2006
Walker Greenbank PLC
Annual Report and Accounts
Walker Greenbank PLC
Bradbourne Drive
Tilbrook
Milton Keynes
Buckinghamshire
MK7 8BE
T: 08708 300 365
F: 08708 300 364
www.walkergreenbank.com
Walker Greenbank PLC Annual Report and Accounts 2006 Walker Greenbank PLC is an international group 
of companies which design, manufacture, market 
and distribute wallcoverings, furnishing fabrics and 
associated products for the consumer market.
01 Highlights
02 Focus on our brands
04 Our manufacturing sites
05 Our showrooms
06 Chairman’s Statement
10 Chief Executive’s Review
14 Financial Review
16 Directors and Advisers
17 Report of the Directors
19 Directors’ Responsibilities
20 Independent Auditors’ Report
21 Group Profit and Loss Account
22 Balance Sheets
23 Group Cash Flow Statement
24 Statement of Total Recognised Gains and Losses
24 Reconciliation of Movements in Shareholders’ Funds
25 Notes to the Accounts
43 Five-Year Record
Walker Greenbank PLC Annual Reports and Accounts 2006 Walker Greenbank PLC Annual Reports and Accounts 2006 0
 Highlights
•	 	Successful	turnaround	–	pre-tax	profit	of	£2.62	million	 (2005:	loss	£0.81m),	marking	the	Company’s	first	full	 year	pre-tax	profit	since	2000
•	 	Operating	profit	of	£5.02	million	(2005:	loss	£2.69m)	 with	underlying	growth	–	pre-exceptional	operating	 profit	for	continuing	operations	of	£0.76	million	 	 (2005:	loss	of	£3.06m	which	included	exceptional	 	 costs	of	£0.67m)	 •	 	Cashflow	positive	–	net	cash	inflow	from	operating	 activities	of	£1.64	million	(2005:	outflow	£4.06m)
•	 	Pension	deficit	reduced	–	FRS	17	pension	liability	 of	£7.98	million	at	31	January	2006	calculated	after	 adoption	of	latest	PA92	mortality	tables	 	 (2005:	£11.27m)
•	 	Brand	portfolio	performed	strongly	and	all	parts	of	 	 the	business	traded	profitably	including	UK	fabric	 printing	and	wallpaper	factories
•	 	Current	financial	year	has	started	strongly	–	 considerably	ahead	of	last	year	and	well	ahead	 	 of	internal	projections	 Walker Greenbank PLC Annual Reports and Accounts 2006 0
Focus on our brands
Our	brands	are	targeted	at	the	mid	to	upper	end	of	the	 premium	market.	They	have	worldwide	distribution	 including	prestigious	showrooms	at	Chelsea	Harbour,	 London	and	the	D&D	building,	Manhattan,	New	York.	 Sanderson is internationally recognised as a 
leading global brand in interior design and 
decorating. 
The brand’s reputation is built on its unrivalled history 
that goes back to 1860. In 1923, the company was 
awarded the Royal Warrant to supply wallpaper, paints 
and fabrics to King George V and continues to supply Her 
Majesty, the Queen today. Sanderson continues to forge 
ahead with quality market-driven designs.
HARLEQUIN
Harlequin has built a reputation as one  
of the leading companies in the home 
furnishings market offering quality 
contemporary fabrics and wallcoverings. 
It has had great success with its recent collections such  
as ‘Decadence’ which has exceeded all expectations. 
Harlequin continues to develop a broad range of collections 
from different design sources and is firmly established as a 
fashion leader in the home furnishings market.
• Sales growth 10%
• Margins improved
• Licence income grew by 22%
• Options 9 collection very successful
• Profit contribution more than doubled
• Sales growth of 13%
• Margins improved
• Doubling of profit contribution
• Relaunched into the USA
• Wallpaper sales having strong growth
SANDERSON
www.harlequin.uk.com www.sanderson-uk.com
OVERVIEW HIGHLIGHTS
Decadence Weaves Collection from Harlequin Aida Wallpaper Collection from Sanderson Walker Greenbank PLC Annual Reports and Accounts 2006 0
Zoffany offers a range of products of the 
highest quality including wallpaper, fabrics, 
trimmings, carpets, paint and furniture. 
The designs are inspired by the rich traditions of the past, but 
look equally at home in contemporary interiors. Zoffany is 
also able to offer a bespoke custom design service on many of 
its products, collaborating with the designer and architect.
MORRIS & Co
The Morris & Co. business has a heritage that 
dates back to the mid 19th Century when  
it was founded by William Morris, the 
acclaimed designer. 
Sanderson purchased the collection of printing blocks, 
stock and complete colour records, including both unique 
logbooks and print templates of this business in 1927. This 
important collection is contained within the Sanderson 
archive and they have carefully developed the product 
range to now include hand blocked and machine print 
wallpapers, fabrics and paints.
• Overall sales stable
• Export markets growing
• UK sales reduced
• Margins improved
• Cost reduction helped 
•  Arts and craft revival fuelling growth in all  
major markets
•  International sales growing with increased distribution 
in Europe
•  The recently launched Morris IV collection (Autumn 
2005) is the latest in a long line of successful ranges and 
is complemented by the opulence of the Morris Velvet 
collection. Current trends suggest it will become the 
top selling Morris collection in 2006
ZOFFANY
www.william-morris.co.uk www.zoffany.uk.com
Morris Volume IV from Morris & Co. Chaumont Wallpaper Collection from Zoffany Walker Greenbank PLC Annual Reports and Accounts 2006 0
Our manufacturing sites
Standfast	and	Anstey	are	both	UK	market	leaders 	 in	their	niche	manufacturing	processes	and	meet	 	 all	of	the	Group’s	requirements	for	fabric-printing	 	 and	wallpaper.
Anstey 
Anstey	Wallpaper	Company	is	the	world’s	 leading	specialist	commission	printer	of	high-
end	wall	coverings,	offering	a	comprehensive	 range	of	paper	and	vinyl	substrates	and	a	 diverse	choice	of	different	hand	and	machine	 printing	techniques	including	block,	flat	screen,	 rotary	screen,	surface	print,	flexo	and	gravure.	 The	customer	profile	is	very	similar	to	 Standfast,	and	the	company	supplies	most	 	 of	the	leading	home	furnishing	brands	in	the	 UK	and	USA,	plus	several	well-known	high-
street	retail	chains.	 Standfast
Standfast	&	Barracks	is	now	the	UK’s	largest	 fabric	printer,	specialising	in	high	quality	rotary	 and	flat	screen	printing,	using	a	wide	variety	of	 different	dyestuffs	and	fabrics,	including	 cotton,	linen,	silk,	wool	and	velvet.	Third	party	 home	furnishings	customers	include	Osborne	 &	Little	and	Designers	Guild	in	the	UK	and	 Ralph	 Lauren	 in	 the	 United	 States.	 The	 company	 also	supplies	apparel	prints	to	Liberty	of	 London	and	hi-tech	camouflage	fabrics	into	 the	defence	industry	worldwide.	 Walker Greenbank PLC Annual Reports and Accounts 2006 0
Our showrooms
Our	Group	is	represented	in	the	UK	at	the	prestigious	 Chelsea	Harbour	with	two	of	our	own	showrooms	 	 showing	all	four	brands.	In	the	USA	there	is	a	national	 presence	crowned	by	our	showroom	in	Manhattan.
Chelsea Harbour
Our	Brands	full	current	product	offerings	can	 be	viewed	in	two	prestigious	showrooms	 ideally	situated	on	the	ground	floor	of	the	 central	dome	at	Chelsea	Harbour	Design	 Centre.	Currently	nearing	the	end	of	major
refurbishment,	our	dedicated	showrooms 	 in	Chelsea	Harbour	represent	the	perfect	 environment	 in	 which	 to	 review	 our	 collections	 and	provide	easy	access	for	the	design	 community	to	develop	decorative	schemes	 	 at	the	heart	of	the	nation’s	capital.	 Manhattan, New York
Located	on	Third	Avenue,	our	premier	US	 showroom	is	situated	on	the	fourth	floor	 	 of	the	largest	design	centre	in	the	USA.	Last	 autumn	the	showroom	underwent	a	full	 	 refit	and	now	promotes	all	of	our	brands 	 in	a	truly	spacious	and	elegant	setting.	In	 addition	to	our	own	brands	we	also	host	 several	important	“guest/third	party”	brands	 such	as	Chase	Erwin	Silks,	Sheila	Coombes	 	 and	Twil	Grasscloth	wallcoverings.
Top left: Sanderson, Chelsea 
Harbour
Bottom left: Zoffany, Chelsea 
Harbour
Top right: Zoffany, New York
Bottom right: Harlequin, Chelsea 
Harbour Walker Greenbank PLC Annual Reports and Accounts 2006 0
Chairman’s Statement
	“ 	These	excellent	financial	results	show	that	the	restructuring	of	 	 the	Company	is	complete.	The	start	of	the	current	financial	year	 continues	to	see	all	parts	of	the	Company	trading	profitably	and	 	 we	are	confident	of	continuing	to	develop	the	Company	into	an	 exciting,	cash	generative	and	highly	profitable	business.	Your	Board	 views	the	future	with	increasing	confidence	and	looks	forward	to	 delivering	substantial	shareholder	value.”
Overview
This	has	been	a	landmark	year	in	the	recent	history	of	Walker	 Greenbank,	and	I	am	pleased	to	report	that	the	Group	has	 returned	a	full-year	operating	profit	for	the	first	time	since	 	 the	year	2000,	following	the	considerable	losses	of	the	past	 	 five	years.	The	encouraging	return	to	operating	profit	that	 	 I	reported	at	the	half-year	stage	gathered	momentum	in	the	 second	half.	This	significant	achievement	underlines	the	Board’s	 strategy	of	re-establishing	the	Group	as	a	profitable	and	cash-
generative	business	with	an	exciting	and	sustainable	future.
The	business	is	now	fully	benefiting	from	the	total	integration	 of	Sanderson	within	the	Group	and	the	considerable	 investment	in	product	that	has	taken	place	in	this	brand	over	 the	past	two	years.	Profits	have	been	further	enhanced	by	the	 full-year	effect	of	the	considerable	cost	savings	that	have	been	 achieved	following	the	amalgamation	of	all	the	Group’s	brands	 under	the	control	of	one	management	structure	and	the	exit	 	 of	low	margin	non-core	business.	 All	parts	of	the	Group’s	business	have	traded	profitably.	After	a	 difficult	start	to	the	year,	Standfast,	our	fabric -printing	factory,	 recovered	strongly	in	the	second	half	and	posted	a	full-year	 profit.	Significant	progress	has	also	been	made	at	Anstey,	 	 our	wallpaper	factory,	following	the	reorganisation	and	cost-
reduction	exercise	that	took	place	in	the	latter	part	of	last	 	 year	and	the	refocus	of	the	business	at	the	premium	end	of	 	 the	market.	This,	combined	with	the	return	to	popularity	 	 of	wallpaper	at	the	premium	end	of	the	market,	as	the 	 fashion	for	minimalism	has	started	to	wane,	has	returned	 Anstey	to	profitability	for	the	first	time	in	six	years.
Our	brands	have	all	performed	strongly.	Harlequin,	our	mid-
market	brand,	is	gaining	real	momentum	through	increasingly	 rapid	sales	growth,	gains	in	market	share	and	more	than	a	 doubling	of	its	profits	during	the	year.	Harlequin	and	Sanderson	 are	among	the	leading	suppliers	of	home	furnishings	to	 	 the	John	Lewis	Partnership.	Sanderson	has	taken	longer	 	 to	reinvigorate	than	we	anticipated	at	the	time	of	acquisition.	 However,	following	the	substantial	investment	in	product	of	 the	past	two	years,	significant	profit	growth	has	been	achieved	 this	year.	Following	the	appointment	of	a	new	design	director,	 and	the	refocusing	of	the	Zoffany	brand	back	to	its	core	values,	 progress	has	been	made	in	re-establishing	the	business	as	a	 leading	brand	at	the	premium	end	of	the	market.
In	line	with	the	Group’s	strategy	of	disposing	of	non-core	assets,	 the	sale	of	Borge	Holding	AS	was	successfully	completed	in	 June	2005.
Results
The	operating	profit	for	the	year	was	£5,018,000	(2005:	 operating	loss	£2,690,000).	Turnover	was	up	0.8%	from	 continuing	operations,	after	the	impact	of	the	sale	of	the	 Sanderson	retail	activity	and	the	exit	from	Anstey’s	low-margin	 Cirka	business	part	way	through	last	year.	The	operating	profit	 from	continuing	operations	was	£758,000	(2005:	operating	loss	 £3,062,000).	The	profit	on	ordinary	activities	before	tax	was	 £2,625,000	(2005:	loss	£807,000).	This	was	after	charging	the	 profit	and	loss	in	the	current	year	with	an	exceptional	loss	on	 the	sale	of	Borge	Holding	AS	of	£1,281,000,	which	included	 £1,908,000	for	goodwill	previously	written	off	to	reserves	and	 after	crediting	the	profit	and	loss	with	£4,076,000	from	the	 successful	outcome	of	the	pension	liability	reduction	exercise.	 Last	year’s	pre-tax	loss	of	£807,000	included	an	exceptional	 profit	of	£2,931,000	arising	from	sale	of	the	Warner	Archive	 	 and	freehold	property	in	Milton	Keynes.
The	profit	per	share	for	the	year	was	4.51p	(2005:	loss	per	 	 share	1.48p).
The	other	finance	charge	for	the	year	was	£174,000	 	 (2005:	£205,000)	as	a	result	of	the	improved	return	 	 on	assets	of	the	pension	scheme.
Pensions
During	 the	 year,	 the	 Group	 offered	 to	 buy	 out	 the	 right	 to	 	 non-statutory	 pension	 increases	 from	 its	 active	 and	 deferred	 pensioners.	 This	 proposal	 proved	 to	 be	 attractive	 to	 the	 members	 with	 a	 70%	 acceptance	 rate.	 This	 has	 resulted	 in	 a	 reduction	 in	 the	 FRS	 17	 liability	 in	 the	 balance	 sheet	 of	 £5,634,000	 and	 a	 benefit	 of	 £4,076,000	 in	 the	 profit	 and	 loss,	 disclosed	 as	 an	 exceptional	 operating	 item.	 Additionally,	 the	 Board	 decided	 to	 take	 this	 opportunity	 to	 adopt	 the	 most	 up-to-date	 mortality	 tables	 in	 the	 FRS	 17	 calculation,	 which	 caused	 the	 deficit	 to	 increase	 by	 £3,196,000.	 The	 Financial	 Review	 contains	 more	 details	 of	 the	 changes	 to	 our	 FRS	 17	 pension	 deficit.	 Since	the	year	end,	additional	acceptances	have	been	received	 from	the	members	of	the	pension	scheme	that	have	reduced	 the	pension	deficit	by	a	further	£800,000.
Lagoon Collection from Harlequin Walker Greenbank PLC Annual Reports and Accounts 2006 0 Walker	Greenbank	PLC	Annual	Reports	and	Accounts	2006 08 Walker Greenbank PLC Annual Reports and Accounts 2006 0
Balance sheet
The	net	assets	of	the	Group	have	increased	by	£1,527,000.	This	 has	been	primarily	driven	by	the	reduction	of	the	pension	 deficit	following	the	settlement	of	liabilities	which	improved	 the	net	assets	of	the	Group	by	£4,076,000,	offset	by	the	 adoption	of	the	most	up-to-date	mortality	tables,	with	 	 an	impact	of	£3,196,000.	The	Group	also	disposed	of	Borge	 Holdings	AS	during	the	year	for	net	proceeds	of	£1,498,000	 	 and	profit	on	sale	of	assets	of	£532,000.
The	Group’s	net	indebtedness	reduced	during	the	year	by	 £1,389,000	to	£9,357,000	(2005:	£10,746,000).	Cash	inflow	from	 operating	activities	was	£1,643,000	(2005:	outflow	£4,060,000)	 after	payments	to	pensioners	of	£950,000	as	part	of	the	 settlement	of	liabilities.	This	cash	inflow	from	operating	 activities	was	principally	driven	from	the	operating	profit,	 working	capital	inflows	and	the	Group’s	depreciation	charge	 being	significantly	higher	than	capital	expenditure.	The	 proceeds	of	the	sale	of	Borge	Holdings	AS	reduced	the	total	 level	of	borrowings.	 Dividend
The	Directors	do	not	recommend	the	payment	of	a	dividend	 	 at	this	point	in	the	Group’s	recovery.
People
During	the	period,	Peter	Harkness	resigned	as	a	Non-executive	 Director	after	more	than	four	years’	service.	In	July,	Alan	Dix	was	 appointed	Group	Finance	Director	after	spending	seven	 months	as	Finance	Director	Designate.	 I	would	like	to	take	this	opportunity	to	thank	all	our	employees	 whose	energy,	ability	and	commitment	have	helped	to	restore	 the	Group’s	fortunes.
Outlook
The	reorganisation	of	the	Group	and	the	integration	of	 Sanderson	is	now	fully	complete.	Our	factories	have	been	 restructured	and	are	now	both	trading	profitably.	The	 substantial	investment	in	product	and	creativity	of	our	design	 teams	have	helped	our	brands	to	gain	market	share	and	to	 grow	at	a	considerable	pace.
We	have	gone	a	long	way	to	addressing	the	structural	issues	 	 on	the	balance	sheet.	The	pension	reduction	liability	exercise	 has	already	reduced	the	deficit	by	a	significant	amount.	Our	 funding	facility	with	Burdale	Financial	Ltd,	part	of	the	Bank	 	 of	Ireland,	has	greatly	supported	us	in	creating	the	headroom	 within	the	business	to	invest	strongly	in	our	brands.
Our	brands	have	gathered	real	momentum	and	are	all	at	 	 an	exciting	point	in	their	development.	There	are	many	 opportunities	for	continuing	to	leverage	our	brand	portfolio	 through	additional	organic	growth,	expansion	through	 investment	in	the	contract	and	commercial	markets	and	 further	exposure	to	the	large	North	American	market.	The	 Group	is	also	alert	to	the	acquisition	opportunities	that	can	 arise	in	a	large,	fragmented	market	that	is	ripe	for	consolidation.	 The	start	of	the	current	financial	year	continues	to	see	all	parts	 of	the	business	trading	profitably,	considerably	ahead	of	last	 year	and	well	ahead	of	our	own	internal	projections.
We	are	confident	of	continuing	to	develop	the	Group	into	an	 exciting,	cash-generative	and	highly	profitable	business.	Your	 Board	views	the	future	with	increasing	confidence	and	looks	 forward	to	delivering	substantial	shareholder	value.
Ian Kirkham
Chairman
10	April	2006
Chaumont Prints, Clarenbridge and Cantu Weaves from Zoffany Otterlie Weave from Morris & Co.
Aida Wallpaper Collection from Sanderson Walker Greenbank PLC Annual Reports and Accounts 2006 10
Chief Executive’s Review
“	The	restructuring	of	the	Group	and	successful	turnaround	of	a	 	 loss	making	business	is	now	complete.	This	has	helped	to	deliver	 	 a	better	quality	of	earnings	on	a	stable	turnover	together	with	 significant	cost	reductions	leading	to	a	corporate	profit	for	the	 	 first	time	in	5	years.	All 	 parts	 of	 the	 Group	 are	 now	 trading	 profitably	 and	 there	 are	 considerable	 growth	 opportunities	 for	 the	 Group	 to	 	 exploit	 in	 the	 future.”
The brands
Harlequin
Harlequin	has	continued	to	strengthen	its	position	as	the	 leading	mid-market	contemporary	brand	in	the	UK	and	has	 reinforced	its	position	as	one	of	the	leading	home	furnishings	 suppliers	to	the	John	Lewis	Partnership.	It	continues	to	expand	 its	launches	across	a	broad	range	of	excellent	products	and	 	 to	take	market	share	from	its	competitors.	This	year	has	seen	 strong	growth	in	its	wallpaper	sales	for	the	first	time	in	a	 number	of	years	as	the	fashion	trend	for	wallpaper	at	the	 premium	end	of	the	market	feeds	down	into	the	mid-market.	 Decadence,	a	wallpaper	collection	launched	at	the	start	of	the	 year,	has	become	the	single	best-selling	range	within	the	brand’s	 portfolio.	With	its	increasingly	strong	product	offer,	Harlequin	 was	relaunched	in	the	US	at	the	start	of	the	year	in	a	limited	 number	of	targeted	states.	The	growth	in	the	US	is	ahead	of	our	 expectations	and	on	the	back	of	this	we	will	continue	to	further	 expand	in	the	US	in	the	current	year.	Overall	sales	gathered	real	 momentum	in	the	second	half	leading	to	year	on	year	growth	 of	13%.	Margins	have	improved	and	costs	have	been	tightly	 controlled	leading	to	more	than	a	doubling	of	profits	this	year.	 Zoffany
Zoffany	overall	has	maintained	its	sales	in	line	with	last	year.	 Sales	in	the	UK	have	reduced	very	slightly	compared	with	last	 year	while	export	sales	have	continued	to	grow.	Despite	the	 	 flat	 sales,	 margins	 are	 slightly	 up	 and	 following	 the	 amalgamation	 of	its	back-office	functions	with	Sanderson	at	a	single	site	in	 Denham,	the	business	has	benefited	from	the	full-year	effect	 	 of	considerable	cost	savings	that	have	helped	profit	improve	 significantly	over	last	year.	With	the	appointment	of	a	new	 design	team	at	Zoffany	in	the	second	half	of	the	year	to 	 January	2005,	the	business	has	been	put	onto	a	sound	footing	 to	refocus	the	brand	back	to	its	core	values.	The	new	 collections	for	2006	have	been	well	received,	but	with	most	 markets	remaining	tight,	we	see	the	current	year	as	a	year	 	 of	consolidation	before	Zoffany	returns	to	any	significant	 	 upward	trend	in	sales.
Arthur Sanderson & Sons incorporating the  
Morris & Co brand
This	has	been	a	very	encouraging	year	for	Sanderson.	The	 considerable	investment	that	has	taken	place	over	the	last	two	 years	 has	 started	 to	 drive	 sales.	 The	 sales	 growth	 seen	 in	 the	 first	 half	aided	by	the	launch	in	the	early	part	of	the	year	of	Options	 9,	Sanderson’s	flagship	collection,	has	continued	in	the	second	 half,	helping	Sanderson	to	gain	year-on-year	sales	growth	of	 10%.	Sales	in	the	UK	led	the	improvement	in	the	year	and	 export	markets	are	now	showing	similar	growth.	Licensing	 revenues	have	grown	16%,	driven	by	considerable	growth	from	 our	bedding	licensee,	a	partnership	that	was	established	during	 the	previous	year,	and	healthy	growth	from	our	established	 agreements	in	the	Far	East	and	Australasia.	This	progress	has	 been	augmented	by	new	licence	arrangements	with	a	furniture	 and	blind	manufacturer.	Margins	have	improved,	so	with	the	 benefits	of	the	restructuring	that	took	place	at	the	end	of	last	 year	and	the	merging	of	the	back-office	activities	with	Zoffany,	 a	more	than	doubling	of	profits	has	been	achieved.	The	brand	 continues	to	gain	momentum	and	we	are	confident	that	it	will	 deliver	continued	profit	growth	in	the	future.	 Manufacturing
Anstey
Anstey	has	achieved	the	transformation	into	a	profit-making	 business	after	six	years	of	significant	losses.	This	has	been	the	 direct	result	of	refocusing	the	business	to	a	producer	at	the	mid	 to	premium	end	of	the	market,	significantly	improving	factory	 efficiencies	and	further	cost	reductions.	There	has	been	a	4%	 decline	in	headline	revenues	but	this	is	due	to	the	exiting	of	 lower-margin	business.	Overall	underlying	sales	for	the	year	 have	remained	static.	However,	sales	in	the	second	half	have	 increased	by	7%	as	Anstey	starts	to	benefit	from	the	 considerable	revival	in	trend	for	wallpaper	at	the	upper	end	of	 the	market.	This	move	in	fashion	is	now	starting	to	filter	down	 into	the	mid-market	as	demonstrated	by	Harlequin’s	recent	 wallpaper	revival	and	this	augurs	well	for	the	continued	revival	 of	Anstey.
Standfast
Sales	at	Standfast	have	increased	year	on	year	by	4%.	The	 difficult	trading	conditions	of	the	first	quarter	were	not	 repeated	during	the	remainder	of	the	year	and	the	ground	lost	 in	that	period	was	more	than	made	up	in	the	second	half.	 Morris Volume IV from Morris & Co. Walker Greenbank PLC Annual Reports and Accounts 2006  Walker Greenbank PLC Annual Reports and Accounts 2006  Walker Greenbank PLC Annual Reports and Accounts 2006  Margins	have	been	broadly	maintained	despite	significantly	 higher	energy	costs.	Overhead	costs	have	been	tightly	 controlled	leading	to	an	overall	improvement	in	profitability.
Overseas
USA
Sales	have	reduced	5%	in	local	currency	year-on-year,	following	 the	cessation	of	low-margin	third-party	distribution	business.	 As	a	consequence	of	this,	margins	have	risen	and	this,	 combined	with	the	full-year	effect	of	the	overhead	reduction	 following	the	amalgamation	of	the	Sanderson	and	Zoffany	 businesses	last	year,	returned	the	business	to	profitability.	Sales	 have	benefited	from	the	relaunch	of	the	Harlequin	brand	in 	 	a	limited	number	of	states.	This	has	performed	ahead	of	our	 expectations	and	the	relaunch	will	be	further	extended	in	the	 coming	year.
The	withdrawal	from	a	third-party	distribution	arrangement	 with	a	furniture	manufacturer	has	allowed	us	to	amalgamate	 our	Zoffany	and	Sanderson	showrooms	into	a	single,	prestigious	 6,000ft	showroom	promoting	all	our	brands	within	the	D&D	 building	in	Manhattan,	New	York.	This,	combined	with	 continued	investment	in	the	American	market,	will	present	the	 business	with	considerable	growth	opportunities	in	the	future.	 Europe
Borge	Holding	AS	in	Norway	was	sold	during	the	year	 generating	a	profit	on	sale	of	£532,000	and	a	release	of	the	 	 FRS	17	pension	provision	of	£95,000.	Goodwill	previously	 written	off	to	reserves	of	£1,908,000	was	charged	through	the	 profit	and	loss	account.	Borge	Holding	AS	had	contributed	 £184,000	operating	profit	during	the	year.
Our	distribution	businesses	for	Zoffany	in	Rome	and	Sanderson	 in	Paris	broadly	broke	even	in	line	with	expectations,	although	 they	do	not	represent	a	large	part	of	the	Group.
Summary
The	restructuring	of	the	Group	and	successful	turnaround	of	 	 a	loss-making	business	is	now	complete.	This	has	helped	to	 deliver	a	better	quality	of	earnings	on	a	stable	turnover	together	 with	significant	cost	reductions	leading	to	a	corporate	profit	for	 the	first	time	in	five	years.
All	parts	of	the	Group	are	now	trading	profitably	and	there	are	 considerable	growth	opportunities	for	the	Group	to	exploit	in	 the	future.
John Sach
Group Chief Executive
10	April	2006
 Chaumont Prints from Zoffany
Lagoon from Harlequin Zoffany Paint Walker Greenbank PLC Annual Reports and Accounts 2006 14
Financial Review
Profit and loss 
The	profit	and	loss	account	has	been	set	out	in	a	columnar	 format	this	year.	This	presentation	has	been	adopted	in	order	 	 to	reflect	more	clearly	the	successful	impact	of	the	pension	 deficit	reduction	exercise	and	disposal	during	the	year	of	 	 Borge	Holdings	AS.	More	importantly,	this	disclosure	clearly	 demonstrates	the	improvement	in	the	profitability	of	the	 continuing	business	over	last	year.	Full	details	of	the	pension	 deficit	reduction	and	Borge	Holdings	AS	disposal	are	disclosed	 in	note	3	and	note	4,	respectively.
Disposals
During	the	year,	the	Group	sold	the	non-core	business	of	 	 Borge	Holding	AS	and	its	subsidiary	John	O	Borge	AS.	There	 was	a	profit	on	disposal	after	related	costs	of	£532,000.	 	 Under	FRS	17,	the	Group	accounts	showed	a	pension	liability	 associated	with	the	John	O	Borge	business,	although	under	 Norwegian	accounting	rules	there	was	a	small	pension	 	 surplus.	As	a	consequence	of	the	sale	this	liability,	£95,000	 	 is	no	longer	required	and	has	been	released.	Goodwill	 previously	written	off	to	reserves	was	expensed	in	the	profit	 and	loss	as	required	by	FRS 	 10.	 The	 goodwill	 was	 directly	 credited	 back	 to	 reserves	 as	 seen	 in	 the	 Reconciliation	 of	 Movements	 in	 Shareholders’	 Funds.
Operating cash flow
There	has	been	a	cash	inflow	from	operating	activities	during	 the	period	of	£1,643,000	due	to	the	operating	profit,	the	 depreciation	charge	during	the	period	continuing	to	be	 	 greater	than	required	capital	expenditure	and	a	reduction	 	 in	working	capital.
Net	cash	receipts	from	the	sale	of	Borge	Holding	AS	and	its	 subsidiary	 John	 O	 Borge	 AS	 of	 £1,498,000	 have	 helped	 to	 reduce	 the	Group’s	borrowings.
The	Group	made	payments	to	the	pension	schemes	of	 £799,000	to	reduce	the	deficit,	and	this	is	part	of	the	ongoing	 planned	reduction.	There	were	also	payments	made	to	the	 majority	of	active	and	deferred	pensioners	of	£950,000	as	these	 pensioners	accepted	an	offer	from	the	Group	to	buy	out	the	 right	to	non-statutory	pension	increases.	At	the	year	end	there	 were	liabilities	of	£608,000	associated	with	the	pension	 reduction	exercise.	These	covered	the	tax	that	had	been	held	 on	payments	made	to	pensioners	during	the	year	awaiting	 	 tax	clearance,	and	acceptances	received	in	January	2006	and	 paid	in	February	together	with	associated	fees.	Since	the	year	 end	tax	clearance	has	been	received	and	payments	made	of	 	 tax	withheld.	 As	a	consequence,	net	debt	in	the	Group	has	reduced	by	 £1,389,000	to	£9,357,000	(2005:	£10,746,000).
Pension deficit
The	pension	deficit	has	reduced	significantly	this	year.	The	 major	factor	was	the	reduction	arising	from	the	settlement	 	 of	liabilities	of	£5,634,000.	Contributions	from	the	Company	 further	reduced	the	liability	by	£799,000.	The	Group	has	 adopted	the	PA92	mortality	tables	when	computing	the	FRS	17	 liability,	 and	 this	 has	 lead	 to	 an	 increase	 in	 the	 deficit	 of	 £3,196,000.
 2006 
 £000
Deficit	 at	 beginning	 of	 period	 ( , ) 
Current	 service	 cost	 ( )
Other	 finance	 cost	 ( )
Contributions	  Reduction	 of	 deficit	 following	 settlement	 of	 liabilities	  , Release	 due	 to	 sale	 of	 subsidiary	  Impact	 of	 PA	 92	 mortality	 tables	 ( , )
Actuarial	 gain	  Deficit	 at	 end	 of	 period	 ( , 8 )
Gearing 
The	gearing	level	for	the	Group	remained	similar	to	last	year,	 being	56.4%	at	January	2006	compared	to	58.4%	at	January	 2005,	after	adjusting	for	the	pension	liability.	The	Group’s	 balance	sheet	remains	underpinned	by	freehold	properties	 valued	at	£5	million.
Funding
The	Group	utilises	a	facility	provided	by	Burdale	Financial	Ltd	 part	of	the	Bank	of	Ireland.	It	is	a	three-year	facility	that	 commenced	on	23	July	2004	with	a	limit	of	£18.5m.	A	 significant	element	of	the	facility	is	linked	to	working	capital	 levels,	which	allows	the	Group	to	manage	its	cash	more	 Walker Greenbank PLC Annual Reports and Accounts 2006 15
effectively	during	the	seasonal	fluctuations	in	working	capital	 associated	with	the	industry	in	which	the	Group	operates.	 All	of	the	bank’s	facilities	remain	secured	by	first	fixed	and	 floating	charges	over	the	Group’s	assets.	 Interest
The	Group	has	continued	to	maintain	its	debt	in	floating	rate	 instruments	in	order	to	benefit	from	the	lower	rates	available.	 This	policy	remains	constantly	under	review	to	ensure	interest	 rate	risk	is	minimised.
Taxation
The	Group	tax	charge	continues	to	reflect	the	amounts	 	 borne	in	foreign	territories.	This	is	constantly	under	review	 	 to	ensure	every	opportunity	is	considered	to	minimise	 	 the	amount	incurred.	In	the	UK,	the	Group	has	substantial	 brought	forward	tax	trading	losses	and,	as	a	consequence,	does	 	 not	anticipate	paying	UK	corporation	tax	in	the	foreseeable	 future.	It	will	be	the	Group’s	intention	to	reflect	a	deferred	tax	 asset	in	the	future	as	the	Group	demonstrates	its	continuing	 improving	profitability.	 Treasury policy
The	 Group’s	 treasury	 policy	 is	 controlled	 centrally	 in	 accordance	 with	procedures	approved	by	the	Board.	It	is	run	prudently	as	a	 central	Group	function,	providing	services	to	the	other	Group	 companies	and	adopts	a	risk	adverse	strategy.
The	main	risks	covered	by	this	policy	are	interest	rate	risk,	 foreign	currency	risk	and	liquidity	risk.
Interest rate risk
During	the	year,	the	Group	has	reduced	its	fixed	rate	finance	 lease	borrowings	from	£251,000	to	nil,	thereby	eliminating	the	 proportion	of	fixed	rate	borrowings	used	by	the	Group.	All	 other	borrowings	are	on	a	floating	rate.	The	viability	of	hedging	 instruments	that	would	limit	the	impact	of	interest	rate	 movements	will	continue	to	be	reviewed	based	on	the	 	 Board’s	perception	of	future	rate	increases.
Foreign currency risk
All	foreign	currencies	are	bought	and	sold	centrally	on	behalf	of	 the	Group.	Regular	reviews	take	place	of	the	foreign	currency	 cash	flows	and	any	unmatched	exposures	are	covered	by	 forward	contracts	wherever	economically	practical.
The	Group	does	not	trade	in	financial	instruments	and	hedges	 are	only	used	for	known	cash	flows.	This	has	resulted	in	there	 being	no	significant	gains	and	losses.
Liquidity risk
The	Group	ensures	that	it	has	adequate	facilities	available	to	 cover	both	its	short-term	and	medium-term	commitments.	 These	are	fully	disclosed	in	note	23	on	pages	34	to	36.
Going concern
The	Directors	are	confident,	after	having	made	appropriate	 enquiries,	that	the	Group	and	Company	have	adequate	 resources	to	continue	in	the	foreseeable	future.	For	this	reason,	 they	continue	to	adopt	the	going	concern	basis	in	preparing	 the	accounts.
Restatement
In	prior	year	the	Group	had	charged	amortisation	of	issue	 	 costs	of	finance	of	£32,000	against	operating	profit.	In	the	 	 year,	this	has	been	reclassified	to	net	interest	payable	requiring	 restatement	of	the	prior	year	comparatives.
IFRS
The	Group	will	adopt	IFRS	for	the	year	ending	31	January	2008,	 and	its	first	reporting	under	the	new	accounting	rules	will	be	for	 the	interim	period	ending	31	July	2007.	The	Board	commenced	 a	 project	 during	 the	 year	 to	 ensure	 the	 successful	 implementation	 of	IFRS	accounting	rules	for	the	year	ending	31	January	2008.
Alan Dix
Group Finance Director
10	April	2006 Walker Greenbank PLC Annual Reports and Accounts 2006  Directors
Ian Kirkham (56)
Non-executive Chairman (A,R,N)
Ian	joined	the	board	in	April	2002	and	 	 was	elected	Chairman.	In	November	 	 2003	Ian	moved	from	non-executive	to	 executive	Chairman.	He	has	considerable	 experience	in	manufacturing	businesses	and	in	 the	development	of	consumer	brands.	He	was	 for	seven	years	the	Chief	Executive	of	Headlam	 Plc	and	is	currently	the	Chief	Executive	of	 Latium	Management	Services	and	Chairman	 	 of	the	Everest	Group,	a	manufacturing	business	 in	the	building	industry.
Charles Gray (63)
Non-executive Director (A,R,N)
Charles	joined	the	board	as	a	non-executive	 Director	in	December	2004.	 	 He	is	a	Chartered	Accountant	with	extensive	 experience	in	the	field	of	textile	manufacture	 and	engineering.	He	is	currently	a	director	of	 Yorklyde	Plc.
John Sach (50)
Chief Executive Officer 
John	joined	the	Group	in	1994	as	Group	 Financial	Controller	and	was	appointed	 	 to	the	board	as	Group	Finance	Director	 	 in	1999.	 He	was	appointed	Chief	Executive	Officer	in	 May	2004.
David Smallridge (50)
Executive Director
David	joined	the	Group	in	2002	with	a	wide	 experience	as	a	managing	director	in	the	 consumer	products	services.	He	was	appointed	 to	the	board	in	December	2004	following	his	 appointment	as	Managing	Director	of	the	 Group’s	three	main	fabric	and	wallcovering	 brands,	Harlequin,	Sanderson	and	Zoffany.
Alan Dix (47)
Group Finance Director
In	July	2005,	Alan	Dix	was	appointed	Group	 Finance	Director	after	spending	seven	months	 as	Finance	Director	Designate.	He	is	a	Chartered	 Accountant	with	experience	from	a	broad	range	 of	industries.
A	–	Audit	Committee
R	–	Remuneration	Committee
N	–	Nominations	Committee
Advisers
Stockbrokers and Advisers
Teather & Greenwood Ltd
Beaufort	House
15	St	Botolph	Street
London	EC3A	7QR
Auditors
PricewaterhouseCoopers LLP
10	Bricket	Road
St	Albans
Hertfordshire	AL1	3JX
Tax Advisers
Chiltern Plc
3	Sheldon	Square
Paddington
London	W2	6PS
Public Relations
Buchanan Communications Ltd
107	Cheapside
London	EC2V	6DN
Solicitors
DLA Piper
Princes	Exchange
Princes	Square
Leeds	LS1	4BY
Registrars
Capita Registrars
The	Registry
34	Beckenham	Road
Beckenham
Kent	BR3	4TU
Bankers
Royal Bank of Scotland
280	Bishopsgate
London	EC2M	4RB
Directors and Advisers Walker Greenbank PLC Annual Report and Accounts 2006 17
The Directors submit their annual report together with the audited financial statements of the Group for the year ended 31 January 2006.
Principal activities and review of the business
The principal activities of the Group are the design, manufacture, marketing and distribution of wallcoverings, furnishing fabrics and associated 
products for the consumer market. Further information on the business and future prospects of the Group is included in the Chairman’s Statement  
on page 6, the Chief Executive’s Review on page 10 and the Financial Review on page 14.
Group result
The profit before taxation amounted to £2,625,000 (2005: loss £807,000). The Directors do not recommend payment of a final ordinary dividend  
(2005: no dividend paid), which leaves a surplus of £2,545,000 to be transferred to reserves (2004: £(834,000)).
Directors and their interests
The Directors in office at 31 January 2006 and their interests in the shares of the Company were as follows:
	 	 	 	 	 1p ordinary shares	 1p	 ordinary	 shares	 	 	 	 	 	 31 January	 	 31	 January	 	 	 	 	 	 	 2006	 2005	 	 	 	 	 	 Number	 Number
I Kirkham     680,000 150,000
C Gray    	 60,000 –
J D Sach    	 160,000 50,000
D H Smallridge     60,000 –
A N Dix – appointed 21 July 2005    	 30,000 –
The share price on 1 February 2005 was 9.5p and on 31 January 2006 was 19.5p.
Interests in share options
	 	 	 At	 start	 and	 end	 	 	 	 	 of	 the	 year	 Option	 price	 Exercise	 dates
	 	 	 Number	 Pence	 Earliest	 Latest
J D Sach   50,000 69.5p 06.11.1999 05.11.2006
   40,000 66.0p 23.04.2000 22.04.2007
Total   90,000   
None of the Directors’ share interests changed between 31 January 2006 and the signing of the accounts.
Peter Harkness resigned as a Director on 19 July 2005. 
The biographical details of the Board of Directors are set out on page 16.
At the forthcoming Annual General Meeting (‘AGM’) John Sach will retire by rotation and, being eligible, will offer himself for re-election. 
Executive share option schemes
During the year, no options over ordinary shares were exercised or granted and options over 55,000 ordinary shares have lapsed. Options over ordinary 
shares outstanding at 31 January 2006 are as shown below.
	 	 	 	 	 Exercise	 dates
	 	 	 	 	 Date	 granted	 	 	 Number	 of	 shares	 Subscription	 price	 From	 To
1 May 1996   30,000 98.0p 01.05.99 30.04.06
6 November 1996   50,000 69.5p 06.11.99 05.11.06
23 April 1997   70,000 66.0p 23.04.00 22.04.07
   150,000   
Directors’ interests in material contracts
None of the Directors had any material interest in any contract during the year which was significant to the business of the Group.
Pensions
The Group operates defined benefit and defined contribution schemes in the UK and overseas for all qualifying employees. Further information on the 
schemes and details of the valuations are given in note 31 to the accounts.
Report of the Directors Walker Greenbank PLC Annual Report and Accounts 2006 18
Employees
The Group keeps its employees informed on matters affecting them and on the progress of the Group by way of informal meetings and consultation 
with employees’ representatives. All Group businesses apply the principles of equal opportunity in recruitment, career progression and remuneration. 
Disabled persons are given full and fair consideration for employment where an appropriate vacancy occurs, with regard to their particular aptitudes 
and abilities. Whenever possible, arrangements are made for the continuing employment of persons who have become disabled during service and for 
appropriate training of all disabled employees, who are given equal consideration with all other employees in promotion and career development.
Substantial shareholdings
At 11 April 2006, the Company had been notified of the following substantial shareholdings in its ordinary share capital: Gartmore Investment 
Management 14.91%, Promethean plc 15.05%, Walker Greenbank EBT 4.32%, British Airways Pension Trustees Ltd 4.17% and AXA Framlington One 
Thousand Smallest Company’s Trust PLC 3.39%.
Special business
At the AGM on 25 July 2006, items 4, 5, 6 and 7 will be proposed as Special Business. Details of the business can be found in the Notice of the AGM.
Payments to suppliers
The Group agrees terms and conditions for its business transactions with suppliers and makes payment in accordance with those terms and conditions 
subject to the supplier meeting its obligations. The amount of trade creditors shown in the consolidated balance sheet at 31 January 2006 represents 60 
days (2005: 61 days) of average purchases during the year for the Group.
The Company is a holding company and has no meaningful equivalent of creditor days.
Auditors
A resolution to reappoint PricewaterhouseCoopers LLP as auditors of the Company will be proposed at the AGM.
By order of the Board
Julian Wilson
Company Secretary
10 April 2006 
Registered Office
Bradbourne Drive
Tilbrook Milton Keynes
Buckinghamshire MK7 8BE
Registered number
61880
 
Report of the Directors continued Walker Greenbank PLC Annual Report and Accounts 2006 19
Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of  
the Company and the Group as at the end of the financial year and of the profit and loss of the Group for that period. In preparing those financial 
statements, the Directors are required to:
(i) select suitable accounting policies and then apply them consistently;
(ii) make judgements and estimates that are reasonable and prudent;
(iii) state whether applicable accounting standards have been followed; and
(iv) prepare the financial statements on a going concern basis unless it is inappropriate to presume the Group will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the 
Group and to enable them to ensure that the financial statements comply with the Companies Act 1985. They are also responsible for safeguarding the 
assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the website, and legislation in the UK concerning the preparation and dissemination 
of financial statements may differ from legislation in other jurisdiction.
The Directors confirm that they have prepared these financial statements under the above requirements.
Directors’ Responsibilities Walker Greenbank PLC Annual Report and Accounts 2006 20
Independent Auditor’s Report to	 the	 Members	 of	 Walker	 Greenbank	 PLC
We have audited the Group and parent company financial statements (the ‘‘financial statements’’) of Walker Greenbank Plc for the year ended  
31 January 2006, which comprise the Group Profit and Loss Account, the Balance Sheets, the Group Cash Flow Statement, the Statement of Total 
Recognised Gains and Losses and the related notes. These financial statements have been prepared under the accounting policies set out therein.
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom 
Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards  
on Auditing (UK and Ireland). This report, including the opinion, has been prepared for and only for the Company’s members as a body in accordance 
with Section 235 of the Companies Act 1985 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any  
other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior 
consent in writing.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the 
Companies Act 1985. We also report to you if, in our opinion, the Directors’ Report is not consistent with the financial statements, if the Company has 
not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by 
law regarding Directors’ remuneration and other transactions is not disclosed.
We read other information contained in the Annual Report, and consider whether it is consistent with the audited financial statements. This other 
information comprises only the Report of Directors, the Chairman’s Statement, Chief Executive’s Review and Financial Review. We consider the 
implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our 
responsibilities do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit 
includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of 
the significant estimates and judgements made by the Directors in the preparation of the financial statements, and of whether the accounting policies 
are appropriate to the Group’s and Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with 
sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other 
irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion the financial statements:
 give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the Group’s and the parent 
company’s affairs as at 31 January 2006 and of the Group’s profit and cash flows for the year then ended; and
have been properly prepared in accordance with the Companies Act 1985. 
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
East Midlands
10 April 2006
•
• Walker Greenbank PLC Annual Report and Accounts 2006 21
Group Profit and Loss Account
Year ended 31 January 2006
	 	 	 	 	 Total
	 	 	 	 	 Before	 exceptional	 Exceptional	 	 2005	 	 	 	 items	 items	 2006	 (restated) 	 	 	 note	 £000	 £000	 £000	 £000
Turnover
Continuing operations  2,3 46,361 – 46,361 46,013
Discontinued operations  2,3 2,031 – 2,031 4,598
   48,392 – 48,392 50,611 
Operating profit/(loss)
Continuing operations  3 758 4,076	 4,834 (3,062)
Discontinued operations  3 184 – 184 372
   942 4,076 5,018 (2,690)
Profit on sale of subsidiary  4 – 532 532 –
Pension provision (FRS 17) release on sale of subsidiary   – 95 95 –
Goodwill previously written off to reserves   – (1,908) (1,908) –
Net loss on sale of subsidiary  4 – (1,281) (1,281) –
Profit on sale of properties  5 – – – 1,461
Profit on sale of Warner Archive   6 – – – 1,470
Profit on ordinary activities before interest   942 2,795 3,737 241
Net interest payable
Interest payable  10   (872) (811)
Amortisation of issue costs  10   (66) (32)
     (938) (843)
Other finance charge  11   (174) (205)
Profit/(loss) on ordinary activities before taxation  2,7   2,625 (807)
Tax on profit/(loss) on ordinary activities  12   (80) (27)
Profit/(loss) on ordinary activities after taxation     2,545 (834)
Dividends   20   – –
Profit/(loss) for the year     2,545 (834)
Profit/(loss) per share – basic and diluted  13   	 4.51p (1.48p)
Profit/(loss) per share – basic and diluted from continuing operations 13   	 6.46p (1.77p)
Dividend per ordinary share  20   – –
There is no material difference between the profit/(loss) on ordinary activities above and their historical cost equivalent.
  Walker Greenbank PLC Annual Report and Accounts 2006 22
Balance Sheets
At 31 January 2006
	 	 	 Group	 	 Company
	 	 	 	 	 	 2006	 2005	 2006	 2005	 	 	 note	 £000	 £000	 £000	 £000
Fixed assets
Intangible assets  14 4,859 4,898 – –
Tangible assets  15 10,205 11,376 4,595 4,692
Investment in subsidiaries  16 – – 33,250 19,000
   15,064 16,274 37,845 23,692
Current assets
Stocks  17 11,539 12,879 – –
Debtors  18 9,137 11,346 15,823 30,655
Cash at bank and in hand  	 1,530 1,149 77 –
   22,206 25,374 15,900 30,655
Creditors: amounts falling due within one year  19 (10,403) (11,657) (9,440) (7,886)
Net current assets   11,803 13,717 6,460 22,769
Total assets less current liabilities   26,867 29,991 44,305 46,461
Creditors: amounts falling due after more than one year  21 (10,289) (11,310) (1,225) (1,500)
Provisions for liabilities and charges   24 – (342) – (44)
Net assets excluding pension liability   16,578 18,339 43,080 44,917
Pension liability  31 (7,981) (11,269) – –
Net assets   8,597 7,070 43,080 44,917
Capital and reserves
Share capital  25 590 590 590 590
Share premium account  26 457 457 457 457
Profit and loss account  26 (32,957) (34,484) 145 1,982
Other reserves  26	 40,507 40,507 41,888 41,888
Equity shareholders’ funds   8,597 7,070 43,080 44,917
I Kirkham, Director
J D Sach, Director
These accounts were approved by the Directors on 10 April 2006. Walker Greenbank PLC Annual Report and Accounts 2006 23
Group Cash Flow Statement
Year ended 31 January 2006
	 	 	 2006 2006	 2005	 2005	 	 	 note	 £000 £000	 £000	 £000
Net cash inflow/(outflow) from operating activities  28 	 1,643  (4,060)
Returns on investment and servicing of finance
Interest received    12	 4 
Interest paid   (878)  (772) 
Interest element of finance lease payments   –	 (43) 
   	 (866)  (811)
Taxation   	 (184)  (278)
Capital expenditure
Purchase of tangible fixed assets   (710)  (1,187) 
Proceeds from assets held for resale   –	 325 
Proceeds from disposal of property   –	 4,564 
    (710)  3,702
Acquisitions and disposals
Net proceeds from disposal of operations   1,498	 –
Disposal of Warner Archive   –  1,672
Sale of Sanderson retail division   –  675
    1,498  2,347
Equity dividends paid    –  –
Cash inflow before use of liquid resources and financing    1,381  900
Management of liquid resources   	 –  –
Financing
Proceeds from new loans  	 655	 11,744 
Principal repayments of finance lease obligations   (251)  (463) 
Repayment of borrowings   (1,414)  (4,487) 
    (1,010)  6,794
Increase in cash  29,30 	 371  7,694
  Walker Greenbank PLC Annual Report and Accounts 2006 24
Statement of Total Recognised Gains and Losses
Year ended 31 January 2006
	 	 	 	 	 Group
	 	 	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
Profit/(loss) for the financial year     2,545 (834)
Actual less expected return on pension scheme assets    	 3,817 822
Experience gains and losses arising on pension scheme liabilities     425 (531)
Change in actuarial assumptions     (7,141) (1,401)
Currency translation differences    	 (27) 132
Total recognised gains and losses since the last annual report    	 (381) (1,812)
Reconciliation of Movements in Shareholders’ Funds
Year ended 31 January 2006
	 	 	 	 	 Group
	 	 	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
Profit/(loss) for the financial year     2,545 (834)
Dividends     – –
Profit/(loss) for the year     2,545 (834)
Other recognised losses relating to the year     (2,926) (978)
Goodwill previously set off to reserves in respect of the disposal of operations    1,908 202
Net increase/(reduction) to shareholders’ funds     1,527 (1,610)
Opening shareholders’ funds      7,070 8,680
Closing shareholders’ funds     8,597 7,070 Walker Greenbank PLC Annual Report and Accounts 2006 25
Notes to the Accounts
1 Accounting policies 
Accounting convention
The accounts are prepared under the historical cost convention and in accordance with applicable accounting standards and with the Companies  
Act 1985.
Basis of consolidation
The Group accounts consolidate the financial statements of the parent and its subsidiary undertakings for the year ended 31 January 2006. 
Transactions arising on trading between Group undertakings are excluded.
No profit and loss account is presented for Walker Greenbank PLC as provided by Section 230 of the Companies Act 1985. A loss of £1,837,500 
(2005: profit £1,466,000) has been dealt with in the accounts of the parent company.
Goodwill and intangible assets
For acquisitions made before 1 February 1998, goodwill representing the excess of the cost of acquisition of a business over the fair value of the net 
assets at the date of acquisition was written off to reserves. On subsequent disposal of all or part of these businesses, the appropriate proportion of 
goodwill is charged to the profit and loss account on disposal.
For acquisitions since 1 February 1998, goodwill representing the excess of the cost of acquisition of a business over the fair value of the net assets at 
the date of acquisition is capitalised and amortised over a period not exceeding 20 years.
In the opinion of the Directors, the Arthur Sanderson and William Morris archive has an indefinite economic life and is not, therefore, subject 
to annual amortisation. The carrying value of this asset will be reviewed annually and provision made for any impairment in the carrying value  
if required.
Fixed assets
Depreciation is charged on a straight-line basis on the original cost (excluding freehold land) after deduction of any estimated residual value.  
The principal annual rates are:
Freehold buildings 2% 
Short leaseholds Over the unexpired period of the lease
Plant, equipment and vehicles  Between 5% and 33%
Computer assets Between 12.5% and 33% 
Land and buildings are stated at cost less provision for impairment.
Impairment of fixed assets and goodwill
Fixed assets and goodwill are subject to review for impairment in accordance with Financial Reporting Standard No.11. Any impairment is 
recognised in the profit and loss account in the year in which it occurs.
Financial instruments
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. 
Transactions in foreign currencies are recorded at the rates ruling at the date of transaction or, if hedged, at the forward contract rate. All differences 
are taken to the profit and loss account. Full disclosure of the Group’s treasury policy is detailed on page 15.
Foreign currency
The balance sheets of overseas subsidiary undertakings are translated at the rates of exchange ruling at the balance sheet date. The profit and loss 
accounts are translated at the average rates of exchange applicable to the accounting period. Exchange differences arising on translation of the 
opening net assets and results of overseas operations and on foreign currency borrowings, to the extent that they hedge the Group’s investment  
in such operations, are dealt with through reserves.
Employee share option plan
Under UITF 38, interest in own shares are reclassified from fixed asset investments to profit and loss reserves.
Turnover
The Group turnover represents the invoiced value of sales to external customers excluding VAT and is recognised at the point of despatch of goods.
Royalty income
Royalties are received from licence holders under the terms of various agreements. Royalties are recognised as other operating income as they  
fall due.
Stocks
Stocks and work in progress are stated at the lower of cost and net realisable value. Cost comprises direct materials, on a first-in, first-out basis, and 
direct labour, plus attributable production overheads based on a normal level of activity. Net realisable value is based on estimated selling prices less 
anticipated costs of disposal. Provision is made for any slow moving and obsolete items. Walker Greenbank PLC Annual Report and Accounts 2006 26
Notes to the Accounts continued
1 Accounting policies continued 
Pensions
The Group operates both defined benefit and defined contribution schemes. The cost of providing retirement pensions and related benefits is 
charged to the profit and loss account in the period in accordance with Financial Reporting Standard No.17, any surplus or deficit of assets over 
liabilities is recognised at the balance sheet date.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their estimated useful lives. The interest element 
of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance 
of capital repayments outstanding. Operating lease rentals are charged to the profit and loss account as they are incurred.
Deferred taxation
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, that give rise to 
an obligation to pay more tax in the future or a right to pay less. No provision has been made for any further liability arising from the distribution  
of past earnings of subsidiary undertakings. Deferred tax assets are recognised in the accounts, when it is more likely than not that they will be 
recovered in the foreseeable future.
The deferred tax provision has been calculated using the average rates that are expected to apply when the timing differences reverse and the 
liability has not been discounted.
2 Segmental analysis
(a) Classes of business 
	 	 	 	 	 Turnover
	 	 	 	 	 	 	 	 2005	 	 	 	 	 	 2006	 (restated) 	 	 	 	 	 	 £000	 £000
Continuing operations:
Fabrics     30,062 29,969
Wallcoverings     12,415 12,492 
Other     3,884 3,552 
     46,361 46,013 
The other category includes furniture, paint and trimmings.
Discontinued operations:
Fabrics     511 1,157 
Wallcoverings     1,520 3,441 
     2,031 4,598 
Group    	 48,392 50,611
The comparative classes of business have been restated to better reflect the nature of the business. Walker Greenbank PLC Annual Report and Accounts 2006 27
2 Segmental analysis continued
(b) Geographical segments
	 Turnover	 	 Profit/(loss)	 before	 taxation	 	 Net	 assets
	 	 	 	 2006	 2005	 2006	 2005	 2006	 2005	 	 £000	 £000	 £000	 £000	 £000	 £000
By	 origin	 on	 continuing	 operations:
United Kingdom 38,902 38,498 2,377 (993) 9,414 6,045 
Continental Europe 1,198 1,016	 (86)	 (29) (1,003) (920) 
North America 6,261 6,499 154 (24) 186 89
 46,361 46,013 2,445 (1,046) 8,597 5,214
By	 origin	 on	 discontinued	 operations:
Continental Europe 2,031 4,598 180 239 – 1,856
By origin Group operations 48,392 50,611 2,625 (807) 8,597 7,070
By	 destination	 on	 continuing	 operations:
United Kingdom 29,476 30,887
Continental Europe 6,145 5,587
North America 7,937 8,024
Rest of the World 2,803 1,515
 46,361 46,013
By	 destination	 on	 discontinued	 operations:
Continental Europe 2,031 4,598
By destination Group operations 48,392 50,611
The Group has not disclosed segmental analysis by brand and manufacturing for turnover, operating profit and net assets as it regards the 
information as commercially sensitive.
3 Analysis of operating profit/(loss)
	 2006	 2005
	 	 	 	 Continuing Discontinued Total	 Continuing	 Discontinued	 (restated) 	 	 £000 £000 £000	 £000	 £000	 £000
Turnover 46,361	 2,031	 48,392 46,013 4,598 50,611 
Cost of sales (20,562)	 (957)	 (21,519) (21,711) (2,258) (23,969)
Gross profit 25,799	 1,074	 26,873 24,302 2,340 26,642 
Net	 operating	 expenses:
Distribution costs (11,650)	 (305)	 (11,955) (11,465) (601) (12,066)
Administrative expenses (14,489)	 (583)	 (15,072) (16,878) (1,372) (18,250)
Other operating income 1,098	 (2)	 1,096 979 5 984
Operating profit before exceptionals 758	 184	 942 (3,062) 372 (2,690)
Reduction of pension deficit following 
settlement of liabilities 4,076	 –	 4,076 – – –
Operating profit/(loss) 4,834	 184	 5,018 (3,062) 372 (2,690)
The comparative analysis of administration and distribution has been restated to better reflect the costs of the business.
Exceptional items
During the year the Group bought out the right to non-statutory pension increases from its active and deferred pensioners. This has resulted in  
a reduction of the FRS 17 liability in the balance sheet of £5,634,000 and a benefit of £4,076,000 in the profit and loss account.
The operating loss in the year ended 31 January 2005 included £670,000 of items of a one-off non-recurring nature relating to the integration  
of the Sanderson business within the Group. This comprised £191,000 redundancy costs incurred in combining the Zoffany and Sanderson US 
operations, £295,000 redundancy costs relating to the combining of the Sanderson and Zoffany UK divisions onto one site, £127,000 removal  
costs and costs of terminating a property lease at the Zoffany UK site, and £57,000 of cost incurred in transferring Sanderson stock to the Group’s 
warehouse at Tilbrook.  Walker Greenbank PLC Annual Report and Accounts 2006 28
4 Loss on sale of Borge Holding AS and John O Borge AS
In June 2005, the wholly owned Norwegian subsidiaries Borge Holding AS and John O Borge AS were sold for a consideration before costs of 
£1,881,000. A profit of £532,000 was generated on the sale before goodwill previously written off to reserves and the adjustment to FRS 17 
provision. Goodwill previously written off to reserves of £1,908,000 was charged through the profit and loss account. A net loss on sale of  
£1,281,000 has been recorded. Net proceeds of £1,498,000 were received as detailed in the table below:
	 	 	 	 	 	 2006	 	 	 	 	 	 	 £000
Sale of John O Borge AS and Borge Holdings AS:
The disposal comprised the following: 
Tangible fixed assets      60
Stock      681
Debtors      745
Creditors      (520)
Profit on disposal      532
 Net cash inflow from the disposal of John O Borge AS and Borge Holding AS     1,498
The tax effect of the disposal was £nil.
5 Profit on sale of properties
In February 2004, the land and buildings at Bradbourne Drive, Tilbrook, Milton Keynes, were sold under a sale and leaseback agreement. A 
consideration before costs of £4,670,000 was received, and a profit of £1,461,000 was generated on the sale. The tax effect of the disposal was nil. 
6 Profit on sale of Warner Archive
	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
Profit on sale of Warner Archive     – 1,470
     – 1,470
In May 2004, the Warner Archive of designs was sold for a consideration before costs of £2,000,000, generating a profit on disposal of £1,470,000.
7 Profit/(loss) on ordinary activities before taxation
	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
Profit/(loss)	 on	 ordinary	 activities	 before	 taxation	 is	 stated	 after	 charging:
Auditors’ remuneration:
Audit fee  – Group auditors     112 112
 – other auditors     – 2
Non audit fee     16 –
Depreciation of owned assets     1,864 1,741
Amortisation of goodwill     39 135
Depreciation of assets held under finance leases and hire purchase contracts    – 492
Hire of motor vehicles and plant and machinery     410 369
Other operating leases     1,312 1,600
Auditors’ remuneration for audit services to the Group includes £28,400 (2005: £25,000) in respect of the Company.
8 Emoluments of Directors
	 	 	 	 	 2006	 2005	 	 Salary	 Bonus	 Benefits	 Pension	 Total	 Total	 	 £000	 £000	 £000	 £000	 £000	 £000
Executive	 Directors:
J D Sach 196 81 3 23 303 258
D H Smallridge 140 30 – 5 175 25
A N Dix (appointed 21 July 05) 57 15 – 2 74 – 
    
Non-executive	 Directors:
I Kirkham 54 – – – 54 51
C Gray 22 – – – 22 4
P Harkness (resigned 19 July 05) 11 – – – 11 21 
P Gyllenhammar (resigned 9 November 04) – – – – – 20
 480 126 3 30 639 379
Within the bonus figure of £81,000, J Sach received a bonus of £28,000 during this financial year relating to targets associated with the prior year.
 
Notes to the Accounts continued Walker Greenbank PLC Annual Report and Accounts 2006 29
8 Emoluments of Directors continued
In both years, retirement benefits were accruing to one Director under a defined benefit scheme, who is the highest paid Director. Accrued pension 
benefits at the year end were £18,920 (2005: £17,567). There is also a defined contribution scheme under which amounts of £23,000 (2005: £nil) is 
payable in respect of the highest paid Director.
Benefits are accruing under defined contribution schemes for three Directors (2005: one Director).
9 Employee information
	 	 	 	 	 Group
	 	 	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
Wages and salaries     13,831 15,072
Social security costs     1,351 1,601
Other pension costs     587 580
     15,769 17,253
The average monthly number of employees (including Directors) during the year
	 	 	 	 	 Number	 Number
Sales, warehousing and administration     296 369 
Manufacturing     240 244
     536 613
	 	 	 	 	 Company
	 	 	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
Wages and salaries     1,086 870
Social security costs     94 89
Other pension costs     105 75
     1,285 1,034
 The average monthly number of employees (including Directors) during the year 
	 	 	 	 	 Number	 Number
Administration     14 12
10 Net interest payable
	 	 	 	 	 	 2005	 	 	 	 	 	 2006	 (restated) 	 	 	 	 	 	 £000	 £000
Interest	 receivable:       
Bank and other short-term deposit interest receivable     12 4
Interest	 payable:
Amortisation of issue costs of loan     (66) (32)
 Bank and other short-term interest on loans and overdrafts wholly repayable within five years   (884) (772)
 Finance charges payable under finance leases and hire purchase contracts    – (43)
    	 (950) (847)
Net interest payable     (938) (843)
Amortisation of issuing costs of arranging the loan have been recategorised from administration to net interest payable in the year, £32,000 of 
administration expenses have been recategorised to net interest payable in the prior year. 
11 Other finance charge
	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
Expected return on pension scheme assets    	 2,260 2,153
Interest on pension scheme liabilities     (2,434) (2,358)
Net charge     (174) (205) Walker Greenbank PLC Annual Report and Accounts 2006 30
12 Taxation
	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
UK	 Corporation	 tax	 charge
at 30% (2005: 30%) – current year     – –
 – prior years     – –
Overseas taxation – current year     124 116
 – prior years     – –
Total current tax      124 116
Deferred tax – current year     (44) 29
 – prior years     – (118)
 
Total deferred tax     (44) (89)
Tax on profit/(loss) on ordinary activities    	 80 27
 
The difference between the profit/(loss) on ordinary activities at the corporation tax rate of 30% ruling in the UK and the actual current tax shown 
above is explained below:
	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
Profit/(loss) on ordinary activities before taxation     2,625 (807) 
Profit/(loss) on ordinary activities multiplied by standard rate of  corporation tax in the UK of 30% (2005: 30%)  787	 (242)
Expenses not deductible for tax purposes      872 873
Non-taxable income      (1,733) (16)
Utilisation of prior years losses     	 (486) (967)
Depreciation in excess of capital allowances     494 556
Losses not recognised      295 –
Other timing differences      (105) (88)
Total current tax     124 116
13 Profit/(loss) per share
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of shares 
outstanding during the year, excluding those held in the employee share trust (note 26), which are treated as cancelled.  
	 2006	 2005
	 	 	 Weighted	 	 	 Weighted 	 	 	 average	 	 	 average	 	 	 	 number of Per share	 	 number	 of	 Per	 share	 	 Earnings shares amount	 Earnings	 shares	 amount 	 	 £000  (000s) pence	 £000	 (000s)	 pence
Basic	 and	 diluted	 EPS:
Earnings attributable to ordinary shareholders 2,545	 56,457	 4.51 (834) 56,457 (1.48)
Earnings	 per	 share	 from	 continuing	 operations:
Basic and diluted EPS 2,545	 56,457	 4.51 (834) 56,457 (1.48)
Loss on sale of subsidiary 1,281	 –	 2.27 – – –
Pre-tax profit from discontinued operation (180)	 –	 (0.32) (239) – (0.42)
Tax relating to discontinued operations –	 –	 – 75 – 0.13
Basic and diluted EPS from continuing operations	 3,646	 56,457	 6.46 (998) 56,457 (1.77)
Earnings	 per	 share	 from	 discontinued	 operations:
Basic and diluted EPS 
Loss on sale of subsidiary (1,281)	 56,457	 (2.27) – 56,457 –
Pre-tax profit from discontinued operation 180	 –	 0.32 239 – 0.42
Tax relating to discontinued subsidiary –	 –	 – (75) – (0.13) 
Basic and diluted EPS from discontinued operations (1,101)	 56,457	 (1.95) 164 56,457 0.29
Notes to the Accounts continued Walker Greenbank PLC Annual Report and Accounts 2006 31
14 Intangible assets
	 	 	 	 	 Group
	 	 	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
a) Goodwill    	 559 598
b) Arthur Sanderson and William Morris archive     4,300 4,300
     4,859 4,898
(a) Goodwill
	 	 	 	 	 	 £000
Cost:
At 1 February 2005 and 31 January 2006      1,400
Amortisation:
At 1 February 2005      802
Amortisation for the year       39
At	 31	 January	 2006      841
Net	 book	 amount	 at	 31	 January	 2006	 	 	 	 	 	 559
Net book amount at 31 January 2005      598
(b) Arthur Sanderson and William Morris archive
The Arthur Sanderson and William Morris archive was purchased as part of the acquisition of Arthur Sanderson & Sons on 29 August 2003.  
It comprises an historic record of unique designs that are used to generate a significant royalty income in the business. The Directors believe  
that the valuation of this asset is substantially in excess of the £4,300,000; however, it has been capped at this level, in accordance with FRS 10, 
to avoid the creation of negative goodwill on acquisition.
	 	 	 	 	 	 £000
Cost:
At 1 February 2005 and 31 January 2006      4,300
Net	 book	 amount	 at	 31	 January	 2006	 	 	 	 	 	 4,300
Net book amount at 31 January 2005      4,300
15 Tangible fixed assets
	 	 	 	 Plant,	 	 	 	 Land	 and	 equipment	 Computer	 	 	 	 	 buildings	 and	 vehicles	 assets	 Total	 Group	 	 	 £000	 £000	 £000	 £000
Cost:
1 February 2005   6,270 15,351 6,456 28,077
Additions   11 673 73 757
Disposals   – (2,206) (91) (2,297)
Currency movements   – 44 – 44
31	 January	 2006	 	 	 6,281	 13,862	 6,438	 26,581
Depreciation:
1 February 2005   1,597 10,359 4,745 16,701
Charge   99 1,756 9 1,864
Disposals   –  (2,154) (78) (2,232)
Currency movements   – 43 – 43
31	 January	 2006	 	 	 1,696	 10,004	 4,676	 16,376
Net	 book	 amount:
31	 January	 2006	 	 	 4,585	 3,858	 1,762	 10,205
31 January 2005   4,673 4,992 1,711 11,376 Walker Greenbank PLC Annual Report and Accounts 2006 32
15 Tangible fixed assets continued
	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
The	 net	 book	 amount	 of	 land	 and	 buildings	 comprises:	 Freehold land     450 450
Freehold buildings     4,135 4,223
Net	 book	 value     4,585 4,673
The market value of the land and buildings is not materially different from the net book value.
The value of assets providing funding under the Burdale facility was property of £4,585,000 (2005: £4,673,000) and plant and equipment of 
£3,094,000 (2005: £nil).
	 	 	 	 Plant,	 	 	 	 Land	 and	 equipment	 Computer	 	 	 	 	 buildings	 and	 vehicles	 assets	 Total	 	 	 	 £000	 £000	 £000	 £000
Company
Cost:
1 February 2005   5,353 255 410 6,018
Additions   11 – – 11
31	 January	 2006	 	 	 5,364	 255	 410	 6,029
Depreciation:
1 February 2005   680 237 409 1,326
Charge   99 9 – 108
31	 January	 2006	 	 	 779	 246	 409	 1,434
Net	 book	 amount:
31	 January	 2006	 	 	 4,585	 9	 1	 4,595
31 January 2005   4,673 18 1 4,692
	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
The	 net	 book	 amount	 of	 land	 and	 buildings	 comprises:	 Freehold land     450 450
Freehold buildings    	 4,135 4,223
Net	 book	 value    	 4,585 4,673
Included in the amounts above are the following amounts relating to assets held under finance leases:
	 	 	 Group	 	 Company
	 	 	 	 	 Plant,	 	 Plant,	 	 	 	 equipment	 Computer	 equipment	 Computer 	 	 	 	 and	 vehicles	 assets	 and	 vehicles	 assets	 	 	 	 £000	 £000	 £000	 £000
Net	 book	 amount:
31	 January	 2006	 	 	 –	 –	 –	 –
31 January 2005   1,333 630 – –
16 Investments
	 	 	 	 	 	 Company 	 Shares	 in	 subsidiary	 undertakings	 	 	 	 	 	 £000
Cost:
1 February 2005       30,367
Capitalisation of loan to Abaris Holdings Limited      15,000
Disposal of shares in Borge Holding AS      (750)
31	 January	 2006	 	 	 	 	 	 44,617
	 Provision	 for	 impairment	 at	 1	 February	 2005	 and	 31	 January	 2006	 	 	 	 	 11,367
Net	 book	 amount	 at	 31	 January	 2006	 	 	 	 	 	 33,250
Net book amount at 1 February 2005       19,000
Notes to the Accounts continued Walker Greenbank PLC Annual Report and Accounts 2006 33
16 Investments continued
The principal Group operating companies that traded during the year and are wholly owned are as follows:
Abaris Holdings Limited – registered in England and Wales
John O Borge A.S.* – incorporated in Norway
Walker Greenbank Inc* – incorporated in the USA
Arthur Sanderson & Sons Inc* – incorporated in the USA
Arthur Sanderson & Sons SARL* – incorporated in France
Whittaker & Woods SRL – incorporated in Italy
Investments in Group companies are ordinary shares.
*Shares held by subsidiary company.
The principal activities of the Group are design, manufacture, marketing and distribution of wallcoverings, furnishing fabrics and associated products 
for the consumer market.
17 Stocks
	 	 	 	 	 Group
	 	 	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
Raw materials     1,053 1,230
Work in progress     1,511 1,519
Finished goods     8,975 10,130
    	 11,539 12,879
The value of stocks providing funding under the Burdale facility was £7,800,000 (2005: £7,048,000).
 
The Company does not hold stock.
18 Debtors 
	 	 	 Group	 	 Company
	 	 	 	 	 2006	 2005	 2006	 2005	 	 	 	 £000	 £000	 £000	 £000
Trade debtors   7,340 8,478 – –
Amounts owed by subsidiary undertakings   – – 11,426 28,222
Other debtors   790 1,347 3,930 2,007
Prepayments   1,007 1,521 467 426
   9,137 11,346	 15,823 30,655
The value of trade debtors providing funding under the Burdale facility was £5,862,000 (2005: £6,982,000).
 
Included within Company and Group, other debtors is an amount repayable after one year of £276,000 (2005: £287,000). Amounts owed by 
subsidiary undertakings to the Company include long-term loans recoverable after more than one year of £1,000,000 (2005: £1,000,000).
Unamortised loan issue costs have been deducted from loans in the year. 
19 Creditors: due within one year
	 	 	 Group	 	 Company	
	 	 	 	 	 2006	 2005	 2006	 2005	 	 	 	 £000	 £000	 £000	 £000
Loans (note 23)  	 596 400 445 400
Bank overdrafts   2 – 56 214
Obligations under finance leases and hire purchase contracts (note 23)  – 251 – –
Trade creditors   6,454 7,948 188 348
Amounts owed to subsidiary undertakings   – – 7,623 6,708
Corporation tax   39 57 – –
Other taxes and social security   585 732 11 19
Other creditors   201 239 48 5
Accruals   2,526 2,030 1,069 192
   10,403 11,657 9,440 7,886
There is a set off arrangement for bank accounts held with the UK clearing bank. The loans were secured by a fixed and floating charge over the 
assets of the Group’s UK operations. Walker Greenbank PLC Annual Report and Accounts 2006 34
20 Dividends
The Directors do not propose a final dividend in respect of the year ended 31 January 2006 (2005: no dividend proposed).
21 Creditors: due after more than one year
	 	 	 Group	 	 Company
	 	 	 	 	 2006	 2005	 2006	 2005	 	 	 	 £000	 £000	 £000	 £000
Loans (note 23)   10,289 11,244	 1,225 1,500
Overseas tax   – 66 – –
   10,289 11,310 1,225 1,500
22 Operating lease commitments
Annual commitments due under non-cancellable operating leases are as follows:
	 	 	 Group	 	 Group	 	 	 	 2006	 Group	 2005	 Group	 	 	 	 Land and	 2006	 Land	 and	 2005	 	 	 	 buildings	 Other	 buildings	 Other	 	 	 	 £000	 £000	 £000	 £000
Operating	 leases	 which	 expire:
Within one year   19	 73 101 75
Between one and five years    830	 225 469 195
Over five years   237	 – 1,030 5
   1,086	 298 1,600 275
	 	 	 Company	 	 Company 	 	 	 	 2006 Company	 2005	 Company 	 	 	 	 Land and 2006	 Land	 and	 2005	 	 	 	 buildings Other	 buildings	 Other	 	 	 	 £000 £000	 £000	 £000
Operating	 leases	 which	 expire:
Within one year   12	 – – 6
Between one and five years    387	 – – –
Over five years   –	 – 387 –
   399	 – 387 6
23 Financial instruments
A discussion of treasury policy is given in the Financial Review on page 15. Short-term debtors and creditors have been excluded from all the 
following disclosures, other than currency risk disclosures.
Financial assets
	 	 	 	 	 Group
	 	 	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
Cash at bank and in hand     1,530 1,149
Borrowings
	 	 	 	 	 Group
	 	 	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
Finance leases     – 251
Bank overdrafts     2 –
Loans:
Secured
Burdale property loan    	 1,671 1,900
Burdale plant and equipment loan    	 337 –
Burdale sterling loan    	 8,802 9,485
Burdale euro loan     75 259
Total	 loans	 	 	 	 	 10,885 11,644
Total	 borrowings	 	 	 	 	 10,887 11,895
Notes to the Accounts continued Walker Greenbank PLC Annual Report and Accounts 2006 35
23 Financial instruments continued
	 	 	 	 	 Group
	 	 	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
Repayment	 of	 total	 borrowings
Between two and five years:
Finance leases     – –
Loans     816 10,844
Between one and two years:
Finance leases     – –
Loans     9,473 400
After more than one year:
Finance leases     – –
Loans     10,289 11,244
 
Within one year:
Finance leases     – 251
Bank overdrafts     2 –
Loans     596 400
Total borrowings     10,887 11,895
The loans in the UK operations are secured by a fixed and floating charge over the assets of the Group’s UK operations.
Interest rate and currency profile of financial net assets
	 	 	 	 	 Floating	 rate
	 	 	 	 	 assets
	 	 	 	 	 	 	 2006	 2005	 Currency	 	 	 	 	 £000	 £000
Sterling     374 867
US dollar     969 334
Euro     185 (165)
Norwegian krone     – 112
Other     2 1
     1,530 1,149
Floating rate cash earns interest based on the relevant national base rate equivalents.
The bank facilities have a right of offset of currency accounts.
Interest rate and currency profile of financial liabilities
At 31 January 2006
	 	 	 	 	 Fixed rate 
       borrowings 
      weighted 
   Floating  Weighted average 
   rate Fixed rate average time until 
  Total borrowings borrowings interest rate maturity 
Currency	 	 £000 £000 £000 % Years
Sterling  10,812	 10,812	 –	 –	 –
Euro  75	 75	 –	 –	 –
  10,887	 10,887	 –	 –	 –
Interest is charged at 2.2% above one month Libor on floating rate borrowings. Walker Greenbank PLC Annual Report and Accounts 2006 36
23 Financial instruments continued
Interest rate and currency profile of financial liabilities
At 31 January 2005
	 	 	 	 	 	 Fixed	 rate	 	 	 	 	 	 	 borrowings 	 	 	 	 	 	 	 weighted 	 	 	 	 Floating	 	 Weighted	 average 	 	 	 	 rate	 Fixed	 rate	 average	 time	 until	 	 	 Total	 borrowings	 borrowings	 interest	 rate	 maturity 	 Currency	 	 £000	 £000	 £000	 %	 Years
Sterling  11,621 11,385 236 7.50 0.46
Euro  259 259 – – –
Norwegian krone  15 15 – – –
  11,895 11,659 236 7.50 0.46
Net foreign monetary assets/(liabilities)
The following summary shows the Group’s currency exposures that give rise to currency gains and losses recognised in the profit and loss account, 
resulting from exposures where monetary assets and liabilities (including intercompany trading balances) at the balance sheet date are denominated 
in currencies other than the functional currency of each operation.
At 31 January 2006
    Norwegian 
 Sterling US dollar Euro krone Other Total 
 £000 £000 £000 £000 £000 £000
Functional	 currency	 of	 entity 
Sterling –	 866	 (462)	 –	 138	 542
 –	 866	 (462)	 –	 138	 542
At 31 January 2005
	 	 	 	 Norwegian 	 	 Sterling	 US	 dollar	 Euro	 krone	 Other	 Total	 	 £000	 £000	 £000	 £000	 £000	 £000
Functional	 currency	 of	 entity
Sterling – 126 (798) (161) 2 (831)
Norwegian krone 38 (2) (124) – (3) (91)
 38 124 (922) (161) (1) (922)
Borrowing facilities
In July 2004, the Group agreed terms for a new facility from Burdale Financial Limited replacing the HSBC overdraft. The three year facility comprises 
a loan secured on the Group’s freehold property of £2 million which is being repaid on a five year profile and a facility capped at £18.5 million that 
will fluctuate depending on the level of the UK debtors and stock against which it is secured. In May 2005 the Group agreed an additional facility 
from Burdale Financial Limited secured on manufacturing plant and equipment of £655,000, which is being repaid on a five year profile. The 
utilisation of the facility at the year end was £10,198,000 (2005: £11,644,000).
The fair value of short-term deposits, loans and overdrafts approximates to the carrying value due to all borrowings being subject to a floating rate. 
Gains and losses on hedges
There were no significant unrecognised or deferred gains and losses on hedges at 31 January 2006 or 31 January 2005. 
Notes to the Accounts continued Walker Greenbank PLC Annual Report and Accounts 2006 37
24 Provisions for liabilities and charges
	 	 	 Group	 	 Company
	 	 	 	 	 2006	 2005 2006	 2005	 	 	 	 £000	 £000	 £000	 £000
Deferred taxation   – 19 – 44
Other provisions   – 323 – –
   – 342 – 44
 Deferred taxation
	 	 	 Group	 	 Company
	 	 	 	 	 2006	 2005	 2006	 2005	 	 	 	 £000	 £000	 £000	 £000
Deferred	 taxation	 provided	 in	 the	 accounts	 is	 as	 follows:
Depreciation in excess of capital allowances   (68) (405) – 44
Other timing differences   68 424 – –
   – 19 – 44
	 	 	 	 	 Group	 Company 	 	 	 	 	 	 £000	 £000
Deferred	 taxation	 movement	 for	 the	 year:
1 February 2005     19 44
Current year charge     (44) (44)
Movement on disposal of subsidiary     25 –
31	 January	 2006	 	 	 	 	 –	 –
	 	 	 	 	 Group
	 	 	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
Deferred taxation unprovided:
Depreciation in excess of capital allowances     (874) (479)
Other timing differences     68 32
Tax losses     (6,758) (7,354)
     (7,564) (7,801)
It will be the Group’s intention to reflect a deferred tax asset as the Group demonstrates its continuing improving profitability. 
Other provisions
	 	 	 Group	 	 Company
	 	 	 	 	 2006	 2005	 2006	 2005	 	 	 	 £000	 £000	 £000	 £000
1 February 2005   323 200 – –
Fair value adjustment   – 904 – –
Utilised in the year   (323) (781) – –
31 January 2006   – 323 – – Walker Greenbank PLC Annual Report and Accounts 2006 38
25 Share capital
	 	 	 	 	 Number	 of	 shares	 £
Ordinary	 shares	 of	 1p	 each:
Authorised	 share	 capital:
1 February 2005 and 31 January 2006     85,000,000 850,000
Allotted,	 called	 up	 and	 fully	 paid:
1 February 2005 and 31 January 2006     59,006,162 590,062
Executive share option schemes
During the year, no options over ordinary shares were exercised or granted and options over 55,000 ordinary shares have lapsed. Options over 
ordinary shares outstanding at 31 January 2006 are as shown below:
	 	 	 Number	 of	 Subscription	 	 Exercisable	 Exercisable 	 	 	 	 shares	 price	 from	 to
Date granted:
1 May 1996   30,000 98.0p 01.05.99 30.04.06
6 November 1996   50,000 69.5p 06.11.99 05.11.06
23 April 1997   70,000 66.0p 23.04.00 22.04.07
   150,000 
26 Reserves
	 	 	 	 Other	 reserves	 	 	 	 	 Share	 Profit	 	 	 premium	 and	 loss	 Capital	 Merger	 	 	 	 account	 account	 reserve	 reserve	 Total	 	 	 £000	 £000	 £000	 £000	 £000
Group
1 February 2005  457 (34,484) 43,457 (2,950) 40,507
Profit for the year  – 2,545 – – –
Actuarial loss on pension scheme  – (2,899) – – –
Currency translation movements  – (27) – – –
Goodwill previously set off to reserves in respect of  
 the disposal of operations  – 1,908 – – –
31	 January	 2006	 	 457	 (32,957)	 43,457	 (2,950)	 40,507
	 	 	 	 Other	 reserves	 	 	 	 	 Share	 Profit	 	 	 premium	 and	 loss	 Capital	 Merger	 	 	 	 account	 account	 reserve	 reserve	 Total	 	 	 £000	 £000	 £000	 £000	 £000
Company
1 February 2005  457 1,982 41,888 – 41,888
Loss for the year  – (1,837) – – –
31	 January	 2006	 	 457	 145	 41,888	 –	 41,888
Capital reserve represents:
	 	 	 	 	 Group	 Company 	 	 	 	 	 	 £000	 £000
 Share premium of companies acquired and accounted for under merger accounting principles   1,276 – 
Capital reserve arising on consolidation     293 –
Capital redemption reserve for deferred shares     1,003 1,003
Capital redemption reserve for ‘B’ shares     40,885 40,885
     43,457 41,888
The Walker Greenbank Plc Employee Benefit Trust holds 2,549,146 shares (2005: 2,549,146) with a cost of £601,202 (2005: £601,202) and a market 
value at 31 January 2006 of £497,083 (2005: £242,169).
The cumulative amount of goodwill which has been written off to the profit and loss account reserve in respect of existing Group companies is 
£2,410,000 (2005: £4,318,000).
Notes to the Accounts continued Walker Greenbank PLC Annual Report and Accounts 2006 39
27 Capital commitments
	 	 	 Group	 	 Company	
	 	 	 	 	 2006	 2005	 2006	 2005	 	 	 	 £000	 £000	 £000	 £000
Authorised and contracted   47 – – –
28 Reconciliation of operating profit/(loss) to net cash outflow from operating activities
	 	 	 2006	 2006	 2005	 2005	 	 	 £000	 £000	 £000	 £000
Continuing operations:
Operating profit/(loss)   	 4,834  (3,094)
Depreciation and amortisation   1,894	 2,302
Difference between pension charge and cash contributions   (5,316)  (814)
Settlement of pension liabilities   (950)	 –
Proceeds on disposal of fixed assets   3  –
Decrease/(increase) in stocks   525  (1,316)
Decrease/(increase) in debtors   1,624	 (21)
Decrease in creditors   (642)  (884)
Increase/(decrease) in provisions   (323)	 123
Fair value adjustment   –  (851)
    (3,185)  (1,461)
Net cash inflow/(outflow) from continuing operating activities    1,649  (4,555)
Discontinued operations:
Operating profit    184  372
Depreciation and amortisation   9	 66
Decrease in stocks   134  15
(Increase)/decrease in debtors   (125)  169
Decrease in creditors   (208)  (127)
   	 (190)  123
Net cash (outflow)/inflow from discontinued operations   	 (6)  495
Total net cash inflow/(outflow) from operating activities    1,643  (4,060)
Last year comparatives have not been restated for the impact of FRS 4. The operating loss in the profit and loss account is after the FRS 4 
reclassification of £32,000.
29 Analysis of net debt
	 	 	 1	 February	 	 Other	 Exchange	 	 31 January	 	 	 	 2005	 Cash	 flow	 movements	 movement	 2006	 	 	 £000	 £000	 £000	 £000	 £000
Cash at bank and in hand  1,149 373 – 8 1,530
Overdrafts  – (2) – – (2)
  1,149 371 – 8 1,528
Debt due within one year  (400) (196) – – (596)
Debt due after one year  (11,244) 856 99 – (10,289)
Finance leases  (251) 251 – – –
  (11,895) 911 99 – (10,885)
  (10,746) 1,282 99 8 (9,357)
Other movements are amortisation of issue costs relating to the loan financing. Walker Greenbank PLC Annual Report and Accounts 2006 40
30 Reconciliation of net cash flow to movement in net debt
	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
Increase in cash in the year     371 7,694
Decrease/(increase) in debt and lease financing    	 911 (6,794)
Cash inflow/(outflow) from cash flows     1,282 900
Other movements     99 –
Exchange movement     8 (13)
Movement in the year     1,389 887
Net debt at 1 February 2005     (10,746) (11,633)
Net debt at 31 January 2006     (9,357) (10,746)
Other movements are amortisation of issue costs relating to the loan financing.
31 Pension
The Company operates the following funded pension schemes in the UK: the Walker Greenbank Pension Plan, the Abaris Holdings Limited Pension 
Scheme and the WG Senior Management Pension Scheme. The Walker Greenbank Pension Plan is the biggest scheme. All schemes contain defined 
benefit sections. However, the Abaris Holdings Limited Pension Scheme also contains a defined contribution section, although this section is 
relatively small.
The pension cost charged to operating profit before exceptional items under FRS 17 “Retirement Benefits” for the year amounts to £459,000 (2005: 
£518,000). This charge is equal to the service cost of £167,000 (2005: £226,000) in respect of the defined benefit arrangements, plus contributions of 
£292,000 (2005: £292,000) paid by the Company in respect of the defined contribution arrangements. The exceptional item of £4,076,000 charged 
to the operating profit relates to the net benefit of the settlement of non-statutory pension payments. Except where stated otherwise, the 
remainder of this FRS 17 pension note relates only to the defined benefit arrangements.
During the year the Group offered to buy out the right to non-statutory pension increases from its active and deferred pensioners. This has resulted 
in a reduction in the FRS 17 liability in the balance sheet of £5,634,000 and a benefit of £4,076,000 in the profit and loss, disclosed as an exceptional 
operating item. Additionally the Board decided to take this opportunity to adopt the most up-to-date mortality tables in the FRS 17 calculation 
which caused the deficit to increase by £3,196,000. 
A full FRS 17 actuarial valuation was carried out at 31 January 2006 by a qualified independent actuary. The main assumptions used by the actuary 
for the purposes of FRS 17 were:
Financial assumptions applied when valuing the defined benefit schemes:
	 	 	 	 2006	 2005	 2004
Valuation method   	 Projected	 unit Projected unit Projected unit
Discount rate    5.0% 5.5% 5.75%
Inflation rate    2.9% 2.8% 2.8%
Increases to pensions in payment    2.9% 2.8% 2.8%
Salary increases    2.9% 2.8% 2.8%
The assumptions used by the actuary are best estimates chosen from a range of possible actuarial assumptions which, due to the timescale covered, 
may not necessarily be borne out in practice.
Notes to the Accounts continued Walker Greenbank PLC Annual Report and Accounts 2006 41
31 Pension continued
The fair value of the schemes’ assets, which are not intended to be realised in the short term and may be subject to significant change before they 
are realised, and the present value of the schemes’ liabilities, which are derived from cash flow projections over long periods and thus inherently 
uncertain, were:
Consolidated net deficit in the pension schemes and the expected long-term rates of return:
	 2006	 	 2005	 	 2004
	 	 	 	 % £000	 %	 £000	 %	 £000
Equities and property 7.10	 23,272 8.35 19,128 8.65 17,146
Fixed interest 4.70	 13,695 4.60 12,232 4.90 11,532
Index linked gilts 4.10	 – 4.60 516 4.90 493
Insured annuities 5.50	 2,053 5.50 1,349 5.80 1,360
Cash and other 4.50	 221 4.75 306 4.00 292
Defined contribution section –	 661 – 400 – 251
Total market value of assets  39,902  33,931  31,074
Present value of the schemes liabilities 	 (47,883)  (45,200)  (41,842)
Deficit in the schemes 	 (7,981)  (11,269)  (10,768)
Volatility of FRS 17
It should be noted that the methodology and assumptions prescribed for the purposes of FRS 17 mean that the disclosures will be inherently 
volatile, varying greatly according to investment market conditions at each accounting date.
Movement in deficit during the period
	 	 	 	 Group	 Group	 	 	 	 	 	 2006	 2005	 	 	 	 	 	 £000	 £000
Deficit at beginning of period     (11,269) (10,768)
Movement	 in	 the	 period:
Current service cost     (167) (226)
Contributions     799 1,040 
Reduction of pension deficit following settlement of liabilities     5,634 –
Release due to sale of subsidiary     95 –
Other finance charge     (174) (205)
Adoption of PA92 mortality tables     (3,196) –
Actuarial gain/(loss)     297 (1,110)
Deficit at end of period     (7,981) (11,269)
It should be noted that the UK schemes are closed to new entrants and so the use of the projected unit valuation method required by FRS 17 
means that the current service cost (as a proportion of members’ earnings) is likely to increase as members approach retirement.
During the year, the Company contributed to the Walker Greenbank Pension Plan at the rate of 4.6% of pensionable salaries, plus additional 
amounts of £77,250 per month for the first two months, and £57,000 per month for the remaining 10 months (as allowed by the Pensions Regulator 
as part of the application to extend the Schedule of Contributions). The Company paid contributions in line with the Schedule of Contributions to 
the WG Senior Management Scheme and Abaris Holdings Limited Pension Scheme.
A deferred tax asset has not been offset against this potential liability because of carried forward tax losses that are not expected to be fully utilised 
in the foreseeable future. Walker Greenbank PLC Annual Report and Accounts 2006 42
31 Pension continued
 History of experience gains and losses
	 	 	 2006	 2005	 2004	 2003
Difference	 between	 the	 expected	 and	 actual	 return	 on	 scheme	 assets:
Amount (£000)   3,817 822 1,446 (7,741)
Percentage of scheme assets   9.6% 2.4%  4.7% 27.7%
Experience	 gains	 and	 losses	 on	 scheme	 liabilities:
Amount (£000)   425 (531) (501) (572)
Percentage of the present value of scheme liabilities   	 0.9%   (4.3%) 1.2% 1.4%
Total	 amount	 recognised	 in	 statement	 of	 total	 recognised	 gains	 and	 losses:
Amount (£000)   	 (2,899) (1,110) 945 (8,318)
Percentage of the present value of scheme liabilities   (6.1%) (2.5%)  2.3% 20.9%
32  Post balance sheet events
After the year end there have been additional confirmed acceptances of the Group’s offer to buy out the non-statutory pension increases.  
The effect of this is a further reduction in the pension liability of £0.8m. 
Notes to the Accounts continued Walker Greenbank PLC Annual Report and Accounts 2006 43
Five-Year Record
	 	 	 	 	 2005	 	 	 2002	 2003	 2004	 (restated)	 	 2006	 	 	 £000	 £000	 £000	 £000	 £000
Turnover  61,115 58,261 47,975 50,611 48,392
Overseas turnover  18,104 17,926 17,517 19,724 18,916
Operating profit/(loss) – restated  (6,542) (3,802) (3,159) (2,690) 5,018
EBITDA  (2,848) (691) (514) (322)	 961
Profit/(loss) before taxation – restated  (6,633) (7,975) (4,050) (807) 2,625
Capital expenditure  1,388 1,208 569 1,187 710
Profit/(loss) per share (pence)  (11.69p)  (13.04p) (7.61p)  (1.48p) 	 4.51p
Average number of employees  740 665 568 613 539
Turnover per employee  £83,000 £88,000 £84,000 £83,000 £90,000
Dividends  – – – – –
Shareholders’ funds – restated  27,421 12,742 8,680 7,070 8,597
Dividend per share  – – – – –
The shareholders’ funds for 2004 have been restated to reflect the implementation of UITF 38. The 2002 results have been restated for the change  
in accounting policy following the adoption of FRS 17 ‘Retirement Benefits’. The operating loss for 2005 has been restated to reflect the impact  
of FRS 4.
EBITDA is based on operating profit before exceptional items.
Financial calendar
Annual General Meeting  25 July 2006
Announcement of half-year results  October 2006 Notes Walker Greenbank PLC is an international group 
of companies which design, manufacture, market 
and distribute wallcoverings, furnishing fabrics and 
associated products for the consumer market.
01 Highlights
02 Focus on our brands
04 Our manufacturing sites
05 Our showrooms
06 Chairman’s Statement
10 Chief Executive’s Review
14 Financial Review
16 Directors and Advisers
17 Report of the Directors
19 Directors’ Responsibilities
20 Independent Auditors’ Report
21 Group Profit and Loss Account
22 Balance Sheets
23 Group Cash Flow Statement
24 Statement of Total Recognised Gains and Losses
24 Reconciliation of Movements in Shareholders’ Funds
25 Notes to the Accounts
43 Five-Year Record
Walker Greenbank PLC Annual Reports and Accounts 2006 2006
Walker Greenbank PLC
Annual Report and Accounts
Walker Greenbank PLC
Bradbourne Drive
Tilbrook
Milton Keynes
Buckinghamshire
MK7 8BE
T: 08708 300 365
F: 08708 300 364
www.walkergreenbank.com
Walker Greenbank PLC Annual Report and Accounts 2006