REGISTERED NUMBER: 00186454 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2026

for

Walkers Nonsuch Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

8

Balance Sheet

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

Mrs E J Rae

Mrs C E Kennerley

J R Rae

A J Staniford

SECRETARY:

Mrs E J Rae

REGISTERED OFFICE:

Calverley Street

Longton

Stoke-on-Trent

Staffordshire

ST3 1QS

REGISTERED NUMBER:

00186454 (England and Wales)

SENIOR STATUTORY AUDITOR:

Paul Scriven FCCA

AUDITORS:

Paterson Brodie Limited

Chartered Certified Accountants

Statutory Auditor

Cliveden Chambers

Cliveden Place

Longton

Stoke-on-Trent

Staffordshire

ST3 4JB

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

REVIEW OF BUSINESS

Walkers Nonsuch Limited is a long-established manufacturer of traditional toffee, having operated in Stoke-on-Trent since the late nineteenth century. The company remains committed to producing high-quality products using carefully selected ingredients.

The company continued to perform well during the year, achieving further growth in turnover. Whilst profitability was lower than in the previous year, the directors consider the overall trading performance to be satisfactory, particularly in light of the wider economic environment and ongoing cost pressures.

The company maintains a strong financial position, providing a solid foundation for its continued operations and future development.

The directors remain confident in the company's long-term prospects and are committed to maintaining its established reputation for quality, whilst continuing to invest in the business and explore opportunities for future growth in both domestic and overseas markets.

PRINCIPAL RISKS AND UNCERTAINTIES

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

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

FINANCIAL KEY PERFORMANCE INDICATORS

The board monitors the company’s progress through a set of financial key performance indicators, which it reviews quarterly against budget and the prior year. The principal indicators for the year were:

2026

2025

% Change

Turnover

£15,354,071

£14,971,694

+2.6%

Gross profit margin

22.8%

21.8%

+1.0%

Operating profit

£462,349

£854,775

(45.9%)

Operating profit margin

3.0%

5.7%

(2.7%)

The directors consider the results reasonable in light of increases in overheads, in particular staff costs, distribution costs and foreign exchange losses, the latter arising from movements in the US dollar and euro over the period. They are satisfied that the balance sheet remains strong.

FINANCIAL RISK MANAGEMENT

The primary financial risk exposure relates to foreign exchange. The company buys and sells in US Dollars and Euros. The company holds funds in these currencies in order to cover these transactions where possible. The foreign exchange position is monitored on a regular basis.

ON BEHALF OF THE BOARD:

Mrs E J Rae - Director

29 October 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

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

DIVIDENDS

During the year the company paid a final dividend of 20p per share, totalling £58,752, in respect of the year ended 31 March 2025.

The directors recommend a final dividend of 10p per share, totalling £29,376, in respect of the year ended 31 March 2026, payable in December 2026. In accordance with FRS 102, this dividend has not been recognised as a liability in these financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

Mrs E J Rae

Mrs C E Kennerley

J R Rae

Other changes in directors holding office are as follows:

A J Staniford - appointed 2 June 2025

POLITICAL AND CHARITABLE DONATIONS

The company made no political donations and incurred no political expenditure during the year (2025: £nil).

Charitable donations charged in the financial statements for the year amounted to £47,025 (2025: £500). This includes a provision for a donation which the directors had committed to make at the year end,

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

Mrs E J Rae - Director

29 October 2026

Opinion

We have audited the financial statements of Walkers Nonsuch Limited (the 'company') for the year ended 31 March 2026 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2026 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:

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006 and UK corporate taxation laws.

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making enquiries to the directors and the management team of the company.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:

-identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

-understanding how those charged with governance considered and addressed the potential override of controls or other inappropriate influence over the financial reporting process;

-challenging assumptions and judgements made by management in its significant accounting estimates;

-identifying and testing journal entries, in particular any journal entries posted with unusual account combinations;

-assessing the extent of compliance with the relevant laws and regulations.

We communicated relevant laws and regulations identified to the management team and our audit team performed the audit procedures as detailed above.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Paul Scriven FCCA (Senior Statutory Auditor)

for and on behalf of Paterson Brodie Limited

Chartered Certified Accountants

Statutory Auditor

Cliveden Chambers

Cliveden Place

Longton

Stoke-on-Trent

Staffordshire

ST3 4JB

29 October 2026

TURNOVER

3

15,354,071

14,971,694

Cost of sales

11,846,137

11,714,994

GROSS PROFIT

3,507,934

3,256,700

Distribution costs

780,215

617,313

Administrative expenses

2,265,620

1,784,612

3,045,835

2,401,925

OPERATING PROFIT

5

462,099

854,775

Interest receivable and similar income

102,709

69,685

PROFIT BEFORE TAXATION

564,808

924,460

Tax on profit

6

190,867

235,586

PROFIT FOR THE FINANCIAL YEAR

373,941

688,874

Retained earnings at beginning of year

6,956,122

6,326,000

Dividends

7

(58,752

)

(58,752

)

RETAINED EARNINGS AT END OF YEAR

7,271,311

6,956,122

FIXED ASSETS

Intangible assets

8

2,295

2,295

Tangible assets

9

1,263,242

1,392,967

Investments

10

-

250

1,265,537

1,395,512

CURRENT ASSETS

Stocks

11

1,434,918

1,124,178

Debtors

12

1,753,931

1,732,877

Cash at bank and in hand

5,638,560

5,005,283

8,827,409

7,862,338

CREDITORS

Amounts falling due within one year

13

2,380,482

1,820,867

NET CURRENT ASSETS

6,446,927

6,041,471

TOTAL ASSETS LESS CURRENT LIABILITIES

7,712,464

7,436,983

CREDITORS

Amounts falling due after more than one year

14

(31,476

)

(39,252

)

PROVISIONS FOR LIABILITIES

16

(115,917

)

(147,849

)

NET ASSETS

7,565,071

7,249,882

CAPITAL AND RESERVES

Called up share capital

17

293,760

293,760

Retained earnings

18

7,271,311

6,956,122

SHAREHOLDERS' FUNDS

7,565,071

7,249,882

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2026 and were signed on its behalf by:

Mrs E J Rae - Director

Cash flows from operating activities

Cash generated from operations

1

981,721

1,506,720

Tax paid

(293,795

)

(141,226

)

Net cash from operating activities

687,926

1,365,494

Cash flows from investing activities

Purchase of tangible fixed assets

(90,830

)

(134,360

)

Sale of tangible fixed assets

-

38,969

Interest received

102,709

69,685

Net cash from investing activities

11,879

(25,706

)

Cash flows from financing activities

Capital repayments in year

(7,776

)

47,029

Equity dividends paid

(58,752

)

(58,752

)

Net cash from financing activities

(66,528

)

(11,723

)

Increase in cash and cash equivalents

633,277

1,328,065

Cash and cash equivalents at beginning of year

2

5,005,283

3,677,218

Cash and cash equivalents at end of year

2

5,638,560

5,005,283

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

31.3.26

31.3.25

£

£

Profit before taxation

564,808

924,460

Depreciation charges

220,555

283,496

Loss/(profit) on disposal of fixed assets

250

(16,666

)

Finance income

(102,709

)

(69,685

)

682,904

1,121,605

Increase in stocks

(310,740

)

(188,729

)

(Increase)/decrease in trade and other debtors

(21,054

)

376,000

Increase in trade and other creditors

630,611

197,844

Cash generated from operations

981,721

1,506,720

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

5,638,560

5,005,283

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

5,005,283

3,677,218

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank and in hand

5,005,283

633,277

5,638,560

5,005,283

633,277

5,638,560

Debt

Finance leases

(47,029

)

7,776

(39,253

)

(47,029

)

7,776

(39,253

)

Total

4,958,254

641,053

5,599,307

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Figures have been rounded to the nearest £.

Turnover

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

Intangible assets

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

5% on reducing balance

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating leases

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

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31.3.26

31.3.25

£

£

Home market

7,483,772

7,167,021

Export market

7,870,299

7,804,673

15,354,071

14,971,694

4.	EMPLOYEES AND DIRECTORS

31.3.26

31.3.25

£

£

Wages and salaries

3,141,427

2,775,380

Social security costs

361,582

250,546

Other pension costs

75,444

169,385

3,578,453

3,195,311

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

31.3.26

31.3.25

Directors

4

3

Administration and management

11

11

Production

57

63

72

77

31.3.26

31.3.25

£

£

Directors' remuneration

757,284

359,951

Directors' pension contributions to money purchase schemes

25,219

108,683

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

Money purchase schemes

4

3

Information regarding the highest paid director is as follows:

31.3.26

31.3.25

£

£

Emoluments etc

291,884

167,616

Pension contributions to money purchase schemes

7,120

6,600

5.	OPERATING PROFIT

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

31.3.26

31.3.25

£

£

Depreciation - owned assets

220,555

283,496

Loss/(profit) on disposal of fixed assets

250

(16,666

)

Auditors' remuneration

15,168

13,061

Foreign exchange differences

58,755

12,693

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.3.26

31.3.25

£

£

Current tax:

UK corporation tax

222,799

293,795

Deferred tax:

Origination / (reversal) of timing differences

(31,932

)

(58,209

)

Tax on profit

190,867

235,586

UK corporation tax has been charged at 25% (2025 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.26

31.3.25

£

£

Profit before tax

564,808

924,460

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

141,202

231,115

Effects of:

Expenses not deductible for tax purposes

52,269

41,428

Income not taxable for tax purposes

(18,525

)

(12,325

)

Depreciation in excess of capital allowances

47,853

33,577

Movement in deferred tax provision

(31,932

)

(58,209

)

Total tax charge

190,867

235,586

7.

DIVIDENDS

31.3.26

31.3.25

£

£

Ordinary shares of £1 each

Final

58,752

58,752

8.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 April 2025

and 31 March 2026

2,295

NET BOOK VALUE

At 31 March 2026

2,295

At 31 March 2025

2,295

9.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2025

1,325,549

3,205,870

112,650

40,110

4,684,179

Additions

-

-

90,830

-

90,830

At 31 March 2026

1,325,549

3,205,870

203,480

40,110

4,775,009

DEPRECIATION

At 1 April 2025

831,490

2,373,336

46,276

40,110

3,291,212

Charge for year

32,797

163,552

24,206

-

220,555

At 31 March 2026

864,287

2,536,888

70,482

40,110

3,511,767

NET BOOK VALUE

At 31 March 2026

461,262

668,982

132,998

-

1,263,242

At 31 March 2025

494,059

832,534

66,374

-

1,392,967

Included in cost of land and buildings is freehold land of £ 20,063 (2025 - £ 20,063 ) which is not depreciated.

10.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 April 2025

250

Disposals

(250

)

At 31 March 2026

-

NET BOOK VALUE

At 31 March 2026

-

At 31 March 2025

250

11.

STOCKS

31.3.26

31.3.25

£

£

Finished goods

555,241

238,323

Raw materials

879,677

885,855

1,434,918

1,124,178