Financial Statements
For the year ended 31 December 2025
Registered number: NI688094
Company Information
Contents
Group strategic report
For the year ended 31 December 2025
The directors present their strategic report on the group for the period ended 31 December 2025.
The principal activity of the group is the wholesale distribution of groceries, tobacco and provisions. The group operates its activities from Newry, Co. Down and in the Republic of Ireland.
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 14.54%.
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 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 14.54%.
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 group 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 group, 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 group with continual monitoring. The group 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 group's finance department.
Credit risk
The group 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 group actively maintains short-term and long-term finance to meet cash flow requirements.
Interest rate risk
The group 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 group sells outside of the UK and has branches in the Republic of Ireland, therefore exposed to foreign exchange currency risk. Foreign exchange exposure is managed in line with group policy and subject to ongoing review. The group enters into forward currency arrangements to hedge against exposure to fluctuations in exchange rates.
Credit risk
The group 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 group actively maintains short-term and long-term finance to meet cash flow requirements.
Interest rate risk
The group 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 group sells outside of the UK and has branches in the Republic of Ireland, therefore exposed to foreign exchange currency risk. Foreign exchange exposure is managed in line with group policy and subject to ongoing review. The group enters into forward currency arrangements to hedge against exposure to fluctuations in exchange rates.
Page 1
Group strategic report (continued)
For the year ended 31 December 2025
Principal risks and uncertainties (continued)
Inflation risk
Cost inflation is currently high and unpredictable and the future level of inflation remains uncertain. The group maintains regular forecasts to ensure areas affected by cost increases are identified so mitigating action can be taken. The group 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 group maintains a business risk register and regularly reviews the principal risks faced. The impact of various risks on the performance of the group is mitigated through a proactive approach combined with a solid control environment.
The group operates in a competitive market. A major priority for the group 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 group 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 group is striving to maintain and develop this service. As a private independent wholesale distributor, the group has the advantage of understanding the pressure on the independent retailer and seeks to use this knowledge to endeavour 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 is currently high and unpredictable and the future level of inflation remains uncertain. The group maintains regular forecasts to ensure areas affected by cost increases are identified so mitigating action can be taken. The group 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 group maintains a business risk register and regularly reviews the principal risks faced. The impact of various risks on the performance of the group is mitigated through a proactive approach combined with a solid control environment.
The group operates in a competitive market. A major priority for the group 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 group 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 group is striving to maintain and develop this service. As a private independent wholesale distributor, the group has the advantage of understanding the pressure on the independent retailer and seeks to use this knowledge to endeavour 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 group's KPIs are as follows:
Page 2
Group 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 group. 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 group 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 group’s employees;
∙the need to foster the group's business relationships with customers and others;
∙the impact of the group’s operations on the community and the environment;
∙the desirability of the group maintaining a reputation for high standards of business conduct; and
∙the need to act fairly as between members of the group.
For the group, 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 group, 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 group'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 group maintains relationships with all of our stakeholders including suppliers, customers, and others.
∙The strategic plan of the group aims to develop staff, customers and supplier relationships while having a positive impact on other stakeholders.
∙The group 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.
This report was approved by the board on 1 May 2026 and signed on its behalf.
Page 3
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 £4,371k (2024 - £4,126k).
The directors recommend a gift of £3,318k (2024: £2,827k).
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.
Page 4
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 group maintains positive relationships with all of its stakeholders including suppliers, customers and others.
The group has a branch which operates in the Republic of Ireland.
Page 5
Directors' report (continued)
For the year ended 31 December 2025
The group qualifies as large for the purposes of reporting emissions under the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 and includes information on all of its subsidiaries, under this Regulation.
The group is committed to good environmental performance and constantly reviews opportunities to improve environmental performance.
The table below sets out our total energy consumption, greenhouse gas (GHG) emissions and relevant kWh (%) in the current year in line with Streamlined Energy and Carbon Reporting (SECR):
The group is committed to good environmental performance and constantly reviews opportunities to improve environmental performance.
The table below sets out our total energy consumption, greenhouse gas (GHG) emissions and relevant kWh (%) in the current year in line with Streamlined Energy and Carbon Reporting (SECR):
The minimum reportable areas of emissions for S&W Nearby Holdings Limited (and related subsidiaries) are:
∙Scope 1 Emissions from direct combustion of fuels (gas and transport)
∙Scope 2 Emissions from supply of electricity, heat, or cooling
Emissions have been calculated using UK government guidelines for greenhouse gas reporting and conversion factors 2025.
The table below sets out our intensity ratio calculations for the current year in line with Streamlined Energy and Carbon Reporting (SECR):
Page 6
Directors' report (continued)
For the year ended 31 December 2025
The group continually reviews opportunities for reducing carbon emissions. The refresh programme for company cars includes an ongoing transition to electric and hybrid vehicles. Fleet management is integrated into the group strategic plan with vehicles updated and fuel usage tracked through operational key performance indicators. Electricity is sourced through renewable sources when possible. The group continues to monitor for advancements in low emissions vehicle technology and the development of this market.
There have been no significant events affecting the group since the year end.
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 1 May 2026 and signed on its behalf.
Page 7
Independent auditor's report to the members of S&W Nearby Holdings Limited
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 group and 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 group's or the parent 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 S&W Nearby Holdings Limited (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.
Page 9
Independent auditor's report to the members of S&W Nearby Holdings Limited (continued)
Page 10
Independent auditor's report to the members of S&W Nearby Holdings Limited (continued)
In response to these principal risks, our audit procedures included but were not limited to:
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.
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
1 May 2026
Page 11
Consolidated statement of comprehensive income
For the year ended 31 December 2025
Page 12
Consolidated statement of financial position
As at 31 December 2025
Page 13
Consolidated statement of financial position (continued)
As at 31 December 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 May 2026.
The notes on pages 20 to 41 form part of these financial statements.
Page 14
Company 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 1 May 2026.
The notes on pages 20 to 41 form part of these financial statements.
Page 15
Consolidated statement of changes in equity
For the year ended 31 December 2025
Page 16
Company statement of changes in equity
For the year ended 31 December 2025
Page 17
Consolidated statement of cash flows
For the year ended 31 December 2025
Page 18
Consolidated statement of cash flows (continued)
For the year ended 31 December 2025
Consolidated Analysis of Net Debt
For the year ended 31 December 2025
Page 19
Notes to the financial statements
For the year ended 31 December 2025
S&W Nearby Holdings Limited is a private company limited by shares and incorporated in Northern Ireland. The registered office is Unit 1A, Carnbane Business Park, Derryboy Road, Newry, Co. Down, BT35 6FY.
2.Accounting policies
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 group management to exercise judgement in applying the group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
All amounts in the financial statements have been rounded to the nearest £'000.
The following principal accounting policies have been applied:
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with, including notification of, and no objection to, the use of exemptions by the company's shareholders. The company has taken advantage of the following exemptions:
∙The preparation of a statement of cash flows under FRS 102 paragraph 1.12(b), on the basis that it is a qualifying entity and that the company's cash flows are included in the consolidated financial statements;
∙Disclosure of financial instruments, required under FRS 102 paragraphs l1.39 to l1.48A and paragraphs 12.26 to 12.29, as the information is provided in the consolidated financial statements; and
∙Disclosure of the company key management personnel compensation, as required by FRS 102 paragraph 33.7, as this information is provided in the consolidated financial statements.
Page 20
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Page 21
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Page 22
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
Page 23
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
The estimated useful lives range as follows:
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.
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.
Page 24
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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.
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.
Page 25
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The group 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:
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.
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 group would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet 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.
Page 26
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Dividends on/gifts relating to ordinary shares are recognised as a liability in the financial statements in the period in which they are declared by the company. In the case of interim dividends/gifts, these are considered to be declared when they are paid. Dividends/gifts are recognised the Statement of Changes in Equity as an appropriation of profit.
Page 27
Notes to the financial statements
For the year ended 31 December 2025
The Group 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 Group estimates the allowance for doubtful trade and group debtors based on assessment of specific accounts where the Group 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 Group estimates the allowance for doubtful trade and group debtors based on assessment of specific accounts where the Group 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 Group'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 Group'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.
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom and Ireland.
Page 28
Notes to the financial statements
For the year ended 31 December 2025
Page 29
Notes to the financial statements
For the year ended 31 December 2025
Page 30
Notes to the financial statements
For the year ended 31 December 2025
Page 31
Notes to the financial statements
For the year ended 31 December 2025
10.Tax on profit (continued)
There were no factors that may affect future tax charges.
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Page 32
Notes to the financial statements
For the year ended 31 December 2025
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Page 33
Notes to the financial statements
For the year ended 31 December 2025
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Page 34
Notes to the financial statements
For the year ended 31 December 2025
Page 35
Notes to the financial statements
For the year ended 31 December 2025
Page 36
Notes to the financial statements
For the year ended 31 December 2025
Derivative financial instruments
The fair value of forward exchange contracts is based on their listed market price, if available. If a listed market price is not available, then fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds).
Hedge accounting
The following table indicates the periods in which the cash flows associated with cash flow hedging instruments are expected to occur and the period in which the cashflows associated with the cashflow hedging instruments are expected to affect profit or loss as required by FRS 102.12.29(a) for the cash flow hedge accounting models.
The fair value of forward exchange contracts is based on their listed market price, if available. If a listed market price is not available, then fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds).
Hedge accounting
The following table indicates the periods in which the cash flows associated with cash flow hedging instruments are expected to occur and the period in which the cashflows associated with the cashflow hedging instruments are expected to affect profit or loss as required by FRS 102.12.29(a) for the cash flow hedge accounting models.
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Page 37
Notes to the financial statements
For the year ended 31 December 2025
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Page 38
Notes to the financial statements
For the year ended 31 December 2025
Called up share capital
Cash flow hedging reserve
Other reserve
Profit and loss account
Page 39
Notes to the financial statements
For the year ended 31 December 2025
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Key management in the current and prior years are considered to be the board of directors. Details of directors' remuneration (which is also the remuneration of key management personnel) is set out in note 8.
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Notes to the financial statements
For the year ended 31 December 2025
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