Financial Statements
For the year ended 31 December 2025
Registered number: NI038618
Company Information
Contents
Strategic report
For the year ended 31 December 2025
The directors present their Strategic report for the year ended 31 December 2025.
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.
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.
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.
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.
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.
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.
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.
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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.
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.
The directors present the following Key performance indicators:
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Strategic report (continued)
For the year ended 31 December 2025
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 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.
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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.
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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 .
The profit for the year, after taxation, amounted to £4,353 k (2024 - £4,135 k).
The directors recommend a dividend payment of 3,318 k (2024: £2,849 k).
The directors who served during the year were:
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.
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Directors' report (continued)
For the year ended 31 December 2025
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.
The board regularly reviews how the company maintains positive relationships with all of its stakeholders including suppliers, customers and others.
The group operates a branch based in the Republic of Ireland.
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.
There have been no significant events affecting the company since the year end.
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Directors' report (continued)
For the year ended 31 December 2025
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.
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Independent auditor's report to the members of Savage & Whitten Wholesale Ltd
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.
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.
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Independent auditor's report to the members of Savage & Whitten Wholesale Ltd (continued)
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.
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Independent auditor's report to the members of Savage & Whitten Wholesale Ltd (continued)
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Independent auditor's report to the members of Savage & Whitten Wholesale Ltd (continued)
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
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.
for and on behalf of
Chartered Accountants &
Statutory Auditors
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Statement of comprehensive income
For the year ended 31 December 2025
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Statement of financial position
As at 31 December 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2026 .
The notes on pages 15 to 33 form part of these financial statements.
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Statement of changes in equity
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
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.
The principal activity of the company is the wholesale distribution of groceries, tobacco and provisions.
2.Accounting policies
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:
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.
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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.
Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Amortisation is provided on the following bases:
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.
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (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:
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.
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.
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.
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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,
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,
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (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.
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.
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.
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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.
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.
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.
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.
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
10.Tax on profit (continued)
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Notes to the financial statements
For the year ended 31 December 2025
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