FOR THE YEAR ENDED 30 SEPTEMBER 2025
WWY (HOLDINGS) LIMITED
COMPANY INFORMATION
WWY (HOLDINGS) LIMITED
CONTENTS
WWY (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Group's principal activities continued to be those of importers, wholesalers and distributors of oriental foods and general merchandise.
The principal activity of the Company during the year was that of a holding company.
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties that we face.
As an importer, wholesaler and distributor of oriental foods and general merchandise the Group has no requirement to split its business into separate divisions as its entire turnover relates to this activity.
The Group takes risk management very seriously. It has a formal risk committee which meets regularly throughout the year and maintains both a strategic and a detailed risk register. The principal risks are then reported to and reviewed by the Board on a twice-yearly basis.
The Group remains cautious and encourages following safe procedures in all our sites by both staff and customers alike. To that end, a dedicated health and safety manager was appointed last year and they have been proactive in visiting sites, auditing and developing procedures to mitigate risks wherever necessary.
The global events which have occurred both during the year and since the year end have continued to create challenging market conditions and, as ever, the Group will continue to meet and respond to these challenges as they arise.
Labour markets in the UK generally appear to have eased slightly, possibly due to the problems facing the hospitality industry. However, attracting and sourcing employees of the quality required by the Group continues to be difficult. The Group has always endeavoured to only employ colleagues who it believes will engage in its core values and be with the business or the long term and once engaged it makes every effort to retain them. The Group also engages with Universities and has an active programme to support undergraduate courses which are complementary to its core business including providing placement years to suitable candidates.
In addition to the above other risks and uncertainties such as exchange rate fluctuations, climate change and how it affects the state of worldwide agriculture continue to provide challenges. However, given the overall performance of the Group during the last few years, the Directors remain confident the business is as robust as it can be to continue to meet future challenges. This confidence is reflected in the continuous major investments being made by the Group and the Directors remain prepared to deal with changes in the operating environment as and when they occur.
The Group remains cautious and encourages following safe procedures in all our sites by both staff and customers alike. To that end, a dedicated health and safety manager was appointed last year and they have been proactive in visiting sites, auditing and developing procedures to mitigate risks wherever necessary.
The global events which have occurred both during the year and since the year end have continued to create challenging market conditions and, as ever, the Group will continue to meet and respond to these challenges as they arise.
Labour markets in the UK generally appear to have eased slightly, possibly due to the problems facing the hospitality industry. However, attracting and sourcing employees of the quality required by the Group continues to be difficult. The Group has always endeavoured to only employ colleagues who it believes will engage in its core values and be with the business or the long term and once engaged it makes every effort to retain them. The Group also engages with Universities and has an active programme to support undergraduate courses which are complementary to its core business including providing placement years to suitable candidates.
In addition to the above other risks and uncertainties such as exchange rate fluctuations, climate change and how it affects the state of worldwide agriculture continue to provide challenges. However, given the overall performance of the Group during the last few years, the Directors remain confident the business is as robust as it can be to continue to meet future challenges. This confidence is reflected in the continuous major investments being made by the Group and the Directors remain prepared to deal with changes in the operating environment as and when they occur.
Notwithstanding the above, the Group continues with plans for the future growth and development of the business and continuously explores and considers projects that will be relevant to the sector going forwards as changes in the operating environment occur. To that end, the construction of a new cold store facility at the Birmingham site is due to be completed and commissioned in March 2026. This will provide much needed on site cold storage which until now has had to be sourced externally. Furthermore, in December 2025 the Group opened its first “convenience” store in Watford and is currently advanced in plans to open two more early in 2026 followed by other opportunities which should be rolled out during the current year. These include the acquisition of two freeholds which have been achieved since the year end. The joint venture project with an oriental vegan food producer to sell and distribute its products online has continued during the year with sales increasing modestly but, at the year end, plans are in place to undertake a major online marketing campaign with a view of increasing sales significantly.
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WWY (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
We consider that our key financial performance indicators are those that communicate our financial
performance and strength of the Company as a whole and these are:
performance and strength of the Company as a whole and these are:
A director of a company must act in the way they consider, in good faith, would be most likely to promote the
success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other
matters) to:
(a) the likely consequences of any decision in the long term,
(b) the interests of the company's employees,
(c) the need to foster the company's business relationships with suppliers, customers and others,
(d) the impact of the company's operations on the community and the environment,
(e) the desirability of the company maintaining a reputation for high standards of business conduct, and
(f) the need to act fairly between members of the company.
success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other
matters) to:
(a) the likely consequences of any decision in the long term,
(b) the interests of the company's employees,
(c) the need to foster the company's business relationships with suppliers, customers and others,
(d) the impact of the company's operations on the community and the environment,
(e) the desirability of the company maintaining a reputation for high standards of business conduct, and
(f) the need to act fairly between members of the company.
Our mission is to be the leading supplier of oriental food and related products in the UK. To achieve this, we passionately commit to engaging with all our stakeholders, the key ones being: customers, employees and suppliers.
Our objective is to maintain and grow our loyal and satisfied customer base which is served by engaged and motivated employees supplying market leading products from our suppliers.
Decisions are taken on a day to day basis by the management team and the Board meets bimonthly to review the operating performance and to consider and make key decisions.
Our objective is to maintain and grow our loyal and satisfied customer base which is served by engaged and motivated employees supplying market leading products from our suppliers.
Decisions are taken on a day to day basis by the management team and the Board meets bimonthly to review the operating performance and to consider and make key decisions.
In order to discharge the directors’ duties under Section 172 of The Companies Act key stakeholders are considered throughout the directors’ decision making process. It is the firmly held belief that the ongoing success of the Group is dependent on engaging with key stakeholders in this way.
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WWY (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Board is committed to recruiting and retaining engaged and motivated employees who are willing and able to contribute to the success of the Group. The Group continuously works towards improving its recruitment, onboarding, engagement, and development process. A comprehensive suite of policies has been produced, and is constantly reviewed and updated, to ensure consistency of operations across the Group.
The Group is committed to equal opportunities for all, regardless of sex, race, disability, sexual orientation, religion / belief, age, colour, trade union membership, nationality or ethnic origin. Disabled persons' applications are always fully considered, bearing in mind the abilities of the applicant concerned. Where a member of staff becomes disabled, every effort is made to ensure their employment with the Group continues and that appropriate training is arranged. It is the policy of the Group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
The Group is committed to equal opportunities for all, regardless of sex, race, disability, sexual orientation, religion / belief, age, colour, trade union membership, nationality or ethnic origin. Disabled persons' applications are always fully considered, bearing in mind the abilities of the applicant concerned. Where a member of staff becomes disabled, every effort is made to ensure their employment with the Group continues and that appropriate training is arranged. It is the policy of the Group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Our team of Category Managers, with many years’ experience, have developed a worldwide network of suppliers who are able to supply the range and quality of products our customers demand. It is the Board’s policy to ensure that we are not overly reliant on any one supplier. Suppliers are continuously monitored and assessed to ensure they provide us with the quality we demand and that they have the requisite technical capability to comply with appropriate food safety and quality accreditation. The Group is further committed to ensuring that it only deals with suppliers who have the same ethics and standards of integrity as our own, particularly with regards to Modern Slavery.
Most customers visit our stores on a regular basis to make their purchases, so engaging with them is a continuous process. In many cases they have been customers for a number of years so strong bonds have been developed between them and members of staff resulting in feedback being obtained on an ongoing basis.
The Group recognises the importance of engaging with its local communities in a variety of ways. There is a separately constituted charity, The W. Wing Yip & Brothers Foundation, which sits alongside the Group and makes grants to a variety of organisations and individuals representing worthy causes.
This report was approved by the board and signed on its behalf.
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WWY (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The directors present their report and the financial statements for the year ended 30 September 2025.
The profit for the year, after taxation and minority interests, amounted to £3,760,000 (2024:£7,423,000).
Dividends of £1,511,000 (2024: £799,000) were proposed and paid during the year.
The directors who served during the year were:
The Directors consider the greenhouse gas (GHG) emissions, energy consumption, and energy efficiency action at a group level and therefore the below disclosure is on a Group basis. The Group is firmly committed to operating in a green and sustainable manner and takes its responsibilities in these areas extremely seriously.
Wing Yip has implemented several energy-saving projects during the reporting period under review with the aim to improve their overall energy efficiency and reduce their carbon emissions. During the reporting year under review, door heaters have been installed in the Croydon site. These improve energy efficiency by preventing warm indoor air from escaping and cold outdoor air from entering, while also keeping out dust, insects, and fumes. As well as this, the group’s Birmingham site had their gas boilers replaced with water heaters and electric radiators in remaining areas of the building, this completes their project from the previous financial year to replace all gas boilers across the site with alternative means. Also, within the Birmingham site three EV charging stations were installed during August 25.
No “green” electricity tariffs or other market-based instruments were used in the SECR period under review in the form of certified or uncertified carbon offsets. These may be considered in the future. However, the focus is on delivering true emission reduction.
During the year the Group continued its engagement of a third party to audit, review, and recommend energy conservation initiatives. This includes reviewing the Groups property estate with an objective to maximise the use of solar photovoltaic arrays wherever practical.
An internal committee also meets to enact Group wide suggestions on how to reduce energy usage throughout day to day operations.
We have continued to purchase a renewable energy tariff for all half hourly metered electricity supplies, backed by REGO certificates. No other certified or uncertified carbon offsets have been used. These may be considered in the future. However, the focus is on delivering true emission reduction.
The baseline GHG report previously prepared has been continuously updated and reviewed to further understand what will be required to achieve “net zero” in a timescale which reflects the climate crisis.
Wing Yip has implemented several energy-saving projects during the reporting period under review with the aim to improve their overall energy efficiency and reduce their carbon emissions. During the reporting year under review, door heaters have been installed in the Croydon site. These improve energy efficiency by preventing warm indoor air from escaping and cold outdoor air from entering, while also keeping out dust, insects, and fumes. As well as this, the group’s Birmingham site had their gas boilers replaced with water heaters and electric radiators in remaining areas of the building, this completes their project from the previous financial year to replace all gas boilers across the site with alternative means. Also, within the Birmingham site three EV charging stations were installed during August 25.
No “green” electricity tariffs or other market-based instruments were used in the SECR period under review in the form of certified or uncertified carbon offsets. These may be considered in the future. However, the focus is on delivering true emission reduction.
During the year the Group continued its engagement of a third party to audit, review, and recommend energy conservation initiatives. This includes reviewing the Groups property estate with an objective to maximise the use of solar photovoltaic arrays wherever practical.
An internal committee also meets to enact Group wide suggestions on how to reduce energy usage throughout day to day operations.
We have continued to purchase a renewable energy tariff for all half hourly metered electricity supplies, backed by REGO certificates. No other certified or uncertified carbon offsets have been used. These may be considered in the future. However, the focus is on delivering true emission reduction.
The baseline GHG report previously prepared has been continuously updated and reviewed to further understand what will be required to achieve “net zero” in a timescale which reflects the climate crisis.
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WWY (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION (CONTINUED)
Wing Yip’s Total Energy Consumption (TEC) was 7,179,522 kWh over the SECR reference period 01/10/2024 to 30/09/2025. During the period under review, the group generated Scope 1 265.75 tCO2e, Scope 2 1,059.05 tCO2e and Scope 3 122.59 tCO2e emissions totalling 1,447.39 tonnes of CO2e.
Wing Yips’ emissions intensity ratio for the current SECR reference period was 7.69 tonnes CO2e per £m Sales Revenue, whilst for the previous SECR review period (01/10/2023 to 30/09/2024) their emissions were 9.30 tonnes CO2e per £m Sales Revenue. The group’s total CO2 emissions reduced by circa 15.5% compared to the previous SECR period (01/10/2023 to 30/09/2024), this showcases the organisations commitment to carrying out all business activities in a sustainable manner.
Wing Yips’ emissions intensity ratio for the current SECR reference period was 7.69 tonnes CO2e per £m Sales Revenue, whilst for the previous SECR review period (01/10/2023 to 30/09/2024) their emissions were 9.30 tonnes CO2e per £m Sales Revenue. The group’s total CO2 emissions reduced by circa 15.5% compared to the previous SECR period (01/10/2023 to 30/09/2024), this showcases the organisations commitment to carrying out all business activities in a sustainable manner.
The table below shows the total emissions generated by each scope, for the current reporting period and the previous reporting period:
Post balance sheet events have been disclosed in the notes to these financial statements.
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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WWY (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
This report was approved by the board and signed on its behalf.
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WWY (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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.
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WWY (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WWY (HOLDINGS) LIMITED
We have audited the financial statements of WWY (Holdings) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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WWY (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WWY (HOLDINGS) LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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WWY (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WWY (HOLDINGS) LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We have considered the following:
∙The nature of the industry and sector, control environment and business performance;
∙Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Group and Company; and,
∙Any matters we identified having obtained and reviewed the Group's and Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the areas of high risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Group and Company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102 and UK tax legislation. In addition we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for the Group's and Company’s ability to operate or avoid a material penalty. These included safeguarding regulations, health and safety regulations; employment legislation; and data protection laws.
Our audit procedures performed to respond to the risks identified included, but were not limited to:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Reviewing board minutes;
∙Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud; and,
∙Challenging assumptions and judgements made by management in their significant accounting estimates.
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WWY (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WWY (HOLDINGS) LIMITED (CONTINUED)
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
55 Colmore Row
B3 2AA
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WWY (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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WWY (HOLDINGS) LIMITED
REGISTERED NUMBER:11637691
CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2025
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WWY (HOLDINGS) LIMITED
REGISTERED NUMBER:11637691
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 April 2026.
The notes on pages 20 to 46 form part of these financial statements.
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WWY (HOLDINGS) LIMITED
REGISTERED NUMBER:11637691
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 April 2026 .
The notes on pages 20 to 46 form part of these financial statements.
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