Walker Greenbank PLC
Chalfont House 
Oxford Road 
Denham UB9 4DX
United Kingdom
Tel: 0845 126 5582
Fax: 0845 126 5583
www.walkergreenbank.com
Walker Greenbank PLC Annual Report and Accounts 2011
Heritage
& 
Luxury
Walker Greenbank PLC
Annual Report and Accounts for the year ended 31 January 2011 Overview
01 Highlights
02 Chairman’s Statement
04 Our Group at a Glance
08 Decoration & Celebration – 150 years
10 Chief Executive’s Review
14 Questions & Answers
16 Expansion & Potential
18 Financial Review
21 Directors and Advisers
Directors’ Report
22 Report of the Directors
24 Statement of Directors’ 
Responsibilities
25 Directors’ Remuneration Report
28 Corporate Governance Statements 
Accounts
29  Independent Auditors’ Report on 
Consolidated Financial Statements
30 Consolidated Income Statement
31  Consolidated Statement of 
Comprehensive Income
32 Consolidated Balance Sheet
33 Consolidated Cash Flow Statement
34 Consolidated Statement of Changes 
in Equity
35 Notes to the Consolidated Financial 
Statements
66  Independent Auditors’ Report on 
Company Financial Statements
67 Company Balance Sheet
68 Notes to the Financial Statements
76 Five Year Record
77 Shareholder Information
Walker Greenbank PLC is an 
international luxury interior 
furnishings group that designs, 
manufactures and markets 
wallcoverings, fabrics and 
complementary products.
The Group’s brands, Harlequin, Sanderson, Morris & Co 
and Zoffany offer a unique mix of heritage and 
contemporary design.
Front Cover image:  
Image Courtesy of Financial Times, How to Spend it Magazine: Crafted and 
Photographed by Damian Foxe, Style Director. Background and dress made of Early 
Tulips wallpaper from the Vintage Collection by Sanderson
Inside front:  
Archive Wallpapers by Morris & Co W alker Greenbank PLC
Highlights
01
£68.78m
5.36p
Revenue at 
record levels
Earnings per share
up 155%
£4.46m
0.95p
Profit before tax
Dividends for year including
increase of 60% in final
Highlights
Revenues increased 13.9% to £68.78 million
(2010: £60.38 million)
Robust growth in UK and international markets, with 
brand sales in the Rest of the World up 21.1 % led by 
the Far East
All brands performed well, with Sanderson growing 
17 .2% during its 150th anniversary year
Operating profits before exceptional gain increased 
77 .3% to £4.47 million (2010: £2.52 million)
Profit before tax increased 188% to £4.46 million 
(2010: £1.55 million); earnings per share growth of 155% 
to 5.36p (2010: 2. 10p)
Final dividend of 0.80p proposed (2010: 0.50p), an increase 
of 60%
Total dividend of 0.95p (2010: 0.5p)  W alker Greenbank PLC
Chairman’s Statement
02
Terry Stannard Non-executive Chairman
Overview
I am delighted to report that the excellent progress achieved in the 
first half of the year continued throughout the second half, giving 
an impressive outcome for the year. The Company’s brands achieved 
their highest ever level of sales during the autumn selling period, 
reflecting the strength of our recent product launches, the 
desirability of our brands and the positive trends in the luxury 
interior goods market.
Revenue and profits continued to grow during the second half, 
and our balance sheet strengthened further. Net debt reduced 
despite our continued investment in the business and return to 
dividend payments.
Revenues for the year grew by 13.9% to £68.78 million with all 
segments of the Group achieving growth over last year. Gross margins 
improved from 59.7% to 60.2%, which, combined with continued 
investment in product and marketing, has led to an increase of 77% 
in operating profit before exceptional items of £4.47 million.
Our Brands segment grew by 11.7% with all of our brands 
performing well, including a significant improvement in Zoffany. 
Sanderson led the way with growth of 17%, following strong 
investment in product during its 150th anniversary year. In our 
largest market, the UK, retail income grew by 13%. In the Rest of the 
World it grew by 21%, led by the Far East. Our global licence income 
grew 30% led by Japan and Australasia and with a significant 
improvement from our UK bedlinen licencee.
The Overseas segment includes our North American and French 
operating companies. Both these businesses achieved growth over last 
year and, following the disposal of our Italian business to our Italian 
distributor B&B Distribuzionne in December 2009, sales in Italy have 
grown significantly. Investment in marketing has increased substantially 
in the USA, following a very cautious approach the previous year.
The Manufacturing segment grew 30% over last year with third 
party revenues growing by 28% as customers continued to invest 
in new product and built stock levels.
Financials
Revenue increased 13.9% to £68.78 million from £60.38 million. The 
operating profit for the year grew 106% to £4.97 million (2010: £2.42 
million) which included the benefit of an insurance settlement of 
£0.50 million from a loss of profits claim. Profit before tax grew 188% 
to £4.46 million (2010: £1.55 million). The profit after tax increased 
158% to £3.03 million (2010: £1.17 million).
Earnings per share were 5.36p (2010: 2.10p) an increase of 155%.
Quality
&
Creativity
Chairman’s Statement
Our impressive performance reflects the strength of 
our brands and strategic importance of our 
manufacturing capability amid positive trends in the 
luxury interior furnishings market. W alker Greenbank PLC
Chairman’s Statement
03
The Group’s net indebtedness at the year end reduced to £1.82 
million (2010: £3.11 million). This represents a reduction in gearing 
to 8% (2010: 17%). The cash inflow from operating activities was 
£4.26 million (2010: £4.34 million), reflecting strong operating profits 
with lower interest costs but a significant investment in product. 
Following a negotiation and extension of the Group’s banking 
facilities for a further three years the Group’s headroom increased 
to £10.56 million (2010: £9.28 million).
Dividend
During the year, the Group has paid a final dividend for the year to 
31 January 2010 and an interim dividend of 0.15p. The Group will 
continue to invest in the future growth of the business and continue 
to pay dividends. The Directors recommend the payment of a final 
dividend of 0.80 pence per share (2010: 0.50p) which will be payable 
on 6 August 2011 to shareholders on the register on 8 July 2011. This 
brings the total dividend for the year to 0.95p (2010: 0.50p).
People
On behalf of the Board, I would like to thank all of our management 
and employees for their contribution to an extremely successful year.
Outlook
Our impressive performance during the year to 31 January 2011 
reflects the strength of our brands and strategic importance of our 
manufacturing capability amid positive trends in the luxury interior 
furnishings market.
The current year has started well, with our brand sales up 8% in the 
first quarter of the year compared with the same period last year.
We remain focused on winning further market share in established 
markets and on developing our sales overseas, where the heritage 
of our brands has significant appeal. We are encouraged by sales 
last year in countries including Russia and China, which underlines 
our international potential.
We are confident of a positive outcome for the year.
Terry Stannard
Non-executive Chairman
18 May 2011
Anoushka Collection by Harlequin 04
W alker Greenbank PLC
Our Group at a glance
04
Heritage
& 
Luxury
Our Group at a Glance
Our Group consists of four market leading 
international brands uniquely supported by 
specialist manufacturing
Momentum Collection by Harlequin W alker Greenbank PLC
Our Group at a glance
05
Harlequin supplies high quality, design led 
collections to the mid to premium end of the 
worldwide interior furnishings market.
Harlequin has had another strong year with 
revenue growing by 8.7% over last year. Its 
export markets have grown the fastest with 
strong growth in the Far East, Russia, the 
Middle East and Sweden. Harlequin has 
continued to develop new licencing 
opportunities including rugs within John Lewis.
The year has also seen a substantial 
investment in the expansion of Harlequin’s 
design studio which will add additional scope 
to broaden its product range.
Zoffany offers a range of products of the 
highest quality including wallpaper, fabrics, 
trimmings, carpets, paint and furniture. The 
designs are inspired by the rich traditions of 
the past but look equally at home in 
contemporary interiors.
Revenues have grown 8.8% driven by the 
success of its latest collections. Export 
markets in total are ahead of last year with 
strong performances in the Far East, in 
particular China, Taiwan, and Australasia.
Momentum Collection by Harlequin
+
8 .7
%
REVENUE INCREASE
Intaglio by Zoffany
+
8.8
%
REVENUE INCREASE W alker Greenbank PLC
Our Group at a glance
06
50s Collection by Sanderson
The Morris & Co. business has a heritage 
that dates back to 1861 when the acclaimed 
designer founded his first company. Its 
unique heritage is preserved in the modern 
interpretation of its high quality fabrics and 
wallcoverings. Morris & Co is celebrating its 
150th anniversary year during 2011.
Founded in 1860 and granted a Royal 
warrant in 1923, Sanderson is one of 
the most renowned brands in interiors 
worldwide, offering classic, inspirational 
product often based on documents from its 
extensive archive. It is aimed at the mid to 
premium end of the worldwide interior 
furnishings market.
2010 was its 150th anniversary year. A 
retrospective collection named Vintage 
Fabrics and Wallpapers, which reinterprets 
iconic Sanderson designs from 1890s to the 
1980s, was launched. There was a successful 
exhibition in London, Very Sanderson – 
150 years of English Decoration’ which 
attracted considerable interest from the 
design community. 
Archive Embroideries by Morris & Co
+15 0
CELEbRAt ION
Morris & Co has been 
producing luxury interior 
furnishings for 150 years 
in 2011
+15 0
CELEbRAt ION
Sanderson has been 
producing luxury interior 
furnishings for 150 years 
in 2010 W alker Greenbank PLC
Our Group at a glance
07
Scatter machine at Anstey
Flat bed printing at Standfast
‘We are the leading 
major manufacturer 
of wallpapers and 
printed fabric in  
the UK’
Anstey
Anstey Wallpaper Company is the world’s 
leading specialist commission printer. The 
business operates at the premium end of the 
market, offering a unique combination of 
design, printing and finishing of wallcoverings 
by gravure, rotary, flexo, surface, screen and 
hand block printing methods. As well as 
producing for the Walker Greenbank brands  
it also produces for third party customers.
Anstey continues to invest in innovative 
printing techniques most recently in a scatter 
machine which produces exciting new 
textured effects to wallpaper.
Standfast
Standfast & Barracks is situated in Lancaster 
and was bought by Walker Greenbank in 
March 2000. The business is acknowledged 
as a worldwide leader in its field. It 
specialises in high quality rotary, flat bed and 
digital printing, concentrating on very high 
specification for the exclusive furnishing  
and apparel markets, printing on a wide  
range of fabrics. 08
W alker Greenbank PLC
Morris & Co – 150 years
Decor ation
 & 
Celebr ation
1855 1859
William Morris (1834–1896) was the single 
most influential designer of the nineteenth 
century. At the age of twenty one, he 
inherited an annual income equivalent to 
approximately £72,000 today and in 1855 
he embarked on a walking tour of Northern 
France with Edward Burne-Jones to see the 
great gothic cathedrals. 
Morris married Jane Burden in 1859 and they moved into a new home – Red House in 
Bexleyheath. Morris and his friends carried out the complete decoration of the property 
in the mediaeval style. 
Morris & Co – a revolution in decoration
Celebrating 150 years of arts and crafts design
Image courtesy of the National Trust Morris & Co. 150th anniversary celebrated by 
the launch of the Morris Archive collections.
Sanderson and Morris & Co. are purchased 
by Walker Greenbank PLC. Production is 
moved to the Group’s own mills; wallpaper 
to Anstey and fabric printing to Standfast.
09
W alker Greenbank PLC
Morris & Co – 150 years
1875
1861
Morris, Marshall, Faulkner & Co are dissolved 
and ‘Morris & Co.’ established with William 
Morris as sole proprietor.
On the completion of Red House in 1861, 
Morris and his friends decided to found 
Morris, Marshall, Faulkner & Company, 
turning their domestic hobby into a 
commercial venture.
By the mid 1860’s, Morris concentrated all 
his decorative prowess on his wallpaper 
designs, most famously Trellis, Daisy and 
Fruit. Trellis was Morris’s first wallpaper, 
issued in 1864 and used in Red House prior 
to Morris vacating the property in 1865 
(interestingly Morris was unable to draw birds 
and therefore his architectural friend, Philip 
Webb completed the design with the 
necessary birds!)
After successful trials Morris entrusted all his 
wallpapers to Jeffrey & Company, who 
continued to print all Morris & Co. wallpapers 
until 1927 when the wallpaper blocks were 
transferred to the Sanderson factory at 
Chiswick.
Arthur Sanderson & Sons purchased the 
Company known as Morris & Co Artworkers 
Ltd, together with all the printing blocks, 
showroom wallpaper and fabric samples, 
stocks and stand books for the sum of four 
hundred pounds. 
In 1965, Sanderson re-launched Morris & Co. 
wallpapers and fabrics and in 1985, the 
Morris & Co. and Sanderson brands were 
marketed under their separate identities. 
Today the brands of Sanderson and Morris & 
Co. continue to grow.
1927 1940
1965
1860
2011 2003 W alker Greenbank PLC
Chief Executive’s Review
10
Strategy
It is extremely pleasing to report that our continued commitment to 
product investment, design excellence and manufacturing capability 
has led to the best trading performance by the Group in more than 
ten years.
Whilst mindful of the uncertainties in the global economy we 
remain committed to the five key elements of our growth strategy, 
which comprise: 
Geographic expansion – to focus on the distribution and  −
marketing of our brands in the European and North American 
markets where our Group is currently immature relative to its 
peers, and to invest in the exciting growth opportunity for luxury 
interior goods that presents itself in the Rest of the World;
Organic growth – to continue to grow our influential mid market  −
brands in the UK retail market through expansion of the product 
range and extension of their market positions;
Licensing income – to profit from the global recognition of the  −
Group’s heritage brands, Sanderson and Morris & Co, and the 
contemporary design excellence of the Harlequin brand by 
exploiting the considerable product licensing opportunities 
that exist; 
Contract sales – to drive the expansion of the unique opportunity  −
our contracts business presents through further investment in 
contract specific product supported by the strength of our brand 
names, our ability to competitively source product and our 
manufacturing capability, predominantly focusing at the mid to 
upper end of the contract market; and
Acquisitions – to evaluate acquisition opportunities that fit with  −
our current brand portfolio and further advance our earnings 
growth ambitions.
Overview
Following two disruptive years due to the global recession, I am 
pleased to report we are now fully back on track and successfully 
delivering our strategy for growth.
Retail revenues in our non UK markets have grown 9.3%, which has 
been led by growth of 21.1% in the Rest of the World, particularly 
driven by the Far East, Australasia and emerging South American 
markets. European revenues have grown 3.2%, within this Eastern 
European and Scandinavian markets have made significant progress 
but have been held back by flat Western European revenues. North 
American retail revenues have grown 11.9% compared with 
particularly poor comparators last year but some isolated regional 
markets in the USA continued to be difficult. 
Our continued investment in design, marketing and depth of product 
launch, supported by our commitment to customer service through 
increased stock holding, has helped grow our UK retail business a 
Strength
& 
Opportunity
Chief Executive’s Review
With the growing strength of our balance sheet we 
remain committed to investment to further develop 
the business and are firmly focussed on 
geographic expansion
John Sach Group Chief Executive W alker Greenbank PLC
Chief Executive’s Review
11
further 13.1% to £27.96 million. The success of our investment in 
product and marketing is ably demonstrated by Sanderson, which 
during its 150th anniversary year delivered strong revenue growth 
of 17.2%.
Global Licensing income has grown 30%. Our overseas licence income 
has grown strongly driven in particular by Japan and Australasia. 
Having addressed issues with our UK bed-linen licencee in the latter 
part of the previous year bed-linen revenues have grown to record 
levels. The luxury and heritage nature of the Group’s brands has led 
to the signing of a number of new licence arrangements.
Our contract revenues declined slightly during the year. This was 
due to a relatively quiet market and two major contracts last year. 
We remain committed to and confident about the potential of this 
market segment and are delighted with our recent announcement 
of the award of a substantial contract in the Middle East.
 
Manufacturing for third party customers has benefited from 
customers restocking in the early part of the year and an overall 
strengthening market for wallpaper and printed fabrics. We continue 
to invest in our production capability and customer support and this 
helped grow annual revenues 27.8% to £15.25 million. 
The Brands
Walker Greenbank has continued its investment in extensive product 
development and commitment to customer service within its four 
premium interior furnishing brands. The brands have achieved 
growth of 11.7% over last year. Following the significant marketing 
exposure during its 150th anniversary year, Sanderson has led the 
way with growth of 17.2%. The market’s continued demand for 
colour and design has seen our fabric printing and wallpaper sales 
grow 18.6% and 11.6% respectively, nearly all of which is sourced 
from our own manufacturing resource. Sales of woven fabrics, which 
are sourced externally, have grown 9.8%. 
The Brands’ operating profits before exceptional items grew 14.4% 
to £5.28 million with the investment in product and marketing at 
record levels. 
Harlequin
Harlequin has grown its overall revenues 8.7% over the same period 
last year, maintaining its position as the UK’s leading mid-market 
contemporary brand. Its export markets have grown the fastest, driven 
by particularly strong growth in the Far East, Russia, the Middle East 
and Sweden. Harlequin continues to develop its licensing income 
stream from a variety of products and leads the branded interior 
furnishings offer within the John Lewis Partnership. The year has also 
seen a substantial investment in the expansion of Harlequin’s design 
studio which will add additional scope to broaden its product range.
Arthur Sanderson & Sons incorporating the Morris & Co brand
There has been particular investment both in product and marketing 
during Sanderson’s 150th anniversary year. A retrospective collection 
named Vintage Fabrics and Wallpapers, which reinterprets iconic 
Sanderson designs from 1890s to the 1980s, was launched. We also 
held a successful exhibition in London, ‘Very Sanderson – 150 years 
of English Decoration’ which attracted considerable interest from 
the design community, and also collaborated on a book, ‘Sanderson: 
the Essence of English Decoration’. These, and other activities, 
have raised the profile of the Sanderson brand, which is widely 
acknowledged as the world’s most recognised interior decoration 
brand. Revenues grew 17.2% to £17.86 million, carrying on the 
momentum gained in the first half with strong growth both in the 
UK and export markets. Morris & Co will be celebrating its 150th 
anniversary in 2011.
Frangipani by Zoffany W alker Greenbank PLC
Chief Executive’s Review
12
Zoffany
Zoffany is positioned at the upper end of the premium market and has 
seen overall revenues grow by 8.8% to £9.44 million driven by the 
success of its latest collections and a relatively buoyant UK market. 
Export markets in total are ahead of last year helped by strong 
performances in the Far East, in particular China, Taiwan, and 
Australasia but restrained by weak European and US markets. 
Overseas
USA
The US revenue has grown 7.5%, equating to 5.0% in constant 
currency, over weak comparatives last year. In general, encouraging 
progress has been made in the majority of our key regional markets 
but held back by the poor performance of Los Angeles, Atlanta and 
Dallas showroom partners. We have addressed two of these issues 
with changes in our showroom partners in the early part of the current 
year and remain confident about the medium term potential of the 
North American market.
Europe
Our French distribution business encouragingly grew 11.3% 
following investment in our Paris showroom and greater 
management focus. 
The Group’s Italian distribution business in Rome for Harlequin and 
Zoffany was sold in December 2009 to B&B Distribuzionne in Milan, 
which has distributed Sanderson successfully for many years. Since that 
disposal significant growth has been achieved in the Italian market. 
Manufacturing
Our manufacturing business has performed very strongly with 
high demand throughout the year. The business has benefited 
from customers restocking in the early part of the year followed by 
increasing investment in new collections as market confidence grew 
throughout the year. Total revenue increased by 30% to £28.78 
million with growth evenly spread between third party customers 
and our own brands. Strong factory throughput and increasing 
factory efficiency following significant capital investment has led 
to a near fourfold increase in profitability.
Anstey
Anstey, our wallpaper printing business, had a very successful year 
with revenues growing by 36% to £13.03 million. Sales in the UK are 
up 38% and sales to our export markets are up 82%. This has been 
driven by third party growth of 42% helped by new customers 
commissioning wallpaper at our factory and supported by internal 
brand growth of 31%.
The investment made in a scatter machine in the first half of the year 
has given us the capability to add glass beads and other particles to 
wallpaper, offering our customers a wider range of exciting new 
textured effects. This was commissioned in the second half and 
Harlequin led the way with the recent launch of the Momentum 
collection utilising this technique. Third party customers are also 
progressing with design developments.
Standfast
Standfast, our fabric printing factory, achieved strong revenue 
growth of 26% to £15.75 million. Third party revenue grew 20% 
broadly split between home and export markets. Revenue from our 
own brands grew 35% following the continued revival of interest in 
printed fabrics. This is ably demonstrated by the success of Harlequin 
and Sanderson print collections launched in the past 12 months 
which are proving to be the most successful for a number of years. 
Standfast has also benefited from new customers printing with the 
factory for the first time.
 
Standfast is currently commissioning its third digital printer to meet 
the increasing demand for digital printing, which allows customers 
the flexibility of high value, short print runs and large scale designs. 
The continued demand for digital printing will lead to further 
investment to increase production speeds and capacity. 
Original artworks held in the Archive W alker Greenbank PLC
Chief Executive’s Review
13
Summary
Our on-going investment in product design, marketing, customer 
service and manufacturing capability has helped us deliver the 
strongest revenues and profits for over ten years. With the growing 
strength of our balance sheet we remain committed to this 
investment programme to further develop the business. 
 
Our focus is firmly on geographic expansion and on the exploitation 
of our luxury interior brands. Our objective is to achieve global 
revenue growth and to benefit from an enhanced return on sales
through the operational gearing in the business. We remain 
confident of continued progress.
John Sach
Group Chief Executive
18 May 2011
From the Morris & Co archives
From the Morris & Co archives The Archives W alker Greenbank PLC
Questions & Answers
14
Q&A
John Sach answers some of the frequently  
asked questions about WalkerGreenbank  
and it’s future growth.
Q: What are Walker Greenbank’s 
assets?
A: Our brands, our people, our UK manufacturing base and our 
world renowned archive, which provides an endless source of 
design inspiration. Our brands are the key assets – they combine 
luxury, heritage and quality.
Q: Where are your brands 
positioned in the marketplace?
A: Our wallpapers and fabrics are at the luxury end of the 
marketplace in a range of price points. Our wallpapers retail at 
between £25 and £100 a roll, with the majority at £35 to £65. Our 
fabrics retail at between £25 and £150 a metre, with the majority 
sold at £35 to £85. 
Q: Why do you do your own 
manufacturing?
A: Manufacturing is of huge strategic importance. We’re one 
of only a very few manufacturers in our industry in the UK. We 
continue to invest in manufacturing to support our own brands and 
our third-party customers. Manufacturing in the UK allows us to 
respond quickly to customers’ artistic requirements and is also an 
excellent marketing tool.
Q: What investments have you 
made in manufacturing?
A: We continue to innovate with new printing techniques, which 
allow us to be at the forefront of design at our brands and to 
benefit the wider industry. Our most significant recent investments 
have been in expanding our digital printing capacity to meet 
demand and in a scatter machine, which gives exciting new 
textured effects on wallpaper. 
Q: What is your growth strategy?
A: There are very significant growth opportunities available to us. 
Our strategy has a number of elements including geographic 
expansion, organic growth, maximising licensing income, developing 
our contracts division and potential acquisitions. The heritage of our 
brands provides us with real opportunity, particularly overseas, for 
income generation.
Q: How important is licensing 
income?
A: The heritage of the Sanderson and Morris & Co brands and the 
contemporary designs of Harlequin provide significant potential for 
extending our licensing income. Our brands are currently licensed 
in areas such as bedding, paints, rugs, tableware, lighting and 
towels. Licensing creates the potential for our brands to embrace 
lifestyle products, unifying home environments.  W alker Greenbank PLC
Questions & Answers
15
Q: Where do you see the biggest 
geographic opportunities?
A: Currently our biggest regions are Europe and the US but our 
products are currently sold in 76 countries worldwide. The emerging 
markets such as China and the Far East, Eastern Europe and South 
America also offer very exciting growth opportunities for us.
Q: What about the US market?
A: The US market was particularly badly hit by the recession but there 
are some signs of recovery. We are underweight in the US relative to 
our peer group and we see this market as a clear opportunity. 
Q: Could colour and design in 
interiors go out of favour in the 
near future?
A: This is highly unlikely. The trends in interior decoration tend to 
endure for many years and are different to the transient trends of 
the fashion industry. We are confident that our industry has a 
bright future.
Q: What do you see as the most 
important recent milestone at 
Walker Greenbank?
A: Returning to the dividend list which underlines the financial 
strength of the Company. 
50s Collection by Sanderson ‘We are increasing our 
focus on the distribution 
and marketing of our 
brands around the world.’
W alker Greenbank PLC
Geographic Potential
16
Expansion
& 
Potential
USA Reven Ue £000
So Uth A me Ric A 
Reven Ue £000
5,095 5,475
142 271
2010
2011
2010
2011 W alker Greenbank PLC
Geographic Potential
17
we Ste Rn e URope 
Reven Ue £000
middle e ASt 
Reven Ue £000
AUSt RAl ASi A 
Reven Ue £000
Sc Andin Avi A 
Reven Ue £000
e ASte Rn e URope 
Reven Ue £000
f AR e ASt Reven Ue £000
6,581 6,367 518 558
478 549
1,487 1,740 1,399 1,741 1,868 2,326
2010
2011
2010
2011
2010
2011
2010
2011
2010
2011
2010
2011 W alker Greenbank PLC
Financial Review
18
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 4 
of these consolidated financial statements, further information 
on our segments. 
 
Exceptional items are both material and their nature is sufficient to 
warrant separate disclosure and identification. During the year a full 
and final payment of £500,000 was received for a ‘loss of profits 
claim’ which arose from the disruption to collection launches in 2009 
as a consequence of the loss of marketing material products held at a 
third party’s premises which were destroyed in a fire in January 2009. 
In the previous year ‘Redundancy expenses’ of £322,000 were 
incurred to reduce the cost base of the Group during the economic 
downturn and ‘Net income from an insurance recovery’ of £225,000 
for marketing material products destroyed in the fire noted above.
Interest
The net interest charge for the year was £146,000 (2010: £263,000) 
including amortisation of debt issue costs capitalised. The reduced 
cost reflects the reduced average level of borrowings during the year 
and the reduction in interest rates over the year but there was a 
receipt of £86,000 as a consequence of a successful Fleming claim 
for the recovery of VAT.
 
Net Defined Benefit Pension
The charge during the year was £364,000 (2010: £600,000). This 
is a consequence of an increase in asset values at the start of the 
financial year compared with that at the beginning of the previous 
year, leading to an increase in the expected return on assets 
combined with a net settlement gain arising from the two remaining 
deferred members of the Walker Greenbank Senior Management 
Scheme accepting enhanced transfer values during the year and the 
effective closure of the scheme. 
 Current Taxation
There is a small corporation tax charge of £13,000 arising from 
withholding tax suffered on overseas licence income. 
 
Deferred Taxation
Due to the substantial brought forward corporation tax losses 
(£16.2 million), the Group does not anticipate paying UK corporation 
tax in the immediate future. However, as the majority of the 
corporation tax losses have now 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.
 
The Group also continues to recognise the deferred tax asset arising 
from the pension deficit. As the pension deficit has decreased during 
the year a decrease in the associated deferred tax asset has been 
recognised in the Statement of Comprehensive Income.
 
Earnings per share (‘EPS’)
The basic and diluted EPS was 5.36p (2010: 2.10p). 
 
Operating Cash Flow and Net Debt
The Group generated net cash inflow from operating activities during 
the year of £4,260,000 (2010: £4,338,000) reflecting the strong 
operating profits and lower interest costs and the continued 
investment in product. 
 
The Group paid net interest of £121,000 (2010: £239,000) and 
capital expenditure of £2,453,000 (2010: £1,067,000). The 
depreciation and amortisation charge during the period was 
£1,738,000 (2010: £1,786,000). The Group will continue to invest 
in the Manufacturing facilities and is part way through a major 
investment in a new IT system for the Brands. Capital expenditure 
will remain high during the next 12 months. 
Financial
Review W alker Greenbank PLC
Financial Review
19
The Group made additional payments to the Pension schemes 
of £1,084,000 (2010: £1,063,000) to reduce the deficit, part 
of the ongoing planned reduction, along with £322,000 (2010: 
£289,000) of regular contributions to fund scheme expenses. 
The Group purchased 350,000 shares at a cost of £178,000 
in December 2010 to satisfy LTIP awards expected to vest in 
future periods.
Net debt in the Group has reduced by £1,297,000 to £1,817,000 
(2010: £3,114,000) representing gearing of 8% (2010: 17%). The 
average level of debt during the year is higher due to the timing and 
seasonality of revenues and investment in product.
The Group utilises facilities provided by Barclays Bank PLC. There is a 
term property facility of £2,600,000 (2010: £3,000,000) at the year 
end expiring in July 2017. There is also a facility linked to working 
capital which allows the Group to more effectively manage seasonal 
fluctuations in working capital. This facility was renewed in March 
2010 for a further three year term expiring in July 2013. The 
borrowings at the end of the year under the working capital facility 
were £1,161,000 (2010: £2,467,000), representing headroom of 
£10,559,000 (2010: £9,281,000). The headroom is set out below:
Utilisation
£000
Availability
£000
Property 2,583 2,600
Inventory – 2,500
Receivables 1,161 7,276
3,744 12,376
Less: Cash and cash equivalents (1,927)
Net Debt 1,817 (1,817) 
Headroom 10,559
The total facilities have a current limit of £16.50m (2010: £16.50m). 
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 decreased this year. The key factors affecting the 
movement in the deficit have been: contributions of £1,406,000 from 
the Company to reduce the deficit; an increase in the liabilities of the 
scheme arising predominantly from lower discount rates and higher 
inflation assumptions; an increase in scheme assets reflecting the 
improvement in the economic climate compared to the end of the 
previous financial year. The impact of these factors is shown as follows:
2011
£000
Deficit at beginning of period (7,943)
Scheme expenses (322)
Other finance expense (108)
Contributions 1,406
Actuarial gain on scheme assets 1,718
Settlement gain 66
Actuarial losses on scheme liabilities (1,559)
Gross deficit at the end of the year (6,742)
Reven Ue £m
2007
2008
2009
2010
2011
2008
2009
2010
2011
2008
2009
2010
2011
54 62 64 60 69
o pe RAting p Rofit 
befo Re exception Al S 
£m
2007
2.5 4.0 3.9 2.5 4.5
n et ASS et S
£m
2007
13 21 20 19 21 W alker Greenbank PLC
Financial Review
20
Long-Term Incentive Plan
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 with a Profit before Tax floor. There has been 
a charge of £697,000 (2010: £145,000) in the Income Statement 
relating to LTIP awards. The charge is higher this year as the award 
made in May 2007 will now fully vest as the top range of the financial 
target of profit before tax has been met. Accruals had been made in 
the previous year based on achievement of the lowest range of the 
financial target which reflected internal projections at that time.
Disposals
There were no major disposals during the year. 
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.
The Group does not trade in financial instruments and hedges are 
only used for highly probable future cash flows. There is a hedging 
asset of £63,000 (2010: £175,000) at the end of the year in relation 
to US dollar and Japanese Yen contracts.
Credit Risk
The Group no longer seeks credit insurance as this was no longer 
considered 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, a provision has been required of £253,000 
(2010: £172,000) which is a collective assessment of the risk. 
Alan Dix
Group Finance Director
18 May 2011
Boutique by Harlequin W alker Greenbank PLC
Directors and Advisers
21
Directors
Terry Stannard (61)
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 
Gardman Holdings Ltd, Antler Ltd and TSC Foods Group Ltd and holds 
non-executive director roles at Bradford & Sons Ltd, Macphie of 
Glenbervie Ltd and Moloney Ventures Ltd.
Fiona Goldsmith (44)
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 Sach (55)
Chief Executive Officer
John joined the Group in 1994 as Group Financial Controller and was 
appointed to the Board as Group Finance Director in 1999. He was 
appointed Chief Executive Officer in May 2004.
David Smallridge (55)
Executive Director
David joined the Group in 2002 with a broad based experience as a 
managing director in a variety of consumer products businesses. 
He was appointed to the Board in December 2004 following his 
appointment as Managing Director of the Group’s four main fabric and 
wallcovering brands, Harlequin, Sanderson, Morris & Co. and Zoffany.
Alan Dix (52)
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
Advisers
Stockbrokers and Advisers
Seymour Pierce Ltd
20 Old Baily
London EC4M 7EN
Auditors
PricewaterhouseCoopers LLP
10 Bricket Road
St Albans
Herts AL1 3JX
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
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
West Yorkshire HD8 0LA
Bankers
Barclay’s Commercial Bank
Ashton House
497 Silbury Boulevard
Milton Keynes MK9 2LD
Directors and Advisers 22
W alker Greenbank PLC
Report of the Directors
Business risks
There is an on going 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 are the potential loss of the core IT 
system used by the Brands and the potential loss of the central 
warehousing facility in Milton Keynes. The phased implementation of 
an established third party replacement IT system is under way and will 
be concluded by the end of the coming financial year. The Group has 
mitigated some of the risks associated with a 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. 
Whilst the trading conditions in North America remain difficult, this 
will affect trading of our business in North America but this business 
is not currently a significant profit contributor to the overall Group.
 
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.
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 2011.
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 10, which, taken with 
the Chairman’s Statement on page 02, the Financial Review on page 
18 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 £4,462,000 (2010: £1,552,000). 
The Directors recommend payment of a final ordinary dividend of 
0.80p per share, amounting to £455,000 (excluding dividends on 
treasury shares and shares held by the employee benefit trust) which 
will be recognised in the financial statements for the following year 
(2010: 0.50p per share). An interim dividend of 0.15p per share was 
paid during the year.
Key Performance Indicators (‘KPIs’)
The KPIs for the business are primarily financial.
2011 2010
Sales growth/(decline) 14% (5)%
Operating profit margin before  
exceptional items 6.5% 4.2%
Gearing 8% 17%
Pension deficit as a percentage of 
shareholders’ funds 32% 42%
Earnings per share 5.36p 2.10p
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. 
Report of the Directors 23
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.
Acquisition of own shares
On 7 December 2010 the Company made market purchases into 
treasury of 100,000 ordinary shares of 1p each at a price of 50p per 
ordinary share. On 9 December 2010 the Company made market 
purchases into treasury of 150,000 ordinary shares of 1p each at a 
price of 51p per ordinary share and 100,000 ordinary shares of 1p 
each at a price of 50.5p per ordinary share. The total number of 
shares held in Treasury is 960,000. It is intended that these ordinary 
shares will be used to satisfy future awards made under the 
Company’s LTIP.
Substantial shareholdings
At 5 May 2011 the Company is aware of the following substantial 
shareholdings in its ordinary share capital, comparatives at 7 May 
2010 are shown. Gartmore Investment Limited 16.49% (2010: 
20.09%), BlackRock Investment Management 6.16% (2010: 6.12%), 
Brewin Dolphin 5.46% (2010: 4.98%), Williams de Broe 4.38% 
(2010: 0.83%), Barclays Wealth 4.01% (2010: 4.28%), 
TD Waterhouse Investment Management 3.94% (2010: 3.48%), 
Royal London Asset Management 3.71% (2010: 3.68%), 
British Airways Pension Investment Management 3.70% (2010: 
4.14%) and Walker Greenbank EBT 3.19% (2010: 3.17%).
Annual General Meeting
The Annual General Meeting will be held on 22 June 2011 as stated 
in the Notice of Meeting separately distributed to shareholders.
Auditors
A resolution to reappoint PricewaterhouseCoopers LLP as 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
Julian Wilson
Company Secretary 
18 May 2011
Registered Office
Chalfont House
Oxford Road
Denham UB9 4DX
Registered number 61880
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 2011 represents 102 days (2010: 80 days) of average 
purchases during the year for the Group. This is high due to the 
timing of purchases at the year end. 
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 (2010: nil). During 
the year the Group made no charitable donations (2010: nil).
Directors
The Board of Directors as at the date of this report and during the 
year ended 31 January 2011 is set out on page 21, together with 
biographical details. Details of the Directors’ Service Contracts are 
set out in the Directors’ Remuneration Report on page 25.
At the forthcoming Annual General Meeting (‘AGM’) T G Stannard 
and D H Smallridge will retire by rotation and being eligible will offer 
themselves for re-election.
Directors’ share interests
The Directors in office at 31 January 2011 and their interests in the 
shares of the Company were as follows:
1p ordinary 
shares 
31 January 
2011 
Number
1p ordinary 
shares 
31 January 
2010 
Number
T G Stannard 70,000 70,000
F C Goldsmith 45,000 45,000
J D Sach 1,093,370 1,054,890
D H Smallridge 559,922 531,742
A N Dix* 429,535 407,345
*Includes 407,345 ordinary shares held by Mr Dix’s wife.
The share price on 1 February 2010 was 22.5p and on 31 January 2011 
was 53.0p
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 25.
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.
W alker Greenbank PLC
Report of the Directors 24
W alker Greenbank PLC
Statement of Directors’ Responsibilities
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
Julian Wilson
Company Secretary 
18 May 2011
Registered Office
Chalfont House
Oxford Road
Denham UB9 4DX
Registered number 61880
The Directors are responsible for preparing the Annual Report, 
the Directors’ Report, the Directors’ Remuneration 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 are required to 
prepare the Group financial statements in accordance with 
International Financial Reporting Standards (‘IFRSs’) as adopted by the 
European Union, and have elected to prepare 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 those financial statements, the Directors are required to:
(i)  select suitable accounting policies and then apply them 
consistently;
(ii)  make judgements and estimates that are reasonable and prudent;
(iii)  state whether 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;
(iv)  prepare the financial statements on the going concern basis 
unless it is inappropriate to presume that the Company will 
continue in business.
Statement of Directors’ Responsibilities 25
W alker Greenbank PLC
Directors’ Remuneration Report
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 industry standard executive remuneration and relative pay 
levels within the Group. Each Executive Director is provided with 
health care benefits. 
Annual performance related bonus
Each Executive Director’s remuneration package includes a 
performance related bonus. For the year ended 31 January 2011, the 
maximum bonus payable was 75% of basic salary. Annual financial 
performance targets are set along with individual objectives.
Long-Term Incentive Plan (‘LTIP’)
All equity based awards are subject to an overall limitation on the 
number of shares issued to 10% within any ten year period. The 
LTIP was approved by shareholders in 2006 and is valid for a 
10 year period.
The LTIP seeks to motivate and retain Executive Directors and other 
senior management within the Group, to enable them to potentially 
benefit from improved total shareholder return (‘TSR’) and the profit 
before tax (‘PBT’) performance of the Group. The Committee 
administers the LTIP and the grant of nil cost options under the LTIP. 
The maximum annual value of nil cost options that can be made to 
an individual is equivalent to 150% of basic salary at the date of 
grant. The options granted during the year will only become 
exercisable (vest) if the performance conditions are met, which 
includes continued employment of the individual by the Group.
A full summary of the performance conditions attaching to 
outstanding awards can be found on page 63. To the extent that 
these performance conditions are not met at the end of the vesting 
period, the options will lapse. 
Pensions
J Sach is a member of the defined benefit section of the Walker 
Greenbank Pension Scheme and 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’ 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.
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’). Whilst the Company is not required to 
comply with the Regulations, it has used the Regulations as guidance 
and voluntarily presented selected disclosures that reflect the extent 
of the Company’s application of the Regulations. 
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 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 advisors when it considers it is appropriate. In determining 
the Directors’ remuneration for the year, including the structure of 
long-term incentive plans for management, the Committee consulted 
BDO Stoy Hayward about its proposals. BDO Stoy Hayward also 
provide taxation advice and consultancy services to the Group. 
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.
Directors’ Remuneration Report 26
W alker Greenbank PLC
Directors’ Remuneration Report
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
£000s
Annual 
bonus 
£000s
Benefits 
in kind 
£000s
Pension 
contribution 
£000s
2011 
Total 
£000s
2010 
Total 
£000’s
Executive Directors
J Sach 224 166 4 34 428 506
D Smallridge 163 122 1 24 310 390
A Dix 129 73 1 13 216 268
Non-executive Directors
T Stannard 60 – – – 60 60
F Goldsmith 27 – – – 27 26
603 361 6 71 1,041 1,250
Directors’ pension entitlements
Accrued annual pension benefits for J Sach at the year end were £11,072 (2010: £11,406) 
Directors’ LTIP Awards
Date of grant
Maximum awards at 
1 February 10 Granted in year Exercised in year Lapsed in year
Maximum awards at 
31 January 11
J Sach
24/05/2007 495,283 – – – 495,283
27/05/2009 800,000 – – – 800,000
20/05/2010 – 680,000 – – 680,000
1,295,283 680,000 – – 1,975,283
D Smallridge
24/05/2007 353,774 – – – 353,774
27/05/2009 600,000 – – – 600,000
20/05/2010 – 495,000 – – 495,000
953,774 495,000 – – 1,448,774
A Dix
24/05/2007 283,019 – – – 283,019
27/05/2009 300,000 – – – 300,000
20/05/2010 – 292,000 – – 292,000
583,019 292,000 – – 875,019
The award of shares on 24 May 2007 has a four year vesting period. The award level is dependent upon the profit before tax result for 
the financial year ended 31 January 2011. The maximum award will vest as the profit before tax result exceeded the upper range target of 
£4.3 million. The share price on the date of grant was 53.0p
Directors’ Remuneration Report continued 27
W alker Greenbank PLC
Directors’ Remuneration Report
The award of shares on 27 May 2009 has a three year vesting period 
and is subject to a minimum profit before tax hurdle of £3.1 million 
for the financial year ended 31 January 2012. The award begins to 
vest to Executive Directors upon the Company achieving TSR at the 
median of its comparator group operating in the Household sector 
and increases on a sliding scale to achieve maximum award if the 
Company tops its comparator group. The share price on the date of 
grant was 14.25p.
The award of shares on 20 May 2010 has a three year vesting period 
and is subject to a minimum profit before tax hurdle of £3.5 million 
for the financial year ended 31 January 2013. The award begins to 
vest to Executive Directors upon the Company achieving TSR at the 
median of its comparator group operating in the Household sector 
and increases on a sliding scale to achieve maximum award if the 
Company tops its comparator group. The share price on the date of 
grant was 33.0p.
The share price reached a high of 56.0p and a low of 22.0p during 
the financial year ended 31 January 2011. The average share price 
during the financial year was 35.11p. The share price on 31 January 
2011 was 53.0p.
Total Shareholder Return index for the four financial years 
ending 31 January 2011
0.0
0.2
0.4
0.6
0.8
1.0
1.2
Feb-07 Aug-07 Feb-08 Aug-08 Feb-09
Walker Greenbank PLC FTSE AIM ALL SHARE
Aug-09 Feb-10 Aug-10 Jan-11
0
20
40
60
80
100
120
Approval
This report was approved by the Directors and signed on its behalf by:
Julian Wilson
Company Secretary
18 May 2011
  28
W alker Greenbank PLC
Corporate Governance Statement
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 
T Stannard, the other Non-executive Director. 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 21. The 
Audit Committee meets at least twice 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.
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.
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.
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.
As a Company listed on the Alternative Investment Market (‘AIM’) the 
Company is not required to adhere to the existing Combined Code on 
Corporate Governance June 2008 (‘the Code’) or the FSA Corporate 
Governance Rules for premium and standard listed companies. 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 Company will also consider the impact of the UK Corporate 
Governance Code, which was published in May 2010 following the 
FRC’s review and which applies to financial years beginning on or after 
29 June 2010.
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. 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.
Nomination Committee
The Nomination Committee is chaired by T Stannard 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. The new 
Articles of Association adopted at the Annual General Meeting in 
July 2010 do not exempt any Directors from retirement by rotation.
Remuneration Committee
The Remuneration Committee is chaired by T Stannard Non-
executive Chairman and F Goldsmith the other Non-executive 
Director. The Remuneration Committee is responsible for making 
recommendations to the Board in relation to all aspects of 
remuneration for Executive Directors and designated senior 
Corporate Governance Statement 29
W alker Greenbank PLC
Independent Auditors’ 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 2011 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 2011. 
Owen Mackney (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
St Albans
18 May 2011
We have audited the Group financial statements of Walker 
Greenbank PLC for the year ended 31 January 2011 which comprise 
the Consolidated Income Statement, the Consolidated Statement 
of Comprehensive Income, the Consolidated Balance Sheet, the 
Consolidated Cash Flow Statement, the Consolidated Statement of 
Changes in Equity, 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.
Independent Auditors’ Report 
t o the members of W alker Greenbank PLC W alker Greenbank PLC
Accounts
30
Consolidated Income Statement 
Y ear ended 31 January 2011
Note
2011
£000
2010
£000
Revenue 4 68,778 60,378
Profit from operations before exceptional items 4,472 2,522
Exceptional items:
 – redundancy expenses 5 – (332)
 – net proceeds from insurance recovery 5 – 225
 – loss of profit claim 5 500 –
Profit from operations 4–7 4,972 2,415
Net defined benefit pension charge 8 (364) (600)
Net borrowing costs 9 (146) (263)
Net finance costs (510) (863)
Profit before tax 4,462 1,552
Total tax charge 12 (1,434) (379)
Profit for the year 3,028 1,173
Earnings per share – Basic and diluted 13 5.36p 2.10p
The notes on pages 35 to 65 form an integral part of the consolidated financial statements. W alker Greenbank PLC
Accounts
31
Consolidated Statement of Comprehensive Income
Y ear ended 31 January 2011
Note
2011
£000
2010
£000
Profit for year 3,028 1,173
Other Comprehensive Income/(Expense):
Actuarial gains on scheme assets 23 1,718 2,665
Changes in actuarial mortality assumptions 23 – 495
Other actuarial losses on scheme liabilities 23 (1,559) (7,694)
Currency translation gains 4 175
Cash flow hedges (losses)/gains (112) 987
(Reduction)/recognition of deferred tax asset relating to pension scheme liability (403) 1,059
Other comprehensive expense for the year, net of tax (352) (2,313)
Total comprehensive income/(expense) for the year attributable to the owners of the parent 2,676 (1,140)
The notes on pages 35 to 65 form an integral part of the consolidated financial statements. W alker Greenbank PLC
Accounts
32
Consolidated balance Sheet
At 31 January 2011
Note
2011
£000
2010
£000
Non-current assets
Intangible assets 14 5,973 5,687
Property, plant and equipment 15 8,768 8,160
Deferred income tax assets 16 3,982 5,806
18,723 19,653
Current assets
Inventories 17 15,630 13,238
Trade and other receivables 18 14,383 10,309
Derivative financial instruments 19 63 175
Cash and cash equivalents 20 1,927 2,333
32,003 26,055
Total assets 50,726 45,708
Current liabilities
Trade and other payables 21 (18,847) (13,548)
Borrowings 22 (400) (2,867)
(19,247) (16,415)
Net current assets 12,756 9,640
Non-current liabilities
Borrowings 22 (3,344) (2,580)
Retirement benefit obligation 23 (6,742) (7,943)
(10,086) (10,523)
Total liabilities (29,333) (26,938)
Net assets 21,393 18,770
Equity
Share capital 25 590 590
Share premium account 457 457
Foreign currency translation reserve (161) (165)
Accumulated losses (20,063) (22,794)
Other reserves 40,570 40,682
Total equity 21,393 18,770
The notes on pages 35 to 65 form an integral part of the consolidated financial statements.
J D Sach A N Dix 
Director Director 
These financial statements were authorised for issue by the Board of Directors on 18 May 2011
Registered number: 61880 W alker Greenbank PLC
Accounts
33
Consolidated Cash Flow Statement
Y ear ended 31 January 2011
Note
2011
£000
2010
£000
Cash flows from operating activities
Cash generated from operations 28 4,456 4,592
Interest paid (209) (239)
Debt issue costs (62) –
Interest received 88 –
Income tax received – 50
Income tax paid (13) (65)
4,260 4,338
Cash flows from investing activities
Purchase of intangible fixed assets (503) (272)
Purchase of property, plant and equipment (1,950) (795)
Proceeds on sale of property, plant and equipment 1 –
(2,452) (1,067)
Cash flows from financing activities
Purchase of treasury shares (178) (128)
Net repayment of borrowings (1,666) (1,845)
Dividends paid to Company’s shareholders (368) –
(2,212) (1,973)
Net (decrease)/increase in cash, cash equivalents and bank overdrafts (404) 1,298
Cash, cash equivalents and bank overdrafts at beginning of year 2,333 1,050
Exchange losses on cash and bank overdrafts (2) (15)
Cash, cash equivalents and bank overdrafts at end of year 29 1,927 2,333
The notes on pages 35 to 65 form an integral part of the consolidated financial statements. W alker Greenbank PLC
Accounts
34
Consolidated Statement of Changes in Equity
Y ear ended 31 January 2011
Share 
premium 
account
£000
Other Reserves
 
Share capital
£000
Retained 
earnings
£000
Capital 
reserve
£000
Merger 
reserve
£000
Hedge 
reserve
£000
Translation 
reserve
£000
Total
£000
Balance at 1 February 2009 590 457 (20,491) 43,457 (2,950) (812) (340) 19,911
Profit for the year – – 1,173 – – – – 1,173
Other comprehensive Income
Actuarial gains on scheme assets – – 2,665 – – – – 2,665
Changes in actuarial mortality assumptions – – 495 – – – – 495
Other actuarial losses on scheme liabilities – – (7,694) – – – – (7,694)
Deferred tax relating to pension scheme 
liability – – 1,059 – – – – 1,059
Currency translation differences – – – – – – 175 175
Cash flow hedging reserve – released to 
Income Statement – – – – – 812 – 812
Cash flow hedging reserve – recognised in 
equity during the year – – – – – 175 – 175
Total comprehensive income/(expense) – – (2,302) – – 987 175 (1,140)
Transactions with owners:
Reserve for long-term incentive plan – – 127 – – – – 127
Purchase of treasury shares – – (128) – – – – (128)
Balance at 31 January 2010 590 457 (22,794) 43,457 (2,950) 175 (165) 18,770
Balance at 1 February 2010 590 457 (22,794) 43,457 (2,950) 175 (165) 18,770
Profit for the year – – 3,028 – – – – 3,028
Other comprehensive Income
Actuarial gains on scheme assets – – 1,718 – – – – 1,718
Other actuarial losses on scheme liabilities – – (1,559) – – – – (1,559)
Deferred tax relating to pension scheme 
liability – – (403) – – – – (403)
Currency translation differences – – – – – – 4 4
Cash flow hedging reserve – released to 
Income Statement – – – – – (175) – (175)
Cash flow hedging reserve – recognised in 
equity during the year – – – – – 63 – 63
Total comprehensive income/(expense) – – 2,784 – – (112) 4 2,676
Transactions with owners:
Dividends – – (368) – – – – (368)
Reserve for long-term incentive plan – – 493 – – – – 493
Purchase of treasury shares – – (178) – – – – (178)
Balance at 31 January 2011 590 457 (20,063) 43,457 (2,950) 63 (161) 21,393 W alker Greenbank PLC
Accounts
35
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 Harlequin, Sanderson, Morris & Co. and Zoffany. 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 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, and with the accounting policies set 
out below which have been consistently applied to all periods presented unless otherwise indicated. 
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 2010 or ending 31 January 2011. 
Since the Group’s previous annual financial report for the year ended 31 January 2010 the following pronouncements are now effective and 
have been adopted by the Group:
IFRS 1 (revised) ‘First time adoption’ −
Amendment to IFRS 1 (revised) ‘First time adoption – additional exemptions’ −
Amendment to IFRS 2 ‘Share-based payments group cash-settled share-based payment transactions’ −
IFRS 3 (revised) ‘Business combinations’ −
IAS 27 (revised) ‘Consolidated and separate financial statements’ −
Amendment to IAS 32 ‘Financial Instruments: disclosure and presentation – classification of rights issues’ −
Amendment to IAS 39 ‘Financial instruments: recognition and measurement – eligible hedged items’ −
IFRS Annual improvements (2009) −
IFRIC 12 ‘Service concession arrangements’  −
IFRIC 15 ‘Arrangements for construction of real estate’ −
IFRIC 16 ‘Hedges of a net investment in a foreign operation’ −
IFRIC 17 ‘Distributions of non cash assets to owners’ −
IFRIC 18 ‘Transfer of assets from customers’ −
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 2011 and/or which have not yet been endorsed by the EU. The Group has not 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 IFRS 1 (revised) ‘First time adoption – fair value hierarchy (IFRS 7) exemptions’ −
IFRS 9 ‘Financial instruments’ −
IAS 24 (revised) ‘Related party disclosures’ −
Amendment to IFRIC 14 ‘Prepayment of minimum funding requirements’ −
IFRIC 19 ‘Extinguishing financial liabilities with equity instruments’ −
Amendment to IFRS 1 (Revised) ‘First time adoption – hyperinflation & fixed dates’ −
Amendment to IAS 12 ‘Income taxes – deferred tax’ −
Amendment to IFRS 7 ‘Financial instruments – disclosures on derecognition’ −
Annual Improvements to IFRS (2010)  −
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.
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 67 to 75). W alker Greenbank PLC
Accounts
36
Notes to the Consolidated Financial Statements continued
1. Accounting policies continued
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. 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 IFRS5 ‘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.
Employee Share Ownership Plans (‘ESOPs’) controlled by the Group are also included by consolidation. Until shares held by the ESOP 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 ESOP 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 Income Statement and is not subsequently reversed. 
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.
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 are 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. W alker Greenbank PLC
Accounts
37
1. Accounting policies continued
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 six years. Software amortisation commences when the asset goes into operational use by 
the business.
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.
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.
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.  W alker Greenbank PLC
Accounts
38
Notes to the Consolidated Financial Statements continued
1. Accounting policies continued
Marketing materials continued
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.
Following the adoption of IFRS Annual Improvements (2009) non-saleable marketing materials are expensed to the Income Statement when 
costs or other expenditure is incurred. The adoption of this policy has not had a material effect on these financial statements.
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. 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. 
‘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 debtor, probability that the 
debtor will enter bankruptcy or financial reorganisation, default or delinquency in payments, and the unavailability of credit insurance at 
commercial rates for debtors 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 creditor 
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;
‘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.
The Group does not have any non-derivative financial assets or liabilities classified as ‘at fair value through profit and loss’.
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 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.
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.  W alker Greenbank PLC
Accounts
39
1. Accounting policies continued
Derivative financial instruments and hedge accounting – measurement basis continued
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 depreciated over their useful lives and the interest element of the rental obligations is charged 
to the 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. 
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.
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.  W alker Greenbank PLC
Accounts
40
Notes to the Consolidated Financial Statements continued
1. Accounting policies continued 
Employee benefits – share-based payments under long-term incentive plans (‘LTIP’) continued
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.
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.
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 income. 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.
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. W alker Greenbank PLC
Accounts
41
1. Accounting policies continued
Taxation including deferred tax
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 three reportable 
segments which are brands, manufacturing and overseas. 
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 currency risk, fair value interest rate risk, cash flow interest 
rate risk and price 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 co-operation 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 2011, the average sterling to US dollar translation rate applied by the Group including the impact of hedging 
contracts was £1 : US$1.48 If the rate had been £1 : US$1.38 with all other variables held constant, profit before tax would have been higher 
by £168,000. If the rate had been £1 : US$1.58 with all other variables held constant, profit before tax would have been lower by £146,000. 
For the year ended 31 January 2011, the average sterling to euro translation rate applied by the Group including the impact of hedging 
contracts was £1 : ¤1.17. If the rate had been £1 : ¤1.07 with all other variables held constant, profit before tax would have been lower by 
£260,000. If the rate had been £1 : ¤1.27 with all other variables held constant, profit before tax would have been higher by £219,000.
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.  W alker Greenbank PLC
Accounts
42
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. 
In July 2007 the Group entered into a financing contract with Barclays Bank PLC of which the working capital facilities were renewed in March 
2010, variable interest rates were negotiated on all the loans. These working capital facilities are due for review in July 2013. The Board 
continues to monitor the interest rates monthly.
For the year ended 31 January 2011, 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 £48,000 due to the change in interest rate 
expense on variable rate borrowings. 
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 proforma 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 is due to expire in July 2013 having been renewed in March 2010.
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. W alker Greenbank PLC
Accounts
43
2. Financial risk management continued
Capital risk management continued
During the year to 31 January 2011, the Group’s strategy, which was unchanged from the previous year, was to reduce the average gearing 
ratio. The average gearing ratios for 2011 and 2010 were as follows:
Year ended 31 January
2011
£000’s
2010
£000’s
Average net debt 5,871 8,565
Total equity 21,393 18,770
Less: amounts recognised in equity relating to currency contracts (63) (175)
Adjusted capital 21,330 18,595
Average net debt to adjusted capital ratio 27% 46%
Year end net debt to adjusted capital ratio 9% 17%
The Group considers the average debt to adjusted equity ratio to be appropriate at this time, but it will continue to reduce the pension deficit 
by cash generated from operations but 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 debtors 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 note 14 and 15. W alker Greenbank PLC
Accounts
44
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. 
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. 
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 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 25 to 27 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 licencing activities of Harlequin, Sanderson, Zoffany and Morris & Co  −
brands operated from the UK in the retail and contract sectors of the market.
Manufacturing – comprising the wallcovering and printed fabric manufacturing businesses operated by Anstey and Standfast respectively. −
Overseas – comprising the marketing, sales and distribution operations of the Group’s foreign based subsidiaries in Europe and the  −
United States.
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 IFRS8. 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 plans 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 2011
Brands
£000
Manufacturing
£000
Overseas
£000
Eliminations & 
unallocated
£000
Total
£000
Revenue – External 46,918 15,253 6,607 – 68,778
Revenue – Internal 1,303 13,529 – (14,832) –
Total Revenue 48,221 28,782 6,607 (14,832) 68,778
Operating profit/(loss) before exceptional items 5,282 2,519 (557) (2,772) 4,472
Exceptional items (refer note 5):
– Loss of profit claim 500 – – – 500
Profit/(loss) from operations 5,782 2,519 (557) (2,772) 4,972
Net borrowing costs – – – (146) (146)
Net pension charge – – – (364) (364)
Profit/(loss) before taxation 5,782 2,519 (557) (3,282) 4,462
Tax charge – – – (1,434) (1,434)
Profit/(loss) for the year 5,782 2,519 (557) (4,716) 3,028 W alker Greenbank PLC
Accounts
45
4. Segmental analysis continued
a) Principal measures of profit and loss – Income Statement segmental information continued
Year ended 31 January 2010
Brands
£000
Manufacturing
£000
Overseas
£000
Eliminations & 
unallocated
£000
Total
£000
Revenue – External 41,757 11,936 6,685 – 60,378
Revenue – Internal 1,397 10,168 – (11,565) –
Total Revenue 43,154 22,104 6,685 (11,565) 60,378
Operating profit/(loss) before exceptional items 4,616 633 5 (2,732) 2,522
Exceptional items (refer note 5):
– redundancy expenses (78) (182) (72) – (332)
– net proceeds from insurance recovery 225 – – – 225
Profit/(loss) from operations 4,763 451 (67) (2,732) 2,415
Net borrowing costs – – – (263) (263)
Net pension charge – – – (600) (600)
Profit/(loss) before taxation 4,763 451 (67) (3,595) 1,552
Tax charge – – – (379) (379)
Profit/(loss) for the year 4,763 451 (67) (3,974) 1,173
The segmental Income Statement disclosures are measured in accordance with the Group’s accounting policies as set out in note 1.
Operating profit before and after exceptional items is regularly reported to the CODM and accordingly is disclosed above. 
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. Intersegment revenue earned by Brands for sales to Overseas, via the corporate head office, are also principally 
based on commercial trading terms. 
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 strategic 
objective of the Group. Profitability measures on this basis are not reported to the CODM. 
These strategic objectives are the external retail sales in each major geographical area, the contract sector revenues throughout the world 
including those in the Group’s overseas subsidiaries, licence revenue and external manufacturing revenues.
Revenue by strategic objective:
2011
£000
2010
£000
External retail sales
United Kingdom 27,957 24,723
Continental Europe 9,320 9,030
North America 5,218 4,664
Rest of the World 4,430 3,657
Total external retail sales 46,925 42,074
Contract (includes all global revenues) 5,165 5,265
Licence 1,435 1,103
Manufacturing 15,253 11,936
68,778 60,378 W alker Greenbank PLC
Accounts
46
Notes to the Consolidated Financial Statements continued
4. Segmental analysis continued
b) Additional segmental revenue information continued
Revenue of the Brands reportable segment – revenue from retail operations in all territories where the sale is sourced from the United 
Kingdom Brands operations, including sales to Overseas subsidiaries, together with contract and license revenue:
Brand Revenue Analysis:
2011
£000
2010
£000
Harlequin 20,919 19,236
Sanderson incorporating Morris & Co 17,935 15,243
Zoffany 9,367 8,675
48,221 43,154
Revenue of the Manufacturing reportable segment – including revenues from internal sales to the Group’s Brands:
Manufacturing Revenue Analysis:
2011
£000
2010
£000
Standfast 15,751 12,511
Anstey 13,031 9,593
28,782 22,104
Revenue of the Overseas reportable segment – revenue of the Group’s overseas subsidiaries from retail operations which also includes 
contract and licence revenue:
Overseas Revenue Analysis:
2011
£000
2010
£000
United States of America 5,475 5,095
France 1,132 1,017
6,607 6,112
Italy – 573
6,607 6,685
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 2011
Brands
£000
Manufacturing
£000
Overseas
£000
Eliminations and 
unallocated
£000
Total
£000
Depreciation 626 709 77 7 1,419
Amortisation 260 59 – – 319
Impairment losses – trade receivables 121 35 7 – 163
Reversal of impairment losses – trade receivables – (14) – – (14)
Impairment losses – inventory 765 35 8 – 808
Reversal of impairment of inventory – (12) – – (12)
Share-based payment charges – – – 697 697
Year ended 31 January 2010
Brands
£000
Manufacturing
£000
Overseas
£000
Eliminations and 
unallocated
£000
Total
£000
Depreciation 552 689 76 7 1,324
Amortisation 408 54 – – 462
Impairment losses – trade receivables 210 15 12 – 237
Reversal of prior period impairment losses – trade receivables (1) (54) – – (55)
Impairment losses – inventory 1,025 86 – – 1,111
Share-based payment charges – – – 145 145 W alker Greenbank PLC
Accounts
47
4. Segmental analysis continued
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 2011
Brands
£000
Manufacturing
£000
Overseas
£000
Eliminations and 
unallocated
£000
Total
£000
Assets 32,891 16,458 1,056 321 50,726
Liabilities (15,365) (5,078) (2,455) (6,435) (29,333)
Total net assets/(liabilities) 17,526 11,380 (1,399) (6,114) 21,393
Capital expenditure – Intangible assets 600 6 – – 606
Capital expenditure – Property, plant and equipment 924 1,043 61 2 2,030
Year ended 31 January 2010
Brands
£000
Manufacturing
£000
Overseas
£000
Eliminations and 
unallocated
£000
Total
£000
Assets 26,171 15,216 827 3,494 45,708
Liabilities (11,124) (4,127) (1,642) (10,045) (26,938)
Total net assets/(liabilities) 15,047 11,089 (815) (6,551) 18,770
Capital expenditure – Intangible assets 236 36 – – 272
Capital expenditure – Property, plant and equipment 601 147 47 – 795
e) Additional entity-wide disclosures
Revenue by geographical location of customers
2011
£000
2010
£000
United Kingdom 46,322 39,969
Continental Europe 10,507 9,750
United States of America 7,105 6,442
Rest of the World 4,844 4,217
68,778 60,378
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
2011
£000
2010
£000
United Kingdom 14,380 13,468
Continental Europe 217 208
United States of America 144 171
14,741 13,847
Non-current assets included above comprise intangible assets and property, plant and equipment.  W alker Greenbank PLC
Accounts
48
Notes to the Consolidated Financial Statements continued
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, a full and final payment of £500,000 was received for a ‘loss of profits claim’ which arose from the disruption to collection 
launches in 2009 as a consequence of the loss of marketing products held at third party’s premises which were destroyed in a fire in January 
2009. The amounts received are classified within other operating income/(expense).
In the previous year ‘Redundancy expenses’ of £332,000 were incurred to reduce the cost base of the Group during the economic downturn 
and ‘Net income from an insurance recovery’ of £225,000 for marketing material products destroyed in the fire noted above. The redundancy 
expenses were classified within administration expenses and the insurance recovery within other operating income/(expense).
6. a) Analysis of operating profit by function of expense
2011 
£000
2010
£000
Revenue 68,778 60,378
Cost of sales (27,384) (24,359)
Gross profit 41,394 36,019
Net operating expenses:
Distribution and selling costs (12,060) (10,539)
Administration expenses (24,905) (22,526)
Other operating income/(expense) 543 (539)
Net operating expenses (36,422) (33,604) 
Profit from operations 4,972 2,415
6. b) Analysis of revenue by category
2011
£000
2010
£000
Sale of goods 67,343 59,275
Licence royalty income 1,435 1,103
68,778 60,378
6. c) Analysis of expense by nature
2011
£000
2010
£000
Changes in inventories of finished goods and work in progress (2,281) 616
Raw materials and consumables used 23,474 19,008
Employee benefit expense 20,097 18,153
Depreciation and amortisation charges 1,738 1,786
Transportation expenses 2,349 2,275
Advertising costs 1,472 610
Other selling costs 6,463 5,194
Establishment costs 3,441 3,515
Operating lease payments 1,883 1,854
Repairs and maintenance 1,101 847
Other expenses 4,612 3,566
Total cost of sales, distribution and selling costs and administration expenses 64,349 57,424 W alker Greenbank PLC
Accounts
49
7. Group profit from operations
2011
£000
2010 
£000
Group profit from operations is stated after charging/(crediting):
Depreciation of property, plant and equipment 1,419 1,324
Amortisation of intangibles 319 462
Cost of inventories recognised as expense in cost of sales 21,193 19,624
Impairment of inventories 808 1,111
Reversal of impairment of inventories (12) –
Impairment of trade receivables 163 237
Reversal of impairment of trade receivables (14) (55)
Net foreign exchange (gains)/losses (43) 766
Operating lease rentals:
 – Hire of motor vehicles and plant and machinery 426 459
 – Land and buildings 1,457 1,395
2011
£000
2010 
£000
Auditor’s remuneration:
 – Fees payable to Company’s auditor for the audit of parent Company and consolidated financial statements 50 50
 – Audit of Company’s subsidiaries pursuant to legislation 79 75
 – Taxation services 41 5
 – Other accounting services 5 7
175 137
8. Net defined benefit pension charge
2011
£000
2010
£000
Expected return on pension scheme assets 2,434 2,306
Interest on pension scheme liabilities (2,542) (2,617)
Scheme expenses met by Group (322) (289)
Settlement gain 66 –
Net charge (note 23) (364) (600)
9. Net borrowing costs
2011 
£000
2010 
£000
Interest expense:
Interest payable on bank borrowings (209) (218)
Amortisation of issue costs of bank loans (25) (24)
Other interest and similar charges payable – (21)
Total borrowing expense (234) (263)
Interest income:
Other interest receivable 88 –
Net borrowing costs (146) (263)
Other interest receivable includes £86,000 (2010: £nil) in respect of interest on the recovery of VAT refunded by HMRC in respect of expenses 
incurred on the issue of shares in earlier years. It further includes £2,000 (2010: £nil) in respect of interest received on bank deposits. W alker Greenbank PLC
Accounts
50
Notes to the Consolidated Financial Statements continued
10. Emoluments of Directors
Salary 
£000
Bonus 
£000
Benefits 
£000
Sub-total 
Aggregate
emoluments
£000
Pension 
£000
2011 
Total
£000 
2010 
Total 
£000
Executive Directors
John Sach 224 166 4 394 34 428 506
David Smallridge 163 122 1 286 24 310 390
Alan Dix 129 73 1 203 13 216 268
Non-executive Directors
Terry Stannard 60 – – 60 – 60 60
Fiona Goldsmith 27 – – 27 – 27 26
603 361 6 970 71 1,041 1,250
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 £11,072 (2010: £11,406). Benefits are accruing under defined contribution schemes for three 
Directors (2010: three Directors).
Further information on the remuneration of the Directors is included in the Directors’ Remuneration Report set out on pages 25 to 27. 
11. Employee Information
2011
£000
2010 
£000
Wages and salaries 16,955 15,339
Social security costs 1,759 1,660
Other pension costs 687 677
Share-based payment awards, including NIC thereon 697 145
Redundancy expense – 332
Employee benefit expense 20,098 18,153
The average monthly number of employees (including Directors) during the year
2011
Number
2010
Number
Brands, including warehousing 211 211
Manufacturing 285 271
Overseas 32 28
Corporate and administration 22 19
550 529
Compensation of key management personnel
2011 
£000
2010 
£000
Short-term employee benefits (including short-term incentives) 2,921 2,481
Post employment benefits (including pension costs) 130 132
Share-based payment awards 697 145
3,748 2,758
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.  W alker Greenbank PLC
Accounts
51
12. Tax expense
2011 
£000
2010 
£000
Current tax:
 – overseas, current tax (13) (18)
 – overseas, adjustment in respect of prior year – 50
Current tax (13) 32
Deferred tax:
 – current year (1,339) (422)
 – adjustment in respect of prior year (2) 11
 – effect of change in corporation tax rate to 27% (80) –
Deferred tax (1,421) (411)
Tax charge for the year (1,434) (379)
Reconciliation of tax charge for the year
2011 
£000
2010
£000
Profit on ordinary activities before tax 4,462 1,552
Tax on profit on ordinary activities at standard rate 28% (2010: 28%) (1,249) (435)
Non-deductible expenditure (31) (22)
Parent and overseas losses and temporary timing differences not recognised (72) 17
Adjustments in respect of prior years (2) 61
Effect of change in corporation tax rate to 27% (80) –
Tax charge for year (1,434) (379)
Factors affecting current and future tax charges
No UK corporation tax is anticipated to become payable within the immediate future due to the availability of gross tax losses of 
approximately £16.2 million (2010: £20.1 million).
No overseas taxation is anticipated to become payable within the immediate future due to the availability of gross tax losses of 
approximately £1.4 million (2010: £1.5 million). 
Included within the recent Budget statement by the Chancellor of the Exchequer were various changes to corporation tax and in particular to 
the rates to be applied from 1 April 2011. The main corporation tax rate from that date will be 26%. In addition, it was announced that the 
rate will be reduced by 1% per annum to attain a rate of 23% by 1 April 2014. 
Legislation has now been substantively enacted to reduce the main corporation tax rate to 26% from 1 April 2011.
Accordingly, the deferred tax balance at 31 January 2011, included within these financial statements, which was calculated at a rate of 27%, 
being the rate enacted in the Finance Act (2010), would be reduced by £147,000. This reduction will be recognised in the financial statements 
for the year ended 31 January 2012.
The further reductions to a rate of 23%, assuming that these are formally enacted, would result in a decrease in the deferred tax balance at 31 
January 2011 of £588,000. 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. W alker Greenbank PLC
Accounts
52
Notes to the Consolidated Financial Statements continued
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 share trust (‘EBT’) and those held in treasury (note 25), 
which are treated as cancelled. 
2011 2010
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 3,028 56,491 5.36 1,173 55,977 2.10
On 7 December 2010 Walker Greenbank PLC purchased 100,000 ordinary shares of 1p each in the Company at 50p per ordinary share. On 
9 December 2010 Walker Greenbank PLC purchased 150,000 ordinary shares of 1p each in the Company at 51p per ordinary share and 100,000 
ordinary shares at 50.5p. Following these transactions Walker Greenbank’s issued ordinary share capital with voting rights consists of 
59,006,162 (2010: 59,006,162) ordinary shares of which 960,000 (2010: 610,000) ordinary shares are held in treasury and a further 1,852,445 
(2010: 1,852,445) ordinary shares are held by the Walker Greenbank PLC Employee Benefit Trust (‘EBT’) with a cost of £380,534 (2010: 
£380,534). 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 2011 was £981,796 (2010: £416,800).
The total number of shares held in treasury at the year end represented 1.63% (2010: 1.0%) of the issued shares. The market value of these 
shares at 31 January 2011 was £508,800 (2010: £416,800).
14. Intangible assets
Goodwill
£000
Arthur 
Sanderson 
and William 
Morris 
Archive
£000
Collection 
design 
£000
Software
£000
Total
£000
Cost
1 February 2009 1,400 4,300 957 4,775 11,432
Additions – – 227 45 272
31 January 2010 1,400 4,300 1,184 4,820 11,704
Additions – – 282 324 606
Disposals – – (226) – (226)
31 January 2011 1,400 4,300 1,240 5,144 12,084
Amortisation
1 February 2009 841 – 399 4,315 5,555
Charge – – 200 262 462
31 January 2010 841 – 599 4,577 6,017
Charge – – 234 85 319
Disposals – – (225) – (225)
31 January 2011 841 – 608 4,662 6,111
Net book amount
31 January 2011 559 4,300 632 482 5,973
31 January 2010 559 4,300 585 243 5,687
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 £319,000 (2010: £462,000) is included in administration expenses £300,000 (2010: £462,000) and 
distribution and selling costs £19,000 (2010: £nil).  W alker Greenbank PLC
Accounts
53
14. Intangible assets continued
Impairment tests for Goodwill and Arthur Sanderson and William Morris Archive 
The carrying value of Goodwill at the year end of £559,000 (2010: £559,000) is attributable to the manufacturing segment. The Archive 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 (2010: £nil). 
In assessing whether an impairment of goodwill is required the carrying value of the cash generative 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 7.35% (2010: 10.50%). The discount rate used is the same across all segments.
The Group has used formally approved budgets for the first two years (2010: 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% (2010: 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 7.35% (2010: 10.50%) 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 2011.  W alker Greenbank PLC
Accounts
54
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 2009 5,404 15,796 1,334 22,534
Additions – 780 15 795
Disposals – (43) – (43)
Currency movements – (63) (13) (76)
31 January 2010 5,404 16,470 1,336 23,210
Additions – 1,718 312 2,030
Disposals – (943) (294) (1,237)
Currency movements – (3) – (3)
31 January 2011 5,404 17,242 1,354 24,000
Depreciation
1 February 2009 1,092 11,528 1,180 13,800
Charge 109 1,134 81 1,324
Disposals – (29) – (29)
Currency movements – (33) (12) (45)
31 January 2010 1,201 12,600 1,249 15,050
Charge 100 1,218 101 1,419
Disposals – (943) (294) (1,237)
Currency movements – – – –
31 January 2011 1,301 12,875 1,056 15,232
Net book amount
31 January 2011 4,103 4,367 298 8,768
31 January 2010 4,203 3,870 87 8,160
The total depreciation expense of £1,419,000 (2010: £1,324,000) is included in administration expenses £1,400,000 (2010: £1,324,000) and 
distribution and selling costs £19,000 (2010: £nil). 
The net book amount of land and buildings comprises: 
2011 
£000
2010 
£000
Freehold land 450 450
Freehold buildings 3,653 3,753
Net book amount 4,103 4,203
Land and buildings are stated at historical cost.
The carrying value of assets (land and buildings) providing security under the Barclays Bank PLC facility was £4,103,000 (2010: £4,203,000). W alker Greenbank PLC
Accounts
55
16. Deferred income tax assets
A deferred tax asset of £3,982,000 (2010: £5,806,000) is recognised in respect of tax losses and other temporary differences and £1,421,000 
(2010: £411,000) has been charged to the Income Statement during the year principally due to the utilisation of tax losses.
2011 
£000
2010 
£000
Taxable temporary differences on property, plant and equipment (776) (581)
Taxable temporary differences on intangible assets (164) (149)
Other temporary differences 38 40
Unutilised tax losses 3,063 4,272
2,161 3,582
Retirement benefit obligations 1,821 2,224
3,982 5,806
The movements in the deferred tax asset on retirement benefit obligations are recognised in the Statement of Comprehensive Income.
At the Balance Sheet date the Group has gross unused UK tax losses of £16.2 million (2010: £20.1 million) available for offset against 
future profits. A deferred tax asset of £3.1 million (2010: £4.3 million) is recognised in respect of £11.3 million (2010: £15.3 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 2011 of £2,329,000 (2010: £2,187,000) relating to 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 £4.9 million (2010: £4.8 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 £1,482,000 (2010: £1,518,000) 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. −
2011 
£000
2010 
£000
Unutilised tax losses – UK 1,320 1,345
Unutilised tax losses – Overseas 519 531
Other deductible temporary differences – UK 490 311
2,329 2,187
As detailed in note 12 the main rate of corporation tax is to reduce to 23% by 1 April 2014. If these changes are enacted then the 
unrecognised deferred tax asset noted above would reduce by £268,000.
There are also unutilised capital tax losses at 31 January 2011 of £2,485,000 (2010: £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
2011 
£000
2010 
£000
Raw materials 1,446 1,335
Work in progress 1,287 1,346
Finished goods 12,897 10,557
15,630 13,238
The cost of inventories recognised as an expense and included in cost of sales amounted to £21,193,000 (2010: £19,624,000). 
The value of inventories providing security under the Barclays Bank PLC facility, if it were to be fully drawn, was £10,834,000 (2010: 
£7,959,000). This facility was not utilised at either year end. W alker Greenbank PLC
Accounts
56
Notes to the Consolidated Financial Statements continued
18. Trade and other receivables
Current
2011 
£000
2010 
£000
Trade receivables 10,075 8,224
Less: Provision for impairment of trade receivables (515) (408)
Net trade receivables 9,560 7,816
Other receivables 595 430
Marketing materials 2,894 1,137
Prepayments 1,334 926
14,383 10,309
The value of trade receivables providing funding under the Barclays facility was £7,276,000 (2010: £6,395,000).
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 debtors with a carrying value of £5,538,000 (2010: £4,499,000) 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. 
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 debtors with a carrying value of £4,117,000 (2010: £3,199,000) 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 debtor. 
The table below shows the aging analysis of the receivables:
2011 
£000
2010 
£000
1–30 days past due 1,931 1,757
31–60 days past due 1,692 1,224
61–90 days past due 347 192
91+ days past due 147 26
4,117 3,199
The Directors believe however, that in the current economic environment there is objective evidence of credit deterioration and an 
impairment of £253,000 (2010: £172,000) representing a collective assessment of risk against debtors that are yet to be specifically identified. 
Due to the nature of the Group’s products, there is a limited amount of stock left in the possession of customers that could act as collateral 
under terms of trade. As the value of this stock is immaterial, it has not been disclosed in the financial statements. 
(iii) Past due – individually impaired
As at 31 January 2011, trade receivables of £420,000 (2010: £426,000) were individually determined to be impaired and provided for. The amount 
of the provision was £262,000 (2010: £236,000). 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: 
2011 
£000
2010 
£000
Sterling 8,252 6,656
Dollars 252 152
Euros 1,557 1,361
Other 94 77
10,155 8,246 W alker Greenbank PLC
Accounts
57
18. Trade and other receivables continued
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:
2011 
£000
2010 
£000
United Kingdom 6,783 5,118
Continental Europe 1,522 1,564
United States of America 535 333
Rest of the World 720 801
9,560 7,816
Provisions for impairment
Movements on the Group provision for impairment of trade receivables are as follows:
2011 
£000
2010 
£000
At 1 February (408) (423)
Provision for receivables impaired (163) (237)
Receivables written off in the year as uncollectible 44 193
Unused amounts reversed 14 55
Exchange difference (2) 4
At 31 January (515) (408)
The creation and release of provisions for impaired trade receivables have been included within distribution and selling costs in the 
Income Statement.
19. Derivative financial instruments
2011 
£000
2010 
£000
Forward foreign exchange contracts – cash flow hedges – asset 63 175
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 12 months. 
During the year the Company has entered into monthly forward foreign exchange contracts up to April 2012, 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 (2010: asset of £175,000). 
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 15 months of the Balance Sheet date.
The Brands make more purchases from the euro zone than sales made to the euro zone. 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 12 months. As at the reporting date there were no forward foreign contracts. 
20. Cash and cash equivalents
2011 
£000
2010 
£000
Cash at bank and in hand 1,927 2,333
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. W alker Greenbank PLC
Accounts
58
Notes to the Consolidated Financial Statements continued
21. Trade and other payables
2011 
£000
2010 
£000
Trade payables 11,731 8,364
Corporation tax 38 38
Other taxes and social security 1,243 894
Other creditors and deferred revenue 786 398
Accruals 5,049 3,854
18,847 13,548
22. Borrowings
2011 
£000
2010 
£000
Current
Term loan 400 400
Trade receivables loan – 2,467
400 2,867
Non-Current
Term loan 2,183 2,580
Trade receivables loan 1,161 –
3,344 2,580
Total borrowings 3,744 5,447
In March 2010, the Group agreed terms to renew the Receivables and Inventory facilities from Barclays Bank PLC. 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, 
and Receivables and Inventory Financing Agreements which provide three year variable rate floating loans secured on the eligible trade 
receivables and eligible inventories 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 (2010 £16.5 million); the utilisation of the facilities at the year end was 
£3,744,000 (2010: £5,477,000). 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).
Under the Barclays Bank PLC facilities, the Group is subject to financial covenants which apply to the term loan, being interest cover and debt 
service. The receivables and inventory financing agreements 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
2011
£000
2010
£000
2011
£000
2010
£000
Term loan 2,183 2,580 2,200 2,600
Trade receivables loan 1,161 – 1,213 –
3,344 2,580 3,413 2,600
The fair values are based on cash flows discounted using a weighted average rate based on the borrowing rate of 1.75% (2010: 1.75%).  W alker Greenbank PLC
Accounts
59
22. Borrowings continued
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 2011
Less than 
1 year
£000
Between 
1 to 2 years
£000
Between 
2 to 5 years
£000
Over 
5 years
£000
Borrowings 1,613 821 1,286 222
Trade and other payables 17,566 – – –
19,179 821 1,286 222
31 January 2010
Less than 
1 year
£000
Between 
1 to 2 years
£000
Between 
2 to 5 years
£000
Over 
5 years
£000
Borrowings 2,867 821 1,286 670
Trade and other payables 12,616 – – –
15,483 821 1,286 670
The carrying amounts of the Group’s borrowings are denominated in the following currencies:
2011 
£000
2010 
£000
Sterling 3,744 5,447
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 £365,000 
(2010: £388,000). 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 2011 are expected to be £1,450,000. 
The principal assumptions applied when valuing the defined benefit schemes were:
2011 2010
Discount rate 5.60% 5.70%
Rate of salary increase 3.40% 3.30%
Rate of increase to LPI pensions in payment 3.30% 3.20%
Rate of increase to pensions (in excess of GMP) in deferment 3.40% 3.30%
Rate of inflation 3.40% 3.30%
Expected return on plan assets 6.60% 6.50%
Members are assumed to commute 25% of their pension (2010: 25%).  W alker Greenbank PLC
Accounts
60
Notes to the Consolidated Financial Statements continued
23. Retirement benefit obligations continued
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:
2011 2010
Non-pensioner male currently 45 23.2 23.2
Pensioner male currently 65 21.3 21.3
Non-pensioner female currently 45 26.0 26.0
Pensioner female currently 65 24.1 24.1
The amounts recorded in the Balance Sheet are determined as follows:
2011 
£000
2010 
£000
Equities 25,574 22,299
Fixed interest 13,301 14,379
Insured annuities 1,257 1,598
Cash and other 170 311
Fair value of plan assets 40,302 38,587
Present value of funded defined benefit obligations (47,044) (46,530)
Net liability in Balance Sheet (6,742) (7,943)
Reconciliation of opening and closing balances of the present value of the defined benefit obligation
2011
£000
2010 
£000
Benefit obligation at beginning of year 46,530 39,224
Scheme expenses 322 289
Interest cost 2,542 2,617
Actuarial gain – change in mortality assumptions – (495)
Actuarial loss – other 1,559 7,694
Removal of liabilities in Senior Management Scheme (1,322) –
Benefits paid (2,587) (2,799)
Benefit obligation at end of year 47,044 46,530
Reconciliation of opening and closing balances of the fair value of plan assets
2011 
£000
2010 
£000
Fair value of plan assets at beginning of year 38,587 35,063
Expected return on plan assets 2,434 2,306
Actuarial gain 1,718 2,665
Contributions by employers 1,360 1,352
Enhanced transfer costs 46 –
Removal of scheme assets in Senior Management Scheme (1,256) –
Benefits paid (2,587) (2,799)
Fair value of plan assets at end of year 40,302 38,587
  W alker Greenbank PLC
Accounts
61
23. Retirement benefit obligation continued
The amounts recognised in the Income Statement are:
2011 
£’000
2010
£’000
Scheme expenses 322 289
Settlement gain (66) –
Interest on obligation 2,542 2,617
Expected return on plan assets (2,434) (2,306)
Net defined benefit pension charge 364 600
The Group no longer has any remaining obligations in respect of The Walker Greenbank Senior Management Pension Scheme as the two 
remaining deferred members accepted enhanced transfer values during the year. A net settlement gain of £66,000 is included within net 
defined benefit costs.
 
The actual return on assets over the period was a gain of £4,152,000 (2010: gain of £4,971,000).
Actuarial gains and (losses) recognised in Statement of Comprehensive Income 
2011 
£000
2010 
£000
Actual return on scheme assets higher/(lower) than expected return 1,718 2,665
Change in mortality assumptions – 495
Other actuarial losses on scheme liabilities (1,559) (7,694)
159 (4,534)
Other actuarial losses on scheme liabilities in the period 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 £20,762,000 
(2010: £20,921,000).
History of schemes’ assets, obligations and experience adjustments
2011 
£000
2010 
£000
2009 
£000
2008 
£000
2007 
£000
Present value of defined benefit obligation (47,044) (46,530) (39,224) (44,260) (45,508)
Fair value of scheme’s assets 40,302 38,587 35,063 40,851 39,990
Deficit in the schemes (6,742) (7,943) (4,161) (3,409) (5,518)
Experience adjustments arising on scheme liabilities (1,559) (7,694) 5,458 2,064 (1,284)
Experience adjustments arising on scheme assets 1,718 2,665 (7,458) (1,364) (1,310) W alker Greenbank PLC
Accounts
62
Notes to the Consolidated Financial Statements continued
24. Financial instruments by category 
The accounting policies for financial instruments have been applied to the line items below:
31 January 2011
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 10,155 – – 10,155
Cash and cash equivalents 1,927 – – 1,927
Total 12,082 – 63 12,145
31 January 2011
Liabilities 
at fair value 
£000
Other 
financial 
liabilities 
£000
Derivatives 
used for 
hedging 
£000
Total 
£000
Liabilities as per Balance Sheet
Borrowings – 3,744 – 3,744
Trade and other payables – 17,566 – 17,566
Total – 21,310 – 21,310
31 January 2010
Loans and 
receivables 
£000
Assets at 
fair value 
£000
Derivatives 
used for 
hedging 
£000
Total 
£000
Assets as per Balance Sheet
Derivative financial instruments – – 175 175
Trade and other receivables 8,246 – – 8,246
Cash and cash equivalents 2,333 – – 2,333
Total 10,579 – 175 10,754
31 January 2010
Liabilities 
at fair value 
£000
Other 
financial 
liabilities 
£000
Derivatives 
used for 
hedging 
£000
Total 
£000
Liabilities as per Balance Sheet
Borrowings – 5,447 – 5,447
Trade and other payables – 12,616 – 12,616
– 18,063 – 18,063 W alker Greenbank PLC
Accounts
63
25. Share Capital
Ordinary shares of 1p each:
Number 
of shares £
Authorised share capital:
1 February 2010 and 31 January 2011 85,000,000 850,000
Allotted, called up and fully paid:
1 February 2010 and 31 January 2011 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 7 December 2010 Walker Greenbank PLC purchased 100,000 ordinary shares of 1p each in the Company at 50p per ordinary share. On 
9 December 2010 Walker Greenbank PLC purchased 150,000 ordinary shares of 1p each in the Company at 51p per ordinary share and 100,000 
ordinary shares at 50.5p. Following these transactions Walker Greenbank’s issued ordinary share capital with voting rights consists of 59,006,162 
(2010: 59,006,162) ordinary shares of which 960,000 (2010: 610,000) ordinary shares are held in treasury and a further 1,852,445 (2010: 
1,852,445) ordinary shares are held by the Walker Greenbank PLC Employee Benefit Trust (‘EBT’) with a cost of £380,534 (2010: £380,534). 
Shares held in treasury or by the EBT are treated as cancelled when calculating earnings per share.
The market value of shares held by the EBT at 31 January 2011 of £981,796 (2010: £416,800).
The total number of shares held in treasury at the year end represented 1.63% (2010: 1.0%) of the issued shares. The market value of these 
shares at 31 January 2011 was £508,800 (2010: £137,250).
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 four awards under this plan, in which Executive Directors and senior 
management of the Group participate. The first award vested during 2009. 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 either the 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 Two Award Three Award Four
Grant date of awards 24 May 2007 27 May 2009 20 May 2010
Grant date fair value of award (pence per award) 53.00 7.92 18.00
Vesting date of awards 24 May 2011 25 May 2012 17 May 2013
Maximum number of awards 1,415,093 2,150,000 2,102,000
Vesting condition based on PBT TSR with PBT floor TSR with PBT floor
Relevant date for determination of vesting conditions Year ending 
31 January 2011
TSR as at 27 May 2012.
PBT for year ending
31 January 2012
TSR as at 17 May 2013.
PBT for year ending
31 January 2013
Further details of vesting conditions are set out in the Directors’ Remuneration Report on pages 25 to 27
The fair value at grant date of Award Two was estimated based on the share price of the Group at grant date. Awards Three and Four 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 Four) determined using the Monte-Carlo valuation model was 18.00p per option. The 
significant inputs into the model were weighted average share price of 33.00p at the grant date, exercise price shown above, dividend yield of 
0.0%, an expected option life of three years, and an annual risk-free interest rate of 1.46%.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. W alker Greenbank PLC
Accounts
64
Notes to the Consolidated Financial Statements continued
25. Share Capital continued
Movements in the number of awards outstanding, assuming maximum achievement of vesting conditions are as follows:
2011 
Number
2010 
Number
At 1 February 3,565,093 3,964,093
Granted 2,102,000 2,150,000
Exercised – (2,386,794)
Expired – (162,206)
At 31 January 5,667,093 3,565,093
The disclosure of the charge to the Income Statement arising from share-based payments is set out in note 11. 
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 2011 and 2010 43,457
27. Dividends
During the year, the Group has paid a final dividend of 0.50p per share for the year to 31 January 2010 and an interim dividend of 0.15p per share for 
the year to 31 January 2011.
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 0.80p per share (2010: 0.50p per share) which will be payable on 6 August 2011 
to shareholders on the register at 9 July 2011. This brings the total dividend for the year to 0.95p per share (2010: 0.50p per share).
28. Cash generated from operations 
2011 
£000 
2011 
£000
2010 
£000 
2010
£000
Profit from operations 4,972 2,415
Depreciation 1,419 1,324
Amortisation 319 462
Charge for long-term incentive plan recognised in equity 493 127
Unrealised foreign exchange losses included in operating profit 9 221
Defined benefit pension cash contributions (1,406) (1,352)
Changes in working capital
(Increase)/decrease in inventories (2,392) 649
(Increase)/decrease in trade and other receivables (3,962) 2,062
Increase/(decrease) in trade and other payables 5,004 (1,316)
(516) 2,177
Cash generated from operations 4,456 4,592 W alker Greenbank PLC
Accounts
65
29. Analysis of net debt
1 February 
2010 
£000
Cash flow
£000
Working 
capital 
facilities
£000
Current 
portion 
of term 
facilities
£000
Other 
non-cash 
changes
£000
Exchange 
movement
£000
31 January 
2011
£000
Cash and cash equivalent 2,333 (404) – – – (2) 1,927
Borrowings due within one year (2,867) 400 2,467 (400) – – (400)
Borrowings due after one year (2,580) 1,266 (2,467) 400 37 – (3,344)
(5,447) 1,666 – – 37 – (3,744)
Net debt (3,114) 1,262 – – 37 (2) (1,817)
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:
2011 
£000
2010 
£000
Property, plant and equipment 582 –
582 –
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 
2011 
£000
Other 
2011 
£000
Land and 
buildings 
2010 
£000
Other 
2010 
£000
Within one year 1,416 329 1,395 321
Between one and five years 4,671 308 4,917 174
Over five years 3,553 7 4,284 –
9,640 644 10,596 495
Other leases include hire of plant, machinery and motor vehicles.
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.
Investments in Group companies are ordinary shares.
The principal activities of the Group are design, manufacture, marketing and distribution of wallcoverings, furnishing fabrics and associated 
products for the consumer market. 66
W alker Greenbank PLC
Independent Auditors’ 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 2011;
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 2011.
Owen Mackney (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
St Albans
18 May 2011
We have audited the parent company financial statements of Walker 
Greenbank PLC for the year ended 31 January 2011 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.
Independent Auditors’ Report 
t o the members of W alker Greenbank PLC W alker Greenbank PLC
Accounts
67
Company Financial Statements – UK GAAP 
Company balance Sheet At 31 January 2011
Note
2011 
£000
2010 
£000 
Fixed assets
Tangible assets 4 10 4,219
Investments 5 43,665 43,557
43,675 47,776
Current assets and liabilities 
Debtors 6 18,027 16,576
Cash at bank and in hand 460 –
18,487 16,576
Creditors: amounts falling due within one year 8 (10,987) (11,979)
Net current assets 7,500 4,597
Total assets less current liabilities 51,175 52,373
Creditors: amounts falling due after more than one year 9 (2,200) (2,600)
Net assets 48,975 49,773
Capital and reserves
Share capital 11 590 590
Share premium account 12 457 457
Retained earnings 12 6,040 6,838
Other reserves 12 41,888 41,888
Total shareholders’ funds 48,975 49,773
The financial statements on pages 67 to 75 were approved by the Board of Directors on 18 May 2011 and were signed on its behalf by:
J D Sach A N Dix 
Director Director 
Registered Number: 61880  W alker Greenbank PLC
Accounts
68
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. 
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 loss of £745,000 (2010: loss £984,000) 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 this Annual Report and Financial Statements and are prepared in accordance with IFRS. 
Tangible fixed assets
Depreciation is charged on tangible fixed assets (excluding freehold land) on a straight-line basis on the original cost after deduction of any 
estimated residual value. The principal annual rates are:
Freehold buildings 2% 
Short leasehold improvements Over the unexpired period of the lease
Plant, equipment and vehicles Between 5% and 33%
Computer assets Between 12.5% and 33% 
Land and buildings were stated at cost less any provision for impairment.
Impairment of tangible fixed assets and investments
Fixed assets and investments are subject to review for impairment in accordance with Financial Reporting Standard No.11. Where impairment 
triggers are identified the recoverable amount of the relevant asset, or group of assets within an income 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 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 FRS26 
‘Financial Instruments: Measurement’ or FRS29 ‘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 had 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. 
Notes to the Financial Statements W alker Greenbank PLC
Accounts
69
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 FRS20 ‘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. 
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 presented within their Annual 
Report and Financial Statements. 
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.
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, 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 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.  W alker Greenbank PLC
Accounts
70
Notes to the Financial Statements continued
1. Accounting policies continued
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 under the terms of FRS 1.
For details of other related party transactions see note 16.
2. Auditors’ remuneration 
2011 
£000
2010 
£000
Audit fee – fees payable to the Company auditor for the audit of the parent Company and the consolidation of the 
Group financial statements 50 50
3. Emoluments of Directors
Salary
£000
Bonus
£000
Benefits
£000
Aggregate 
emoluments
£000
Pension
£000
2011 
Total 
£000
2010 
Total
£000
Executive Directors
John Sach 224 166 4 394 34 428 506
David Smallridge 163 122 1 286 24 310 390
Alan Dix 129 73 1 203 13 216 268
Non-executive Directors
Terry Stannard 61 – – 61 – 61 60
Fiona Goldsmith 27 – – 27 – 27 26
604 361 6 971 71 1,042 1,250
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 £11,072 (2010: £11,406). 
Benefits are accruing under defined contribution schemes for three Directors (2010: three Directors).
Further information on the remuneration of the Directors is included in the Directors’ Remuneration Report which is included on pages 25 to 27 
of the Group’s Annual Report and Financial Statements. W alker Greenbank PLC
Accounts
71
4. Tangible fixed assets
Land and 
buildings
£000
Plant, 
equipment 
and vehicles
£000
Computer 
assets
£000
Total
£000
Cost
31 January 2010 5,404 50 18 5,472
Additions – – 2 2
Transfer to group company (5,404) – – (5,404)
31 January 2011 – 50 20 70
Depreciation
31 January 2010 1,201 35 17 1,253
Charge 104 6 2 112
Transfer to group company (1,305) – – (1,305)
31 January 2011 – 41 19 60
Net book amount
31 January 2011 – 9 1 10
31 January 2010 4,203 15 1 4,219
The net book amount of land and buildings comprises
2011
£000
2010
£000
Freehold land – 450
Freehold buildings – 3,753
Net book value – 4,203
The value of assets secured under the Barclays facility was land and buildings of £nil (2010: £4,203,000). The land and buildings were 
transferred to the Company’s subsidiary company, Abaris Holdings Limited, on 31 January 2011.
5. Investments
Shares in subsidiary undertakings
2011 
£000
2010 
£000
Cost
As at 1 February 2010 44,595 44,793
Additions 108 29
Disposal of subsidiary – (227)
As at 31 January 2011 44,703 44,595
Provision for impairment
Beginning of year and end of year (1,038) (1,038)
Net book amount 43,665 43,557
Additions in both years relate to the application of the Company’s accounting policy on share-based payments under FRS 20. W alker Greenbank PLC
Accounts
72
Notes to the Financial Statements continued
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
*Shares held by subsidiary company.
Investments in Group companies are ordinary shares.
The principal activities of the Group 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 7.35% (2010: 9.5%) on a pre tax basis, and is not 
intended to reflect a realisable value on disposal.
A full list of subsidiaries will be included with the next Annual Return of the Company.
6. Debtors 
2011 
£000
2010 
£000
Amounts owed by subsidiary undertakings 17,805 16,071
Other debtors 222 229
Prepayments – 276
18,027 16,576
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 12 months is unlikely to be sought.
7. Disclosure of fair value of derivative financial instruments
2011 
£000
2010 
£000
Forward foreign exchange contracts – cash flow hedges 63 175
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 12 months. During the year the Company has entered into 
monthly forward foreign exchange contracts up to April 2012, with a third party, to buy sterling and sell US 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 forward exchange contracts with a notional principal of US$4.5 million (2010: US$5.2 million) are outstanding. The 
fair value of the forward foreign contracts relating to the benefit on these anticipated future transactions is an asset of £63,000 (2010: asset 
of £175,000).  W alker Greenbank PLC
Accounts
73
8. Creditors: due within one year
2011 
£000
2010 
£000
Bank term loans (note 9) 400 400
Bank overdrafts – 1,074
Trade creditors 70 244
Amounts owed to subsidiary undertakings 9,256 9,307
Other taxes and social security 218 43
Other creditors – 59
Accruals 1,043 852
10,987 11,979
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 12 months is unlikely to be sought. 
9. Creditors: due after more than one year
2011 
£000
2010 
£000
Bank term loan 2,200 2,600
Interest is charged at 1.25% (2010: 1.25%) over base rate.
Repayment of total borrowings
2011 
£000
2010 
£000
Over five years 600 1,000
Between two and five years 1,200 1,200
Between one and two years 400 400
After more than one year 2,200 2,600
Within one year (note 8) 400 400
2,600 3,000
The Company has facilities from Barclays Bank PLC which comprises a variable rate term loan secured on the Group’s freehold property of 
£4.1 million which is being repaid on a 10 year profile.
Under the Barclays Bank PLC facilities, the Group is subject to various financial covenants which apply to the term loan, including interest 
cover and debt service.
Any non-compliance with the 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. 
There is a set off arrangement for Group bank accounts held with Barclays Bank PLC.  W alker Greenbank PLC
Accounts
74
Notes to the Financial Statements continued
10. Deferred taxation
Potential deferred tax assets at 31 January 2011 of £1,759,000 (2010: £1,656,000) relating to tax losses and timing differences have not been 
recognised as it is not considered probable that recovery will arise.
2011 
£000
2010 
£000
Tax losses 1,320 1,345
Other timing differences 439 311
1,759 1,656
There are also unutilised capital tax losses of £4,885,000 (2010: £4,885,000) but no deferred tax asset has been recognised as it is not 
considered probable that these losses will be utilised.
11. Share capital
Ordinary shares of 1p each
Number 
of shares £
Authorised share capital:
1 February 2010 and 31 January 2011 85,000,000 850,000
Allotted, called up and fully paid:
1 February 2010 and 31 January 2011 59,006,162 590,062
On 7 December 2010 Walker Greenbank PLC purchased 100,000 ordinary shares of 1p each in the Company at 50p per ordinary share. On 
9 December 2010 Walker Greenbank PLC purchased 150,000 ordinary shares of 1p each in the Company at 51p per ordinary share and 100,000 
ordinary shares at 50.5p. 
Following these transactions Walker Greenbank’s issued ordinary share capital, with voting rights, consists of 59,006,162 (2010: 59,006,162) 
ordinary shares of which 960,000 (2010: 610,000) ordinary shares are held in treasury and a further 1,852,445 (2010: 1,852,445) ordinary 
shares are held by the Walker Greenbank PLC Employee Benefit Trust (‘EBT’) with a cost of £380,534 (2010: £380,534) and a market value at 
31 January 2011 of £981,796 (2010: £416,800). Shares held in treasury or by the ‘EBT’ are treated as cancelled when calculating EPS.
The total number of shares held in treasury at the year end represented 1.63% (2010: 1.0%) of the issued ordinary shares. The market value of 
these shares at 31 January 2011 was £508,800 (2010: £137,250).
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 four 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.  W alker Greenbank PLC
Accounts
75
12. Shareholders’ funds and reserve movements
Share capital
£000
Share 
premium
£000
Profit and 
loss account
£000
Capital 
reserve
£000
Total
£000
1 February 2009 590 457 7,823 41,888 50,758
Reserve for long-term incentive plans – – 127 – 127
Loss for the year – – (984) – (984)
Treasury shares – – (128) – (128)
31 January 2010 590 457 6,838 41,888 49,773
Reserve for long-term incentive plans – – 493 – 493
Loss for the year – – (745) – (745)
Dividends paid – – (368) – (368)
Treasury shares – – (178) – (178)
31 January 2011 590 457 6,040 41,888 48,975
Capital reserve represents £000
Capital redemption reserve arising on capital reconstructions 41,888
13. Operating lease commitments
Annual commitments due under non-cancellable operating leases are as follows:
Land and 
buildings 
2011 
£000
Other 
2011 
£000
Land and 
buildings 
2010 
£000
Other 
2010 
£000
Operating leases which expire:
Within one year – – – –
Between one and five years 86 – – –
Over five years 420 – 479 –
506 – 479 –
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 0.80p per share (2010: 0.50p per share), a total of £449,550 (2010: 
£283,033). 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 £115,556 for the year ended 31 January 2011 
(2010: £83,000). W alker Greenbank PLC
Accounts
76
Five Y ear Record
2007 
£000
2008 
£000
2009 
£000
2010 
£000
2011 
£000
Revenue 54,369 62,448 63,698 60,378 68,778
Overseas revenue by location of customer 18,374 20,908 22,672 20,409 22,456
Profit from operations 3,757 3,961 3,561 2,415 4,972
Profit from operations before exceptional items and discontinued operations 2,481 3,961 3,857 2,522 4,472
EBITDA 4,323 5,783 5,703 4,308 6,210
Profit before income tax 2,694 3,099 2,787 1,552 4,462
Capital expenditure 1,447 1,797 1,527 1,067 2,636
Earnings per ordinary share 4.67p 14.49p 2.96p 2.10p 5.36p
Average number of employees 548 586 594 529 550
Dividends paid in year – – – – 368
Shareholders’ funds 12,943 20,799 19,911 18,770 21,393
Dividend per share
 – Final (prior year end) – paid – – – – 0.50p
 – Interim (current year end) – paid – – – – 0.15p
 – Final (current year end) – proposed – – – – 0.80p
EBITDA is based on profit from operations before exceptional items. 77
W alker Greenbank PLC
Shareholder Information
Financial Calendar
Annual General Meeting 22 June 2011
Announcement of half-year results October 2011
Walker Greenbank PLC
Chalfont House
Oxford Road
Denham
UB9 4DX
T: 08708 300 365
F: 08708 300 364 
www.walkergreenbank.com
Shareholder Information 78
W alker Greenbank PLC
Notes
Notes 79
W alker Greenbank PLC
Notes
Notes 80
W alker Greenbank PLC
Notes
Notes Overview
01 Highlights
02 Chairman’s Statement
04 Our Group at a Glance
08 Decoration & Celebration – 150 years
10 Chief Executive’s Review
14 Questions & Answers
16 Expansion & Potential
18 Financial Review
21 Directors and Advisers
Directors’ Report
22 Report of the Directors
24 Statement of Directors’ 
Responsibilities
25 Directors’ Remuneration Report
28 Corporate Governance Statements 
Accounts
29  Independent Auditors’ Report on 
Consolidated Financial Statements
30 Consolidated Income Statement
31  Consolidated Statement of 
Comprehensive Income
32 Consolidated Balance Sheet
33 Consolidated Cash Flow Statement
34 Consolidated Statement of Changes 
in Equity
35 Notes to the Consolidated Financial 
Statements
66  Independent Auditors’ Report on 
Company Financial Statements
67 Company Balance Sheet
68 Notes to the Financial Statements
76 Five Year Record
77 Shareholder Information
Walker Greenbank PLC is an 
international luxury interior 
furnishings group that designs, 
manufactures and markets 
wallcoverings, fabrics and 
complementary products.
The Group’s brands, Harlequin, Sanderson, Morris & Co 
and Zoffany offer a unique mix of heritage and 
contemporary design.
Front Cover image:  
Image Courtesy of Financial Times, How to Spend it Magazine: Crafted and 
Photographed by Damian Foxe, Style Director. Background and dress made of Early 
Tulips wallpaper from the Vintage Collection by Sanderson
Inside front:  
Archive Wallpapers by Morris & Co Walker Greenbank PLC
Chalfont House 
Oxford Road 
Denham UB9 4DX
United Kingdom
Tel: 0845 126 5582
Fax: 0845 126 5583
www.walkergreenbank.com
Walker Greenbank PLC Annual Report and Accounts 2011
Heritage
& 
Luxury
Walker Greenbank PLC
Annual Report and Accounts for the year ended 31 January 2011