Caseware UK (AP4) 2025.0.111 2025.0.111 The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3). The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": the requirements of Section 7 Statement of Cash Flows; the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; the requirements of Section 33 Related Party Disclosures paragraph 33.7.The financial statements are prepared in Sterling (£) and rounded to the nearest thousand. The company's functional and presentational currency is GBP.0 0 Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Investments in non-derivative instruments that are equity to the issuer are measured: at fair value with changes recognised in the Consolidated statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably; at cost less impairment for all other investments.Allowance for impairment of debtors The company estimates the allowance for doubtful trade and group debtors based on assessment of specific accounts where the company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers and/or group undertakings are unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but not limited to, the length of relationship. Impairment of investments Determining whether the carrying value of the financial assets have been impaired requires an estimation of the value in use of the company's investment in subsidiaries. The value in use calculation requires the directors to estimate the future cash flows expected to arrive from these assets and a suitable discount in order to calculate present value. After reviewing these calculations, the directors have determined that £Nil impairment has arisen.During the year retirement benefits were accruing to 5 directors (2024 - 5) in respect of defined contribution pension schemes. The highest paid director received remuneration of £246k (2024 - £227k. The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9k (2024 - £9k).Interest income is recognised in profit or loss using the effective interest method. Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. 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Financial Statements Savage & Whitten Wholesale Ltd For the year ended 31 December 2025 Registered number: NI038618
Savage & Whitten Wholesale Ltd
Company Information
Directors | Mr Robert McKeavney (appointed 2 February 2026)
| Mr Anthony McVeigh
| Mr Neil Donnelly
| Mr Michael Skelton
| Mr Alan Dorman
| Mr Norman Savage
Company secretary | Mr Anthony McVeigh
Registered number | NI038618
Registered office | Unit 1a Carnbane Business Park
| Derryboy Road
| Newry
| Down
| Northern Ireland
| BT35 6FY
Independent auditor | Grant Thornton (NI) LLP
| Chartered Accountants & Statutory Auditors
| 12 - 15 Donegall Square West
| Belfast
| BT1 6JH
Bankers | Danske Bank
| Hill Street
| Newry
| Co. Down
Solicitors | Tughans LLP
| The Ewart
| 3 Bedford Street
| Belfast
| BT2 7EP
Savage & Whitten Wholesale Ltd
Contents
| Page
Strategic report | 1 - 4
Directors' report | 5 - 7
Independent auditor's report | 8 - 11
Statement of comprehensive income | 12
Statement of financial position | 13
Statement of changes in equity | 14
Notes to the financial statements | 15 - 33
Savage & Whitten Wholesale Ltd
Strategic report For the year ended 31 December 2025
Introduction
The directors present their Strategic report for the year ended 31 December 2025.
Principal activity and business review
The principal activity of the company is the wholesale distribution of groceries, tobacco and provisions. The results for the year are set out on page 12. The directors consider the profit achieved on ordinary activities to be very satisfactory. The directors are delighted to report that the company maintained a solid position in the market in 2025. Legislative changes including tobacco related products in the Republic of Ireland caused some disruption to the supply chain during the year. Gross profit margin has been reported at 14.44%. The company continues to look to grow with new markets and retailer needs identified. The company is looking to develop its strong support system to supplied retailers, control operating costs, invest in personnel and continue its appreciated customer service. The company understands the challenges the current economic climate presents within the food wholesaling industry and have set in place a number of plans to ensure the company remains profitable, efficient, and competitive as continued growth is expected. Consumer price consciousness and competition within the marketplace will continue in 2026 but the company is well placed to respond.
Principal risks and uncertainties
Given the nature and location of its operations, the company is exposed to a variety of financial risks including credit risk, liquidity risk, interest rate cash flow risk, foreign exchange risk and inflation risk. Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub- committee of the board. The board has in place a risk management program seeking to limit the effect of these risks on the financial performance of the company with continual monitoring. The company has no significant exposure to price risk with respect to commodity price risk or equity securities price risk. The policies set by the board of directors are implemented by the company's finance department. Credit risk The company has policies in place that support the constant review of the credit worthiness of existing customers and ensures appropriate credit checks are completed prior to the take on of new customers. Exposure to customers is monitored on an ongoing basis. Liquidity risk The company actively maintains short-term and long-term finance to meet cash flow requirements. Interest rate risk The company has interest bearing liabilities which relate to both short-term and long-term finance. The policy for management of interest rates is reviewed on a regular basis. Foreign exchange risk The company sells outside of the UK and is therefore exposed to foreign exchange currency risk. Foreign exchange exposure is managed in line with company policy and subject to ongoing review. The company enters into forward currency arrangements to hedge against exposure to fluctuations in exchange rates. Page 1
Savage & Whitten Wholesale Ltd
Strategic report (continued) For the year ended 31 December 2025 Principal risks and uncertainties (continued) Inflation risk Cost inflation remains fluid and unpredictable and the future level of inflation subject to a number of factors. The company maintains regular forecasts to ensure areas affected by cost increases are identified so mitigating action can be taken. The company is working with customers, suppliers and employees to mitigate the impact of increasing costs, however the directors note that the rate of inflation is slowing. The company maintains a business risk register and regularly reviews the principal risks faced. The impact of various risks on the performance of the company is mitigated through a proactive approach combined with a solid control environment. The company operates in a competitive market. A major priority for the company remains the ability to continue to provide high levels of customer service to maintain buying power and provide retailers with competitive prices. As a member of Unitas, the company seeks to retain its competitive advantage by offering the value and range of a national distributor using free delivery to the whole of Northern Ireland and many parts of the Republic of Ireland. With the implementation and upgrading of technology, orders are consistently fulfilled with a high level of accuracy and the company is striving to maintain and develop this service. As a private independent wholesale distributor, the company has the advantage of understanding the pressure on the independent retailer and seeks to use this knowledge to endeavor to improve service, support, and value to customers. During 2025, ongoing macroeconomic factors impacted on the business including the cost of living crisis and supply chain challenges including legislative challenges. The board continues to monitor these factors and the business adopts an agile approach to the management of them, this will continue on an ongoing basis.
Key performance indicators
The directors present the following Key performance indicators:
| 2025 | 2024
KPI |  |
Turnover increase/(decrease) (%) | 3.13 | (1.40)
Gross margin (%) | 14.44 | 14.05
Operating margin (operating profit/sales) (%) | 3.78 | 3.74
Page 2
Savage & Whitten Wholesale Ltd
Strategic report (continued) For the year ended 31 December 2025
Directors' statement of compliance with duty to promote the success of the company
From the perspective of the directors, the matters for consideration under section 172 of the Companies Act 2006 (“s172”) have been considered to an appropriate extent by the company. Such consideration is included in the statements set out below, noting the directors’ duty under s172 to act in good faith to promote the success of the company for the benefit of its shareholders but having regard amongst other matters to the following: ∙the likely consequences of any decision in the long term; ∙the interests of the company’s employees; ∙the need to foster the company’s business relationships with customers and others; ∙the impact of the company’s operations on the community and the environment; ∙the desirability of the company maintaining a reputation for high standards of business conduct; and ∙the need to act fairly as between members of the company. For the company, compliance is one of the cornerstone values and forms the basis for all decisions and activities. It is the key to integrity in conducting business. The directors are committed to ensuring that all business is carried out in full accordance with the law as well as internal rules and principles. The board of directors of the company, both individually and together, confirmed that they have acted in the way they consider, in good faith, would be most likely to promote success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in Section 172(1) (a-f) of the Act) in the decisions taken during the period ended 31 December 2025. The following paragraphs summarise how the directors fulfil their duties: ∙The board regularly reviews and updates the long-term strategic plans of the business. Operational and financial performance is monitored against budget in detail throughout the financial year. ∙The board is aware of the importance of the company's employees to the long-term success of the business and our people form a key part of our strategy. ∙We aim to be a responsible employer in our approach to the pay and benefits our employees receive and the conditions they work in. The health, safety and wellbeing of our employees is one of our primary considerations. ∙The board regularly reviews how the company maintains relationships with all of our stakeholders including suppliers, customers, and others. ∙The strategic plan of the company aims to develop staff, customers and supplier relationships while having a positive impact on other stakeholders. ∙The company actively seeks to minimize our impact on the environment by reducing our carbon and environmental foot print. ∙As directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner maintaining a reputation for high standards of business conduct. ∙In 2023, the business entered into an EOT model. There are 3 Board members who are also members of the Trustee Board, 2 of which are actively involved in the day-to-day running of the business with a focus on the long-term strategy. Board meetings are held regularly to discuss strategic direction and objectives with the Trustees updated on business performance and future plans. Page 3
Savage & Whitten Wholesale Ltd
Strategic report (continued) For the year ended 31 December 2025 This report was approved by the board on 24 April 2026 and signed on its behalf.
Mr Anthony McVeigh Director
Page 4
Savage & Whitten Wholesale Ltd
Directors' report For the year ended 31 December 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the company's financial statements and then apply them consistently; ∙make judgements 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 company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £4,353k (2024 - £4,135 k). The directors recommend a dividend payment of 3,318k (2024: £2,849k).
Directors
The directors who served during the year were:
Mr Anthony McVeigh
Mr Neil Donnelly
Mr Michael Skelton
Mr Alan Dorman
Mr Norman Savage
Future developments
As part of the strategic plan for the company, construction has commenced on a new site for an expanded warehouse facility. Upon completion, the new facility will provide the company with capacity to deliver beyond the current strategic plan agreed by the board. All investment decisions within the strategic plan are subject to review to ensure the company maintains high levels of customer service whilst also providing value to retailers. Page 5
Savage & Whitten Wholesale Ltd
Directors' report (continued) For the year ended 31 December 2025
Engagement with employees
Employees are kept as informed as is practicable about the progress of the business through a process of regular team meetings and briefings. Engagement increased further within the EOT model through the use of employee engagement sessions and the progression of the Culture and Wellbeing team. Employees are provided with ongoing training and development with support from the People & Culture team.
Engagement with suppliers, customers and others
The board regularly reviews how the company maintains positive relationships with all of its stakeholders including suppliers, customers and others.
Disabled employees
It is the policy of the company to offer equal opportunity to disabled persons in recruitment, training and career development, having due regard to their aptitudes and abilities in relation to the jobs available.
Branches outside the United Kingdom
The group operates a branch based in the Republic of Ireland.
Greenhouse gas emissions, energy consumption and energy efficiency action
The company qualifies as large for the purposes of reporting emissions under the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. The company's ultimate parent undertaking, S&W Nearby Holdings Limited, includes the company's information in its group directors' report, therefore there is no requirement to include this information in the company's Directors' report, under this Regulation.
Matters covered in the Strategic report
Under schedule 7.1A of "Large and Medium-Sized Companies and Groups (Accounts & Reports) Regulations 2008", the company has elected to disclose the following Directors' report information in the Strategic report: ∙Principal activity and business review; ∙Principal risks and uncertainties; ∙Key performance indicators; and ∙S172 reporting.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the company since the year end. Page 6
Savage & Whitten Wholesale Ltd
Directors' report (continued) For the year ended 31 December 2025
Auditor
The auditor, Grant Thornton (NI) LLP, was appointed during the year and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 24 April 2026 and signed on its behalf.
Mr Anthony McVeigh Director
Page 7
Independent auditor's report to the members of Savage & Whitten Wholesale Ltd
Opinion
We have audited the financial statements of Savage & Whitten Wholesale Ltd, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the financial year ended 31 December 2025, and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion, Savage & Whitten Wholesale Ltd's financial statements: ∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the company as at 31 December 2025 and of its financial performance for the financial year then ended; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date 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. Page 8
Independent auditor's report to the members of Savage & Whitten Wholesale Ltd (continued)
Other information
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and ∙the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report and the Strategic Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 9
Independent auditor's report to the members of Savage & Whitten Wholesale Ltd (continued)
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor 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 Auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of an auditor's 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 auditor's report. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Data Privacy Law, Employment Law, Environmental Regulations, and Health and Safety Laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. Page 10
Independent auditor's report to the members of Savage & Whitten Wholesale Ltd (continued) We apply professional scepticism throughout the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: ∙enquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; ∙inspection of the company’s regulatory and legal correspondence and review of minutes of of the board of director’s meetings during the year to corroborate inquiries made; ∙gaining an understanding of the entity’s current activities, the scope of authorisation and the effectiveness of its control environment to mitigate risks related to fraud; ∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; ∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; ∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; ∙challenging assumptions and judgements made by management in their significant accounting estimates, including estimating the useful lives of intangible fixed assets, allowance for the impairment of debtors and stock and impairment of intangible assets and investments; and ∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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 auditor’s 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. Louise Kelly, FCA (Senior statutory auditor) for and on behalf of Grant Thornton (NI) LLP Chartered Accountants & Statutory Auditors Belfast 24 April 2026 Page 11
Savage & Whitten Wholesale Ltd
Statement of comprehensive income For the year ended 31 December 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 4 | 147,548 | 143,073
Cost of sales |  | (126,248) | (122,974)
Gross profit |  | 21,300 | 20,099
Distribution costs |  | (5,159) | (4,910)
Administrative expenses |  | (10,566) | (9,838)
Operating profit | 5 | 5,575 | 5,351
Other income |  | 89 | 5
Interest payable and similar expenses | 9 | (53) | (58)
Profit before tax |  | 5,611 | 5,298
Tax on profit | 10 | (1,258) | (1,163)
Profit for the financial year |  | 4,353 | 4,135
Other comprehensive (loss)/income for the year |  |  |
Effective portion of changes in fair value of cashflow hedges |  | (172) | 733
Deferred tax on items included in other comprehensive income |  | 43 | (183)
Other comprehensive (loss)/income for the year |  | (129) | 550
Total comprehensive income for the year |  | 4,224 | 4,685
All amounts relate to continuing operations.
The notes on pages 15 to 33 form part of these financial statements.
Page 12
Savage & Whitten Wholesale Ltd Registered number:NI038618
Statement of financial position As at 31 December 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 402 |  | 572
Tangible assets | 13 |  | 2,036 |  | 1,276
Investments | 14 |  | 174 |  | 174
|  |  | 2,612 |  | 2,022
Current assets |  |  |  |  |
Stocks | 15 | 9,479 |  | 9,589 |
Debtors: amounts falling due within one year | 16 | 11,657 |  | 11,077 |
Cash at bank and in hand | 17 | 7,941 |  | 6,156 |
|  | 29,077 |  | 26,822 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 18 | (17,282) |  | (15,842) |
Net current assets |  |  | 11,795 |  | 10,980
Total assets less current liabilities |  |  | 14,407 |  | 13,002
Creditors: amounts falling due after more than one year | 19 |  | (504) |  | (136)
Provisions for liabilities |  |  |  |  |
Deferred tax | 21 | (482) |  | (351) |
|  |  | (482) |  | (351)
Net assets |  |  | 13,421 |  | 12,515
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 10 |  | 10
Cash flow hedge reserve | 23 |  | 20 |  | 149
Profit and loss account | 23 |  | 13,391 |  | 12,356
Shareholders' funds |  |  | 13,421 |  | 12,515
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2026.
Mr Anthony McVeigh
Director
The notes on pages 15 to 33 form part of these financial statements. Page 13
Savage & Whitten Wholesale Ltd
Statement of changes in equity For the year ended 31 December 2025
| Called up share capital | Cash flow hedge reserve | Profit and loss account | Total equity
| £000 | £000 | £000 | £000
At 1 January 2024 | 10 | (401) | 11,070 | 10,679
Profit for the year | - | - | 4,135 | 4,135
Effective portion of changes in fair value of cashflow hedges | - | 733 | - | 733
Deferred tax on items included in other comprehensive income | - | (183) | - | (183)
Total comprehensive income for the year | - | 550 | 4,135 | 4,685
Dividends: Equity capital | - | - | (2,849) | (2,849)
Total transactions with owners | - | - | (2,849) | (2,849)
At 1 January 2025 | 10 | 149 | 12,356 | 12,515
Profit for the year | - | - | 4,353 | 4,353
Effective portion of changes in fair value of cashflow hedges | - | (172) | - | (172)
Deferred tax on items included in other comprehensive income | - | 43 | - | 43
Total comprehensive income for the year | - | (129) | 4,353 | 4,224
Dividends: Equity capital | - | - | (3,318) | (3,318)
Total transactions with owners | - | - | (3,318) | (3,318)
At 31 December 2025 | 10 | 20 | 13,391 | 13,421
Page 14
Savage & Whitten Wholesale Ltd
Notes to the financial statements For the year ended 31 December 2025
1. | General information
The company is a private company limited by shares incorporated, domiciled and registered in Northern Ireland in the UK. The address of the registered office is Unit 1A, Carnbane Business Park, Carnbane Industrial Estate, Newry, Co Down, BT35 6FY and the registered number is NI038618. The principal activity of the company is the wholesale distribution of groceries, tobacco and provisions. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3). The financial statements are prepared in Sterling (£) and rounded to the nearest thousand. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of S&W Nearby Holdings Limited as at 31 December 2025 and these financial statements may be obtained from Companies House in the United Kingdom.
| 2.3 | Exemption from preparing consolidated financial statements
The financial statements contain information about Savage & Whitten Wholesale Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt from preparing consolidated accounts under Section 400 of the Companies Act 2006 as it and its subsidiary undertakings are included by full consolidation in the financial statements of its ultimate parent undertaking, S&W Nearby Holdings Limited prepared to 31 December 2025. These consolidated accounts are publicly available on Companies House in the United Kingdom. Page 15
Savage & Whitten Wholesale Ltd
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.4 | Going concern
The company’s business activities, together with factors likely to affect its future development, performance and position, are continuously reviewed by the directors. The directors recognise that the company's future performance will be influenced by the macro-economic, financial, and credit conditions, which are outside of the company's control. Based on all of the information available, including forecasts and projections, the directors believe that the current economic conditions will not significantly impact on the company's ability to continue in operational existence for the foreseeable future. As a consequence, the directors believe that the company is well placed to manage business risks successfully despite the current uncertain economic outlook. The company meets its day to day working capital requirements through its cash resources and banking facilities. The company’s cash flow forecasts indicate an adequate level of liquidity to enable it to continue to trade and to meet its obligations as they fall due for at least 12 months from the date of approval of the financial statements. The directors are therefore confident that the company has adequate resources to continue its normal business for the foreseeable future, and accordingly continues to adopt the going concern basis in preparing the annual report and financial statements.
| 2.5 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 16
Savage & Whitten Wholesale Ltd
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.6 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the company has transferred the significant risks and rewards of ownership to the buyer; ∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.7 | Operating leases: the company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.10 | Pensions
Defined contribution pension plan The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds. Page 17
Savage & Whitten Wholesale Ltd
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.12 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on the following bases:
|  |  |  | Website | - |  | 25% straight line
|  |  |  | Computer software | - |  | 20-25% straight line
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 18
Savage & Whitten Wholesale Ltd
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.13 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Short-term leasehold property | - | 20% straight line
|  |  |  | Plant and machinery | - | 25% straight line
|  |  |  | Motor vehicles | - | 25% straight line
|  |  |  | Fixtures, fittings and equipment | - | 20-33% straight line
|  |  |  | Assets in the course of construction | - | not depreciated
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.14 | Impairment of assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
| 2.15 | Fixed asset investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.16 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.17 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 19
Savage & Whitten Wholesale Ltd
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.18 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.19 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.20 | Hire purchase and finance leases
Assets held under finance leases are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
| 2.21 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.
| 2.22 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.23 | Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, Page 20
Savage & Whitten Wholesale Ltd
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.23 | Financial instruments (continued)
like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Investments in non-derivative instruments that are equity to the issuer are measured: ∙at fair value with changes recognised in the Consolidated statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably; ∙at cost less impairment for all other investments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Derivative financial instruments are recognised at fair value. The gain or loss on remeasurement to fair value is recognised immediately in profit or loss. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged (see below). Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in Other Comprehensive Income (OCI). Any ineffective portion of the hedge is recognised immediately in profit or loss. For cash flow hedges, where the forecast transactions resulted in the recognition of a non-financial asset or non-financial liability, the hedging gain or loss recognised in OCI is included in the initial cost or other carrying amount of the asset or liability. Alternatively, when the hedged item is recognised in profit or loss the hedging gain or loss is reclassified to profit or loss. Page 21
Savage & Whitten Wholesale Ltd
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.24 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In applying the company’s accounting policies the directors are required to make significant judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The items in the financial statements where these judgments and estimates have been made include: Estimating useful lives of intangible assets The company estimates the useful lives of intangible fixed assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to prospective economic utilisation, technical or commercial obsolescence and legal or other limits on the use of the assets. In addition, estimation of the useful lives of intangible fixed assets are based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however may vary due to changes in estimates brought about by changes in factors mentioned above. Allowance for impairment of debtors The company estimates the allowance for doubtful trade and group debtors based on assessment of specific accounts where the company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers and/or group undertakings are unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but not limited to, the length of relationship. Impairment of stocks Management evaluates the realisability of inventory on a case by case basis and makes adjustments to the inventory provision based on an analysis of the historical usage on individual inventory items. Impairment of investments Determining whether the carrying value of the financial assets have been impaired requires an estimation of the value in use of the company's investment in subsidiaries. The value in use calculation requires the directors to estimate the future cash flows expected to arrive from these assets and a suitable discount in order to calculate present value. After reviewing these calculations, the directors have determined that £Nil impairment has arisen.
4. | Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom and Ireland. Page 22
Savage & Whitten Wholesale Ltd
Notes to the financial statements For the year ended 31 December 2025
5. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Amortisation on intangible assets | 189 | 187
| Depreciation of tangible assets - owned | 593 | 664
| Depreciation of tangible assets - hire purchase | 180 | 123
| Gain on disposal of tangible assets | (56) | (58)
| Operating lease rentals | 525 | 628
6. | Auditor's remuneration
| During the year, the company obtained the following services from the company's auditor and its associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the company's auditor and its associates for the audit of the company's financial statements | 34 | 33
| Fees payable to the company's auditor and its associates in respect of: |  |
| Taxation compliance services | 3 | 4
| Other services | 1 | 2
Page 23
Savage & Whitten Wholesale Ltd
Notes to the financial statements For the year ended 31 December 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Wages and salaries | 9,602 | 8,842
| Social security costs | 971 | 816
| Cost of defined contribution scheme | 223 | 209
|  | 10,796 | 9,867
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administrative staff | 231 | 228
|  | Other staff | - | 19
|  |  | 231 | 247
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Directors' emoluments | 721 | 582
| Company contributions to defined contribution pension schemes | 26 | 21
|  | 747 | 603
| During the year retirement benefits were accruing to 5 directors (2024 - 5) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £246k (2024 - £227 k.
| The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9k (2024 - £9 k).
Page 24
Savage & Whitten Wholesale Ltd
Notes to the financial statements For the year ended 31 December 2025
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank interest payable | 12 | 41
| Finance leases and hire purchase contracts | 41 | 17
|  | 53 | 58
10. | Tax on profit
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | 942 | 1,167
|  | 942 | 1,167
| Foreign tax |  |
| Foreign tax on income for the year | 142 | 147
|  | 142 | 147
| Total current tax | 1,084 | 1,314
| Deferred tax |  |
| Origination and reversal of timing differences | 174 | (151)
| Total deferred tax | 174 | (151)
| Tax on profit | 1,258 | 1,163
| A deferred tax charge of £43k (2024: £183k) has been recognised in other comprehensive income (OCI) relating to changes in fair value of cash flow hedges.
Page 25
Savage & Whitten Wholesale Ltd
Notes to the financial statements For the year ended 31 December 2025 10.Tax on profit (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 23.52%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit on ordinary activities before tax | 5,611 | 5,298
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 23.52%) | 1,403 | 1,325
| Effects of: |  |
| Expenses not deductible for tax purposes | (6) | 57
| Fixed asset timing differences | (162) | 2
| Effect of overseas tax | (141) | (146)
| Other timing differences | 164 | (73)
| Group relief | - | (2)
| Total tax charge for the year | 1,258 | 1,163
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Equity dividends |  |
| Dividends paid during the year | 3,318 | 2,849
|  | 3,318 | 2,849
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Savage & Whitten Wholesale Ltd
Notes to the financial statements For the year ended 31 December 2025
12. | Intangible assets
|  | Website | Computer software | Total
|  | £000 | £000 | £000
| Cost |  |  |
| At 1 January 2025 | 129 | 792 | 921
| Additions | - | 18 | 18
| At 31 December 2025 | 129 | 810 | 939
| Amortisation |  |  |
| At 1 January 2025 | 82 | 267 | 349
| Charge for the year | 25 | 163 | 188
| At 31 December 2025 | 107 | 430 | 537
| Net book value |  |  |
| At 31 December 2025 | 22 | 380 | 402
| At 31 December 2024 | 47 | 525 | 572
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|  | Savage & Whitten Wholesale Ltd |
Notes to the financial statements For the year ended 31 December 2025
| 13. | Tangible assets
|  | Short-term leasehold property | Plant and machinery | Motor vehicles | Fixtures, fittings and equipment | Assets in the course of con-struction | Total
|  | £000 | £000 | £000 | £000 | £000 | £000
| Cost or valuation |  |  |  |  |  |
| At 1 January 2025 | 16 | 3,219 | 1,390 | 780 | - | 5,405
| Additions | - | 859 | 261 | 113 | 331 | 1,564
| Disposals | (16) | (385) | (195) | (37) | - | (633)
| At 31 December 2025 | - | 3,693 | 1,456 | 856 | 331 | 6,336
| Depreciation |  |  |  |  |  |
| At 1 January 2025 | 16 | 2,593 | 883 | 637 | - | 4,129
| Charge for the year | - | 366 | 274 | 133 | - | 773
| Disposals | (16) | (366) | (183) | (37) | - | (602)
| At 31 December 2025 | - | 2,593 | 974 | 733 | - | 4,300
| Net book value |  |  |  |  |  |
| At 31 December 2025 | - | 1,100 | 482 | 123 | 331 | 2,036
| At 31 December 2024 | - | 626 | 507 | 143 | - | 1,276
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Savage & Whitten Wholesale Ltd
Notes to the financial statements For the year ended 31 December 2025 13.Tangible assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Motor vehicles | 768 | 357
|  | 768 | 357
14. | Investments
|  | Shares in group undertakings
|  | £000
| Cost |
| At 1 January 2025 | 174
| At 31 December 2025 | 174
| Subsidiary undertaking
| The following was a subsidiary undertaking of the company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Beechwood Retail Limited | Mill House, Mill Street, Dundalk, Louth, Ireland | Operation of a petrol station and forecourt convenience store | Ordinary | 100%
| Beechwood Retail Limited is incorporated in the Republic of Ireland.
15. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Finished goods | 9,479 | 9,589
|  | 9,479 | 9,589
| The write down of stocks to net realisable value amounted to £712k (2024: a provision of £873k). The write downs are included in cost of sales.
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Savage & Whitten Wholesale Ltd
Notes to the financial statements For the year ended 31 December 2025
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade debtors | 6,608 | 5,814
| Amounts owed by group undertakings | 108 | 49
| Other debtors | 653 | 1,138
| Prepayments and accrued income | 4,262 | 3,876
| Derivative financial asset | 26 | 200
|  | 11,657 | 11,077
| Amounts owed by group undertakings are interest free, unsecured and repayable on demand.
17. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 7,941 | 6,156
|  | 7,941 | 6,156
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade creditors | 9,943 | 9,726
| Corporation tax | 376 | 546
| Other taxation and social security | 1,729 | 1,603
| Obligations under finance lease and hire purchase contracts | 338 | 151
| Accruals and deferred income | 4,896 | 3,816
|  | 17,282 | 15,842
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Savage & Whitten Wholesale Ltd
Notes to the financial statements For the year ended 31 December 2025
19. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Net obligations under finance leases and hire purchase contracts | 504 | 136
|  | 504 | 136
| Danske bank hold as security against all amounts: ∙A floating charge; ∙A fixed charge over book debts; ∙A cross company guarantee given by S&W Nearby Holdings Limited and Savage & Whitten Wholesale Limited; ∙A legal charge over the shares of S&W Nearby Holdings Limited and Savage & Whitten Wholesale Limited; and ∙A cross company guarantee given by S&W Nearby Holdings Limited and Savage & Whitten Wholesale Limited on behalf of S&W EOT Trustee Limited as Trustee of the S&W Employee Ownership Trust.
20. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Within one year | 338 | 151
| Between 1-5 years | 504 | 136
|  | 842 | 287
21. | Deferred taxation
|  | 2025 | 2024
|  | £000 | £000
| At 1 January 2025 | (351) | (319)
| Charged to the profit or loss | (174) | 151
| Charged to other comprehensive income | 43 | (183)
| At end of year | (482) | (351)
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Savage & Whitten Wholesale Ltd
Notes to the financial statements For the year ended 31 December 2025 21.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Accelerated capital allowances | (556) | (386)
| Other timing differences | 81 | 85
| Cashflow hedge | (7) | (50)
|  | (482) | (351)
22. | Called up share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 10,000 (2024 - 10,000) Ordinary shares of £1.00 each | 10 | 10
| The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.
23. | Reserves
Called up share capital This represents the nominal value of shares that have been issued. Cash flow hedging reserve Includes the effective portion of the cumulative charge in the fair value of cash flow hedging investments related to hedged transaction net of deferred tax that have not yet accrued. Profit and loss account Includes all current and prior period retained profits and losses.
24. | Capital commitments
| At 31 December 2025 the company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Contracted for but not provided in these financial statements | 1,325 | 707
|  | 1,325 | 707
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Savage & Whitten Wholesale Ltd
Notes to the financial statements For the year ended 31 December 2025
25. | Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £223k (2024: £209k). Contributions totalling £54k (2024: £41k) were payable to the fund at the reporting date and are included in creditors.
26. | Commitments under operating leases
| At 31 December 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Not later than 1 year | 637 | 394
| Later than 1 year and not later than 5 years | 292 | 101
|  | 929 | 495
27. | Related party transactions
| The company has taken advantage of the exemption contained in paragraph 33.1A of FRS102 not to disclose any transactions with its parent or fellow 100% owned subsidiary undertakings on the grounds that it is a 100% owned subsidiary. No transactions were undertaken with related parties which are required to be disclosed under FRS 102 Section 33.
28. | Post balance sheet events
There have been no significant events affecting the company since the year end.
29. | Ultimate controlling party
The company is a 100% subsidiary of S&W Nearby Holdings Limited, a company registered in Northern Ireland. S&W EOT Trustee Limited as Trustee of the S&W Employee Ownership Trust is deemed to be the ultimate controlling party by virtue of its shareholding in S&W Nearby Holdings Limited. The largest and smallest group into which the results of the company are included is that headed by S&W Nearby Holdings Limited, a company incorporated in Northern Ireland. These financial statements may be obtained from Companies House in the United Kingdom.
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