W alker Greenbank PLC
Heritage and quality
Providing luxury worldwide
Annual Report & Accounts 2013  Walker Greenbank PLC
is an international 
luxury interior 
furnishings group
Overview
01 Highlights
02 Chairman’s Statement
04 Our Year in Review
06 Chief Executive’s Review
09 Chief Executive’s Q&A
10 Brand Strength
12 Investing in Innovation
14 International Potential
16 Licensing Opportunities
18 History of Wallpaper Printing
20 Financial Review
22 Directors and Advisers
Directors’ report
23 Report of the Directors
25 Statement of Directors’ Responsibilities
26 Directors’ Remuneration Report
29 Corporate Governance Statement 
Financial statements
31 Independent Auditors’ Report on 
Consolidated Financial Statements
32 Consolidated Income Statement
33 Consolidated Statement of 
Comprehensive Income
34 Consolidated Balance Sheet
35 Consolidated Cash Flow Statement
36 Consolidated Statement of  
Changes in Equity
37 Notes to the Consolidated  
Financial Statements
65 Independent Auditors’ Report on 
Company Financial Statements
66 Company Balance Sheet
67 Notes to the Financial Statements
74 Five Year Record
75 Shareholder Information
The Group’s brands, 
Sanderson, Morris & Co., 
Harlequin, Zoffany and 
Scion offer a unique mix of 
heritage and contemporary 
design. The Group designs, 
manufactures and markets 
wallcoverings, fabrics and 
complementary products.
For more information please visit:
www.walkergreenbank.com
Cover image:
The Quartz collection from Zoffany 
Image above:
Sanderson Home’s debut collection, Maycott  1 / Walker Greenbank PLC Annual Report & Accounts 2013 
 
Revenue 
(£million)
80
60
40
20
0
2013 2012 2011
 
Adjusted proﬁt before tax before 
exceptionals (£million)
8.0
6.0
4.0
2.0
0
2013 2012 2011
 
Proﬁt before tax
(£million)
6.0
4.5
3.0
1.5
0
2013 2012 2011
 
Dividend per share
(pence)
1.25
1.50
1.00
0.75
0.50
0.25
0
2013 2012 2011
International 
Potential
- page 14
The Group sells in 75 
countries throughout the 
world through an extensive 
network of agents and 
distributors.
Licensing 
Opportunities
- page 16
The Brands have increased 
their focus on licensing 
opportunities, building on 
existing relationships and 
forming new partnerships, 
both in the UK and 
international markets.
Investing in 
Innovation
- page 12
The Group’s manufacturing 
businesses continue to 
invest in capability and 
development of a highly 
skilled workforce to secure 
genuine competitive 
advantage.
Brand 
Strength
- page 10
The Group has a range of 
brands positioned at the mid 
to upper end of the furnishings 
market, covering a wide range 
of tastes from traditional to 
contemporary.
Highlights
 Sales up 2.3% to £75.7 million (2012: 
£74.0 million) with strong growth in 
the US up 17.6%
 Strong performance from the new 
contemporary brand, Scion and 
brand offshoot Sanderson Home
 Adjusted proﬁt before tax* up 11.7% 
at £6.38 million (2012: £5.72 million)
 Unadjusted proﬁt before tax of £4.93 
million (2012: £4.89 million)
 Licensing income up 18.2% to £1.88 
million (2012: £1.59 million) with 
strong growth in Japan
 Adjusted earnings per share* up 
14.6% at 9.41p per share (2012: 8.21p 
per share)
 Final dividend up 25.0% to 1.25p per 
share (2012: 1.00p per share)
 Net funds of £1.2 million, the ﬁrst 
time the Group has reported net 
funds since January 2000 
*  Adjusted for accounting charges relating to 
share-based incentives and deﬁned beneﬁt charge.  2 / Walker Greenbank PLC Annual Report & Accounts 2013
Overview
I am pleased to report that the Group continues to make 
encouraging progress in sometimes difficult global markets. 
This progress reﬂects our continued focus on developing our 
product offering, manufacturing capability and international 
sales potential.
The year has seen signiﬁcant growth in the US for the ﬁrst time 
since 2008, with brand sales increasing 17.6% in reportable 
currency, 16.7% in constant currency. 
The US performance has been driven by the success of the 
Harlequin brand, which has increased sales year-on-year by 
39.4% and is now the Group’s biggest selling brand in the US 
market. We believe the US offers signiﬁcant potential for all 
our brands and, to assist in taking advantage of this 
opportunity, we are currently extending our ﬂagship 
showroom in New York.
I am pleased to report that we have grown sales in the UK, 
our largest market, by 2.5%. This growth has been achieved in 
a difficult marketplace but we have seen good responses to 
our new collections, brand development and manufacturing 
investment. The challenging conditions in the Eurozone are 
well documented but we have seen some improvement in 
sales in the second half. Year on year sales in the Eurozone 
have declined 9.4% in reportable currency, 3.0% in 
constant currency. 
Establishing our strong 
position through 
quality brands and 
key partnerships
Chairman’s Statement
Terry Stannard Non-executive Chairman 3 / Walker Greenbank PLC Annual Report & Accounts 2013 
Image left:
Momentum Wallcoverings  
Volume 2, from Harlequin
Image right:
Town & Country, from Zoffany
Outside of the Middle East, we have grown our Rest of the 
World sales by 4.3%, with most major markets making 
progress including growth in the Far East of 5.7%, Eastern 
Europe 3.3%, Australasia 9.2% and a doubling of sales in South 
America. The Middle East has seen a sales decline of 30.8% 
but this is predominantly due to two signiﬁcant contracts in 
the prior year.
We continue to make signiﬁcant progress in extending our 
product range. In the ﬁrst half, we launched Scion, a 
completely new interiors brand aimed at younger customers, 
and Sanderson Home, a competitively priced brand extension. 
In the second half, we have added an entirely new trimmings 
range for both Harlequin and Sanderson together with a 
Harlequin wallpaper collection developed with Orla Kiely, the 
internationally acclaimed designer. In addition, we have 
extended our product offering through new licensing 
arrangements for the Scion brand in bedding, rugs and towels, 
helping us grow our licensing income 18.2%.
Our UK manufacturing base is a key asset that differentiates us 
from others in our industry and puts us at the forefront of 
innovation in printing techniques. In the second half we 
commissioned our ﬁrst high speed digital printer at Standfast, 
our fabric printing factory, and our ﬁrst digital printer at Anstey, 
our wallpaper factory. These new digital printers have helped us 
grow our manufacturing sales and proﬁts on what was a record 
year last year. I am particularly pleased with the 17.5% growth in 
sales to export customers from our manufacturing base. 
Financials
Total sales increased 2.3% to £75.7 million (2012: £74.0 
million). The operating proﬁt before an accounting charge 
relating to the Long-Term Incentive Plan (‘LTIP’) rose 10.2% to 
£6.58 million (2012: £5.97 million). The proﬁt from operations 
was up 5.0% to £5.83 million (2012: £5.56 million). 
The interest charge has reduced from £254,000 to £193,000 
due to lower average borrowings. The deﬁned beneﬁt 
pension charge has risen from £407,000 to £704,000 as a 
consequence of a reduction in the expected return on 
scheme assets.
Proﬁt before tax before the LTIP accounting charge and the 
increased deﬁned beneﬁt charge was £6.38 million (2012: 
£5.72 million) an increase of 11.7%. The proﬁt before tax after 
the two charges was £4.93 million (2012: £4.89 million). The 
proﬁt after tax was £3.96 million (2012: £3.83 million) and 
adjusted earnings per share were up 15% after removing the 
LTIP accounting charge and deﬁned beneﬁt charge.
The cash inﬂow from operating activities was £5.80 million 
(2012: £4.28 million), reﬂecting strong operating proﬁts and 
continued investment in product. The Group has continued 
to invest with capital expenditure of £3.12 million (2012: £2.54 
million). Despite this investment, the Group had net funds at 
the year end compared to a net debt of £0.67 million a year 
ago. This is the ﬁrst time the Group has returned to net funds 
since 2000. 
Dividend
During the year, the Group has paid a ﬁnal dividend for the 
year to 31 January 2012 of 1.00p per share and an interim 
dividend of 0.23p per share. The Directors recommend the 
payment of a ﬁnal dividend of 1.25p per share (2012: 1.00p) 
which will be payable on 9 August 2013 to shareholders on 
the register on 19 July 2013. This brings the total dividend  
for the year to 1.48p per share (2012: 1.20p) an increase  
of 23.3%. 
People
On behalf of the Board, I would like to thank all of our 
management and employees for their contribution to another 
successful year. 
Outlook
The current ﬁnancial year has started well. In the ﬁrst 11 
weeks, our UK manufacturing base has performed strongly 
and our brand sales are in line with a strong comparator 
period last year. 
We are excited by our new product launches, including the 
second collection from the Scion brand, and by the 
opportunities to develop our business internationally. We look 
forward with conﬁdence to the year ahead.
Terry Stannard
Non-executive Chairman
1 May 2013 4 / Walker Greenbank PLC
Our Year in Review
A year of initiatives, 
expanding our 
business
Investment in fast run  
digital printer at Standfast
October 2012
Standfast commissions its latest  
digital printer. The fast run printer  
is a continuance of the investment  
in digital printing which allows 
customers the ﬂexibility of high value, 
short print runs and large scale designs 
with a range of colours not available in 
conventional fabric printing.
Harlequin launches 
Orla Kiely wallpapers
September 2012
Harlequin launches a stunning new 
collection of wallpapers through a 
collaboration with Orla Kiely, the 
internationally acclaimed designer. 
The collection comprises of 14 of Orla 
Kiely’s signature designs in a wide 
range of vibrant and neutral colours.
Scion’s debut collection, 
Melinki wins awards
November 2012
Scion’s debut collection, Melinki, wins 
awards. The collection combined  
an eclectic mix of printed fabrics, 
embroideries, jacquards, plains and 
wallpapers. It has been the fabric 
designs that have stood out. Scion 
won the Gold Award for Best Fabric  
in House Beautiful magazine 2012 
awards. This accolade followed on 
from the 2012 Award from Homes & 
Gardens for Best fabric under £30 for 
the Berry Tree design. The fabric is 
printed at the Standfast factory. 5 / Walker Greenbank PLC Annual Report & Accounts 2013 PLC Annual Report & Accounts 2013 
Scion launches a range of 
licensed products
November 2012
Scion launches licensed products, 
highlighting the progress achieved  
in the brand’s launch year and the 
versatility of the Melinki designs.  
The licenses product includes  
rugs, bedlinen and towels. Brink & 
Campman, the prestige rugmaker 
based in the Netherlands, produces 
the rugs whilst Bedeck, the UK’s 
leading bedlinen specialist, produces 
the bedlinen and towels. 
The Scion brand is launched
February 2012
The design essence is that of a young, 
contemporary interiors brand aimed  
at aspirational and fashion aware 
consumers whose products are 
accessibly priced. It is targeted at a 
subsector of the interior furnishings 
market in which Walker Greenbank was 
not represented. The brand name Scion 
was inspired by the dictionary deﬁnition 
of scion as a ‘young shoot or twig’  
or a ‘descendant of a notable family’, 
evoking the brand’s freshness and 
design provenance.
Launch of licenced  
products by Portmeirion  
and Blueprint
February 2012
Two collections of tableware designed 
by Portmeirion, Fiﬁ, inspired by 1950s 
designs and more classical, Porcelain 
Garden. Blueprint designed a range of 
stationery, bags and tinware also 
inspired by Porcelain Garden.
Barbour uses Morris & Co. 
designs
March 2012
Barbour selects two Morris & Co. 
designs, Strawberry Thief and Marigold 
for use as linings for a fashionable range 
of women’s enduringly popular wax and 
quilted jackets and also in tweed jackets, 
duffle coats and handbags in the 
autumn and winter collections. 6 / Walker Greenbank PLC Annual Report & Accounts 2013
John Sach Group Chief Executive
Strategy
It is pleasing to report that the Group continues to make progress 
with the implementation of its strategy, which comprises:
 International expansion – to focus on the distribution  
and marketing of our brands in the important European, 
Asia Paciﬁc and North American markets where we see 
signiﬁcant potential to grow our existing market share and 
to invest in the exciting growth opportunities in other 
international markets;
 Market penetration – to continue to develop our brands  
in the UK and internationally through extension of  
market positions;
 Lifestyle product extension – to proﬁt from the global 
recognition of the Group’s heritage brands, Sanderson and 
Morris & Co., and the contemporary design excellence of 
Harlequin and the recently launched Scion brand, by 
broadening the product range and exploiting the 
considerable licensing opportunities; 
 Extending manufacturing capability – to continue to invest 
in the latest printing techniques and to promote and grow 
the international sales opportunities of being a quality UK 
manufacturer; and
 Acquisitions – to actively evaluate acquisition opportunities 
that ﬁt synergistically with our current brand portfolio with 
the objective of further advancing our earnings growth.
Overview
I am pleased to report that we have continued to make 
progress with further growth in sales and proﬁts. 
Our Brands have beneﬁted from the continued investment in 
design, marketing and from new product launches. We have 
extended our product range into areas of the market that we 
haven’t previously targeted through the launch of the new 
Scion brand and Sanderson Home brand extension. Total 
Brands sales increased 2.5% to £58.9 million. In a difficult UK 
market, Brands sales increased 2.5% and export sales grew 
1.5% to £22.3 million with an extremely difficult Eurozone 
market affecting growth. 
Delivering growth 
through continued 
investment
Chief Executive’s Review 7 / Walker Greenbank PLC Annual Report & Accounts 2013 
Image left:
The Wabi Sabi collection from Scion 
Image right:
Maple, from the Options 11 collection 
from Sanderson 
The start of the recovery in the US market seen last year has 
accelerated, leading to growth in sales of 17.6% to £6.4 million 
in reportable currency and 16.7% in local currency. Sales in 
the Far East are up 5.8% to just over £3.0 million helped by 
strong growth in China, up 9.3%, and India, up 62.2% in what 
is currently a small territory for the Group with obvious 
potential. Other highlights include the doubling of sales in 
South America and growth of 9.2% in Australasia. These 
encouraging ﬁgures have been adversely impacted by the 
negative trading environment in the Eurozone where sales 
declined 9.4% to £6.1 million in reportable currency, but  
only 3.0% in constant currency. The worst performing  
regions were Benelux, France, Spain and Southern Ireland. 
International sales have also been affected by a drop of 30.8% 
in sales in the Middle East due to two substantial contracts in 
the previous year not being repeated. 
Global licensing income has grown 18.2% to £1.88 million 
with both the UK and overseas growing strongly. In the UK 
our established bedlinen licensee, Bedeck, achieved 
signiﬁcant growth with the launch of a new range for 
Sanderson selling particularly well. The licensed products 
developed at the end of the previous year by Portmeirion 
tableware, Blueprint stationery, Elstead Lighting and Brink & 
Campman rugs have performed well. Amongst our overseas 
licensees we have seen signiﬁcant growth in Japan following 
the 150th anniversary of Morris & Co. last year. Notably the 
Scion brand has recently signed licensing arrangements for 
bedding, rugs and towels within its ﬁrst year of launch. Whilst 
this is a ﬂedgling brand, the nature of its designs translate 
particularly well to licensed product and is seen as an exciting 
opportunity for the Group.
Manufacturing has had another successful year increasing 
both sales and proﬁts on what was a record year last year. 
There has been continued investment in digital printing at 
both the fabric and wallpaper printing sites with a signiﬁcant 
investment at Standfast in its ﬁrst high speed digital printer 
and a smaller investment at Anstey in its ﬁrst digital printer. 
The Brands
The Brands segment incorporates global trading from our 
internationally recognised brands including our overseas 
subsidiaries in the US and France.
The Brands have increased sales by 2.5% over last year to 
£58.9 million. The Brands’ operating proﬁts grew 9.6% to 
£5.89 million helped by strong licensing income and 
improved operating margins. 
Harlequin & Scion
Harlequin has grown its total sales 4.0% over the same period 
last year to £25.2 million and remains the UK’s leading 
mid-market contemporary brand. Sales in the UK and the 
Eurozone were both slightly up on last year. Sales in the US 
have seen signiﬁcant growth, up 39.4%, and Harlequin is now 
the largest selling of the Group brands in the US market. 
Growth in the Far East was signiﬁcantly up, by 20.6%, with the 
key markets of Japan and China performing well. Sales in 
Russia were down 21.4%, due to disruption caused by a 
change in distributor half way through the year, and sales in 
the Middle East were down 25.0%, due predominantly to a 
signiﬁcant contract last year not being repeated. These sales 
shortfalls have been compensated by strong growth in South 
America, where sales have more than doubled, and 
Australasia, up 20.5%.
The Scion brand was launched in February 2012. This brand 
is an affordable contemporary brand aimed at young, 
aspirational and fashion-aware customers in an adjacent 
market segment to that of Harlequin. The launch has been 
very successful and trading is ahead of internal projections. 
Scion won the prestigious Gold Award in November 2012 for 
Best Fabric in House Beautiful magazine’s awards 2012. The 
designs within Scion have proved to be very suited to licensed 
product with ranges of rugs, bedlinen and towels launched 
during the year, which has helped grow licensing income 
47.5%. In September Harlequin also launched a stunning new 
collection of wallpapers through a collaboration with Orla 
Kiely, the internationally acclaimed designer. 
Arthur Sanderson & Sons incorporating the Morris & Co. brand
Total sales were up 0.2% over the same period last year to 
£20.0 million. The UK and the US have been the drivers of 
growth with increases of 2.7% and 17.4% respectively. Sales in 
Western Europe have been particularly badly affected by the 
Eurozone crisis and are down 14.6% on last year. Sales in the 
Far East were down 5.7% on last year due to the boost to 
last year’s sales from the 150th anniversary celebration of 
Morris & Co. Sales in the Middle East are also down 18.8% due 
primarily to a signiﬁcant contract last year not being repeated. 
These sales shortfalls have been mitigated by strong growth 
in Eastern Europe and South America, up 8.3% and 
36.8% respectively.  8 / Walker Greenbank PLC Annual Report & Accounts 2013
Strong foundations 
through continual 
innovation
In the second half Sanderson launched the Sanderson Home 
brand extension. This brand is an exciting offshoot and 
combines keen pricing with aspirational English design. It 
takes the Sanderson brand into a new area of the market place 
whilst retaining the quality and style for which Sanderson is 
renowned worldwide. Sales so far are signiﬁcantly ahead of 
internal projections. Licensing income is up 16% on last year 
driven by a strong performance in Japan, following the 150th 
anniversary of Morris & Co. last year, and, encouragingly, new 
licence arrangements particularly Portmeirion tableware and 
Blueprint stationery.
Zoffany
Zoffany is positioned at the upper end of the premium 
market. Total sales have grown by 1.2% over the same period 
last year to £11.0 million. Zoffany’s two largest markets, 
the UK and US, have encouragingly grown 7.7% and 2.9% 
respectively. Sales in Western Europe were affected by the 
Eurozone crisis and were down 16.0%. Elsewhere sales 
were up 2.0% with the exception of the Middle East where 
sales were 48.2% lower than the previous year due to two 
signiﬁcant contracts last year not repeated.
Manufacturing
Manufacturing has delivered another strong performance 
with both sales and proﬁtability increasing to record levels. 
Total sales grew 4.9% driven by an increase in international 
sales of 17.5% leading to an increase in proﬁts of 4.0% to 
£2.7 million (2012: £2.6 million). 
Anstey
Anstey, our wallpaper printing business, had a very successful 
year with sales growing by 16.6% to £15.7 million. Third party 
sales in the UK were up 15.2% and third party export sales 
were up 55.7%. Internal sales to our own brands also grew 
by 11.8%. 
Anstey has continued to add new printing techniques to its 
portfolio with investment in its ﬁrst digital printer during the 
year. The digital printing technique was utilised in Zoffany’s 
Melissa White wallpaper collection launched in February. 
The second Momentum collection from Harlequin, which 
was launched in the autumn of 2012, featured a distinctive 
textured effect from the scatter machine purchased last year. 
This growing range of techniques has helped produce new 
wallpapers that have helped to increase market interest in 
wallpaper and attracted new export customers. We continue 
to innovate at Anstey with a signiﬁcant investment planned 
for the coming year in a hybrid rotary/gravure machine, which 
will be able to create unique effects as well as enhance our 
capacity and efficiency.
Chief Executive’s Review
continued
Standfast
Standfast, our fabric printing factory, has seen a decline 
in annual sales of 5.5% to £14.3 million. Third party sales 
declined 12.6% with sales to our own brands increasing 
6.8% with a stronger launch of new print collections from 
the Brands this year.
When launching a print collection using traditional printing 
techniques the customer has to make a signiﬁcant investment 
and, during a difficult market, it is not surprising that 
customers have been more cautious. Standfast has seen 
volumes decline for these traditional techniques. Digital 
printing helps reduce the level of initial investment in a new 
collection and sales from digital have grown 76% compared 
with last year. Standfast continues to invest in digital printing 
and the ﬁrst fast-run printer was commissioned during the 
second half of the year.
Summary
We continued to exploit the potential of our brands during 
the year and to extend the areas of the marketplace in which 
we operate. We launched an entirely new brand in Scion and 
a brand extension in Sanderson Home, both of which have 
been well received. Our manufacturing capability has been 
extended through our investment in digital printing at our 
wallpaper and fabric factories.
We achieved encouraging growth in many of our international 
markets, including an excellent performance in the US. During 
the current year, we will continue to build our business 
internationally and remain conﬁdent of continued progress.
John Sach
Group Chief Executive
1 May 2013 9 / Walker Greenbank PLC Annual Report & Accounts 2013 
Chief Executive’s Q&A
 
How have conditions been in your markets during  
the past year?
We grew our sales even though market conditions  
were demanding. This is encouraging because what it 
demonstrates is that with an improvement in market 
conditions we could grow our sales and proﬁts signiﬁcantly. 
 
How have international markets performed?
We achieved sales growth in many of our overseas markets. 
The US, where the economic environment is beginning to 
improve, was a particular highlight. We saw signiﬁcant US 
growth for the ﬁrst time since 2008 with sales up 18% in 
reportable currency and up 17% at constant currency. 
 
Is the US a major opportunity for Walker Greenbank?
We see huge potential for all of our brands in the US. We’ve 
had a presence there for many years but have only recently 
been in a ﬁnancial position to focus on growing our market 
share. We are extending our New York showroom among 
other initiatives to grow US sales. 
 
Can you continue to grow in the UK?
Whilst we already have signiﬁcant market share in the UK, we 
can continue to grow our sales through launching products 
in new areas of the marketplace by stretching our brands into 
new price points or launching new brands aimed at speciﬁc 
consumers. We would also consider acquiring brands if they 
were complementary to our existing portfolio.
 
What were your most signiﬁcant initiatives during  
the year for future growth?
We launched an entirely new brand, Scion, aimed at  
younger customers and we also launched a competitively 
priced extension to the Sanderson brand, called Sanderson 
Home. Both of these new brands have been well received 
and have taken the Company into new areas of the home 
furnishings marketplace.
 
How much progress are you making in emerging markets?
Emerging markets are a very exciting opportunity for Walker 
Greenbank because of our brands’ unique combination of 
heritage, design and UK manufacturing. Our sales to BRIC 
countries last year grew 14% to £2.8 million but grew very 
rapidly, in percentage terms, in India and Brazil up 62% and 
274% respectively.
 
Can you exploit the potential of your brands beyond 
wallpaper and fabric?
Many of our brands’ designs have huge ﬂexibility for use on 
other products. Our licensed range now includes bedlinen, 
towelling, rugs, tableware, lighting and stationery. Licensing 
income was up 18% last year and we continue to identify 
opportunities for new licensing arrangements. 
 
How has manufacturing performed during the year?
Our factories achieved record sales and proﬁts last year in 
part because of our continued investment in digital printing, 
which has drawn in new customers from new markets. 
Our UK manufacturing base is a key asset and we intend to 
continue to invest in new machinery, differentiating us in 
our industry and keeping us at the forefront of innovative 
printing techniques. 
Image left:
The Wabi Sabi collection  
from Scion 
Image right:
The Impasto collection  
from Harlequin 10 / Walker Greenbank PLC Annual Report & Accounts 2013
Brand Strength
Our Brands are internationally recognised for their market 
leading designs, quality, service and value. Carefully positioned 
to focus on the mid to upper end of the furnishings market, the 
Walker Greenbank Brands offer stylish solutions for consumers, 
designers and contract interiors, covering a wide range of 
tastes from traditional to ultra contemporary.
The Morris & Co. business has a history 
that dates back to 1861 when the 
acclaimed designer, William Morris, 
founded his ﬁrst company. Its unique 
‘Arts & Crafts’ heritage is preserved in 
the modern interpretation of its high 
quality fabrics and wallcoverings.  
The past 12 months have witnessed  
a resurgence of interest in all things  
Morris following the 150th anniversary 
celebrations of 2011, and in particular 
the success of the widely admired 
Archive collections launched in that 
year. To further build on this revival 
additional investment in the brand will 
see two striking follow on collections, 
Archive Prints II and Archive Wallpapers 
II, launched in March 2013.
Zoffany is a luxury brand with 
elegance and heritage at its core, 
offering products of the highest 
quality including wallpaper, fabrics, 
trimmings, paint and furniture. 
Inspired by a unique archive, together 
with technical innovation, Zoffany 
continues to create beautiful designs 
for both contemporary and period 
interiors. Operating at the premium 
end of the interiors market the 
dedicated design studio creates 
products that are used by leading 
interior designers and architects 
all over the world.
Founded in 1860 Sanderson is the 
oldest surviving brand in its ﬁeld. 
Granted the Royal warrant in 1923, 
Sanderson is one of the most 
renowned brands in interiors 
worldwide, offering classic, 
inspirational products often based on 
documents from its extensive archive. 
It is aimed at the mid to premium end 
of the worldwide interior furnishings 
market. Sanderson is known for its 
lasting quality, timeless style and 
quintessentially English designs. 11 / Walker Greenbank PLC Annual Report & Accounts 2013 
Harlequin supplies high quality, 
design-led collections to the mid to 
premium end of the worldwide 
interior furnishings market. Harlequin 
has enjoyed signiﬁcant growth over 
the last 10 years as the product proﬁle 
has expanded to appeal to a greater 
breadth of consumers and designers. 
Alongside its core products, the 
brand has continued to develop and 
extend its successful licensing 
partnerships in bedlinen, towels and 
rugs, and in 2013 will introduce new 
product categories such as giftware, 
candles and room fragrances.
Launched to great acclaim in Spring 
2012, Scion’s refreshing and innovative 
approach to furnishings design met  
with instant approval among trend 
savvy, fashion aware consumers and 
designers. The cutting edge, accessibly 
priced and forward looking fabrics and 
wallpapers also resonated with the 
broader interiors market leading to  
the establishment of instant licensing 
arrangements for bedlinen, towels,  
rugs, giftware and ceramics. The impact 
of this exciting new brand cannot be 
underestimated with customers eagerly 
anticipating the follow on collections 
launched in early 2013.
Traditional
Contemporary
Premium End
Mass Market
 Complementary 
range of brands in the 
areas of the market 
with the best mix of 
volumes and margins
 Continued growth in 
the best margin 
segments through 
brand extension
 Sizeable market:  
scope for signiﬁcant 
further growth 12 / Walker Greenbank PLC Annual Report & Accounts 2013
Investing in Innovation
Broadening our 
offering through 
investment in British 
manufacturing
Barry Forester
Managing Director,  
Manufacturing 13 / Walker Greenbank PLC Annual Report & Accounts 2013 
With the global market for printed 
fabrics estimated at 28 billion square 
metres, most of which is now produced 
in the developing world, success as 
a British manufacturer is hugely 
dependent upon being able to deliver 
the highest possible levels of product 
quality, service and innovation to 
our customers.
Both the Group’s manufacturing 
businesses have invested heavily over 
recent years, not just in the latest 
production equipment and computer 
aided design (‘CAD’) technology but 
also in developing a highly skilled and 
ﬂexible workforce to secure a genuine 
competitive advantage.
At Standfast the focus has been on 
developing a digital printing capability 
that is, in terms of product quality, 
at the absolute fore-front of what is 
possible on the premium cotton, linen, 
velvet and wool fabrics required by 
our home furnishings customers. By 
combining our traditional skills and 
expertise in fabric processing with a 
state-of-the-art design studio capability 
we are able to create beautiful large-
scale designs, typically using many 
more colours than is possible using 
screen printing processes. The latest 
investment in a high-speed digital 
printer, which runs seven times faster 
than our existing bank of ink-jet 
printers, marks a further shift in the 
economics of the digital process and 
creates a new paradigm of opportunity 
for Standfast. 
Anstey has also invested recently in 
digital printing to further broaden the 
product offer, but with the technical and 
economic beneﬁts for wallcoverings 
currently much less compelling than for 
fabrics, the primary focus for product 
development and investment remains 
on our wide range of conventional print 
techniques. Last year’s investment in a 
scatter machine, which enables beads 
and large particle metallic inks and 
‘gritter’ to be applied in-register to  
a printed design, has been further 
developed and expanded and new base 
substrate options added, including plain 
and holographic foils, to create some 
stunning effects. In response to the 
dramatic growth in demand for the 
innovative products produced using 
our rotary screen process Anstey is 
investing a further £1.75 million this 
summer in a new eight-colour rotary/
gravure hybrid printing press, which will 
further strengthen our reputation as 
one of the most innovative and ﬂexible 
wall coverings manufacturers in 
the world.
Our locations
Standfast is based  
in Lancaster in  
the north west of 
England and Anstey  
in Loughborough in 
the East Midlands
Image above:
Digitally printed wallpaper 
Image opposite:
Printing a Zoffany fabric design at 
Standfast using the latest digital 
printing technology 14 / Walker Greenbank PLC Annual Report & Accounts 2013
International Potential
Developing our sales infrastructure to maximise 
growth opportunities in World markets.
International markets offer substantial 
scope for growth. Already sold in 75 
countries we continue to ﬁnd new 
opportunities and our ﬁnancial strength 
provides a strong platform for the 
development of closer ties and more 
direct engagement with our partners, 
both existing and new. Our products 
continue to grow in popularity and 
market reach as we maintain our 
intense focus on design excellence and 
increasingly promote the heritage of 
our brands alongside the added value 
that comes from our unique 
manufacturing capabilities.
Looking at our extensive network of 
agents and distributors we are pursuing 
a number of exciting new initiatives. 
In 2012 our distribution partner in China 
opened his ﬂagship showroom in 
Shenzhen to inspire his customers. 
We hope that this will lead to many 
similar showrooms opening in major 
cities throughout China in the coming 
years. Other markets establishing new 
distribution channels include India, 
Brazil and Russia. Elsewhere, in France 
we redeveloped our Paris showroom 
and towards the end of the year in 
New York we acquired additional space 
to extend our principal showroom 
there. In 2013 we will capitalise on 
this extra space with a complete 
refurbishment programme.
Image above:
The Maycott collection from 
Sanderson Home 
Image top left:
Richmond Hill, from Sanderson
Image above:
Arabella Trimmings, the ﬁrst 
trimmings collection launched by 
Harlequin 15 / Walker Greenbank PLC Annual Report & Accounts 2013 
With our brands offering a compelling 
blend of qualities that set us apart 
from our competitors, from ultra 
contemporary designs to heritage 
collections and an ever widening 
spread of price points, we are 
increasingly important to our 
distribution partners around the 
world. This unique positioning, 
coupled with our enhanced marketing 
and sales operations provides 
considerable potential for future 
growth in both established and 
emerging markets. 
Image above:
Jubilee Square, from the Options 
11 collection from Sanderson
Image above:
The Wabi Sabi collection 
from Scion 
Image left:
The Momentum Sheers & 
Structures collection from 
Harlequin
Achieving high 
ambitions through  
our extensive  
network 16 / Walker Greenbank PLC Annual Report & Accounts 2013
Extending our  
range through the 
brands growth 
potential
The Brands have increased their focus 
on licensing opportunities in the past 
year, building on existing relationships 
and forming new partnerships both in 
the UK and international markets. 
Following the successful launch of the 
Harlequin rug collection with Brink & 
Campman, a prestige rug manufacturer 
in the Netherlands, in early 2012, we 
rapidly extended the relationship to 
include complete rug collections for 
the Sanderson and Scion brands, both 
of which were launched in the ﬁnal 
quarter of 2012. This partnership has 
beneﬁted greatly from our studios 
working in close harmony with the 
Brink & Campman studio, and during 
2013 we have already identiﬁed further 
projects for co-operation including 
children’s rugs, an exclusive collection 
for Zoffany and also the possibility of 
a Morris collection.
Licensing Opportunities
1  Scion launches a quirky range of 
towels, produced by Bedeck 
2  Scion’s ﬁrst rug collection produced 
by pioneering rug manufacturer 
Brink and Campman 
3  Harlequin joins forces with Wild & 
Wolf to produce a range of giftware 
and stationery
1 2
3 17 / Walker Greenbank PLC Annual Report & Accounts 2013 
Also enjoying rapid sales growth  
are our bedlinen partners in the UK  
and Australia, both of whom have 
signiﬁcantly increased their offers 
under the Sanderson, Harlequin and 
Scion brands. Once again, by linking 
our designers more closely with the 
bedlinen studios during concept 
development, our brands are seen to 
be bringing excitement and innovation 
to this core home product sector. 
Alongside rugs and bedlinen we 
have continued the development of 
our relationships with Portmeirion 
(Sanderson – ceramic tableware) and 
Christy (Harlequin – towels) and also 
developed new ranges of stationery 
with Blueprint for Sanderson, giftware 
with Wild & Wolf for Harlequin/Scion 
and ceramic mugs with Make 
International for Scion. Other existing 
product categories continue to grow 
and we are actively exploring a number 
of new opportunities for late 2013 
and beyond. 
Looking to International markets the 
past two years have seen major 
advances with Sanderson and Morris & 
Co.’s licensing partners in Japan. Always 
a key market, the substantial extension 
of the product offer and attendant sales 
growth for Sanderson and Morris & Co. 
has been achieved against a backdrop 
of declining revenues for other brands. 
4  Pavilion bedlinen by Sanderson
5  Sanderson launches its ﬁrst range of 
rugs by Brink and Campman
6  Scion’s ﬁrst range of ceramic mugs 
produced by Make, due to be 
launched in 2013
7  Porcelain Garden toiletries by 
Sanderson
8  The Lace Stripe bedlinen and Mr Fox 
Knitted Cushion from Scion
4
6
8
5
7 18 / Walker Greenbank PLC Annual Report & Accounts 2013
Investing through 
the cycle
History of Wallpaper Printing 19 / Walker Greenbank PLC Annual Report & Accounts 2013 
Image right:
Surface print rollers
c1965
Introduction of the gravure and ﬂexo 
processes. Much cheaper than surface 
print and also enabled designers to 
produce a wide range of modern 
designs that were previously not 
possible. Led to an explosion in 
wallpaper sales and the trend in interior 
design to make more extensive use of 
colour and pattern. The two processes 
still provide the mainstay of Anstey’s 
production with designs from our 
archives from the 1970s still regularly 
being recycled as well as very 
contemporary, graphic designs.
Late 1990s
The growing popularity of non-woven 
paper, which enables the consumer to 
‘paste-the-wall’ rather than the back 
of the paper and is thus much easier 
to work with. Some markets have now 
switched over almost completely, in 
others (including the UK) the take-up 
has been slower but is growing. 
We supply both.
Late 2000s
The emergence of digital printing 
i.e. ink jet. Much slower and thus more 
expensive to produce than conventional 
print processes but short runs are more 
economic as there is no investment in 
rollers, and there is complete design 
freedom to produce large scale, 
multi-coloured or even photographic 
images. A small but growing sector of 
the market, Anstey bought two printers 
last year and is installing a new and 
larger printer currently.
Late 1700s
Block printing was the ﬁrst commercial 
process used to produce wallpaper and 
was used on the ﬁrst Morris & Co. 
wallpapers. Anstey still has a large 
number of the original blocks.
1839
The invention of the ‘continuous length’ 
printing machine aka surface printing, 
which quickly replaced traditional hand 
block printing. The process was further 
developed over the next 30 or so years 
to enable 20 colour designs to be 
printed in register at a fraction of the 
costs of block printing and thus enabled 
William Morris, Arthur Sanderson and 
others in the arts & crafts movement 
to bring wallpaper & design to the 
Victorian masses. Anstey are one of the 
few wallpaper manufacturers in the 
world to still use this process. Our two 
12 colour machines were built in the 
1950s but are authentic and we still 
print original 19th century designs 
of course.
1954
Introduction of rotary screen printing 
which mechanised the much slower 
silk screen process. Anstey still operates  
a rotary screen machine built in the 
1970s, which will be replaced in the 
summer of 2013 at a cost of £1.75 million.
196 1
Introduction of vinyl wallpaper for 
domestic and commercial applications. 
Some markets, particularly in the Far 
East, still have a very strong preference 
for vinyl because it’s washable and 
offers texture to cover up uneven walls. 
Anstey offers a wide range of grades 
and deep emboss patterns.
Image above:
Traditional block printing by hand
Image left:
Digitally printing a large-scale, 
multi-coloured wallpaper design
Image below:
Selection of wallpapers 
demonstrating Anstey’s wide 
range of printing techniques 20 / Walker Greenbank PLC Annual Report & Accounts 2013
Alan Dix Group Finance Director
Financial Review
Income Statement and Exceptional Items
The Chairman’s Statement and Chief Executive’s Review 
provide an analysis of the key factors impacting the revenue 
and operating proﬁt. In addition to the information on our 
brands and production facilities included in these reports, 
the Group has included in note 2 of this Report further 
information on our segments. This is the basis on which the 
Group presents its operating results to the Board of Directors 
which is considered to be the Chief Operating Decision 
Maker (‘CODM’) for the purposes of IFRS 8. There has been  
a change from last year in the information supplied to the 
CODM as overseas brand information has been amalgamated 
into the Brands segment.
Exceptional items are both material and their nature is 
sufficient to warrant separate disclosure and identiﬁcation. 
There were no exceptional items in the year.
Long-Term Incentive Plan (‘LTIP’)
There has been a new award of shares during the year under 
the Long-Term Incentive Plan (‘LTIP’) with vesting conditions 
based on Total Shareholder Return (‘TSR’) with an adjusted 
proﬁt before tax ﬂoor. There has been a charge of £746,000 
(2012: £414,000) in the Income Statement relating to LTIP 
awards. At each accounting reporting date, January and July, 
the relative position of Walker Greenbank PLC amongst the 
comparator group in terms of TSR performance is calculated. 
The charge in the year is higher than last year as the relative 
position of Walker Greenbank PLC within the comparator 
group has risen which means the number of shares that 
would vest under each award has increased. This increase in 
the number of shares along with the increase in share price 
has resulted in a signiﬁcant increase in the national insurance 
element of the charge for the period.
Interest
The net interest charge for the year was £193,000 (2012: 
£254,000) including amortisation of capitalised debt issue 
costs. The level of cost has reduced due to a reduction in 
the level of average borrowings during the year.
Net Deﬁned Beneﬁt Pension
The charge during the year was £704,000 (2012: £407,000). 
The level of expected return on scheme assets reduced 
signiﬁcantly from the level in the previous year as this is based 
on the return on gilts at the beginning of each ﬁnancial year 
and these had reduced signiﬁcantly. Next year IAS19 (revised) 
will apply and there will be a decrease in the expected return 
on scheme assets. If applied this year the return on scheme 
assets would have been £42,000 lower. 
Current Taxation
There is a small corporation tax charge of £16,000 (2012: 
£15,000) arising from withholding tax suffered on overseas 
licence income. 
Deferred Taxation
Due to brought forward UK corporation tax losses of £9.1 
million (2012: £12.6 million), the Group does not anticipate 
paying UK corporation tax in the immediate future. However, 
as the corporation tax losses that are being utilised have been 
recognised as a deferred tax asset, in the current and future 
years there will be a deferred tax charge in the Income 
Statement until such time as the losses have been fully utilised 
at which point the Group will incur and pay UK corporation 
tax. It is expected that given the current level of taxable proﬁts 
within the main UK entity, Abaris Holdings Limited, the tax 
losses giving rise to the deferred tax asset will either be fully 
utilised or nearly fully utilised by January 2014.
The Group also continues to recognise the deferred tax asset 
arising from the pension deﬁcit. Although there has been a 
reduction in the tax rate from 23% to 21%, as the pension 
deﬁcit has increased during the year there has been a small 
increase in the associated deferred tax asset which has been 
recognised in the Statement of Comprehensive Income.
Earnings per share (‘EPS’)
The basic and diluted EPS was 6.89p (2012: 6.76p). The Group 
also reports an underlying EPS which excludes the impact of 
the LTIP charge and Net deﬁned beneﬁt pension charge as 
these can ﬂuctuate due to external factors outside of the 
control of the Group. A better understanding of the 
underlying performance of the business is given after 
adjusting for these items. 
Operating Cash Flow and Net Debt
The Group generated net cash inﬂow from operating 
activities during the year of £5,798,000 (2012: £4,282,000) 
reﬂecting a smaller increase in working capital than in the 
previous year.  21 / Walker Greenbank PLC Annual Report & Accounts 2013 
The Group paid net interest of £209,000 (2012: £230,000),  
as the level of average borrowing reduced year on year. 
Capital expenditure was £3,119,000 (2012: £2,538,000)  
with signiﬁcant investment in digital printing at Standfast and 
Anstey and the investment in a replacement IT system for the 
Brands which was implemented in the ﬁnal month of the year. 
The depreciation and amortisation charge during the period 
was £2,048,000 (2012: £1,853,000). The Group will continue 
to invest in the Manufacturing facilities and will refurbish  
the New York showroom in the coming year so capital 
expenditure will remain high during the next 12 months. 
The Group made additional payments to the Pension 
schemes of £1,077,000 (2012: £1,022,000) to reduce the 
deﬁcit, part of the ongoing planned reduction, along with 
£507,000 (2012: £436,000) of regular contributions to fund 
scheme expenses. 
Income tax of £640,000 (2012: £348,000) that arose on the 
vesting of an LTIP award was paid during the year.
The Group had net funds of £1,156,000 at the year end 
compared to net debt the previous year of £667,000 an 
improvement of £1,823,000. There is average debt during 
the year due to the timing and seasonality of revenues and 
investment in product. The average net debt improved by 
£1,934,000 to £4,748,000 (2012: £6,682,000).
The Group utilises facilities provided by Barclays Bank Plc. 
There is a term property facility of £1,800,000 (2012: 
£2,200,000) at the year end expiring in July 2017. There  
is also a receivables facility linked to the level of Trade 
Receivables which allows the Group to more effectively 
manage seasonal ﬂuctuations in working capital. This facility 
was renewed on 31 January 2013 for a further three year 
term expiring in January 2016. The Group has replaced an 
Inventory facility during the year with a three year committed 
facility of £2.5 million. There were no borrowings at the end 
of the year for the receivables facility and committed facility. 
Under these facilities there was borrowing head room of 
£12,607,000 (2012: £11,257,000). The total facilities have a 
current limit of £16.50 million (2012: £16.50 million).
All of the Group bank facilities remain secured by ﬁrst ﬁxed 
and ﬂoating charges over the Group’s assets. 
Pension Deﬁcit
The pension deﬁcit has increased this year. The key 
factors affecting the movement in the deﬁcit have been: 
contributions from the Company to reduce the deﬁcit; an 
increase in the liabilities of the scheme arising from lower 
discount rates and higher inﬂation expectations but an 
increase in scheme assets. The impact of these factors 
is shown as follows: 
2013 
£000
Deﬁcit at beginning of year (7,095)
Scheme expenses (455)
Interest cost (2,439)
Expected return on plan assets 2,190
Contributions 1,584
Actuarial gain on scheme assets 1,013
Actuarial losses from the change in discount factor (3,036)
Gross deﬁcit at the end of the year (8,238)
Dividends
During the year, the Group has paid a ﬁnal dividend for the 
year to 31 January 2012 of 1.00p per share and an interim 
dividend of 0.23p per share. The Directors recommend the 
payment of a ﬁnal dividend of 1.25p per share (2012: 1.00p) 
which will be payable on 9 August 2013 to shareholders on 
the register on 19 July 2013. This brings the total dividend for 
the year to 1.48p per share (2012: 1.20p) an increase of 23.3%. 
Disposals
There were no major disposals during the year but the 
obsolete, fully depreciated, Brands IT system was replaced. 
Going Concern
The Directors are conﬁdent, after having made appropriate 
enquiries that the Group and Company have adequate 
resources to continue trading for the foreseeable future. 
For this reason they continue to adopt the going concern 
basis in preparing the ﬁnancial statements.
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 unmatched exposures are covered 
by forward contracts wherever economically practical. 
Working capital exposures are hedged using currency swaps.
The Group does not trade in ﬁnancial instruments and 
hedges are used for highly probable future cash ﬂows and  
to hedge working capital exposures. There is a hedging asset 
of £63,000 (2012: £50,000 liability) at the end of the year in 
relation to US dollar and Japanese Yen forward contracts.
There is a liability of £15,000 (2012: £54,000 asset) arising 
from US dollar and Euro swaps used to hedge working  
capital exposures. 
Credit Risk
The Group no longer seeks credit insurance as this is not 
a commercial solution to reducing credit risk. The Board 
reviews the internal credit limits of all major customers and 
reviews the credit risk regularly. The aging proﬁle of trade 
debtors shows that payments from customers are close to 
terms however there have been speciﬁc expenses during the 
year. The current economic environment creates a signiﬁcant 
level of risk and in addition to speciﬁc provisioning against 
individual receivables, a provision has been required of 
£284,000 (2012: £314,000) which is a collective assessment 
of the risk against non speciﬁc receivables. 
Alan Dix
Group Finance Director
1 May 2013 22 / Walker Greenbank PLC Annual Report & Accounts 2013
Directors and Advisers
Terry G Stannard (63)
Non-executive Chairman (A,R,N)
Terry joined the Board as a Non-executive Director in 
September 2007 and became Non-executive Chairman on 
31 January 2009. He has particular expertise in international 
brand-based businesses and his executive career included 
senior roles at United Biscuits and the positions of Chief 
Executive of Uniq plc and Terranova Foods plc. Since 2001, 
he has focused on non-executive appointments at both 
quoted and unquoted businesses. He is currently Non-
executive Chairman of TSC Food Group Ltd and holds 
Non-executive Director roles at Bradford & Sons Ltd and 
Macphie of Glenbervie Ltd.
Fiona C Goldsmith (46)
Non-executive Director (A,R,N)
Fiona joined the Board as a Non-executive Director in 
December 2008. She is a Chartered Accountant who started 
her career with KPMG, where for nine years she focused on 
the retail and leisure sectors in various roles. She then moved 
to First Choice Holidays plc, where she became European 
Finance Director. From 2004 until October 2008 she was 
Finance Director of Land Securities Trillium, a division of 
Land Securities Group plc.
John D Sach (57)
Group 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 Group Chief Executive Officer in 
May 2004.
David H Smallridge (57)
Executive Director
David joined the Group in 2002 with a broad based 
experience as a managing director in a variety of consumer 
product businesses. He was appointed to the Board in 
December 2004 following his appointment as Managing 
Director of the Group’s ﬁve main fabric and wallcovering 
brands, Harlequin, Sanderson, Morris & Co., Zoffany 
and Scion.
Alan N Dix (54)
Group Finance Director
In July 2005, Alan Dix was appointed Group Finance Director. 
He is a Chartered Accountant with experience from a broad 
range of industries.
A – Audit Committee
R – Remuneration Committee
N – Nominations Committee
Stockbrokers and Advisers
Cantor Fitzgerald Europe
1 America Square
17 Crosswall
London EC3N 2LS
Independent Auditors
Chartered Accountants and Statutory Auditors
PricewaterhouseCoopers LLP
Cornwall Court
19 Cornwall Street
Birmingham B3 2DT
Tax Advisers
BDO Stoy Hayward LLP
55 Baker Street
London W1U 7EU
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
Barclay’s Commercial Bank
Ashton House
497 Silbury Boulevard
Milton Keynes MK9 2LD 23 / Walker Greenbank PLC Annual Report & Accounts 2013 
Report of the Directors
The Directors submit their Annual Report together with  
the audited ﬁnancial statements of the Company and its 
subsidiary undertakings (‘the Group’) for the year ended 
31 January 2013.
Principal activities, Business Review and future 
developments
The principal activities of the Group are the design, manufacture, 
marketing and distribution of wallcoverings, furnishing fabrics 
and associated products for the consumer market.
A review of activities and the future developments of the 
Group are given in the Chief Executive’s Review on page 6, 
which, taken with the Chairman’s Statement on page 2, the 
Financial Review on page 20 and the other information in 
the Report of the Directors, represents the Group’s Business 
Review and are incorporated into this report by reference. 
The Directors do not expect there to be any signiﬁcant 
change in the principal activities of the Group in the 
foreseeable future.
Group Result
The proﬁt before taxation amounted to £4,934,000 
(2012: £4,894,000). 
The Directors recommend payment of a ﬁnal ordinary 
dividend of 1.25p per share, amounting to £722,000 
(excluding dividends on shares held by the employee beneﬁt 
trust) which will be recognised in the ﬁnancial statements for 
the following year (2012: 1.00p per share). An interim dividend 
of 0.23p (2012: 0.20p) per share was paid during the year.
Key Performance Indicators (‘KPIs’)
The KPIs for the business are primarily ﬁnancial.
2013 2012
Sales growth 2.3% 7.6%
Operating proﬁt margin 7.7% 7.5%
Gearing (4.8)% 2.9%
Pension deﬁcit as a percentage of 
shareholders’ funds 34% 31%
Earnings per share 6.89p 6.76p
Additional commentary and analysis of strategic objectives of 
the Group are contained in the Chief Executive’s Review and 
note 4 of the consolidated ﬁnancial statements. 
Business Risks
There is an ongoing process to identify, evaluate and manage 
the risks faced by the Group.
The Directors have identiﬁed a number of ﬁnancial risks for 
the Group and these are explained and the degree of risk 
highlighted in note 2 of the ﬁnancial statements and in the 
Financial Review. 
Two signiﬁcant business risks previously identiﬁed were the 
potential loss of the core IT system used by the Brands and 
the potential loss of the central warehousing facility in Milton 
Keynes. During the year a new IT system was implemented 
which uses modern software and hardware giving improved 
resilience. The Group has mitigated some of the risks 
associated with the warehouse by improving physical security 
and working practices during the year.
Where commercially appropriate the Group insures against 
ﬁnancial loss caused by unforeseen events by the means of 
insurance policies. 
Risks outside of the control of the Directors would be the 
impact of an event of a global nature or a signiﬁcant 
downturn in the UK market. 
The Audit Committee on behalf of the Board has reviewed the 
effectiveness of the internal controls and risk management and 
no signiﬁcant failings in control were found.
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 23 to the consolidated ﬁnancial statements.
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, having 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.
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 2013 represents 80 days (2012: 82 days) of average 
purchases during the year for the Group. 
The Company is a holding company and has no meaningful 
equivalent of creditor days.
Market value of interests in land including buildings
The Directors do not believe there is a signiﬁcant difference 
between the current market value of the Group’s interests in 
land, including buildings, and their carrying values in the 
ﬁnancial statements.
Political and Charitable Donations
The Group has not made any political donations (2012: nil). 
During the year the Group made no charitable donations 
(2012: nil).
Directors
The Board of Directors as at the date of this report and during 
the year ended 31 January 2013 is set out on page 22, 
together with biographical details. Details of the Directors’ 
Service Contracts are set out in the Directors’ Remuneration 
Report on page 26.
At the forthcoming Annual General Meeting (‘AGM’) A Dix  
will retire by rotation and being eligible will offer himself  
for re-election. 24 / Walker Greenbank PLC Annual Report & Accounts 2013
Directors’ Share Interests
The Directors in office at 31 January 2013 are set out below. 
The interests of the Directors and their families in the shares 
of the Company at the beginning and end of the ﬁnancial 
year were as follows:
1p ordinary 
shares
31 January 
2013
Number
1p ordinary 
shares
31 January 
2012
Number
T Stannard 70,000 70,000
F Goldsmith 45,000 45,000
J Sach 1,410,015 1,331,105
D Smallridge 864,416 729,734
A Dix 634,174 566,334
There have been no changes in the interests set out above 
between 31 January 2013 and 1 May 2013.
The share price on 1 February 2012 was 51.75p and on 
31 January 2013 was 80.5p.
Long-Term Incentive Plan
The movement in awards made under the Group’s Long-
Term Incentive Plan (‘LTIP’) during the year is shown as part  
of the Directors’ Remuneration Report on page 26.
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.
Directors’ and officers’ liability insurance
The Group maintains liability insurance for its Directors  
and officers.
Research and development
The Group continues to invest in its products to retain  
and enhance its market position. Details of the Group’s 
expenditure on collection design development costs are set 
out in note 14 of the ﬁnancial statements.
Reissue of Treasury Shares
On 18 May 2012 the Company transferred 960,000 ordinary 
shares previously held in treasury into the Company’s 
Employee Beneﬁt Trust to satisfy conditional awards made in 
2009. Following the transfer, the Company no longer holds 
any shares in treasury.
Substantial shareholdings
At 22 April 2013 the Company is aware of the following 
substantial shareholdings in its ordinary share capital, 
comparatives at 7 May 2012 are shown. Cazenove Capital 
Management 15.56% (2012: 8.46%), Blackrock Investment 
Management 8.90% (2012: 7.44%), Investec Wealth & 
Investment 8.55% (2012: 0%), Revera Asset Management 
3.93% (2012: 0%), British Airways Pension Investment 
Management 3.64% (2012: 3.70%), Royal London Asset 
Management 3.41% (2012: 3.28%), TD Direct Investing 3.16% 
(2012: 3.27%).
Annual General Meeting
The Annual General Meeting will be held on 26 June 2013 
as stated in the Notice of Meeting separately distributed  
to shareholders.
Independent Auditors
A resolution to reappoint PricewaterhouseCoopers LLP as 
independent auditors of the Company will be proposed at 
the AGM.
So far as each of the Directors in office at the date of this 
report is aware, there is no relevant audit information of 
which the Group’s auditors are unaware. Relevant information 
is deﬁned as information needed by the Group’s auditors in 
connection with preparing their report. Each Director has 
taken all the steps that they ought to have taken to make 
themselves aware of any relevant audit information and to 
establish that the auditors are aware of that information.
By order of the Board
Caroline Geary
Company Secretary
1 May 2013
Registered Office
Chalfont House
Oxford Road
Denham UB9 4DX
Registered number 61880
Report of the Directors continued 25 / Walker Greenbank PLC Annual Report & Accounts 2013 
The Directors are responsible for preparing the Annual Report 
and the ﬁnancial statements in accordance with applicable 
law and regulations.
Company law requires the Directors to prepare ﬁnancial 
statements for each ﬁnancial year. Under that law the 
Directors have prepared the Group ﬁnancial statements in 
accordance with International Financial Reporting Standards 
(‘IFRSs’) as adopted by the European Union, and have 
prepared the parent Company ﬁnancial statements in 
accordance with United Kingdom Generally Accepted 
Accounting Practice (United Kingdom Accounting Standards 
and applicable law). Under Company law the Directors must 
not approve the ﬁnancial statements unless they are satisﬁed 
that they give a true and fair view of the state of affairs of the 
Group and the Company and of the proﬁt or loss of the 
Group for that period. 
In preparing these 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 IFRSs as adopted by the European Union 
and applicable UK Accounting Standards have been 
followed, subject to any material departures disclosed and 
explained in the Group and parent Company ﬁnancial 
statements respectively; and
(iv) prepare the ﬁnancial statements on the going concern 
basis unless it is inappropriate to presume that the 
Company will continue in business.
The Directors are responsible for keeping adequate 
accounting records that are sufficient to show and explain 
the Company’s transactions and disclose with reasonable 
accuracy at any time the ﬁnancial position of the Company 
and enable them to ensure that the ﬁnancial statements 
comply with the Companies Act 2006. They are also 
responsible for safeguarding the assets of the Company 
and 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 Company’s website. Legislation in the United Kingdom 
governing the preparation and dissemination of ﬁnancial 
statements may differ from legislation in other jurisdictions.
By order of the Board
Caroline Geary
Company Secretary
1 May 2013
Registered Office
Chalfont House
Oxford Road
Denham UB9 4DX
Registered number 61880
Statement of Directors’ Responsibilities 26 / Walker Greenbank PLC Annual Report & Accounts 2013
Introduction
As a company listed on the Alternative Investment Market 
(‘AIM’), the Company is not required to comply with the 
Directors’ Remuneration Report requirements set out in 
Schedule 8 of the ‘Large and Medium-sized Companies  
and Groups (Accounts and Reports) Regulations 2008’ (‘the 
Regulations’). However, whilst the Company is not required to 
comply with the Regulations, the Company has used them as 
guidance and voluntarily presented selected disclosures in 
this report, where relevant and appropriate. 
Remuneration Committee
The members of the Remuneration Committee during the 
ﬁnancial year were T Stannard (Non-executive Chairman)  
and F Goldsmith (Non-executive Director). T Stannard is 
Chairman of the Remuneration Committee. There have  
been no changes in the composition or chairmanship of  
the Remuneration Committee during the year. The Chief 
Executive Officer is invited to attend meetings of the 
Committee but no Director is involved in any decisions 
relating to their own remuneration.
None of the Committee has any personal ﬁnancial interest 
(other than as shareholders), conﬂicts of interests arising  
from cross directorships, or day to day involvement in running 
the business. 
The Committee is responsible for setting the framework and 
policy for the remuneration of the Executive Directors and 
designated senior managers. It determines speciﬁc elements 
of their remuneration, their contractual terms and, where 
necessary, compensation arrangements.
The Committee keeps itself informed of all relevant 
developments and best practice in the ﬁeld of remuneration 
and seeks advice from external advisers when it considers it is 
appropriate. New Bridge Street was appointed during the 
ﬁnancial year to provide independent advice to the 
Committee where required. 
Remuneration policy
The Group’s remuneration policy is designed to ensure that 
the remuneration packages attract, motivate and retain 
directors and senior managers of high calibre and to reward 
them for enhancing value to shareholders. The Company’s 
policy is that a substantial proportion of the total potential 
remuneration of the Executive Directors should be 
performance-related and aligned to performance measures 
that beneﬁt all shareholders and promotes the long-term 
success of the Company. The performance measurement of 
the Executive Directors and the determination of their annual 
remuneration package, including performance targets, are 
undertaken by the Remuneration Committee. There are four 
main elements of the remuneration package for Executive 
Directors and other senior management:
 basic annual salary and beneﬁts;
 annual bonus payments;
 long-term incentives; and
 pension arrangements.
The remuneration of the Non-executive Directors comprises 
only Directors’ fees and is determined by the Executive Directors. 
Basic salary and beneﬁts in kind
Salary is normally reviewed annually in February, or when 
responsibilities change. In deciding the appropriate levels,  
the Committee takes into account factors which it considers 
necessary including Group and individual performance, 
market levels of, and trends in, executive remuneration and 
relative pay levels within the Group.
In addition to basic salary, each Executive Director is provided 
with health care beneﬁts. 
Annual performance related bonus
Each Executive Director’s remuneration package includes  
a performance-related bonus. 
The maximum bonus potential was 105% of basic salary  
for the year ended 31 January 2013. Payouts are based on 
sliding scale proﬁt targets and performance against individual 
objectives. Details of the bonus awards for 2012/13 are set 
out on page 27.
Long-Term Incentive Plan (‘LTIP’)
The Company operates the 2006 Walker Greenbank Long-
Term Incentive Plan (‘LTIP’) as its primary senior executive 
incentive arrangement. The LTIP seeks to motivate and retain 
Executive Directors and other senior management within the 
Group, to enable them to potentially beneﬁt from delivering 
above market Total Shareholder Returns (‘TSR’) and earnings 
growth. The key terms of the LTIP are as follows:
 the LTIP has a maximum annual limit of 150% of basic salary;
 awards are normally granted in May each year. In 2012 the 
grant equated to a maximum of 125% of basic salary; 
 awards are normally structured as nil cost options; and
 awards only vest (i.e. become exercisable) subject to 
continued service and to the extent that relevant 
performance conditions are met.
The 2013 grant will again be a three year measurement with 
the performance conditions based on a combination of TSR 
and EPS growth. This combination rewards both earnings 
growth and relative stock market performance and is 
consistent with market practice in the FTSE AllShare. 
A summary of the performance conditions attaching to 
outstanding awards can be found on page 62. To the extent 
that these performance conditions are not met at the end of 
the vesting period, the options will lapse. 
Dilution
All equity-based awards are subject to an overall limit on the 
number of new shares issued of 10% within any 10 year 
period. The current dilution against this limit is 0%. 
Pensions
J Sach is a member of the deﬁned beneﬁt section of the 
Walker Greenbank Pension scheme and the Abaris Holdings 
Pension Scheme. Both schemes were closed to new entrants 
from April 1997 and April 1998 respectively. Both schemes 
were closed to future accrual of beneﬁts on 30 June 2002 
and 30 June 2005 respectively.
J Sach, D Smallridge and A Dix are members of a Group 
Personal Pension Plan sponsored by the Group. For the 
purposes of determining employer contributions to that 
scheme, annual performance related bonuses are not 
included in the pensionable pay of the Executive Directors. 
Directors’ Remuneration Report  27 / Walker Greenbank PLC Annual Report & Accounts 2013 
Directors’ contracts
It is the Company’s policy that Executive Directors should have contracts with an indeﬁnite term providing for a maximum of 
one year’s notice.
In the event of early termination, the Executive Directors’ contracts provide for compensation of an amount equal to the gross 
salary and beneﬁts that they would have received during the balance of the notice period, plus any bonus, once declared to 
which they would have become entitled had contractual notice been given.
Non-executive Directors
All Non-executive Directors have service contracts with an indeﬁnite term subject to a six month notice provision. Their 
remuneration is determined by the Board taking into account their duties and the level of fees paid to Non-executive Directors 
of similar companies. The Non-executive Directors do not participate in the Company’s bonus, long-term incentive schemes 
and no pension contributions are made in respect of them.
Aggregate Directors’ remuneration
The total amounts for Directors’ remuneration were as follows:
Salary 
£000
Annual 
bonus 
£000
LTIP Awards 
£000
Beneﬁts 
in kind
£000
Pension 
contribution 
£000
2013 
Total 
£000
2012 
Total 
£000
Executive Directors
J Sach 238 173 465 1 36 913 674
D Smallridge 188 121 349 1 28 687 513
A Dix 140 57 174 1 14 386 335
Non-executive Directors
T Stannard 64 – – – – 64 62
F Goldsmith 28–––– 28 27
658 351 988 3 78 2,078 1,611
The majority of the annual bonus payable was linked to achievement of Operating Proﬁt with a sliding scale starting at the 
budget level set for the ﬁnancial year. A small percentage was based on achievement of personal performance objectives.
Directors’ pension entitlements
Accrued annual pension beneﬁts for J Sach at the year end were £12,708 (2012: £11,570). 
Directors’ LTIP Awards
Date of grant
Share price at 
grant
Maximum 
awards at 
1 February 
2012
Granted in 
year
Exercised in 
year
Lapsed in 
year
Maximum 
awards at 
31 January 
2013
J Sach
27/05/2009 14.25p 800,000 – 700,000 100,000 –
20/05/2010 33.0p 680,000 – – – 680,000
19/05/2011 49.0p 589,623 – – – 589,623
18/05/2012 71.5p – 416,199 – – 416,199
2,069,623 416,199 700,000 100,000 1,685,822
D Smallridge
27/05/2009 14.25p 600,000 – 525,000 75,000 –
20/05/2010 33.0p 495,000 – – – 495,000
19/05/2011 49.0p 467,347 – – – 467,347
18/05/2012 71.5p – 329,888 – – 329,888
1,562,347 329,888 525,000 75,000 1,292,235
A Dix
27/05/2009 14.25p 300,000 – 262,500 37,500 –
20/05/2010 33.0p 292,000 – – – 292,000
19/05/2011 49.0p 337,693 – – – 337,693
18/05/2012 71.5p – 244,755 – – 244,755
929,693 244,755 262,500 37,500 874,448
The 2009 LTIP awards partially vested on 28 May 2012 as a result of the Company being ranked second in a TSR comparator 
group of companies operating in the household sector and the proﬁt before tax underpin of £3.1 million for the year ended 
31 January 2012 being exceeded. The share price on the vesting date was 70.5p. The balance of awards lapsed. 28 / Walker Greenbank PLC Annual Report & Accounts 2013
The 2010, 2011 and 2012 LTIP awards will vest subject  
to continued service and the extent to which relevant 
performance conditions are achieved. The primary 
performance condition for each of the awards above is based 
on relative TSR against a comparator group of companies 
operating in the household sector, with partial vesting for a 
median TSR increasing on a sliding scale to full vesting for a 
top ranking TSR. In addition to the relative TSR target, a proﬁt 
before tax underpin applies. For awards granted in 2010,  
2011 and 2012, respective proﬁt before tax underpins of  
£3.5 million, £6 million and £6.5 million will apply in relation to 
the ﬁnancial year ending prior to the relevant date of vesting.
The share price reached a high of 81.5p and a low of 51.75p 
during the ﬁnancial year ended 31 January 2013. The average 
share price during the ﬁnancial year was 70.0p. The share 
price on 31 January 2013 was 80.5p.
Total Shareholder Return index for the ﬁve ﬁnancial years 
ending 31 January 2013
0
20
40
60
80
100
120
140
160
180
200
Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13
Walker Greenbank AIM
%
Approval
This report was approved by the Directors and signed by 
order of the Board:
Caroline Geary
Company Secretary
1 May 2013
Directors’ Remuneration Report continued 29 / Walker Greenbank PLC Annual Report & Accounts 2013 
As a Company listed on the Alternative Investment Market 
(‘AIM’) the Company is not required to issue a statement of 
compliance with the principles and provisions of the UK 
Corporate Governance Code (‘the Code’). Whilst the 
Company is not required to comply with the Code, it has 
used the Code as best practice guidance and voluntarily 
presented disclosures that reﬂect the extent of the 
Company’s application of the Code. 
The Board
The Company is supervised by the Board of Directors. The Board 
comprises three Executive and two Non-executive Directors.
The Board considers, after careful review, that the Non-
executive Directors bring an independent judgement to bear. 
All Non-executive Directors have contracts which contain six 
month notice clauses. These are available for inspection at 
the Company’s registered office and at the Annual General 
Meeting (‘AGM’). All Directors retire by rotation at regular 
intervals in accordance with the Company’s Articles of 
Association and the principles of the Code. The Non-
executive Directors continue to retire for re-election at  
least every third year. All Directors undergo a performance 
evaluation before being proposed for re-election to ensure 
their performance continues to be effective, that where 
appropriate they maintain their independence and that they 
are demonstrating continued commitment to the role.
The Board meets at least nine times each year and has a 
formal schedule of matters reserved to it. It is responsible for 
overall Group strategy; approval of major capital expenditure 
projects; approval of the annual and interim results; annual 
budgets; dividend policy; and Board structure. It monitors  
the exposure to key business risks and reviews the strategic 
direction of all trading subsidiaries, their annual budgets,  
their performance in relation to those budgets and their 
capital expenditure.
All Directors receive regular and timely information on the 
Group’s operational and ﬁnancial performance. Relevant 
information is circulated to the Directors in advance of 
meetings. All Directors have direct access to the advice  
and services of the Company Secretary and are able to take 
independent professional advice in the furtherance of their 
duties, if necessary, at the Company’s expense.
Board Committees
The Board has Remuneration, Audit and Nomination 
Committees, each of which has written terms of reference which 
are available on the Company’s website. The Company Secretary 
acts as secretary to the committees. The Board is satisﬁed that 
the Committees discharged their responsibilities appropriately.
Nomination Committee
The Nomination Committee is chaired by T Stannard, Non-
executive Chairman and comprises F Goldsmith, the other 
Non-executive Director and J Sach, the Chief Executive.
It makes recommendations to the Board on all new Board 
appointments. The Company’s Articles of Association 
stipulate that one third of the Directors or the nearest whole 
number below one third shall retire each year. The Company 
requires all Directors to submit themselves for re-election at 
least every three years. 
Remuneration Committee
The Remuneration Committee is chaired by T Stannard  
and comprises himself and F Goldsmith. The Remuneration 
Committee is responsible for making recommendations  
to the Board in relation to all aspects of remuneration  
for Executive Directors and designated senior managers.  
The Remuneration Committee believes that the presence  
of the Chief Executive is important when determining the 
remuneration of the other Executive Directors.
In framing its policy the Remuneration Committee takes  
into account any factors which it deems necessary,  
including industry standard executive remuneration, 
differentials between executive and employee remuneration 
and differentials between executives. The remuneration  
of the Non-executive Directors is determined by the 
Executive Directors.
Audit Committee
The Audit Committee is chaired by F Goldsmith and comprises 
herself and T Stannard. Although all the Committee members 
are considered to be appropriately experienced to fulﬁll their 
role, F Goldsmith is considered as having signiﬁcant, recent 
and relevant experience in line with the Code. Further details 
of each of the independent Directors are set out on page 22. 
The Audit Committee meets at least three times each year.  
It considers any matter relating to the ﬁnancial affairs of the 
Group and to the Group’s external audit that it determines  
to be relevant. In particular the Committee overviews the 
monitoring of the adequacy of the Group’s internal controls, 
accounting policies and ﬁnancial reporting, and provides a 
forum through which the Group’s external auditors report to 
the Non-executive Directors.
Auditor Independence
The Audit Committee regularly monitors the non-audit 
services provided by the external Auditors and fees relating  
to non-audit services are detailed in the Annual Report and 
Accounts (note 7). The Committee conﬁrms it is satisﬁed  
with the independence, objectivity and effectiveness of  
the external Auditor, PwC, and accordingly a resolution  
to reappoint PwC as Auditor will be proposed at the 
forthcoming AGM.
Internal control
The Board acknowledges that it is responsible for the Group’s 
system of internal control and for reviewing its effectiveness. 
The Board keeps its risk control procedures under constant 
review particularly with regard to the need to embed internal 
control and risk management procedures further into  
the operations of business, both in the UK and overseas,  
and to deal with areas of improvement which come to 
management’s and the Board’s attention.
As might be expected in a group of this size, a key control 
procedure is the day to day supervision of the business by the 
Executive Directors, supported by the senior managers with 
responsibility for key operations.
The Executive Directors are involved in the budget setting 
process, regularly monitor key performance indicators and 
review management accounts on a monthly basis, noting  
and investigating any major variances. All signiﬁcant capital 
expenditure decisions are approved by the Board as a whole.
Corporate Governance Statement 30 / Walker Greenbank PLC Annual Report & Accounts 2013
The Group’s signiﬁcant risks, together with the relevant 
control and monitoring procedures, are subject to regular 
review to enable the Board to assess the effectiveness of the 
system of internal control. During the course of its reviews 
the Board has not identiﬁed nor been advised of any failings 
or weaknesses which it has determined to be signiﬁcant other 
than disclosed in the Report of the Directors.
The Group’s system of internal control is designed to manage 
rather than eliminate the risk of failure to achieve business 
objectives, and can only provide reasonable and not absolute 
assurance against material misstatement or loss.
The Board has considered the need for an internal audit 
function, but because of the size and nature of its operations 
does not consider it necessary at the current time.
Relations with shareholders
The Group encourages two way communications with both 
its institutional and private investors and responds in a timely 
fashion to all queries received. All shareholders receive notice 
of the Annual General Meeting at which all Committee chairs 
will be available for questions.
Corporate Governance Statement continued 31 / Walker Greenbank PLC Annual Report & Accounts 2013 
Independent Auditors’ Report to the Members of  
Walker Greenbank PLC
We have audited the Group ﬁnancial statements of Walker Greenbank PLC for the year ended 31 January 2013 which comprise 
the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, 
Consolidated Cash Flow Statement, Consolidated Statement of Changes in Equity, the Accounting Policies and the related 
notes. The ﬁnancial reporting framework that has been applied in their preparation is applicable law and International Financial 
Reporting Standards (‘IFRSs’) as adopted by the European Union.
Respective responsibilities of Directors and Auditors
As explained more fully in the Statement of Directors’ Responsibilities, the Directors are responsible for the preparation of  
the ﬁnancial statements and for being satisﬁed that they give a true and fair view. Our responsibility is to audit and express an 
opinion on the ﬁnancial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). 
Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with 
Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, 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.
Scope of the audit of the ﬁnancial statements
An audit involves obtaining evidence about the amounts and disclosures in the ﬁnancial statements sufficient to give 
reasonable assurance that the ﬁnancial statements are free from material misstatement, whether caused by fraud or error. 
This includes an assessment of: whether the accounting policies are appropriate to the Group’s circumstances and have been 
consistently applied and adequately disclosed; the reasonableness of signiﬁcant accounting estimates made by the Directors; 
and the overall presentation of the ﬁnancial statements. In addition, we read all the ﬁnancial and non-ﬁnancial information in 
the Annual Report to identify material inconsistencies with the audited ﬁnancial statements. If we become aware of any 
apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on ﬁnancial statements 
In our opinion the Group ﬁnancial statements: 
 give a true and fair view of the state of the Group’s affairs as at 31 January 2013 and of its proﬁt and cash ﬂows for the year 
then ended;
 have been properly prepared in accordance with IFRSs as adopted by the European Union; and 
 have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors’ Report for the ﬁnancial year for which the Group ﬁnancial statements are 
prepared is consistent with the Group ﬁnancial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, 
in our opinion: 
 certain disclosures of Directors’ remuneration speciﬁed by law are not made; or 
 we have not received all the information and explanations we require for our audit. 
Other matter 
We have reported separately on the parent Company ﬁnancial statements of Walker Greenbank PLC for the year ended 
31 January 2013.
Owen Mackney 
(Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Independent Statutory Auditors
Birmingham
1 May 2013 32 / Walker Greenbank PLC Annual Report & Accounts 2013
Consolidated Income Statement 
Year ended 31 January 2013
Note
2013
 £000
2012
 £000
Revenue 4 75,725 74,014
Proﬁt from operations 4–7 5,831 5,555
Net deﬁned beneﬁt pension charge 8 (704) (407)
Finance costs 9 (193) (254)
Net ﬁnance costs (897) (661)
Proﬁt before tax 4,934 4,894
Tax expense 12 (972) (1,065)
Proﬁt for the year 3,962 3,829
Earnings per share – Basic and diluted 13 6.89p 6.76p
Adjusted earnings per share – Basic and diluted 13 9.41p 8.21p
All of the activities of the Group are continuing operations.
The notes on pages 37 to 64 form an integral part of the consolidated ﬁnancial statements. 33 / Walker Greenbank PLC Annual Report & Accounts 2013 
Consolidated Statement of Comprehensive Income
Year ended 31 January 2013
Note
2013
 £000
2012
 £000
Proﬁt for year 3,962 3,829
Other Comprehensive Income/(Expense):
Actuarial gains on scheme assets 23 1,013 5,460
Other actuarial losses on scheme liabilities 23 (3,036) (6,864)
Currency translation gains/(losses) 14 (41)
Cash ﬂow hedges gains/(losses) 113 (113)
Recognition/(reduction) of deferred tax asset relating to pension scheme liability 121 (47)
Other comprehensive expense for the year, net of tax (1,775) (1,605)
Total comprehensive income for the year attributable to the owners of the parent 2,187 2,224
The notes on pages 37 to 64 form an integral part of the consolidated ﬁnancial statements. 34 / Walker Greenbank PLC Annual Report & Accounts 2013
Note
2013
£000
2012
£000
Non-current assets
Intangible assets 14 6,683 6,111
Property, plant and equipment 15 9,808 9,313
Deferred income tax assets 16 2,015 2,850
18,506 18,274
Current assets
Inventories 17 16,825 17,000
Trade and other receivables 18 12,810 13,047
Derivative ﬁnancial asset 19 63 54
Cash and cash equivalents 20 2,920 2,197
32,618 32,298
Total assets 51,124 50,572
Current liabilities
Trade and other payables 21 (16,925) (17,511)
Derivative ﬁnancial liability 19 (15) (50)
Borrowings 22 (400) (400)
(17,340) (17,961)
Net current assets 15,278 14,337
Non-current liabilities
Borrowings 22 (1,364) (2,464)
Retirement beneﬁt obligation 23 (8,238) (7,095)
(9,602) (9,559)
Total liabilities (26,942) (27,520)
Net assets 24,182 23,052
Equity
Share capital 25 590 590
Share premium account 457 457
Foreign currency translation reserve (188) (202)
Accumulated losses (17,247) (18,250)
Other reserves 40,570 40,457
Total equity 24,182 23,052
The ﬁnancial statements on pages 32 to 64 were approved by the Board of Directors on 1 May 2013 and signed on its behalf by:
John Sach  Alan Dix 
Director    Director  
Registered number: 61880
Consolidated Balance Sheet
At 31 January 2013 35 / Walker Greenbank PLC Annual Report & Accounts 2013 
Consolidated Cash Flow Statement
Year ended 31 January 2013
Note
2013 
£000
2012 
£000
Cash ﬂows from operating activities
Cash generated from operations 28 6,023 4,530
Interest paid (209) (230)
Income tax paid 12 (16) (18)
5,798 4,282
Cash ﬂows from investing activities
Purchase of intangible ﬁxed assets 14 (880) (441)
Purchase of property, plant and equipment 15 (2,239) (2,097)
(3,119) (2,538)
Cash ﬂows from ﬁnancing activities
Purchase of treasury shares 25 (136) –
Repayment of borrowings 29 (1,109) (904)
Dividends paid to Company’s shareholders (711) (570)
(1,956) (1,474)
Net increase in cash, cash equivalents and bank overdrafts 723 270
Cash, cash equivalents and bank overdrafts at beginning of year 2,197 1,927
Cash, cash equivalents and bank overdrafts at end of year 29 2,920 2,197
The notes on pages 37 to 64 form an integral part of the consolidated ﬁnancial statements. 36 / Walker Greenbank PLC Annual Report & Accounts 2013
Other reserves
Share capital 
£000 
(note 25)
Share 
premium 
account 
£000
Retained 
earnings 
£000
Capital 
reserve 
£000 
(note 26)
Merger 
reserve 
£000
Hedge 
reserve 
£000 
(note 19)
Translation 
reserve 
£000
Total 
£000
Balance at 1 February 2011 590 457 (20,063) 43,457 (2,950) 63 (161) 21,393
Proﬁt for the year –– 3,829–––– 3,829
Other comprehensive income/(expense)
Actuarial gains on scheme assets (note 23) – – 5,460 – – – – 5,460
Other actuarial losses on scheme liabilities 
(note 23) – – (6,864) – – – – (6,864)
Deferred tax relating to pension scheme 
liability – – (47) – – – – (47)
Currency translation differences – – – – – – (41) (41)
Cash ﬂow hedging reserve – released to 
Income Statement – – – – – (61) – (61)
Cash ﬂow hedging reserve – recognised 
in equity during the year – – – – – (52) – (52)
Total comprehensive income/(expense) – – 2,378 – – (113) (41) 2,224
Transactions with owners:
Dividends – – (570) – – – – (570)
Long-term incentive plan charge –– 353–––– 353
Long-term incentive plan vesting – – (348) – – – – (348)
Balance at 31 January 2012 590 457 (18,250) 43,457 (2,950) (50) (202) 23,052
Proﬁt for the year –– 3,962–––– 3,962
Other comprehensive income
Actuarial gains on scheme assets (note 23) – – 1,013 – – – – 1,013
Other actuarial losses on scheme liabilities 
(note 23) – – (3,036) – – – – (3,036)
Deferred tax relating to pension scheme 
liability –– 121–––– 121
Currency translation differences –––––– 14 14
Cash ﬂow hedging reserve – released to 
Income Statement – – – – – (56) – (56)
Cash ﬂow hedging reserve – recognised 
in equity during the year – – – – – 169 – 169
Total comprehensive income – – 2,060 – – 113 14 2,187
Transactions with owners:
Dividends – – (711) – – – – (711)
Long-term incentive plan charge – – 430 – – – – 430
Long-term incentive plan vesting – – (640) – – – – (640)
Purchase of treasury shares – – (136) – – – – (136)
Balance at 31 January 2013 590 457 (17,247) 43,457 (2,950) 63 (188) 24,182
Consolidated Statement of Changes in Equity
Year ended 31 January 2013 37 / Walker Greenbank PLC Annual Report & Accounts 2013 
Notes to the Consolidated Financial Statements
1. Accounting policies and general information
General information
Walker Greenbank PLC (‘the Company’) and its subsidiaries (together ‘the Group’) is a luxury interior furnishings group whose 
brands include Sanderson, Morris & Co, Harlequin, Zoffany and Scion. The 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. Half of the brand’s turnover is sourced in-house from the Group’s own specialist manufacturing 
facilities of Standfast & Barracks, the fabric printing business situated in Lancaster, and Anstey Wallpaper Company situated in 
Loughborough. The manufacturing businesses produce for other interior furnishing businesses both in the UK and throughout 
the world. The Company is a public limited company which is listed on the Alternative Investment Market (‘AIM’) of the London 
Stock Exchange and is registered and domiciled in the UK. 
Basis of preparation
The consolidated ﬁnancial statements have been prepared in accordance with International Financial Reporting Standards as 
adopted by the European Union (‘IFRSs’ as adopted by the ‘EU’) and International Financial Reporting Interpretation Committee 
(‘IFRIC’) interpretations and the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated ﬁnancial 
statements have been prepared under the historical cost convention, as modiﬁed by the valuation of derivative ﬁnancial 
instruments at fair value through proﬁt and loss, and with the accounting policies set out below which have been consistently 
applied to all periods presented unless otherwise indicated. 
The Group meets its day-to-day working capital requirements through its banking facilities. The Group’s forecasts and 
projections, taking account of reasonably possible changes in trading performance show that the Group will be able to operate 
within the level of its current facilities as disclosed in note 22.
The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence  
for the foreseeable future. Therefore the Group continues to adopt the going concern basis in preparing its consolidated 
ﬁnancial statements.
In preparing these ﬁnancial statements the Group has applied the IFRSs adopted by the European Union and the IFRIC interpretations 
where the effective date is relevant to the ﬁnancial year commencing on 1 February 2012 or ending 31 January 2013. 
Since the Group’s previous annual ﬁnancial statements for the year ended 31 January 2012 the following pronouncements are 
now effective and have been adopted by the Group:
 Amendment to IFRS 7 ‘Financial instruments: Disclosures’ on transfers of assets – effective periods on or after 1 July 2011
 Amendment to IFRS 1 ‘First time adoption’ – on ﬁxed dates and hyperinﬂation – effective periods on or after 1 July 2011
There has been no material effect on the Group’s ﬁnancial statements following the introduction of the above.
The Group has not applied the following new standards, amendments and interpretations for which adoption is not mandatory 
for the year ending 31 January 2013 and/or which have not yet been endorsed by the EU. The Group has concluded its 
evaluation of the impact of these pronouncements but at this stage does not expect there to be any material impact on the 
ﬁnancial statements.
 Amendment to IAS 1 ‘Financial statement presentation’ – regarding other comprehensive income – effective periods 
beginning on or after 1 July 2012
 Amendment to IAS 12 ‘Income taxes on deferred tax’ – effective periods on or after 1 January 2013
 Amendment to IAS 19 ‘Employee beneﬁts’ – effective periods beginning on or after 1 January 2013
 Amendment to IFRS 1 ‘First time adoption’ – on government loans – effective periods beginning on or after 1 January 2013
 Amendment to IFRS 7 ‘Financial instruments: Disclosures’ on offsetting ﬁnancial assets and ﬁnancial liabilities – effective 
periods beginning on or after 1 January 2013
 Amendment to IFRSs 10, 11 and 12 on transition guidance – effective periods beginning on or after 1 January 2013
 Amendments to IFRS 10 ‘Consolidated ﬁnancial statements’, IFRS 12 and IAS 27 for investment entities – effective periods 
beginning on or after 1 January 2014
 Annual improvements 2011 – effective periods beginning on or after 1 January 2013
 IFRS 10 ‘Consolidated ﬁnancial statements’ – effective periods beginning on or after 1 January 2014
 IFRS 11 ‘Joint arrangements’ – effective periods beginning on or after 1 January 2014
 IFRS 12 ‘Disclosures of interests in other entities’ – effective periods beginning on or after 1 January 2014
 IFRS 13 ‘Fair value measurement’ – effective periods beginning on or after 1 January 2014
 IAS 27 (revised 2011) ‘Separate ﬁnancial statements’ – effective periods beginning on or after 1 January 2014
 IAS 28 (revised 2011) ‘Associates and joint ventures’ – effective periods beginning on or after 1 January 2014
 Amendment to IAS 32 ‘Financial instruments: Presentation’ on offsetting ﬁnancial assets and ﬁnancial liabilities – effective 
periods beginning on or after 1 January 2014
 IFRS 9 ‘Financial instruments’ – classiﬁcation and measurement – effective periods beginning on or after 1 January 2015
In addition, a number of exposure drafts of new or amended standards and interpretations have been announced by the 
International Accounting Standards Board (‘IASB’). These include exposure drafts on revenue recognition and leases. Until ﬁnal 
details of these and other exposure drafts have been concluded by the IASB the Group is not able to evaluate the potential 
impact on the Group of these pronouncements. 38 / Walker Greenbank PLC Annual Report & Accounts 2013
Notes to the Consolidated Financial Statements continued
1. Accounting policies and general information continued
Basis of preparation continued
The preparation of ﬁnancial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also 
requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving 
a higher degree of judgement or complexity, or areas where assumptions and estimates are signiﬁcant to the consolidated 
ﬁnancial statements are disclosed in note 3.
The ﬁnancial statements of the Company as an entity continue to be prepared under United Kingdom Generally Accepted 
Accounting Practice and are presented separately from the consolidated ﬁnancial statements (pages 65 to 73).
Basis of Consolidation
The consolidated ﬁnancial information incorporates the ﬁnancial statements of the Company and all its subsidiary undertakings 
made up to 31 January each year. Subsidiaries are entities where the Company has the power to govern the ﬁnancial and 
operating policies, generally accompanying a shareholding of more than one half of the voting rights. The existence and effect 
of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group 
controls another entity.
The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date 
on which control is transferred to or from the Group, as appropriate.
Where necessary, adjustments are made to the ﬁnancial statements of subsidiaries to bring accounting policies used into line 
with those used by the Group.
The acquisition of subsidiaries is accounted for using the purchase method. The cost of the acquisition is measured as the 
aggregate of the fair values, at the date of exchange, of the assets given, liabilities incurred or assumed, and equity instruments 
issued by the Group, in exchange for control of the acquiree. Any acquisition costs are expensed as incurred. The identiﬁable 
assets, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the 
acquisition date, except for non-current assets (or disposal groups) that are classiﬁed as held for sale in accordance with IFRS 5 
‘Non Current Assets Held for Sale and Discontinued Operations’, which are recognised and measured at fair value less costs 
to sell.
Goodwill arising on acquisition is recognised as an asset in accordance with the policy described below.
All inter-company transactions and balances are eliminated on consolidation. Proﬁts and losses resulting from inter-company 
transactions that are recognised in assets, such as inventory, are eliminated in full. Unrealised losses are also eliminated unless 
the transaction provides evidence of an impairment of the assets transferred.
The Employee Beneﬁt Trust (‘EBT’) controlled by the Group is also included by consolidation. Until shares held by the EBT vest 
unconditionally in and are transferred to employees, the consideration paid for those shares is deducted from consolidated 
equity. No gain or loss is recognised in the statement of comprehensive income on the purchase, sale, issue or cancellation of 
shares, including transfers to and from treasury shares. Dividends receivable on shares held by the EBT are excluded from the 
Income Statement, and are excluded from amounts recognised as dividends payable by the Group. 
Foreign currencies
For the purpose of the consolidated ﬁnancial statements, the results and ﬁnancial position are expressed in sterling, which is 
the functional currency of the Company, and the presentation currency for the consolidated ﬁnancial statements.
Transactions in foreign currencies, which are those other than the functional currency of an entity, are recorded at the rate 
ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currency are translated at the rate 
ruling at the Balance Sheet date. All unhedged exchange differences are recognised in the Income Statement for the period 
and classiﬁed as other operating income or charges.
The assets and liabilities of the Group’s overseas subsidiaries on consolidation are translated at the rates of exchange ruling at 
the Balance Sheet date. The income and expenses are translated at the weighted average rate during the period. Differences  
on translation are recognised in a separate foreign currency translation reserve within equity. On disposal of an overseas 
subsidiary, the cumulative exchange differences for that subsidiary are recognised in the Income Statement as part of the  
proﬁt or loss on disposal.
Intangible Assets – Goodwill
Goodwill arising on acquisition is initially measured at cost, being the excess of the fair value of the consideration for the 
acquisition, which includes the amount of any non-controlling interest recognised, over the Group’s interest in the net fair value 
of the acquired entity’s identiﬁable assets and liabilities and any non-controlling interest in the acquiree at the date of acquisition. 
Goodwill is not amortised, but reviewed for impairment annually, any impairment is recognised immediately in the 
Consolidated Income Statement and is not subsequently reversed. If a signiﬁcant event occurs that may affect the carrying 
value of goodwill, an impairment review will be carried out. No such events have occurred in the current or previous ﬁnancial 
year. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those 
cash-generating units that are expected to beneﬁt from the business combination in which the goodwill arose. The 
measurement basis for goodwill is cost less accumulated impairment. 39 / Walker Greenbank PLC Annual Report & Accounts 2013 
1. Accounting policies and general information continued
Intangible Assets – Goodwill continued
On disposal of a subsidiary or cash-generating unit, the attributable amount of goodwill is included in the determination of the 
proﬁt or loss on disposal.
Intangible Assets – Archive 
The Arthur Sanderson and William Morris archive comprises an historical record of unique designs that can be used at any  
point going forward and is regularly used to generate a signiﬁcant royalty income in the business. The archive is valued at 
historical cost. The Directors believe that the archive has an indeﬁnite useful life and is therefore not subject to amortisation. 
The carrying value of this asset is reviewed annually and provision made for any impairment in the carrying value if required.  
If a signiﬁcant event occurs that may affect the carrying value of the archive, an impairment review will be carried out.  
No such events have occurred in the current or previous ﬁnancial year. The measurement basis used for the archive is cost  
less accumulated impairment.
Intangible Assets – Software 
Acquired computer software licences are capitalised at the cost incurred to bring the asset into use, including where relevant 
directly attributable internal costs incurred in preparing the software for operation. The costs are amortised to their estimated 
residual value over their estimated useful life which range from three to ten years on a straight line basis. Software amortisation 
commences when the asset goes into operational use by the business. The measurement basis used for software is cost less 
accumulated amortisation and impairment.
Intangible Assets – Collection design
Research expenditure is recognised as an expense as incurred. Costs incurred on development projects relating to the design 
of new collections are recognised as intangible assets when the following criteria are fulﬁlled:
 It is technically feasible to complete the new collection so that it will be available for use or sale.
 Management intends to complete the new collection and use it or sell it.
 There is an ability to use or sell the new collection.
 It can be demonstrated how the new collection will generate probable future economic beneﬁts.
 Adequate technical, ﬁnancial and other resources to complete the development and to use or sell the new collection 
are available. 
 The expenditure attributable to the new collection during its development can be reliably measured.
Any costs relating to design of new collections that do not meet these criteria are recognised as an expense as incurred.  
Any such costs recognised as an expense in previous periods are not recognised as an asset in a subsequent period.  
Capitalised collection design costs are recognised as intangible assets and are amortised to their estimated residual value  
at 25% on a straight line basis over the life of the asset, and are tested for impairment if any impairment trigger events are 
identiﬁed in accordance with IAS 36. The measurement basis used for collection design is cost less accumulated amortisation 
and impairment.
Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation and any recognised impairment loss. 
Historical cost comprises the purchase price and costs directly incurred in bringing the asset into use. The assets’ residual 
values and useful lives are reviewed annually and adjusted if appropriate, at each Balance Sheet date.
Depreciation is charged on a straight line basis on the original costs (excluding freehold land) after deduction of any estimated 
residual value. The principal annual rates are:
Freehold buildings  2%
Leasehold improvements  Over the length of the lease
Plant, equipment and vehicles  Between 5% and 33%
Computer hardware  33%
Government grants received for property, plant and equipment are classiﬁed within the cost of property, plant and equipment 
and released to the Income Statement over the life of the asset. 
Impairment of non-ﬁnancial assets
Intangible assets with ﬁnite useful lives and property, plant and equipment are tested for impairments if events or changes  
in circumstances (assessed at each reporting date) indicate that the carrying amount may not be recoverable. When an 
impairment test is conducted, the recoverable amount is assessed by reference to the higher of the value in use (net present 
value of expected future cash ﬂows of the relevant cash-generating unit), or the fair value less cost to sell.
Goodwill and other intangible assets with an indeﬁnite useful life are tested for impairment at least annually. 
If a cash-generating unit is impaired, provision is made to reduce the carrying amount of the related assets to their estimated 
recoverable amount. Impairment losses are allocated ﬁrstly against goodwill, and secondly on a pro rata basis against intangible 
and other assets.
Non-ﬁnancial assets other than goodwill that suffer impairment are reviewed for possible reversal of the impairment at each 
reporting date. 40 / Walker Greenbank PLC Annual Report & Accounts 2013
Notes to the Consolidated Financial Statements continued
1. Accounting policies and general information continued
Inventories
Inventories 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 inventory.
Marketing materials
Marketing materials consist of patterning books and other saleable marketing assets used to support the sale of the  
Group’s products. They are recognised at the lower of cost and net realisable value. Cost comprises direct materials plus  
costs of production. 
Net realisable value is based on estimated recoveries from customers and distributors for those pattern books expected to be 
sold, less the anticipated cost of disposal. 
As books are sold or otherwise utilised and are no longer within the control of the Group, their cost is charged to the Income 
Statement as an expense. An impairment allowance is made for any slow moving and obsolete marketing materials including 
those expected to be given away free of charge. The Group’s policy is to classify marketing materials on the Balance Sheet 
within trade and other receivables.
Non saleable marketing materials are expensed to the Income Statement once the collection that these marketing materials 
relate to has been launched. Any subsequent costs or development expenditure are expensed as incurred.
Financial assets and liabilities – measurement basis
Financial assets and liabilities are recognised on the date on which the Group becomes a party to the contractual provisions  
of the instrument giving rise to the asset or liability. Financial assets and liabilities are initially recognised at fair value plus 
transaction costs and is continually reviewed for impairment going forward. Any impairment of a ﬁnancial asset is charged to 
the Income Statement when incurred. Financial assets are derecognised when the Group’s rights to cash inﬂows from the asset 
expire; ﬁnancial liabilities are derecognised when the contractual obligations are discharged, cancelled or expire.
Non-derivative ﬁnancial assets are classiﬁed according to the purpose for which the asset was acquired. The Group’s ﬁnancial 
assets are classiﬁed as either:
 ‘trade and other receivables’ – these are non-derivative ﬁnancial assets with ﬁxed or determinable payments that are not 
quoted in an active market. They arise when the Group provides goods directly to a customer, or advances money, with  
no intention of trading the loan or receivable. Subsequent to initial recognition, loans and receivables are included in the 
Balance Sheet at amortised cost using the effective interest method less any amounts written off to reﬂect impairment,  
with changes in the carrying amount recognised in the Income Statement within administration expenses; or 
 ‘cash and cash equivalents’ – these comprise deposits with an original maturity of three months or less with banks and 
ﬁnancial institutions, bank balances, bank overdrafts and cash in hand.
A provision for impairment of trade and other receivables is established when there is objective evidence that the Group will 
not be able to collect all amounts due according to the original terms of the receivables. Signiﬁcant ﬁnancial difficulties of the 
receivable, probability that the receivable will enter bankruptcy or ﬁnancial reorganisation, default or delinquency in payments, 
and the unavailability of credit insurance at commercial rates for receivables are considered indicators that the trade receivable 
may be impaired. The amount of the provision is the difference between the asset’s carrying amount and the net present value 
of estimated future cash ﬂows, discounted at the original effective interest rate. The carrying amount of the asset is reduced 
through the use of a provision account, and the amount of the loss is recognised in the Income Statement within administrative 
expenses. When a trade receivable is uncollectible, it is written off against the provision account for trade receivables. 
Subsequent recoveries of amounts previously written off are credited against administration expenses in the Income Statement.
The Group’s non-derivative ﬁnancial liabilities are classiﬁed as ‘Other liabilities’. Other liabilities are ﬁnancial liabilities with ﬁxed 
or determinable payments that are not quoted in an active market. They arise when the Group receives goods or services 
directly from a payable or supplier, or borrows money, with no intention of trading the liability. This category includes:
 ‘trade and other payables’ – these are typically non-interest bearing and following initial recognition are included in the 
Balance Sheet at amortised cost;
 ‘bank loans and overdrafts’ – these are initially recorded at fair value based on proceeds received net of issue costs. Finance 
charges are accounted for on an accruals basis and charged to the Income Statement using the effective interest rate 
method; and
 ‘borrowings’ – these are recorded initially at the fair value, net of direct issue costs, and are subsequently stated at amortised 
cost. Finance charges, including premiums payable on settlement, or redemption and direct issue costs, are accounted for 
on an accruals basis in the Income Statement, using the effective interest method, and are included within the carrying 
amount of the instrument to the extent that they are not settled in the period in which they arise.
Borrowing costs are capitalised as an increase to the carrying value of software or property, plant and equipment on major 
projects where their impact is material. 
Derivative ﬁnancial instruments and hedge accounting – measurement basis 
The Group’s activities expose it to the ﬁnancial risks of changes in exchange rates, and the Group uses forward exchange  
rate contracts and swap exchange rate contracts to manage these exposures. The use of derivative ﬁnancial instruments is 
governed by the Group’s policies approved by the Board of Directors, which provide written principles on the use of derivative 
ﬁnancial instruments. 41 / Walker Greenbank PLC Annual Report & Accounts 2013 
1. Accounting policies and general information continued
Derivative ﬁnancial instruments and hedge accounting – measurement basis continued
The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items. 
The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that 
are used in hedging transactions are highly effective in offsetting changes in fair values or cash ﬂows of hedged items. The 
effective portion of changes in the fair value of derivatives that are designated and qualify as cash ﬂow hedges is recognised 
in equity. 
The gain or loss relating to the ineffective portion is recognised immediately in the Income Statement within ‘Other operating 
income/(expense)’. Amounts accumulated in equity are released to the Income Statement when the hedged item affects the 
Income Statement, and are also classiﬁed in the Income Statement within ‘Other operating income/(expense)’. 
Derivatives that do not qualify for hedge accounting under IAS 39 are classiﬁed as ‘ﬁnancial assets or liabilities at fair value 
through proﬁt or loss’. They are initially recognised at fair value, with fair value being remeasured at each reporting date. The fair 
value of the derivative is based on market price of comparable instruments at the Balance Sheet date. Changes in fair value are 
included in the Income Statement within ﬁnance costs. 
The Group has no embedded derivatives that are not closely related to the host instrument.
Cash and cash equivalents
Cash and cash equivalents represent only liquid assets with original maturity of 90 days or less. Cash and cash equivalents 
include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts that cannot be offset against other 
cash balances are shown within borrowings in current liabilities on the Balance Sheet.
For the purposes of the Cash Flow Statement it is the Group’s policy to classify interest income and expense, and other ﬁnance 
costs, within ‘cash ﬂows from operating activities’. 
Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event and it is probable that the Group 
will be required to settle that obligation. Provisions are measured at the Directors’ best estimate of the expenditure required to 
settle the obligation at the Balance Sheet date, and are discounted to present value where the effect is considered material.
Leases
Leases are classiﬁed as ﬁnance leases where the terms of the lease transfer substantially all the risks and rewards of ownership 
to the Group. All other leases are classiﬁed as operating leases.
Assets used by the Group which have been funded through ﬁnance leases are capitalised in property, plant and equipment and 
the resulting lease obligations are included in liabilities. The assets are capitalised at the leases’ commencement at the lower of 
fair value of the leased assets and the present value of minimum lease payments. The assets are depreciated over their useful 
lives and the interest element of the rental obligations is charged to the Consolidated Income Statement 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 Income Statement on a straight-line basis over the period of the lease. Rent free 
periods receivable on entering an operating lease are released on a straight-line basis over the term of the lease. 
Employee beneﬁts – pension obligations 
Payments to deﬁned contribution retirement beneﬁt schemes are charged as an expense as they fall due. 
For deﬁned beneﬁt retirement schemes, the funding of beneﬁts is determined using the Projected Unit Credit Method, with full 
actuarial valuations being carried out triennially.
The retirement beneﬁt obligation recognised in the Balance Sheet represents the present value of the deﬁned beneﬁt 
obligation as adjusted for unrecognised service cost, and as reduced by the fair value of the scheme assets. Any asset resulting 
from this calculation is limited to past service cost, plus present value of available refunds and reductions in future contributions 
to the plan.
The deﬁned beneﬁt obligation is calculated annually by qualiﬁed independent actuaries using the Projected Unit Credit Method. 
The present value of the deﬁned beneﬁt obligation is determined by discounting the future cash outﬂows using interest rates of 
high quality corporate bonds that have terms to maturity approximating to the terms of the related pension liability. 
Scheme expenses met by the Group, expected returns on plan assets, and interest on pension scheme liabilities are classiﬁed 
within ‘Net deﬁned beneﬁt pension charge’ within the Income Statement as the scheme is now closed to future accruals. 
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in full in 
the period in which they occur. They are recognised outside the Income Statement and presented in the Statement of 
Comprehensive Income. 
Past service costs are recognised immediately to the extent that the beneﬁts are already vested, and otherwise are amortised 
on a straight-line basis over the average period until the beneﬁts become vested. 42 / Walker Greenbank PLC Annual Report & Accounts 2013
Notes to the Consolidated Financial Statements continued
1. Accounting policies and general information continued
Employee beneﬁts – share-based payments under long-term incentive plans (‘LTIP’)
The Group issues equity-settled share-based payments to certain employees which must be measured at fair value and 
recognised as an expense in the Income Statement with a corresponding increase in equity. 
The fair values of these payments are measured at the date of grant, taking into account the terms and conditions upon which 
the awards are granted. The fair value is recognised over the period during which employees become conditionally entitled to 
the awards, subject to the Group’s estimate of the number of awards which will lapse, either due to employees leaving the 
Group prior to vesting or due to non-market based performance conditions not being met. 
The total amount recognised in the Income Statement as an expense is adjusted to reﬂect the actual number of awards that 
vest. National insurance contributions related to the awards are recognised as an expense in the Income Statement with a 
corresponding liability on the Balance Sheet.
Employee beneﬁts – short-term bonus plans
The Group recognises a liability and an expense for bonuses where contractually obliged or where there is a past practice that 
has created a constructive obligation. 
Share capital
Ordinary shares are classiﬁed as equity. Costs directly attributable to the issue of new ordinary shares are shown in equity as a 
deduction, net of tax, from the proceeds. Dividend distribution is set by the Board on a regular basis so long as sufficient funds 
are available.
Treasury shares
Consideration paid including any directly attributable incremental costs (net of income taxes) on the purchase of the Company’s 
equity share capital (treasury shares) is deducted from equity attributable to the Company’s equity holders until the shares are 
cancelled or reissued. Where such shares are subsequently reissued, any consideration received, net of any directly attributable 
incremental transaction costs and the related income tax effects is included in equity attributable to the Company’s equity 
shareholders. The EBT is treated as an agent of the Group and as such EBT transactions are treated as being those of the Group.
Revenue
The Group revenue is measured at fair value of the consideration received or receivable and represents amounts recoverable 
by the Group for goods and services provided in the normal course of business, net of discounts, VAT and other sales related 
taxes. Revenue comprises:
 Sale of goods – sales of goods are recognised when the Group has transferred to the buyer the signiﬁcant risks and rewards 
of ownership, which is usually at the point of delivery of the goods.
 Royalty revenue – royalties are received from licence holders under the terms of various agreements, and are recognised on 
an accruals basis in accordance with the substance of the relevant agreement.
Deposits received from customers in advance of the delivery of goods or services are recognised as deferred revenue. 
Amounts receivable from customers representing the recovery of expenses incurred by the Group for design and set-up  
costs, delivery, and marketing materials are not considered to be revenue, and are credited to the relevant expense within  
the Income Statement.
Exceptional items
Items that are both material and whose nature is sufficient to warrant separate disclosure and identiﬁcation are disclosed within 
the ﬁnancial statements and classiﬁed within their relevant category in the Income Statement. 
Taxation including deferred tax
The tax expense represents the sum of the current tax and deferred tax charges or credits. 
Current tax is based on the taxable proﬁt for the year. Taxable proﬁts differs from the net proﬁt as reported in the Income 
Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 
items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been 
enacted or substantively enacted by the Balance Sheet date. Current tax includes withholding taxes from sales and licensing 
income in overseas territories. 
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and 
liabilities in the ﬁnancial statements and the corresponding tax bases used in the computation of taxable proﬁt and is 
accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary 
differences and deferred tax assets are recognised to the extent that it is probable that taxable proﬁts will be available against 
which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 
difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and 
liabilities in a transaction that affects neither the tax proﬁt nor the accounting proﬁt.
IAS 12 ‘Income taxes’ requires that the measurement of deferred tax should have regard to the tax consequences that would 
follow from the manner of expected recovery or settlement at the Balance Sheet date of the carrying amount of its assets and 
liabilities. In calculating its deferred tax liability the Group’s policy is to regard the depreciable amount of the carrying value of 
its property, plant and equipment to be recovered through continuing use in the business, unless included within assets held 
for resale, where the policy is to regard the carrying amount as being recoverable through sale. 43 / Walker Greenbank PLC Annual Report & Accounts 2013 
1. Accounting policies and general information continued
Taxation including deferred tax continued
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries except where the 
Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not 
reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer 
probable that sufficient taxable proﬁts will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is 
realised. Deferred tax is charged or credited in the Income Statement, except when it relates to items charged or credited 
directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax relating to retirement beneﬁt 
obligations is also recognised in equity where the tax relief arises from contributions paid to fund deﬁcits arising in previous 
periods that were recognised in equity. 
Segmental reporting
The Group is a designer, manufacturer and distributor of furnishings, fabrics and wallpaper and manages its operations as two 
reportable segments which are brands and manufacturing. 
Reportable segments consist of one or more operating segments. Aggregation of operating segments into reportable 
segments occurs when aggregation criteria, as laid down in IFRS 8 ‘Operating Segments’ are satisﬁed, including similar 
economic characteristics or when operating segments are less than the quantitative limits as laid down in IFRS 8. After applying 
aggregation, segmental information is disclosed in a manner consistent with the internal reporting to the chief operating 
decision maker (‘CODM’). 
The Group considers its CODM to be the Board of Directors, who are responsible for the allocation of resources and assessing 
performance of the operating segments. 
Interest received
Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable.
2. Financial risk management 
The Group’s activities expose it to a variety of ﬁnancial risks: market risk (including foreign exchange risk and interest rate risk), 
credit risk and liquidity risk. The Group’s overall risk management programme focuses on the unpredictability of ﬁnancial 
markets and seeks to minimise potential adverse effects on the Group’s ﬁnancial performance. The Group uses derivative 
ﬁnancial instruments to hedge certain risk exposures.
Risk management is carried out at Board level under policies approved by the Board of Directors. Executive Directors identify, 
evaluate and where appropriate hedge ﬁnancial risks in close cooperation with the Group’s operating units. 
Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily 
with respect to the US dollar and the euro. Foreign exchange risk arises when future commercial transactions or recognised 
assets or liabilities are denominated in a currency that is not the entity’s functional currency.
The Group’s policy is, where possible, to allow the Group’s entities to settle liabilities in their functional currency with the cash 
generated from their operations in that currency. Where the Group’s entities have liabilities denominated in a currency other 
than their functional currency (and have insufficient reserves of that currency to settle them) cash already denominated in that 
currency will, where possible be transferred from elsewhere in the Group.
To manage the foreign exchange risk arising on future transactions, it is the Group’s policy to enter into forward currency 
contracts to hedge the exposure.
For the year ended 31 January 2013, the average sterling to US dollar translation rate applied by the Group including the impact 
of hedging contracts was £1 : US$1.59. If the rate had been £1 : US$1.49 with all other variables held constant, proﬁt before tax 
would have been higher by £151,000. If the rate had been £1 : US$1.69 with all other variables held constant, proﬁt before tax 
would have been lower by £133,000. 
For the year ended 31 January 2013, the average sterling to euro translation rate applied by the Group including the impact of 
hedging contracts was £1 : €1.24. If the rate had been £1 : €1.14 with all other variables held constant, proﬁt before tax would 
have been lower by £198,000. If the rate had been £1 : €1.34 with all other variables held constant, proﬁt before tax would have 
been higher by £169,000.
The sensitivities tested above reﬂect movements in the foreign currency exchange rates over the ﬁnancial year. The sensitivity 
of movements in other currencies is not considered material to the performance of the Group. 
Interest rate risk
As the Group has no signiﬁcant interest bearing assets its revenue and cash generated from operations are substantially 
independent of changes in market interest rates.  44 / Walker Greenbank PLC Annual Report & Accounts 2013
Notes to the Consolidated Financial Statements continued
2. Financial risk management continued
Interest rate risk continued
The Group’s interest rate risk arises from borrowings. Borrowings issued at variable rates expose the Group to cash ﬂow interest 
rate risk. The Group’s borrowings at variable rate are denominated in either UK pounds or euros. The Group regularly analyses 
its interest rate exposure calculating the impact on proﬁt and loss of a deﬁned interest rate shift. Based on the calculations the 
Board consider reﬁnancing, renewal of existing positions, alternative ﬁnancing and hedging. The Group has not felt there has 
been a requirement during the current or previous ﬁnancial year to enter into any of these options.
In July 2007 the Group entered into a ﬁnancing contract with Barclays Bank PLC of which the working capital facilities were 
initially renewed in March 2010 for a further 15 month period. The receivables facility was subsequently renewed on 31 January 
2013, effective early February 2013 and a new Committed facility was agreed as a replacement to the Inventory facility, signed 
on 15 January 2013. Variable interest rates were negotiated on all the loans. The Board continues to monitor the interest 
rates monthly.
For the year ended 31 January 2013, had the benchmark interest rate levels been 0.5% higher/(lower) than the actual 
experience, with all other variables held constant, the proﬁt before tax of the Group would have been (lower)/higher by £31,000 
due to the change in interest rate expense on variable rate borrowings. The 0.5% sensitivity is deemed a reasonable sensitivity 
analysis based on expected movements in the base rate for the next ﬁnancial year.
Credit risk
Credit risk arises from the Group’s trade receivables, cash held with banks, and derivative ﬁnancial instruments. It is the risk that 
the counterparty fails to discharge its obligation in respect of the instrument. Cash at bank and derivative ﬁnancial instruments 
are predominantly held with the Group’s major relationship bank, Barclays Bank PLC, and the Group considers this credit risk to 
be minimal.
The Group does not have any signiﬁcant credit risk exposure to any single company or group of companies within trade 
receivables, as the nature of the Group’s operations mean that trade receivables consist of a large number of customers spread 
across diverse industries and geographical areas. 
Prior to accepting new customers an independent credit check is obtained. Based on this information individual credit limits 
and payment terms are established. If no independent credit ratings are available, customers are asked to pay on a pro forma 
basis until creditworthiness can be established. The utilisation of credit limits is regularly monitored. Credit limits may only be 
exceeded with the authorisation from key management, this is dependent on the amount expected to exceed the limit and the 
Group’s trading history with that customer.
There is no difference between the carrying amount and the maximum credit risk exposure.
Liquidity risk
Liquidity risk arises from the Group’s management of working capital and the ﬁnance charges and principal repayments on its 
debt instruments. It is the risk that the Group will encounter difficulty in meeting its ﬁnancial obligations as they fall due. The 
maturity proﬁle of the Group’s debt and other ﬁnancial liabilities is disclosed in note 22.
During the year the Group had facilities with Barclays Bank PLC. A signiﬁcant element of the facility is linked to working capital, 
which allows the Group to manage its cash more effectively during the seasonal ﬂuctuations in working capital associated with 
the industry. This element of the facility was renewed in January 2013.
Management monitors rolling forecasts of the Group’s cash and loan facility utilisation on a monthly basis. The Group ensures 
that it has adequate facilities available to cover both its short-term and medium-term commitments. In addition, the Group’s 
liquidity management policy is to project cash ﬂows in major currencies and consider the level of liquid assets necessary to 
meet these liabilities as they fall due.
Capital risk management
The Group’s objectives when managing capital are:
 – to safeguard the entities ability to continue as a going concern, so that it can provide returns for shareholders and beneﬁts 
for other stakeholders; and
 – to provide an adequate return for shareholders by pricing products and services commensurately with the level of risk.
The Group sets the amount of capital in proportion to risk. The Group manages the capital structure and makes adjustments to 
it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust 
the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue 
new shares, buy back issued shares, or sell assets to reduce debt.
The Group monitors capital on the basis of the average net debt to adjusted capital ratio (or ‘gearing ratio’). The ratio is calculated 
as average net debt divided by adjusted capital. Average net debt is calculated as the total debt less cash and cash equivalents 
during the year. Adjusted capital comprises all components of equity (i.e. share capital, share premium, retained earnings, and 
other reserves) other than amounts recognised in equity relating to cash ﬂow hedges and forward currency contracts. 45 / Walker Greenbank PLC Annual Report & Accounts 2013 
2. Financial risk management continued
Capital risk management continued
During the year to 31 January 2013, the Group’s strategy, which was unchanged from the previous year, was to reduce the 
average gearing ratio. The average gearing ratios for 2013 and 2012 were as follows:
Year ended 31 January
2013
£000
2012
£000
Average net debt 4,748 6,682
Total equity 24,182 23,052
Less: amounts recognised directly in equity relating to currency contracts (63) 50
Adjusted capital 24,119 23,102
Average net debt to adjusted capital ratio 19.6% 29%
Year end net funds/debt to adjusted capital ratio (4.8)% 2.9%
The Group considers the average net debt to adjusted capital ratio to be appropriate at this time, but it will continue to reduce 
the pension deﬁcit by cash generated from operations and will also invest within the Group through capital expenditure and 
working capital.
The gearing ratio at the year end is lower than the average gearing ratio as the level of trade receivables is lower at the year end 
than the average during the year due to the seasonal nature of trading in the months of December and January.
Fair value estimation
The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the Balance  
Sheet date provided by relationship banks. Under the revisions to IFRS 7 these amounts are classiﬁed within level two of  
the fair value hierarchy. 
The carrying value less impairment provision of trade receivables and payables and cash and cash equivalents are assumed to 
approximate their fair values. 
3. Critical accounting estimates and assumptions
The Group makes estimates and assumptions concerning future events. The resulting accounting estimates will seldom 
precisely equal the related actual results. The Group applies its best endeavours in setting accounting estimates, and uses 
historical experience and other factors, including input from experienced and specialist management. Estimates and 
assumptions are periodically re-evaluated and the resulting accounting balances updated as new information including  
actual outcomes become apparent. 
The estimates and assumptions that have a signiﬁcant risk of causing a material adjustment to the carrying amounts of assets 
and liabilities within the next ﬁnancial year are discussed below. 
a) Retirement beneﬁt obligations
The Group recognises its obligations to employee retirement beneﬁts. The quantiﬁcation of these obligations is subject  
to signiﬁcant estimates and assumptions regarding life expectancy, discount and inﬂation rates, wage and salary changes,  
the rate of increase in pension payments, and the market values of equities, bonds and other pension assets. In making these 
assumptions the Group takes advice from a qualiﬁed actuary about which assumptions reﬂect the nature of the Group’s 
obligations to employee retirement beneﬁts. The assumptions are regularly reviewed to ensure their appropriateness. 
The Group determines the appropriate discount rate at the end of each year. This is the interest rate that should be used to 
determine the present value of estimated future cash outﬂows expected to be required to settle pension obligations. In 
determining the appropriate discount rate, the Group considers the interest rates of high quality corporate bonds that are 
denominated in the currency in which the beneﬁts will be paid, and that have terms to maturity approximating the terms  
of the related pension liability. Details of the estimates and assumptions applied, and carrying amounts of retirement beneﬁt 
obligations and pension assets, are set out in note 23.
b) Impairment of non-ﬁnancial assets
The Group tests annually whether goodwill or its indeﬁnite life intangible asset has suffered any impairment, in accordance with 
its accounting policy. Other intangibles and property, plant and equipment are reviewed whenever impairment triggers are 
apparent. The recoverable amounts of cash-generating units have been determined based on value in use (‘VIU’) calculations. 
These calculations require use of estimates of future sales, margins, and other operating and administrative expenses, and of 
discount rates. Further disclosures relating to the estimates and assumptions applied, and carrying amounts of the non-
ﬁnancial assets, are set out in notes 14 and 15. 46 / Walker Greenbank PLC Annual Report & Accounts 2013
Notes to the Consolidated Financial Statements continued
3. Critical accounting estimates and assumptions continued
b) Impairment of non-ﬁnancial assets continued
The Group makes provision for impairment in the carrying amount of its inventories and marketing materials. The nature of 
the Group’s products are exposed to changes in taste and attitudes from time to time, which can affect the demand for those 
products. The Group has skilled and experienced management who utilise historical sales information, and exercise their 
judgement, in making estimates about the extent of provisions necessary based on the realisable value of inventory and 
expected future beneﬁt to the Group of marketing materials taking into account the estimated price and volume of future sales 
or usage, less the further costs of sale and holding costs. Further disclosures relating to the effect on the Income Statement of 
the establishment and reversal of such provisions against inventory are included in note 7. Details of the carrying amount of 
inventories are disclosed in note 17 and of marketing materials in note 18. The carrying values of the non-ﬁnancial assets are 
not considered to be sensitive due to the nature of the assets. 
c) Deferred tax recognition
Following the completion of the Group’s recovery programme and return to sustained proﬁtability over recent years, the Group 
has considered it appropriate to recognise at the Balance Sheet date deferred tax assets resulting from historical trading losses 
and other temporary differences including pension deﬁcits. The amount of deferred tax recognised is based on estimates of 
the timing and amount of future taxable proﬁts of companies within the Group, which in turn relies upon estimates of future 
operating proﬁts and the occurrence, timing and tax treatment of signiﬁcant items of income and expenditure including 
contributions to pension schemes and the vesting of share-based payment awards. Further disclosures relating to the effect 
on the Income Statement of the recognition of deferred tax assets are included in note 12 and the amount of deferred tax  
asset recognised and other relevant disclosures are included in note 16. The Group considers the sensitivity on Deferred tax 
recognition to be based on proﬁts generated by the Group and tax rates set by the government. There has been no material 
impact on sensitivity in the current or previous ﬁnancial year.
d) Share-based payment awards
The Group has granted awards to Executive Directors and senior management which include vesting conditions relating to the 
future ﬁnancial performance of the Group as measured by adjusted proﬁt before tax (‘PBT’) and the relative performance of the 
Group’s Total shareholder return (‘TSR’) against comparator companies. The fair value of the awards granted is charged against 
the Income Statement over the vesting period; the amount of that charge including the national insurance component of  
the charge, is dependent upon the Group’s estimates of how many awards will ultimately vest, which is linked directly to its 
estimates regarding future PBT and TSR achievement. Further disclosures relating to performance targets are included in the 
Directors’ Remuneration Report on pages 26 to 28 and the effect on the ﬁnancial statements of share awards is included in 
note 25. 
4. Segmental analysis
The Group is a designer, manufacturer and distributor of luxury interior furnishings, fabrics and wallpaper. The reportable 
segments of the Group are as follows:
 Brands – comprising the design, marketing, sales and distribution, and licensing activities of Sanderson, Morris & Co, 
Harlequin, Zoffany and Scion brands operated from the UK and its foreign subsidiaries in the US and France.
 Manufacturing – comprising the wallcovering and printed fabric manufacturing businesses operated by Anstey and Standfast 
respectively.
This is the basis on which the Group presents its operating results to the Board of Directors, which is considered to be the 
Chief Operating Decision Maker (‘CODM’) for the purposes of IFRS 8. There has been a change from last year in the information 
supplied to the CODM. Additional revenue-only data is also reported to the CODM and is disclosed on the basis explained 
below. Other Group-wide activities and expenses, predominantly related to corporate head office costs, deﬁned beneﬁt 
pension costs, long-term incentive plan expenses, taxation and eliminations of intersegment items, are presented within 
‘Eliminations and unallocated’.
a) Principal measures of proﬁt and loss – Income Statement segmental information
Year ended 31 January 2013
Brands 
total
£000
Manufacturing
£000
Eliminations 
and 
unallocated 
£000
Total
£000
UK Revenue 34,669 13,864 – 48,533
International Revenue 22,315 3,000 – 25,315
Licence Revenue 1,877 – – 1,877
Revenue – External 58,861 16,864 – 75,725
Revenue – Internal – 13,200 (13,200) –
Total Revenue 58,861 30,064 (13,200) 75,725
Proﬁt/(loss) from operations 5,894 2,675 (2,738) 5,831
Net borrowing costs – – (193) (193)
Net pension charge – – (704) (704)
Proﬁt/(loss) before taxation 5,894 2,675 (3,635) 4,934
Tax charge – – (972) (972)
Proﬁt/(loss) for the year 5,894 2,675 (4,607) 3,962 47 / Walker Greenbank PLC Annual Report & Accounts 2013 
4. Segmental analysis continued
a) Principal measures of proﬁt and loss – Income Statement segmental information continued
Year ended 31 January 2012
Brands 
total
£000
Manufacturing 
£000
Eliminations 
and 
unallocated 
£000
Total
£000
UK Revenue 33,834 14,043 – 47,877
International Revenue 21,995 2,554 – 24,549
Licence Revenue 1,588 – – 1,588
Revenue – External 57,417 16,597 – 74,014
Revenue – Internal – 12,057 (12,057) –
Total Revenue 57,417 28,654 (12,057) 74,014
Proﬁt/(loss) from operations 5,377 2,572 (2,394) 5,555
Net borrowing costs – – (254) (254)
Net pension charge – – (407) (407)
Proﬁt/(loss) before taxation 5,377 2,572 (3,055) 4,894
Tax credit/charge 36 – (1,101) (1,065)
Proﬁt/(loss) for the year 5,413 2,572 (4,156) 3,829
The segmental Income Statement disclosures are measured in accordance with the Group’s accounting policies as set out in 
note 1.
Inter segment revenue earned by Manufacturing from sales to Brands is determined on normal commercial trading terms as if 
Brands were any other third party customer.
All deﬁned beneﬁt pension costs, and long-term incentive plan expenses, are recognised for internal reporting to the CODM  
as part of Group-wide activities and are included within ‘Eliminations and unallocated’ above. Other costs, such as Group 
insurance, rent and auditor’s remuneration which are incurred on a Group-wide basis are recharged by the head office to 
segments on a reasonable and consistent basis for all periods presented, and are included within segment results above. 
b) Additional segmental revenue information
The segmental revenues of the Group are reported to the CODM in more detail. One of the analyses presented is revenue by 
export market in the brands.
Brands revenue by export market:
2013
£000
2012
£000
Western Europe 6,142 6,776
Scandinavia 1,908 1,997
Eastern Europe 2,174 2,104
Europe Total 10,224 10,877
Middle East 846 1,223
Far East 3,018 2,853
USA 6,442 5,478
South America 401 199
Australasia 841 770
Other 543 595
22,315 21,995
Revenue of the Brands reportable segment – revenue from operations in all territories where the sale is sourced from the 
Brands operations, together with contract and licence revenue:
Brand Revenue Analysis:
2013
£000
2012
£000
Harlequin, incorporating Scion 25,154 24,195
Sanderson, incorporating Morris & Co 19,977 19,939
Zoffany 10,952 10,823
Other brands 901 872
Licensing 1,877 1,588
58,861 57,417 48 / Walker Greenbank PLC Annual Report & Accounts 2013
Notes to the Consolidated Financial Statements continued
4. Segmental analysis continued
b) Additional segmental revenue information continued
Revenue of the Manufacturing reportable segment – including revenues from internal sales to the Group’s brands:
Manufacturing Revenue Analysis:
2013
£000
2012
£000
Standfast 14,344 15,172
Anstey 15,720 13,482
30,064 28,654
c) Other Income Statement segmental information
The following additional items are included in the measures of proﬁt and loss reported to the CODM and are included within  
(a) above:
Year ended 31 January 2013
Brands
£000
Manufacturing
£000
Eliminations 
and 
unallocated
£000
Total
£000
Depreciation 873 852 15 1,740
Amortisation 264 44 – 308
Impairment losses – trade receivables 152 25 – 177
Reversal of impairment losses – trade receivables (27) (10) – (37)
Impairment losses – inventory 838 71 – 909
Reversal of impairment of inventory – (7) – (7)
Share-based payment charges –– 746 746
Year ended 31 January 2012
Brands
£000
Manufacturing
£000
Eliminations 
and 
unallocated
£000
Total
£000
Depreciation 767 773 10 1,550
Amortisation 251 52 – 303
Impairment losses – trade receivables 125 23 – 148
Reversal of prior period impairment losses – trade receivables (7) – – (7)
Impairment losses – inventory 723 33 – 756
Reversal of impairment of inventory – (15) – (15)
Share-based payment charges – – 414 414
d) Principal measures of assets and liabilities – Balance Sheet segmental information
Segment assets consist primarily of goodwill, intangible assets, property, plant and equipment, trade and other receivables 
including inter segment receivables, and inventories. Segment liabilities consist primarily of trade and other payables including 
inter segment payables. Unallocated assets and liabilities consist primarily of cash, deferred tax assets, borrowings, derivative 
ﬁnancial instruments, and retirement beneﬁt obligations and elimination of inter segment balances. Segment assets and 
liabilities and unallocated assets and liabilities are measured in accordance with the Group’s accounting policies as set out  
in note 1.
Year ended 31 January 2013
Brands
£000
Manufacturing
£000
Eliminations 
and 
unallocated
£000
Total
£000
Assets 35,508 17,253 (1,637) 51,124
Liabilities (17,877) (5,042) (4,023) (26,942)
Total net assets/(liabilities) 17,631 12,211 (5,660) 24,182
Capital expenditure – Intangible assets 876 4 – 880
Capital expenditure – Property, plant and equipment 993 1,235 11 2,239
Year ended 31 January 2012
Brands
£000
Manufacturing
£000
Eliminations 
and 
unallocated
£000
Total
£000
Assets 35,070 16,660 (1,158) 50,572
Liabilities (17,252) (4,714) (5,554) (27,520)
Total net assets/(liabilities) 17,818 11,946 (6,712) 23,052
Capital expenditure – Intangible assets 437 4 – 441
Capital expenditure – Property, plant and equipment 1,091 969 37 2,097 49 / Walker Greenbank PLC Annual Report & Accounts 2013 
4. Segmental analysis continued
e) Additional entity-wide disclosures
Revenue by geographical location of customers:
2013
£000
2012
£000
United Kingdom 48,533 48,573
Continental Europe 11,696 11,678
United States of America 8,499 7,398
Rest of the World 6,997 6,365
75,725 74,014
No single customer of the Group accounts for 10% or more of total revenue. Within the sub-totals for Continental Europe and 
Rest of the World shown above there are no individual countries that account for 10% or more of total revenue.
Non-current assets by geographical territory:
2013
£000
2012
£000
United Kingdom 16,137 15,037
Continental Europe 247 250
United States of America 107 137
16,491 15,424
Non-current assets included above comprise intangible assets and property, plant and equipment. 
5. Exceptional items
Items that are both material and whose nature is sufficient to warrant separate disclosure and identiﬁcation are disclosed within 
the ﬁnancial statements and classiﬁed within their relevant Income Statement category.
In the current year and prior year, there are no exceptional items. 
6. (a) Analysis of operating proﬁt by function of expense
2013
£000
2012
£000
Revenue 75,725 74,014
Cost of sales (30,193) (30,029)
Gross proﬁt 45,532 43,985
Net operating expenses:
Distribution and selling costs (12,939) (12,716)
Administration expenses (25,926) (25,297)
LTIP accounting charge (746) (414)
Other operating (expense) (90) (3)
Net operating expenses (39,701) (38,430)
Proﬁt from operations 5,831 5,555
(b) Analysis of revenue by category
2013
£000
2012
£000
Sale of goods 73,848 72,426
Licence royalty income 1,877 1,588
75,725 74,014
(c) Analysis of expense by nature
2013
£000
2012
£000
Changes in inventories of ﬁnished goods and work in progress (545) (356)
Raw materials and consumables used 24,704 24,934
Employee beneﬁt expense 21,177 20,141
Depreciation and amortisation charges 2,048 1,853
Transportation expenses 2,976 2,619
Advertising costs 1,559 1,749
Other selling costs 6,958 6,999
Establishment costs 3,399 2,938
Operating lease payments 1,868 1,817
Repairs and maintenance 1,114 1,072
Other expenses 4,546 4,690
Total cost of sales, distribution and selling costs, administration expenses and LTIP accounting charge 69,804 68,456 50 / Walker Greenbank PLC Annual Report & Accounts 2013
Notes to the Consolidated Financial Statements continued
7. Group proﬁt from operations
2013
£000
2012
£000
Group proﬁt from operations is stated after charging/(crediting):
Depreciation of property, plant and equipment 1,740 1,550
Amortisation of intangibles 308 303
Cost of inventories recognised as expense in cost of sales 24,159 24,578
Impairment of inventories 909 756
Reversal of impairment of inventories (7) (15)
Impairment of trade receivables 177 148
Reversal of impairment of trade receivables (37) (7)
Net foreign exchange losses 90 4
Operating lease rentals:
– Hire of motor vehicles and plant and machinery 469 434
– Land and buildings 1,399 1,383
2013
£000
2012
£000
Auditor’s remuneration:
–  Fees payable to Company’s auditor for the audit of parent Company and  
consolidated ﬁnancial statements 53 50
– Audit of Company’s subsidiaries pursuant to legislation 93 88
– Taxation services – 5
– Other accounting services 47 31
193 174
8. Net deﬁned beneﬁt pension charge
2013
£000
2012
£000
Expected return on pension scheme assets 2,190 2,646
Interest on pension scheme liabilities (2,439) (2,565)
Scheme expenses met by Group (455) (488)
Net charge (note 23) (704) (407)
9. Finance Costs
2013
£000
2012
£000
Interest expense:
Interest payable on bank borrowings (159) (230)
Amortisation of issue costs of bank loans (34) (24)
Total ﬁnance costs (193) (254)
10. Emoluments of Directors
Salary 
£000
Bonus 
£000
LTIP 
£000
Beneﬁts 
£000
Sub-total 
aggregate 
emoluments 
£000
Pension 
£000
2013 
Total 
£000
2012 
Total 
£000
Executive Directors:
John Sach 238 173 465 1 877 36 913 674
David Smallridge 188 121 349 1 659 28 687 513
Alan Dix 140 57 174 1 372 14 386 335
Non-executive Directors:
Terry Stannard 64––– 64 – 64 62
Fiona Goldsmith 28––– 28 – 28 27
658 351 988 3 2,000 78 2,078 1,611
In both years, retirement beneﬁts were accruing to one Director under a deﬁned beneﬁt scheme, who is the highest paid 
Director. Accrued annual pension beneﬁts at the year end were £12,708 (2012: £11,570). Beneﬁts are accruing under deﬁned 
contribution schemes for three Directors (2012: three Directors).
Further information on the remuneration of the Directors is included in the Directors’ Remuneration Report set out on pages 
26 to 28.  51 / Walker Greenbank PLC Annual Report & Accounts 2013 
11. Employee Information  
2013 
£000
2012 
£000
Wages and salaries 17,860 17,253
Social security costs 2,067 1,976
Other pension costs 504 498
Share-based payment awards, including NIC thereon 746 414
Employee beneﬁt expense 21,177 20,141
The average monthly number of employees (including Directors) during the year
2013
Number
2012 
Number
Brands, including warehousing 232 233
Manufacturing 308 303
Overseas 29 26
Corporate and administration 20 20
589 582
Compensation of key management personnel
2013 
£000
2012 
£000
Short-term employee beneﬁts (including short-term incentives) 2,928 2,911
Post employment beneﬁts (including pension costs) 154 145
Share-based payment awards 746 414
3,828 3,470
The Group regards its key management personnel to be its Directors and senior management having authority and 
responsibility for planning, directing and controlling the activities of the Group, either directly or indirectly. Share-based 
payment awards reﬂects the charge in the Income Statement and does not reﬂect the market value of shares expected to vest. 
12. Tax expense
2013 
£000
2012 
£000
Current tax:
– overseas, current tax (16) (15)
– overseas, adjustment in respect of prior year – 36
Current tax (16) 21
Deferred tax:
– current year (821) (933)
– adjustment in respect of prior year (53) 7
– effect of change in corporation tax rate to 23% (2012: 25%) (82) (160)
Deferred tax (956) (1,086)
Tax charge for the year (972) (1,065)
Reconciliation of tax charge for the year
2013 
£000
2012 
£000
Proﬁt on ordinary activities before tax 4,934 4,894
Tax on proﬁt on ordinary activities at standard rate 24% (2012: 26%) (1,184) (1,272)
Non-deductible expenditure (39) (32)
Parent and overseas losses and temporary timing differences not recognised 353 356
Adjustments in respect of prior years (53) 43
Effect of change in corporation tax rate to 23% (2012: 25%) (49) (160)
Tax charge for year (972) (1,065) 52 / Walker Greenbank PLC Annual Report & Accounts 2013
Notes to the Consolidated Financial Statements continued
12. Tax expense continued
Factors affecting current and future tax charges
No UK corporation tax is anticipated to become payable within the next twelve months due to the availability of gross tax losses 
of approximately £9.1 million (2012: £12.6 million).
No overseas taxation is anticipated to become payable within the immediate future due to the availability of gross tax losses 
of approximately £1.9 million (2012: £1.7 million). 
Legislation has now been substantively enacted to reduce the main corporation tax rate to 23% from 1 April 2013.
The Chancellor of the Exchequer has announced various changes to further reduce the rates of corporation tax in the future. 
A reduction of 2% to 21% has been proposed to take effect from 1 April 2014 with a further reduction of 1% to 20% with effect 
from 1 April 2015. 
Accordingly, the deferred tax balance at 31 January 2013 included within these ﬁnancial statements, which was calculated at a rate 
of 23%, being the rate enacted in the Finance Act (2012), would decrease by £10,000 assuming that the proposed rate of 21% from 
1 April 2014 is enacted. This reduction will be recognised in the ﬁnancial statements for the year ended 31 January 2014.
The further reductions to a rate of 20%, assuming that these are formally enacted, would result in a decrease in the deferred tax 
balance at 31 January 2013 of £15,000. The deferred tax asset balance will be adjusted in the ﬁnancial year that the change in 
the corporation tax rate is substantively enacted by Parliament.
13. Earnings per share
Basic and diluted earnings per share (‘EPS’) 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 Beneﬁt Trust (‘EBT’) and 
those held in treasury (note 25), which are treated as cancelled. 
2013 2012
Earnings 
£000
Weighted 
average 
number of 
shares 
(000s)
Per share 
amount 
Pence
Earnings
 £000
Weighted 
average 
number of 
shares 
(000s)
Per share 
amount 
Pence
Basic and diluted earnings per share 3,962 57,501 6.89 3,829 56,655 6.76
Adjusted basic and diluted earnings per share:
Add back LTIP accounting charge 746 414
Add back Net deﬁned beneﬁt pension accounting charge 704 407
Adjusted basic and diluted earnings per share 5,412 57,501 9.41 4,650 56,655 8.21
On 18 May 2012 960,000 treasury shares were transferred into the Walker Greenbank PLC EBT, following this transaction 
Walker Greenbank PLC had no treasury shares. On 28 May 2012 the Walker Greenbank PLC EBT purchased 191,921 shares of 1p 
each in the Company at 70.5p per ordinary share. Following this transaction Walker Greenbank’s issued ordinary share capital 
with voting rights consists of 59,006,162 (2012: 59,006,162) ordinary shares of which no (2012: 960,000) ordinary shares are 
held in treasury and a further 1,243,916 (2012: 1,093,541) ordinary shares are held by the Walker Greenbank PLC EBT with a cost 
of £255,528 (2012: £224,638). Shares held in treasury or by the EBT are treated as cancelled when calculating EPS.
The market value of shares held by the EBT at 31 January 2013 was £1,001,352 (2012: £565,907). The total number of shares 
held in the EBT at the year end represented 2.1% (2012: 1.9%) of the issued shares.
The total number of shares held in treasury at the year end represented 0% (2012: 1.63%) of the issued shares. The market value 
of these shares at 31 January 2013 was £nil (2012: £496,800). 53 / Walker Greenbank PLC Annual Report & Accounts 2013 
14. Intangible assets
Goodwill 
£000
Arthur 
Sanderson 
and William 
Morris 
Archive 
£000
Collection 
design 
£000
Software 
£000
Total 
£000
Cost
1 February 2011 1,400 4,300 1,240 5,144 12,084
Additions – – 244 197 441
Disposals – – (27) – (27)
31 January 2012 1,400 4,300 1,457 5,341 12,498
Additions – – 287 593 880
Disposals – – – (4,409) (4,409)
31 January 2013 1,400 4,300 1,744 1,525 8,969
Amortisation
1 February 2011 841 – 608 4,662 6,111
Charge – – 247 56 303
Disposals – – (27) – (27)
31 January 2012 841 – 828 4,718 6,387
Charge – – 254 54 308
Disposals – – – (4,409) (4,409)
31 January 2013 841 – 1,082 363 2,286
Net book amount
31 January 2013 559 4,300 662 1,162 6,683
31 January 2012 559 4,300 629 623 6,111
31 January 2011 559 4,300 632 482 5,973
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 historical record of unique designs that are used to generate royalty income in the business. 
The total amortisation expense of £308,000 (2012: £303,000) is included in administration expenses £306,000 (2012: £293,000) 
and distribution and selling costs £2,000 (2012: £10,000). 
Impairment tests for Goodwill and Arthur Sanderson and William Morris Archive 
The carrying value of Goodwill at the year end of £559,000 (2012: £559,000) is attributable to the manufacturing segment.  
The carrying value of the Archive at the year end of £4,300,000 (2012: £4,300,000) is attributable to the Brands. 
The Group tests Goodwill and the Archive for impairment annually or more frequently if there are indications that they might 
be impaired. There was no impairment charge recognised in the year (2012: £nil). 
In assessing whether an impairment of goodwill is required the carrying value of the cash generating unit (‘CGU’) or group of 
CGUs is compared with its recoverable amount. The recoverable amounts for each CGU and collectively for groups of CGUs 
that make up the segments of the Group’s business have been based on the value in use (‘VIU’). 
The Group estimates the VIU using a discounted cash ﬂow model (‘DCF’), where the projected cash ﬂows for separate or 
collective groups of CGUs are discounted using a pre-tax rate of 6.57% (2012: 6.57%). The discount rate used is the same across 
all segments.
The Group has used formally approved budgets for the ﬁrst two years (2012: two years) of its VIU calculation, with extrapolation 
beyond the last explicit year using an assumption of growth for future years ranging from 1% to 2% (2012: 1% to 2%) depending 
upon the CGU being tested. 
The cash ﬂows used in the calculation of the VIU are derived from past experience and are based on operating proﬁt forecasts, 
which in turn rely upon assumptions relating to sales growth, margins and operating and administrative expenses. The cash 
ﬂows have not included the beneﬁts arising from any future asset enhancement expenditure, as this is not permitted by IAS 36. 
The VIU calculations therefore exclude signiﬁcant beneﬁts anticipated from future capital expenditure. The growth rates 
included within the assumptions supporting the VIU calculations do not therefore represent the Group’s anticipated total 
forecast growth, but rather only the growth deriving from capital expenditure completed at the Balance Sheet date.
The recoverable amount of the Archive intangible asset is estimated based on VIU, and comprises estimated future cash ﬂows 
from royalty income relating to the Archive. A discount rate of 6.57% (2012: 6.57%) is applied.
The Group does not consider it reasonably probable that any signiﬁcant changes to the key assumptions will arise that would 
result in impairment of either Goodwill or the Archive as at 31 January 2013.  54 / Walker Greenbank PLC Annual Report & Accounts 2013
Notes to the Consolidated Financial Statements continued
15. Property, plant and equipment
Land and 
buildings 
£000
Plant, 
equipment 
and vehicles 
£000
Computer 
hardware 
£000
Total 
£000
Cost
1 February 2011 5,404 17,242 1,354 24,000
Additions – 1,931 166 2,097
Disposals – (213) – (213)
31 January 2012 5,404 18,960 1,520 25,884
Additions 16 2,115 108 2,239
Disposals – (147) – (147)
Currency movements – 6 – 6
31 January 2013 5,420 20,934 1,628 27,982
Depreciation
1 February 2011 1,301 12,875 1,056 15,232
Charge 103 1,326 121 1,550
Disposals – (213) – (213)
Currency movements – 2 – 2
31 January 2012 1,404 13,990 1,177 16,571
Charge 103 1,481 156 1,740
Disposals – (138) – (138)
Currency movements – 1 – 1
31 January 2013 1,507 15,334 1,333 18,174
Net book amount
31 January 2013 3,913 5,600 295 9,808
31 January 2012 4,000 4,970 343 9,313
31 January 2011 4,103 4,367 298 8,768
The total depreciation expense of £1,740,000 (2012: £1,550,000) is included in administration expenses £1,736,000 (2012: £1,507,000) 
and distribution and selling costs £4,000 (2012: £43,000). 
The net book amount of land and buildings comprises: 
2013 
£000
2012 
£000
Freehold land 450 450
Freehold buildings 3,463 3,550
Net book amount 3,913 4,000
Land and buildings are stated at historical cost.
All of the Group’s banking facilities remain secured by a ﬁxed and ﬂoating charge over the carrying value of assets (land and 
buildings) of £3,913,000 (2012: £4,000,000).
16. Deferred income tax assets
A deferred tax asset of £2,015,000 (2012: £2,850,000) is recognised in respect of tax losses and other temporary differences 
and £972,000 (2012: £1,086,000) has been charged to the Income Statement during the year as some of the tax losses have 
been utilised.
2013 
£000
2012 
£000
Taxable temporary differences on property, plant and equipment (875) (849)
Taxable temporary differences on intangible assets (175) (171)
Other temporary differences 101 107
Unutilised tax losses 1,069 1,989
120 1,076
Retirement beneﬁt obligations 1,895 1,774
2,015 2,850
The movements in the deferred tax asset on retirement beneﬁt obligations are recognised in the Statement of  
Comprehensive Income. 55 / Walker Greenbank PLC Annual Report & Accounts 2013 
16. Deferred income tax assets continued
At the Balance Sheet date the Group has gross unused UK tax losses of £9.1 million (2012: £12.6 million) available for offset 
against future proﬁts. A deferred tax asset of £1.0 million (2012: £2.0 million) is recognised in respect of £4.6 million (2012: £8.0 
million) of such losses as the Group believes that realisation of the related tax beneﬁt through future taxable proﬁt is probable 
and can be readily accessed under existing tax legislation. 
Note 12 details the impact of the changes to the main rates of corporation tax announced in the recent Budget on the deferred 
tax asset set out above.
Potential deferred tax assets at 31 January 2013 of £1,969,000 (2012: £1,939,000) relating to UK and overseas tax losses and 
deductible temporary differences have not been recognised as it is not considered probable that recovery of the potential 
deferred tax asset will arise under existing tax legislation. These are summarised in the table below and comprise the following: 
 No deferred tax has been recognised on £4.5 million (2012: £4.6 million) of gross UK losses as these are not readily available 
for offset against the Group’s future proﬁts under existing tax legislation and therefore the realisation of these losses is not 
considered probable. 
 In addition, there are gross tax losses in Overseas subsidiaries of £1,968,000 (2012: £1,757,000) which are available for offset 
against future taxable proﬁts by those subsidiaries. However, the realisation of these losses is not considered probable in the 
foreseeable future. 
 Other deductible temporary differences which predominantly arise on share-based payments reserves.
2013 
£000
2012 
£000
Unutilised tax losses – UK 1,035 1,159
Unutilised tax losses – Overseas 683 611
Other deductible temporary differences – UK 251 169
1,969 1,939
As detailed in note 12 the main rate of corporation tax is to reduce to 20% by 1 April 2015. If these changes are enacted then the 
unrecognised deferred tax asset noted above would reduce by £15,000.
There are also unutilised capital tax losses at 31 January 2013 of £2,485,000 (2012: £2,485,000) but no deferred tax asset has 
been recognised as it is not considered probable that these losses will be utilised. 
17. Inventories
2013 
£000
2012 
£000
Raw materials 1,909 1,858
Work in progress 1,283 972
Finished goods 13,633 14,170
16,825 17,000
The cost of inventories recognised as an expense and included in cost of sales amounted to £24,159,000 (2012: £24,578,000). 
The value of inventories providing security under the Barclays Bank PLC facility, if it were to be fully drawn, was £4,415,000 
(2012: £11,379,000). This facility was not utilised at either year end.
18. Trade and other receivables
Current
2013 
£000
2012 
£000
Trade receivables 9,589 9,574
Less: Provision for impairment of trade receivables (535) (487)
Net trade receivables 9,054 9,087
Other receivables 588 516
Marketing materials 1,515 2,068
Prepayments 1,653 1,376
12,810 13,047
The value of trade receivables providing funding under the Barclays facility was £7,149,000 (2012: £7,224,000).
There is no material difference between the carrying amount and the fair value of the trade and other receivables. 
Credit quality of ﬁnancial assets
(i) Neither past due nor impaired
Included in the Group’s trade receivable balances are receivables with a carrying value of £5,675,000 (2012: £5,615,000) which 
are neither past due nor impaired at the reporting date. The nature of the Group’s business means that it has a long-standing 
relationship with the majority of its customers, who either have no experience of historical default or only temporary late 
payments with full recovery of balances due.  56 / Walker Greenbank PLC Annual Report & Accounts 2013
Notes to the Consolidated Financial Statements continued
18. Trade and other receivables continued
(i) Neither past due nor impaired continued
For the Group’s cash at bank, and the receivable component of derivative ﬁnancial instruments, the counterparty to the 
ﬁnancial instruments is a major UK bank, and the Group does not consider there to be any signiﬁcant credit risk from holding 
these ﬁnancial assets. 
(ii) Past due – not individually impaired
Included in the Group’s trade receivable balances are receivables with a carrying value of £3,685,000 (2012: £3,721,000) which 
are past due at the reporting date for which the Group does not consider the need to create a speciﬁc impairment provision 
against individually identiﬁed receivable. The table below shows the aging analysis of the receivables:
2013 
£000
2012 
£000
1–30 days past due 2,287 1,816
31–60 days past due 1,066 1,508
61–90 days past due 276 370
91+ days past due 56 27
3,685 3,721
The Directors believe, however, that in the current economic environment there is objective evidence of credit deterioration 
and an impairment of £284,000 (2012: £314,000) representing a collective assessment of risk against receivables that are yet to 
be speciﬁcally identiﬁed. Due to the nature of the Group’s products, there is a limited amount of inventory left in the possession 
of customers that could act as collateral under terms of trade. As the value of this inventory is immaterial, it has not been 
disclosed in the ﬁnancial statements. 
(iii) Past due – individually impaired
As at 31 January 2013, trade receivables of £292,000 (2012: £238,000) were individually determined to be impaired and 
provided for. The amount of the provision was £251,000 (2012: £173,000). The main factors used to assess the impairment of 
trade receivables is the age of the balance and circumstances of the individual customer. It has been assessed that a proportion 
of the receivables is expected to be recovered. 
The carrying amounts of the Group’s trade and other receivables are denominated in the following currencies 
2013 
£000
2012 
£000
Sterling 7,722 8,103
Dollars 91 16
Euros 1,678 1,351
Other 151 133
9,642 9,603
The Group considers that any exposure to concentrations of credit risk will be impacted principally by underlying economic 
conditions in the principal geographical territories in which the Group operates. As at the Balance Sheet date the carrying value 
of trade receivables by geographical territory of the customer was:
2013 
£000
2012 
£000
United Kingdom 6,486 6,610
Continental Europe 1,627 1,497
United States of America 332 195
Rest of the World 609 785
9,054 9,087
Provisions for impairment
Movements on the Group provision for impairment of trade receivables are as follows:
2013 
£000
2012 
£000
At 1 February (487) (515)
Provision for receivables impaired (177) (148)
Receivables written off in the year as uncollectible 92 168
Unused amounts reversed 37 7
Exchange difference – 1
At 31 January (535) (487)
The creation and release of provisions for impaired trade receivables have been included within distribution and selling costs in 
the Income Statement. 57 / Walker Greenbank PLC Annual Report & Accounts 2013 
19. Derivative ﬁnancial instruments
2013 
£000
2012 
£000
Forward foreign exchange contracts – cash ﬂow hedges – asset/(liability) 63 (50)
Swap contract – cash ﬂow hedges – (liability)/asset (15) 54
Forward foreign exchange contracts
The Group’s US based subsidiary, Walker Greenbank Inc., sells products to local customers with sales invoiced in US dollars.  
As the Group’s presentation currency is sterling it is exposed to changes in the reported sterling value of these sales. The Group 
considers that it is highly probable that future sales of this nature will continue to arise over at least the next twelve months. 
During the year the Company has entered into monthly forward foreign exchange contracts up to June 2014, with a third party, 
to buy sterling and sell dollars. The Group has designated these contracts as cash ﬂow hedges of the foreign currency risk 
arising from the highly probable future forecast sales transactions. As at the reporting date the fair value of the forward foreign 
contracts relating to the beneﬁt on these anticipated future transactions is an asset of £63,000 (2012: liability of £50,000). 
The amounts deferred in equity will be released into the Income Statement in the period or periods during which the hedged 
forecast transactions impact the Income Statement, which is expected to be within ﬁfteen months of the Balance Sheet date.
The Brands make more purchases from the Eurozone than sales made to the Eurozone. As the Group’s presentation currency is 
sterling it is exposed to changes in the reported sterling value of the purchases. The Group considers that the level of this exposure 
will reduce over the next twelve months. As at the reporting date there were no euro forward foreign currency contracts. 
Swap foreign exchange contracts
The Group uses swap contracts to manage its working capital exchange risk from both the foreign subsidiaries and the 
balances on receivables, payables and cash held in foreign currency. These swap contracts are designated as Fair Value through 
the Income Statement.
The use of swaps are reviewed monthly and renewed when necessary.
The US dollar swap contract held at the Balance Sheet date was closed on 22 February 2013 and at the year end had a fair value 
liability of £15,000 (2012: fair value asset of £54,000). The euro swap contract held at the Balance Sheet date was closed on  
22 February 2013 and at the year end had a fair value asset of £600. There were no euro swap contracts held at the year ended 
31 January 2012.
20. Cash and cash equivalents
2013 
£000
2012 
£000
Cash at bank and in hand 2,920 2,197
There is a set off arrangement for bank accounts held with the UK clearing bank, and accordingly the amounts stated above 
represent the net of accounts in funds and in overdraft.
21. Trade and other payables
2013 
£000
2012 
£000
Trade payables 10,174 10,461
Other taxes and social security 1,459 1,385
Other payables and deferred revenue 367 358
Accruals 4,925 5,307
16,925 17,511
22. Borrowings
2013 
£000
2012 
£000
Current:
Term loan 400 400
400 400
Non-Current:
Term loan 1,388 1,784
Committed facility (24) –
Trade receivables loan – 680
1,364 2,464
Total borrowings 1,764 2,864 58 / Walker Greenbank PLC Annual Report & Accounts 2013
Notes to the Consolidated Financial Statements continued
22. Borrowings continued
In January 2013, the Group agreed terms to renew the Receivables facilities from Barclays Bank PLC and to cancel the existing 
Inventory facility and replace it with a new £2.5 million Committed facility. The total facilities from Barclays Bank PLC 
comprises: a variable rate Term Loan secured on the Group’s freehold property which is being repaid on a 10 year proﬁle,  
a Committed facility whose availability is determined by the level of ﬁnished goods held by the Brands and a Receivables 
Financing Agreement which provides three year variable rate ﬂoating loans secured on the eligible trade receivables at any 
point in time (the working capital facilities). The working capital facilities may be drawn down in either sterling or euro. 
The total Barclays Bank PLC facilities are capped at £16.5 million (2012: £16.5 million); the utilisation of the facilities at the  
year end was £1,764,000 (2012: £2,864,000). The term loan bears interest at variable rates based on a margin above the Bank  
of England base rate. The working capital facilities bear ﬁnance costs in the form of discount charges which are calculated 
periodically and vary at margins above the base rate published by the Bank of England (for sterling loans) or the European 
Central Bank (for euro loans). The Committed Facility bears interest at a variable rate based on a margin above the Bank of 
England base rate.
Under the Barclays Bank PLC facilities, the Group is subject to a ﬁnancial covenant which applies to the term loan, being 
interest cover. The receivables ﬁnancing agreement require compliance with a number of operational covenants. Any  
non-compliance with covenants could, if not remedied or waived, constitute an event of default with respect to any such 
arrangements. The Group has reported to Barclays Bank PLC that it was in full compliance with its ﬁnancial and operational 
covenants throughout each of the periods presented. 
The fair value of current borrowings equal their carrying amount, as the impact of discounting is not signiﬁcant. The carrying 
amounts and fair value of the non-current borrowings are as follows:
Carrying amount Fair Value
2013 
£000
2012 
£000
2013 
£000
2012 
£000
Term loan 1,388 1,784 1,400 1,800
Committed facility (24) – – –
Trade receivables loan – 680 – 711
1,364 2,464 1,400 2,511
The fair values are based on cash ﬂows discounted using a weighted average rate based on the borrowing rate of 1.75%  
(2012: 1.75%). 
The table below analyses the Group’s ﬁnancial liabilities into relevant maturity groupings based on the remaining period to 
contractual maturity at the Balance Sheet date. The amounts disclosed in the table are the contractual undiscounted cash 
ﬂows. The maturity proﬁle of undiscounted cash ﬂows on variable interest rate borrowings has assumed interest rates as at  
the Balance Sheet date.
31 January 2013
Less than 1 
year 
£000
Between 1 to 
2 years 
£000
Between 2 to 
5 years 
£000
Over 5 years 
£000
Borrowings 400 821 636 –
Trade and other payables 15,466 – – –
15,866 821 636 –
31 January 2012
Less than 1 
year 
£000
Between 1 to 
2 years 
£000
Between 2 to 
5 years 
£000
Over 5 years 
£000
Borrowings 1,111 821 1,068 –
Trade and other payables 16,126 – – –
17,237 821 1,068 –
The carrying amounts of the Group’s borrowings are denominated in the following currencies:
2013 
£000
2012 
£000
Sterling 1,764 2,864 59 / Walker Greenbank PLC Annual Report & Accounts 2013 
23. Retirement beneﬁt obligations
Deﬁned contribution schemes
The Group contributes to the deﬁned contribution section of the Abaris Holdings Limited Pension Scheme and to a Group 
Personal Pension Plan which is also a deﬁned contribution scheme. Contributions are charged to the Income Statement as 
incurred and amounted to £458,000 (2012: £451,000). Active members of the schemes are also able to make contributions. 
Deﬁned beneﬁt schemes
The Group operates the following funded deﬁned beneﬁt pension schemes in the UK which offer pensions on retirement and 
death beneﬁts to members: the Walker Greenbank Pension Plan and the Abaris Holdings Limited Pension Scheme. The WG 
Senior Management Pension Scheme was effectively closed during the year. Pension beneﬁts are related to the members’ 
salary at retirement and their length of service. The schemes are closed to new members and the future accrual of beneﬁts. 
The most recent ﬁnalised triennial funding valuation for the deﬁned beneﬁt schemes was April 2009 with an updated funding 
valuation performed as at April 2010. An updated valuation for IAS 19 ﬁnancial reporting purposes has been completed at the 
Balance Sheet date. 
The Group’s contributions to the schemes for the year beginning 1 February 2013 are expected to be £1,718,000.
2013 2012
Discount rate 4.50% 4.60%
Rate of salary increase 3.30% 2.90%
Rate of increase to LPI pensions in payment 3.10% 2.90%
Rate of increase to pensions (in excess of GMP) in deferment 2.40% 2.10%
Rate of inﬂation 3.30% 2.90%
Expected return on plan assets 6.30% 5.90%
The principal assumptions applied when valuing the deﬁned beneﬁt schemes were:
Members are assumed to commute 25% of their pension (2012: 25%).
The assumptions used in determining the overall expected return on assets of the scheme have been set with reference to 
yields available on government bonds and appropriate risk margins for equities and other classes of assets. 
The mortality assumptions applied, in both years, are based on the Self Administered Pension Scheme with medium cohort 
effect and a ﬂoor of 1% p.a. on future mortality improvements. The mortality assumptions imply the expected future lifetime 
from age 65 as follows:
2013 2012
Non-pensioner male currently 45 23.5 23.4
Pensioner male currently 65 21.6 21.5
Non-pensioner female currently 45 26.3 26.2
Pensioner female currently 65 24.4 24.3
The amounts recorded in the Balance Sheet are determined as follows:
2013 
£000
2012 
£000
Equities 25,009 23,878
Fixed interest 22,777 21,973
Insured annuities 1,249 1,275
Cash and other 220 212
Fair value of plan assets 49,255 47,338
Present value of funded deﬁned beneﬁt obligations (57,493) (54,433)
Net liability in Balance Sheet (8,238) (7,095)
Reconciliation of opening and closing balances of the present value of the deﬁned beneﬁt obligation
2013 
£000
2012 
£000
Beneﬁt obligation at beginning of year 54,433 47,044
Scheme expenses 455 488
Interest cost 2,439 2,565
Actuarial loss – other 3,036 6,864
Beneﬁts paid (2,870) (2,528)
Beneﬁt obligation at end of year 57,493 54,433 60 / Walker Greenbank PLC Annual Report & Accounts 2013
Notes to the Consolidated Financial Statements continued
23. Retirement beneﬁt obligations continued
Reconciliation of opening and closing balances of the fair value of plan assets
2013 
£000
2012 
£000
Fair value of plan assets at beginning of year 47,338 40,302
Expected return on plan assets 2,190 2,646
Actuarial gain 1,013 5,460
Contributions by employers 1,584 1,458
Beneﬁts paid (2,870) (2,528)
Fair value of plan assets at end of year 49,255 47,338
The amounts recognised in the Income Statement are:
2013 
£000
2012 
£000
Scheme expenses 455 488
Interest on obligation 2,439 2,565
Expected return on plan assets (2,190) (2,646)
Net deﬁned beneﬁt pension charge 704 407
The Group no longer has any remaining obligations in respect of The Walker Greenbank Senior Management Pension Scheme.
The actual return on assets over the year was a gain of £3,203,000 (2012: gain of £8,106,000).
Actuarial gains and (losses) recognised in Statement of Comprehensive Income 
2013 
£000
2012 
£000
Actual return on scheme assets higher than expected return 1,013 5,460
Other actuarial losses on scheme liabilities (3,036) (6,864)
(2,023) (1,404)
Other actuarial losses on scheme liabilities in the year arise mainly from decreases in the discount rate and higher inﬂation 
assumptions used in determining the present value of scheme liabilities. 
The cumulative amount of actuarial losses reported in the Statement of Comprehensive Income before deferred taxation was 
£24,152,000 (2012: £22,130,000).
History of schemes’ assets, obligations and experience adjustments
2013 
£000
2012 
£000
2011 
£000
2010 
£000
2009 
£000
Present value of deﬁned beneﬁt obligation (57,493) (54,433) (47,044) (46,530) (39,224)
Fair value of schemes’ assets 49,255 47,338 40,302 38,587 35,063
Deﬁcit in the schemes (8,238) (7,095) (6,742) (7,943) (4,161)
Experience adjustments arising on scheme liabilities (3,036) (6,864) (1,559) (7,694) 5,458
Experience adjustments arising on scheme assets 1,013 5,460 1,718 2,665 (7,458) 61 / Walker Greenbank PLC Annual Report & Accounts 2013 
24. Financial instruments by category 
The accounting policies for ﬁnancial instruments have been applied to the line items below:
31 January 2013
Loans and 
receivables 
£000
Assets at fair 
value 
£000
Derivatives 
used for 
hedging 
£000
Total 
£000
Assets as per Balance Sheet
Derivative ﬁnancial instruments – – 63 63
Trade and other receivables 9,642 – – 9,642
Cash and cash equivalents 2,920 – – 2,920
Total 12,562 – 63 12,625
31 January 2013
Liabilities at 
fair value 
£000
Other 
ﬁnancial 
liabilities 
£000
Derivatives 
used for 
hedging 
£000
Total 
£000
Liabilities as per Balance Sheet
Derivative ﬁnancial instruments – – 15 15
Borrowings – 1,764 – 1,764
Trade and other payables – 15,466 – 15,466
Total – 17,230 15 17,245
31 January 2012
Loans and 
receivables 
£000
Assets at fair 
value 
£000
Derivatives 
used for 
hedging 
£000
Total 
£000
Assets as per Balance Sheet
Derivative ﬁnancial instruments – – 54 54
Trade and other receivables 9,603 – – 9,603
Cash and cash equivalents 2,197 – – 2,197
Total 11,800 – 54 11,854
31 January 2012
Liabilities at 
fair value 
£000
Other 
ﬁnancial 
liabilities 
£000
Derivatives 
used for 
hedging 
£000
Total 
£000
Liabilities as per Balance Sheet
Derivative ﬁnancial instruments – – 50 50
Borrowings – 2,864 – 2,864
Trade and other payables – 16,126 – 16,126
Total – 18,990 50 19,040
25. Share Capital
Ordinary shares of 1p each: Number of shares £
Authorised share capital: 
1 February 2011, 31 January 2012 and 31 January 2013 85,000,000 850,000
Allotted and fully paid: 
1 February 2011, 31 January 2012 and 31 January 2013 59,006,162 590,062
All holders of ordinary shares have the right to vote at general meetings of the Company and to distributions from dividends or 
on winding up of the Company. 
On 18 May 2012, 960,000 treasury shares were transferred into the Walker Greenbank PLC Employee Beneﬁt Trust (‘EBT’); 
following this transaction Walker Greenbank PLC had no treasury shares. On 28 May 2012 the Walker Greenbank PLC EBT 
purchased 191,921 shares of 1p each in the Company at 70.5p per ordinary share. Following these transactions Walker 
Greenbank’s issued ordinary share capital with voting rights consists of 59,006,162 (2012: 59,006,162) ordinary shares of which 
no (2012: 960,000) ordinary shares are held in treasury and a further 1,243,916 (2012: 1,093,541) ordinary shares are held by the 
Walker Greenbank PLC EBT with a cost of £255,528 (2012: £224,638). 
The market value of shares held by the EBT at 31 January 2013 was £1,001,352 (2012: £565,907). The total number of shares 
held in the EBT at the year end represented 2.1% (2012: 1.9%) of the issued shares.
The total number of shares held in treasury at the year end represented 0% (2012: 1.63%) of the issued shares. The market value 
of these shares at 31 January 2013 was £nil (2012: £496,800). 62 / Walker Greenbank PLC Annual Report & Accounts 2013
Notes to the Consolidated Financial Statements continued
25. Share Capital continued
The shares held by the EBT and the treasury shares are held for the purpose of satisfying awards under long-term incentive 
plans to Executive Directors and senior management. 
Long-Term Incentive Plans (‘LTIPs’)
The Group operates a Long-Term Incentive Plan. There have been six awards under this plan, in which Executive Directors and 
senior management of the Group participate. The ﬁrst award vested during 2009, the second vested during 2011 and the third 
vested during 2012. The LTIP has previously been approved by the shareholders at an Annual General Meeting. 
Awards under the scheme are granted in the form of nil-priced share options, and are to be satisﬁed either using market-
purchased shares or by the issuing of new shares. The awards vest in full or in part dependent on the satisfaction of speciﬁed 
performance targets at the end of the vesting period applying to each plan. The number of awards that vest is dependent upon 
both the adjusted proﬁt before tax (‘PBT’) achieved for the relevant year or the Group’s Total Shareholder Return (‘TSR’) during 
the vesting period within a comparator group. Details are set out below:
Award Four Award Five Award Six
Grant date of awards 20 May 2010 19 May 2011 18 May 2012
Grant date fair value of award (pence per award) 18.00 25.22 36.76
Vesting date of awards 17 May 2013 19 May 2014 18 May 2015
Maximum number of awards 2,102,000 1,864,663 1,500,842
Vesting condition based on TSR with PBT ﬂoor TSR with PBT ﬂoor TSR with PBT ﬂoor
Relevant date for determination of vesting conditions TSR as at 17 May 2013 TSR as at 19 May 2014 TSR as at 18 May 2015
PBT for year ending  
31 January 2013
PBT for year ending  
31 January 2014
PBT for year ending  
31 January 2015
Further details of vesting conditions are set out in the Directors’ Remuneration Report on pages 26 to 28.
The fair value at grant date of Award Three was estimated based on the share price of the Group at grant date. Awards Four and 
Five include vesting conditions that are market based, and allowance for these are included within the fair value at grant date. 
The weighted average fair value of options granted during the period (Award Six) determined using the Monte-Carlo valuation 
model was 36.76p per option. The signiﬁcant inputs into the model were weighted average share price of 71.5p at the grant 
date, exercise price shown above, dividend yield of 1.68%, an expected option life of three years, and an annual risk-free interest 
rate of 1.52%. The volatility measured at the standard deviation of continuously compounded share returns is based on 
statistical analysis of daily share prices over the last three years. See note 11 for the total expense recognised in the Income 
Statement for share options granted to Directors and employees.
Movements in the number of awards outstanding, assuming maximum achievement of vesting conditions are as follows:
2013 Number 2012 Number
At 1 February 6,116,663 5,667,093
Granted 1,500,842 1,864,663
Exercised (1,881,250) (1,415,093)
Lapsed (268,750) –
At 31 January 5,467,505 6,116,663
26. Capital reserve
Capital reserve represents: £000
Share premium of companies acquired under merger accounting principles 1,276
Capital reserve arising on consolidation 293
Capital redemption reserve on capital restructurings 41,888
At 31 January 2013 and 2012 43,457
27. Dividends
During the year, the Group has paid a ﬁnal dividend for the year to 31 January 2012 and an interim dividend of 0.23p for the 
year to 31 January 2013 (2012: 0.20p).
The Group will continue to invest in the future growth of the business and to continue to pay dividends.
The Directors recommend the payment of a ﬁnal dividend of 1.25p per share (2012: 1.00p per share) which will be payable on  
9 August 2013 to shareholders on the register at 19 July 2013. This brings the total dividend for the year to 1.48p (2012: 1.20p) 
giving a cost of £855,000 (2012: £711,000). 63 / Walker Greenbank PLC Annual Report & Accounts 2013 
28. Cash generated from operations 
2013 
£000
2013 
£000 
2012 
£000
2012 
£000 
Proﬁt before tax: 4,934 4,894
Deﬁned beneﬁt pension charge 704 407
Net borrowing costs 193 254
Depreciation 1,740 1,550
Amortisation 308 303
Charge for long-term incentive plan recognised in equity 430 353
Long-term incentive plan vesting (640) (348)
Unrealised foreign exchange losses included in operating proﬁt 18 (39)
Deﬁned beneﬁt pension cash contributions (1,584) (1,458)
Changes in working capital
Decrease/(increase) in inventories 175 (1,370)
Decrease in trade and other receivables 172 1,282
(Decrease) in trade and other payables (427) (1,298)
1,089 (364)
Cash generated from operations 6,023 4,530
29. Analysis of net funds
1 February 
2012
£000
Cash ﬂow
£000
Working 
capital 
facilities
£000
Current 
portion of 
term facilities
£000
Other non-
cash changes
£000
Exchange 
movement
£000
31 January 
2013
£000
Cash and cash equivalent 2,197 723–––– 2,920
Borrowings due within one year (400) 400 – (400) – – (400)
Borrowings due after one year (2,464) 709 – 400 (9) – (1,364)
(2,864) 1,109 – – (9) – (1,764)
Net (debt)/funds (667) 1,832 – – (9) – 1,156
Other non-cash changes are capitalisation and amortisation of the issue costs relating to the borrowings.
30. Commitments
a) Capital commitments
Capital expenditure contracted for at the Balance Sheet date but not yet incurred is as follows:
2013 
£000
2012 
£000
Property, plant and equipment 1,797 137
b) Lease Commitments
Operating lease payments represent rentals payable by the Group for certain office properties. Land and building leases are 
negotiated for an average of 14 years and rentals are ﬁxed for an average of ﬁve years. Other leases are negotiated for an 
average term of three years and rentals are ﬁxed for an average of three years. 
Total commitments due under non-cancellable operating leases are as follows: 
Land and 
buildings 
2013
£000
Other 
2013
£000
Land and 
buildings 
2012
£000
Other 
2012
£000
Within one year 1,450 364 1,435 378
Between one and ﬁve years 3,858 413 4,433 359
Over ﬁve years 5,635 – 6,487 –
10,943 777 12,355 737
Other leases include hire of plant, machinery and motor vehicles. 64 / Walker Greenbank PLC Annual Report & Accounts 2013
Notes to the Consolidated Financial Statements continued
31. Principal subsidiary undertakings
The principal Group operating companies that traded during the year, and are wholly owned, and which are included in these 
consolidated ﬁnancial statements are as follows:
Abaris Holdings Limited – registered in England and Wales
Walker Greenbank Inc* – incorporated in the USA
Arthur Sanderson & Sons Inc* – incorporated in the USA
Arthur Sanderson & Sons SARL * – incorporated in France
* Shares held by subsidiary company.
For a full list of subsidiary companies, please contact the Company Secretary at the Group registered address.
Investments in Group companies are ordinary shares.
The principal activities of the Group including all subsidiaries are design, manufacture, marketing and distribution of wall 
coverings, furnishing fabrics and associated products for the consumer market. 65 / Walker Greenbank PLC Annual Report & Accounts 2013 
We have audited the parent Company ﬁnancial statements of Walker Greenbank PLC for the year ended 31 January 2013 which 
comprise the Company Balance Sheet and the related notes. The ﬁnancial reporting framework that has been applied in their 
preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting 
Practice).
Respective responsibilities of Directors and Auditors
As explained more fully in the Statement of Directors’ Responsibilities, the Directors are responsible for the preparation of the 
parent Company ﬁnancial statements and for being satisﬁed that they give a true and fair view. Our responsibility is to audit and 
express an opinion on the parent Company ﬁnancial statements in accordance with applicable law and International Standards 
on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for 
Auditors.
This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance 
with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, 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.
Scope of the audit of the ﬁnancial statements
An audit involves obtaining evidence about the amounts and disclosures in the ﬁnancial statements sufficient to give 
reasonable assurance that the ﬁnancial statements are free from material misstatement, whether caused by fraud or error. 
This includes an assessment of: whether the accounting policies are appropriate to the parent Company’s circumstances and 
have been consistently applied and adequately disclosed; the reasonableness of signiﬁcant accounting estimates made by 
the Directors; and the overall presentation of the ﬁnancial statements. In addition, we read all the ﬁnancial and non-ﬁnancial 
information in the Annual Report to identify material inconsistencies with the audited ﬁnancial statements. If we become 
aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on ﬁnancial statements 
In our opinion the parent Company ﬁnancial statements: 
 give a true and fair view of the state of the Company’s affairs as at 31 January 2013;
 have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 
 have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors’ Report for the ﬁnancial year for which the parent Company ﬁnancial 
statements are prepared is consistent with the parent Company ﬁnancial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, 
in our opinion: 
 adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been 
received from branches not visited by us; or 
 the parent Company ﬁnancial statements are not in agreement with the accounting records and returns; or 
 certain disclosures of Directors’ remuneration speciﬁed by law are not made; or 
 we have not received all the information and explanations we require for our audit.
Other matter 
We have reported separately on the Group ﬁnancial statements of Walker Greenbank PLC for the year ended 31 January 2013. 
Owen Mackney 
(Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Independent Statutory Auditors
Birmingham
1 May 2013
Independent Auditors’ Report to the Members of  
Walker Greenbank PLC 66 / Walker Greenbank PLC Annual Report & Accounts 2013
Company Balance Sheet
At 31 January 2013
Note
2013 
£000
2012 
£000 
Fixed assets
Tangible assets 4 34 37
Investments 5 43,888 43,762
43,922 43,799
Current assets and liabilities 
Debtors 6 11,774 13,268
Cash at bank and in hand 247 –
12,021 13,268
Creditors: amounts falling due within one year 8 (5,438) (6,124)
Net current assets 6,583 7,144
Total assets less current liabilities 50,505 50,943
Creditors: amounts falling due after more than one year 9 (1,364) (1,800)
Net assets 49,141 49,143
Capital and reserves
Called up share capital 11 590 590
Share premium account 12 457 457
Proﬁt and loss account 12 6,206 6,208
Capital reserve 12 41,888 41,888
Total shareholders’ funds 49,141 49,143
The ﬁnancial statements on pages 66 to 73 were approved by the Board of Directors on 1 May 2013 and were signed on its 
behalf by:
John Sach  Alan Dix 
Director   Director  
Registered Number: 61880 67 / Walker Greenbank PLC Annual Report & Accounts 2013 
Notes to the Financial Statements
1. Accounting policies 
Accounting convention
The ﬁnancial statements are prepared on a going concern basis and under the historical cost convention. They have been 
prepared in accordance with applicable accounting standards and United Kingdom Generally Accepted Accounting Practice, 
with the Companies Act 2006, and with the accounting policies set out below which have been consistently applied to all 
periods presented unless otherwise indicated. 
Going concern
The Company meets its day-to-day working capital requirements through its banking facilities. The Company’s forecasts and 
projections, taking account of reasonably possible changes in trading performance show that the Company will be able to 
operate within the level of its current facilities as disclosed in note 9.
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for 
the foreseeable future. Therefore the Company continues to adopt the going concern basis in preparing its ﬁnancial statements.
Proﬁt and loss account
No Proﬁt and loss account is presented for Walker Greenbank PLC (‘the Company’) as it has applied the exemption provided by 
Section 408 of the Companies Act 2006. 
A proﬁt of £1,055,000 (2012: £733,000) has been dealt with in the ﬁnancial statements of the Company.
Consolidation
These ﬁnancial statements present information relating to the entity Walker Greenbank PLC, and are not consolidated. The 
consolidated ﬁnancial statements of Walker Greenbank PLC and its subsidiaries (‘the Group’) of which the Company is the 
parent are separately presented within these Financial Statements and are prepared in accordance with IFRS. 
Tangible ﬁxed assets
Tangible ﬁxed assets are stated at historic cost less accumulated depreciation. Cost includes the original purchase price of the 
asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is charged on 
tangible ﬁxed assets on a straight-line basis on the original cost after deduction of any estimated residual value. The principal 
annual rates are:
Plant, equipment and vehicles   Between 5% and 33%
Computer assets    Between 12.5% and 33% 
Investments
Investments in subsidiary undertakings are recorded at cost plus incidental expenses less any provision for impairment. 
Impairment reviews are performed by the Directors when there has been an indication of potential impairment.
Impairment of tangible ﬁxed assets and investments
Tangible ﬁxed assets and investments are subject to review for impairment in accordance with FRS 11. Where impairment  
triggers are identiﬁed the recoverable amount of the relevant asset, or group of assets within a cash generating unit, is 
determined, being the higher of value in use and net realisable value. If the carrying amount of the asset exceeds its recoverable 
amount an impairment loss is calculated. Any impairment is recognised in the Proﬁt and loss account in the year in which it 
occurs. Where impairments have been identiﬁed in prior years and recoverable amount was based on value in use, an updated 
discounted cash ﬂow is prepared annually to assess whether the previous impairment in value has reversed. When all conditions 
are met, the impairment is reversed and recognised in the proﬁt and loss account in the year in which the reversal occurs.
Financial instruments 
The Company is listed on the Alternative Investment Market regulated by The London Stock Exchange. It is not required to 
adopt FRS 26 ‘Financial Instruments: Measurement’ or FRS 29 ‘Financial Instruments: Disclosures’ in these ﬁnancial statements, 
and has not elected to voluntarily do so. 
The Company continues to adopt the amortised cost basis of accounting for ﬁnancial instruments, and has not elected to 
voluntarily apply fair value measurements of ﬁnancial instruments, including derivative ﬁnancial instruments. 
Foreign currencies
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. All differences are taken to the 
proﬁt and loss account.
Further disclosure of the Group’s ﬁnancial risk management policies is included in note 2 of the consolidated ﬁnancial 
statements of the Group which are separately presented from this Company’s ﬁnancial statements. 
Employee share ownership plan (‘ESOP’)
Where the Company’s issued share capital is acquired by an ESOP trust sponsored by the Company the cost of acquisition is 
deducted from the Proﬁt and loss reserve in accordance with UITF Abstract 38.  68 / Walker Greenbank PLC Annual Report & Accounts 2013
1. Accounting policies continued
Employee beneﬁts – share-based payments under long-term incentive plans (‘LTIPs’)
The Company issues equity-settled share-based payments to certain employees of the Group which are measured at fair value 
and are recognised as an expense in the Proﬁt and loss account with a corresponding increase in equity. 
The fair values of these payments are measured at the dates of grant, taking into account the terms and conditions upon which 
the awards are granted. The fair value is recognised over the period during which employees become conditionally entitled to 
the awards, subject to the Group’s estimate of the number of awards which will lapse, either due to employees leaving the 
Group prior to vesting or due to non-market based performance conditions not being met. The total amount recognised in the 
Proﬁt and loss account as an expense is adjusted to reﬂect the actual number of awards that vest.
National insurance contributions, related to the awards are recognised as an expense in the Proﬁt and loss account with a 
corresponding liability being recorded on the Balance Sheet.
The Company has applied the amendment to FRS 20 ‘Share-based payments – Group and treasury shares’. This is consistent 
with the requirements of UITF 44 which the Company adopted in previous years.
Under these requirements a portion of the fair value of awards granted to employees providing services to the Company’s 
subsidiary companies are recognised as an additional investment in those subsidiaries, and not as an expense of the Company 
with a corresponding credit to equity. 
Employee beneﬁts – pensions
The Walker Greenbank Group operates both deﬁned beneﬁt and deﬁned contribution pension schemes for the beneﬁt of its 
employees. Further details of these schemes are included in note 23 of the consolidated ﬁnancial statements of the Group. 
Deﬁned beneﬁt pension schemes are accounted for within the separate ﬁnancial statements of the Company’s trading 
subsidiary, Abaris Holdings Limited. The Company recognises contributions to deﬁned contribution schemes in respect of its 
employees as expenses when incurred. 
Share capital
Ordinary shares are classiﬁed as equity. Costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, 
net of tax, from the proceeds. Dividend distribution is set by the Board on a regular basis so long as sufficient funds are available.
Treasury shares
Consideration paid including any directly attributable incremental costs (net of income taxes) on the purchase of the 
Company’s equity share capital (treasury shares) is deducted from equity attributable to the Company’s equity holders until the 
shares are cancelled or reissued. The EBT is treated as an agent of the Company and as such EBT transactions are treated as 
being those of the Company. 
Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction 
costs and the related income tax effects, and is included in equity attributable to the Company’s equity shareholders.
Deferred taxation
Deferred taxation is recognised in respect of timing differences that have originated but not reversed at the Balance Sheet date 
and that give rise to an obligation to pay more tax or a right to pay less tax in the future. Deferred tax is calculated using the 
average rates that are expected to apply when the timing differences reverse, based on tax rates that have been substantively 
enacted by the Balance Sheet date. 
No provision has been made for any liability arising from the distribution of past earnings of subsidiary undertakings. 
Deferred tax assets are only recognised when it is more likely than not that they will be recovered in the foreseeable future. 
Leases
Leases are classiﬁed as ﬁnance leases where the terms of the lease transfer substantially all the risks and rewards of ownership 
to the Company. All other leases are classiﬁed as operating leases.
Assets used by the Company which have been funded through ﬁnance leases are capitalised in tangible ﬁxed assets and the 
resulting lease obligations are included in liabilities. The assets are capitalised at the leases’ commencement, at the lower of fair 
value of the leased assets and the present value of the minimum lease payments. The assets are depreciated over their useful 
lives and 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 on a straight-line basis over the period of the lease. Rent free 
periods receivable on entering an operating lease are released on a straight-line basis to the next break point in the lease. 
Cash ﬂow statement and related party transactions
The Company has applied the exemption available in FRS 8 and has decided not to disclose transactions with wholly owned 
subsidiary undertakings.
In addition, the Company has taken advantage of the exemption from preparing a cash ﬂow statement on the basis that it is 
consolidated into a group which produces a consolidated cash ﬂow statement and whose accounts are publicly available.
For details of other related party transactions see note 16.
Notes to the Financial Statements continued 69 / Walker Greenbank PLC Annual Report & Accounts 2013 
2. Auditors’ remuneration 
2013 
£000
2012 
£000
Audit fee – fees payable to the Company auditor for the audit of the parent Company and the 
consolidation of the Group ﬁnancial statements 53 50
3. Emoluments of Directors
Salary 
£000
Bonus 
£000
LTIP 
£000
Beneﬁts 
£000
Sub-total 
Aggregate 
emoluments 
£000
Pension 
£000
2013 
Total 
£000
2012 
Total 
£000
Executive Directors:
John Sach 238 173 465 1 877 36 913 674
David Smallridge 188 121 349 1 659 28 687 513
Alan Dix 140 57 174 1 372 14 386 335
Non-executive Directors:
Terry Stannard 64––– 64 – 64 62
Fiona Goldsmith 28––– 28 – 28 27
658 351 988 3 2,000 78 2,078 1,611
In both years, retirement beneﬁts were accruing to one Director under a deﬁned beneﬁt scheme, who is the highest paid 
Director. Accrued annual pension beneﬁts at the year end were £12,708 (2012: £11,570). 
Beneﬁts are accruing under deﬁned contribution schemes for three Directors (2012: three Directors).
Further information on the remuneration of the Directors is included in the Directors’ Remuneration Report which is included 
on pages 26 to 28 of the Group’s Annual Report and Financial Statements.
4. Tangible ﬁxed assets
Plant, 
equipment 
and vehicles 
£000
Computer 
assets 
£000
Total
£000
Cost
31 January 2012 85 22 107
Additions 57 12
31 January 2013 90 29 119
Depreciation
31 January 2012 50 20 70
Charge 12 3 15
31 January 2013 62 23 85
Net book amount
31 January 2013 28 6 34
31 January 2012 35 2 37
5. Investments
Shares in subsidiary undertakings
2013
£000
2012
£000
Cost:
As at 1 February 2012 44,800 44,703
Additions 126 97
As at 31 January 2013 44,926 44,800
Provision for impairment:
Beginning of year and end of year (1,038) (1,038)
Net book amount at 31 January 2013 and 2012 43,888 43,762
Additions in both years relate to the application of the Company’s accounting policy on share-based payments under FRS 20. 70 / Walker Greenbank PLC Annual Report & Accounts 2013
5. Investments continued
Walker Greenbank PLC is registered and domiciled in the United Kingdom. It is the parent Company of the Walker Greenbank 
Group. The principal operating companies that traded during the year, all of which are wholly owned, are as follows:
Abaris Holdings Limited – registered in England and Wales
Walker Greenbank Inc* – incorporated in the USA
Arthur Sanderson & Sons Inc* – incorporated in the USA 
Arthur Sanderson & Sons SARL * – incorporated in France
* Indicates that the shares are held by a subsidiary company.
Investments in Group companies are ordinary shares.
The principal activities of the Group and its subsidiaries are design, manufacture, marketing and distribution of wallcoverings, 
furnishing fabrics and associated products for the consumer market.
The carrying value of the investment in Abaris Holdings Limited is reviewed annually by reference to its value in use to the 
Company. The value in use was calculated using future expected cash ﬂow projections, discounted at 6.57% (2012: 6.57%) on a 
pre-tax basis, and is not intended to reﬂect a realisable value on disposal. The Directors believe that the carrying value of the 
investments is supported by their underlying net assets.
A full list of subsidiaries will be included with the next Annual Return of the Company.
6. Debtors 
2013
£000
2012
£000
Amounts owed by subsidiary undertakings 11,533 12,994
Other debtors 241 274
11,774 13,268
Amounts owed by subsidiary undertakings are non-interest bearing and are unsecured. These loans are repayable on demand 
by the Company should payment be required, but full settlement within the next twelve months is unlikely to be sought.
7. Disclosure of fair value of derivative ﬁnancial instruments
2013
£000
2012
£000
Forward foreign exchange contracts – cash ﬂow hedges – asset/(liability) 63 (50)
Swap contract – cash ﬂow hedges – (liability)/asset (15) 54
Forward foreign exchange contracts
The Group’s US based subsidiary, Walker Greenbank Inc., sells products to local customers with sales invoiced in US dollars.  
As the Group’s presentation currency is sterling it is exposed to changes in the reported sterling value of these sales. The Group 
considers that it is highly probable that future sales of this nature will continue to arise over at least the next twelve months. 
During the year the Company has entered into monthly forward foreign exchange contracts up to June 2014, with a third party, 
to buy sterling and sell dollars. The Group has designated these contracts as cash ﬂow hedges of the foreign currency risk 
arising from the highly probable future forecast sales transactions. As at the reporting date the fair value of the forward foreign 
contracts relating to the beneﬁt on these anticipated future transactions is an asset of £63,000 (2012: liability of £50,000). 
The amounts deferred in equity will be released into the proﬁt and loss account in the period or periods during which the 
hedged forecast transactions impact the proﬁt and loss account, which is expected to be within ﬁfteen months of the Balance 
Sheet date.
The Brands make more purchases from the Eurozone than sales made to the Eurozone. As the Group’s presentation currency is 
sterling it is exposed to changes in the reported sterling value of the purchases. The Group considers that the level of this exposure 
will reduce over the next twelve months. As at the reporting date there were no euro forward foreign currency contracts. 
Swap foreign exchange contracts
The Group uses swap contracts to manage its working capital exchange risk from both the foreign subsidiaries and the 
balances on debtors, creditors and cash held in foreign currency. These swap contracts are designated as Fair Value through 
the proﬁt and loss account.
The use of swaps are reviewed monthly and renewed when necessary.
The US dollar swap contract held at the Balance Sheet date was closed on 22 February 2013 and at the year end had a liability 
of £15,000 (2012: asset of £54,000). The euro swap contract held at the Balance Sheet date was closed on 22 February 2013 
and at the year end had an asset of £600. There were no euro swap contracts held at the year ended 31 January 2012.
Notes to the Financial Statements continued 71 / Walker Greenbank PLC Annual Report & Accounts 2013 
8. Creditors: due within one year
2013
£000
2012
£000
Bank term loans (note 9) 400 400
Bank overdrafts – 86
Trade creditors 169 93
Amounts owed to subsidiary undertakings 4,410 4,410
Other taxes and social security (267) 204
Other creditors 48 62
Accruals 678 869
5,438 6,124
Amounts owed to subsidiary undertakings are non-interest bearing and are unsecured. These loans are payable on demand by 
the Company should payment be required, but full settlement within the next twelve months is unlikely to be sought. 
9. Creditors: due after more than one year
2013
£000
2012
£000
Bank term loan 1,364 1,800
Interest is charged at 1.25% (2012: 1.25%) over base rate.
Repayment of total borrowings
2013
£000
2012
£000
Over ﬁve years – 200
Between two and ﬁve years 964 1,200
Between one and two years 400 400
After more than one year 1,364 1,800
Within one year (note 8) 400 400
1,764 2,200
The Company has facilities from Barclays Bank PLC which comprises a variable rate term loan secured on the Group’s freehold 
property of £4.0 million which is being repaid on a 10 year proﬁle. The Company arranged a new £2.5 million Committed 
facility on 15 January 2013 for a period of three years. This facility replaced the Inventory facility that was in place at the end of 
the previous year. The availability of the facility is dependent upon the level of Brand ﬁnished goods. 
Under the Barclays Bank PLC facilities, the Group is subject to a ﬁnancial covenant which applies to the term loan, interest cover.
Any non-compliance with the covenant could, if not remedied or waived, constitute an event of default with respect to any 
such arrangements. 
The Group has reported to Barclays Bank PLC that it was in full compliance with its ﬁnancial and operational covenants 
throughout each of the periods presented. 
There is a set off arrangement for Group bank accounts held with Barclays Bank PLC. 
10. Deferred taxation
Potential deferred tax assets at 31 January 2013 of £1,285,000 (2012: £1,328,000) relating to tax losses and deductible 
temporary differences have not been recognised as it is not considered probable that recovery will arise.
2013
£000
2012
£000
Tax losses 1,035 1,159
Other timing differences 250 169
1,285 1,328
There are also unutilised capital tax losses of £4,885,000 (2012: £4,885,000) but no deferred tax asset has been recognised as 
it is not considered probable that these losses will be utilised. 72 / Walker Greenbank PLC Annual Report & Accounts 2013
Notes to the Financial Statements continued
11. Share capital
Ordinary shares of 1p each: Number of shares £
Authorised share capital:
1 February 2012 and 31 January 2013 85,000,000 850,000
Allotted and fully paid:
1 February 2012 and 31 January 2013 59,006,162 590,062
On 18 May 2012, 960,000 treasury shares were transferred into the Walker Greenbank PLC Employee Beneﬁt Trust (‘EBT’); 
following this transaction Walker Greenbank PLC had no treasury shares. On 28 May 2012 the Walker Greenbank PLC 
Employee Beneﬁt Trust (‘EBT’) purchased 191,921 shares of 1p each in the Company at 70.5p per ordinary share. Following 
these transactions Walker Greenbank’s issued ordinary share capital with voting rights consists of 59,006,162 (2012: 
59,006,162) ordinary shares of which no (2012: 960,000) ordinary shares are held in treasury and a further 1,243,916  
(2012: 1,093,541) ordinary shares are held by the Walker Greenbank PLC Employee Beneﬁt Trust (‘EBT’) with a cost of  
£255,528 (2012: £224,638). 
The market value of shares held by the EBT at 31 January 2013 was £1,001,352 (2012: £565,907).
The total number of shares held in treasury at the year end represented 0% (2012: 1.63%) of the issued shares. The market value 
of these shares at 31 January 2013 was £nil (2012: £496,800).
The shares held by the EBT and the treasury shares are held for the purpose of satisfying awards under long-term incentive 
plans to Executive Directors and senior management. 
Long-Term Incentive Plans (‘LTIPs’)
The Group operates a Long-Term Incentive Plan. There have been six awards under this Plan, in which Executive Directors and 
senior management of the Group participate. The LTIP has previously been approved by the shareholders at an Annual General 
Meeting. Further details are included in note 25 of the consolidated ﬁnancial statements of the Group which are separately 
included within this Annual Report and Financial Statements. 
12. Shareholders’ funds and reserve movements
Share capital
£000
Share 
premium
£000
Proﬁt and 
loss account
£000
Capital 
reserve
£000
Total
£000
1 February 2011 590 457 6,040 41,888 48,975
Reserve for long-term incentive plans – – 5 – 5
Proﬁt for the year – – 733 – 733
Dividends paid – – (570) – (570)
31 January 2012 590 457 6,208 41,888 49,143
Reserve for long-term incentive plans – – (346) – (346)
Proﬁt for the year – – 1,055 – 1,055
Dividends paid – – (711) – (711)
31 January 2013 590 457 6,206 41,888 49,141
 
Capital reserve represents: £000
Capital redemption reserve arising on capital reconstructions 41,888 73 / Walker Greenbank PLC Annual Report & Accounts 2013 
13. Operating lease commitments
Annual commitments due under non-cancellable operating leases are as follows:
Land and 
buildings
2013
£000
Other
2013
£000
Land and 
buildings
2012
£000
Other
2012
£000
Operating leases which expire:
Within one year –– ––
Between one and ﬁve years 87 – 87 –
Over ﬁve years 420 – 420 –
507 – 507 –
14. Contingent liability
The Company is party to a cross guarantee relating to the borrowings of its subsidiary Abaris Holdings Limited under the 
funding arrangement with Barclays Bank PLC.
15. Post balance sheet event
The Directors have recommended the payment of a ﬁnal dividend of 1.25p per share (2012: 1.00p per share), a total of 
£722,000 (2012: £571,537). The shares held in Treasury or by the Employee Beneﬁt Trust are excluded from receiving dividends 
in accordance with UK GAAP.
16. Related party transactions
The Company made contributions to the Walker Greenbank Group Personal Pension Plan of £111,000 for the year ended  
31 January 2013 (2012: £101,000). 74 / Walker Greenbank PLC Annual Report & Accounts 2013
Five Year Record
2009
£000
2010
£000
2011
£000
2012
£000
2013
£000
Revenue 63,698 60,378 68,778 74,014 75,725
Overseas revenue by location of customer 22,672 20,409 22,456 25,441 27,192
Proﬁt from operations 3,561 2,415 4,972 5,555 5,831
Proﬁt from operations before exceptional items and discontinued 
operations 3,857 2,522 4,472 5,555 5,831
EBITDA 5,703 4,308 6,210 7,001 7,175
Proﬁt before income tax 2,787 1,552 4,462 4,894 4,934
Capital expenditure 1,527 1,067 2,636 2,538 3,119
Earnings per ordinary share 2.96p 2.10p 5.36p 6.76p 6.89p
Average number of employees 594 529 550 582 587
Dividends paid in year – – 368 570 711
Shareholders’ funds 19,911 18,770 21,393 23,052 24,182
Dividend per share
– Final (prior year end) – paid  – – 0.50p 0.80p 1.00p
– Interim (current year end) – paid – – 0.15p 0.20p 0.23p
– Final (current year end) – proposed – – – – 1.25p
EBITDA is based on proﬁt from operations before exceptional items. 75 / Walker Greenbank PLC Annual Report & Accounts 2013 
Shareholder Information
Financial Calendar
Annual General Meeting  26 June 2013
Announcement of half-year results  October 2013
Walker Greenbank PLC
Chalfont House
Oxford Road
Denham
UB9 4DX
T: 0845 126 5582
F: 0845 126 5583 
www.walkergreenbank.com 76 / Walker Greenbank PLC Annual Report & Accounts 2013
Notes  Chalfont House 
Oxford Road 
Denham UB9 4DX
United Kingdom
Tel: 0845 126 5582
Fax: 0845 126 5583
W alker Greenbank PLC
www.walkergreenbank.com