,139,230
WALTER DAVIDSON & SONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 37 -
31
Cash generated from operations - company
2026
2025
£
£
Profit after taxation
2,885,623
3,016,356
Adjustments for:
Taxation charged
1,494,326
1,647,663
Finance costs
-
0
128,306
Loss on disposal of tangible fixed assets
2,933
9,827
Amortisation and impairment of intangible assets
1,926,995
1,937,826
Depreciation and impairment of tangible fixed assets
345,051
346,780
Movements in working capital:
Increase in stocks
(96,950)
(92,622)
(Increase)/decrease in debtors
(973,134)
459,694
Decrease in creditors
(104,242)
(1,010,353)
Cash generated from operations
5,480,602
6,443,477
32
Analysis of changes in net funds - company
1 February 2025
Cash flows
31 January 2026
£
£
£
Cash at bank and in hand
5,821,458
1,895,770
7,717,228
Bank overdrafts
(1,947,689)
688,500
(1,259,189)
3,873,769
2,584,270
6,458,039
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