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REGISTERED NUMBER: SC453328 (Scotland)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 June 2024

for

Oilfast Limited

Oilfast Limited (Registered number: SC453328)






Contents of the Consolidated Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 19


Oilfast Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: A F Stewart
A H Tait
S Anderson
C B Brogan
C Lowe
J Stewart
R McTaggart





REGISTERED OFFICE: Fuel Depot
Nethan Street
Motherwell
ML1 3TF





REGISTERED NUMBER: SC453328 (Scotland)





AUDITORS: Xeinadin Audit Limited
The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

Oilfast Limited (Registered number: SC453328)

Group Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
The directors are delighted with the results for the financial year ended 30th June 2024 which are substantially better than the solid performance in the prior year.

The group continued to expand into new markets during the period all of which were grown organically rather than by acquisition. As a result these new areas were started from nothing, the resulting losses have resulted in profits being lower than would otherwise have been the case. The group is continuing to enjoy growth in these new markets and expects these areas to significantly add to the overall profitability of the company in the coming years.

The group has a very large and diverse customer base, meaning it is well placed to deal with any future volatility in the fuel market caused by worldwide events such as the war in Ukraine. The group also maintains substantial credit lines across all major fuel suppliers in the UK, meaning we have access to multiple fuel channels as well as the capability to spread fuel purchases across many suppliers as required. In addition, as the group operates a large fleet of articulated tankers, we can access fuel supplies right across the UK as required.

We continue to attract and retain high calibre staff as a key strategy of the business. This has continued with the staff who have joined us in the new markets mentioned above. The growth into these new markets as well as higher levels of inflation has resulted in an increase in overheads of 12.5% over the prior year. Operating profits for the year were £6,489,360 (2023: £2,993,936) while profit before tax was £6,523,763 (2023: £2,926,347).

Trading figures for the remainder of 2024 have been strong and are well above those for the same period last year.

Given the straightforward nature of the business, the company's directors are of the opinion that analysis using key group performance indicators is not necessary for an understanding of the development, performance and position of the .


Oilfast Limited (Registered number: SC453328)

Group Strategic Report
for the Year Ended 30 June 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider that in the current economic climate, the principal risk is that of bad debts. This is managed through a combination of credit insurance, tight credit controls and the active pursuit of defaulters through all legal channels.

Performance in the sector is affected by general economic conditions and weather conditions. The directors carry out regular strategic reviews, including assessments of computer activity, market trends, forecasts and customer behaviour.

The group's operations expose it to a variety of financial risks. The directors note that the wholesale of fuel distribution industry remains competitive and that inflationary pressures require to be kept under close review.

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 policies set by the Board of Directors are implemented by the company's finance department.

Price risk
Given the size of the group's operation, the costs of managing exposure to commodity price risk exceed the potential benefits. The directors will revisit the appropriateness of this policy should the company's operations significantly change in size.

Credit risk/cashflow risk
Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits. Banking facilities are also structured to meet ongoing working capital and investment requirements of the group.

Liquidity risk
Trade creditors liquidity risk is managed ensuring sufficient funds are available to meet amounts when due.

Financial Instrument risk
The group has established a risk and financial management framework whose primary objectives are to protect the group from events that hinder the achievement of the group's performance objectives.


Oilfast Limited (Registered number: SC453328)

Group Strategic Report
for the Year Ended 30 June 2024

SECTION 172(1) DIRECTORS' STATEMENT OF COMPLIANCE
The Companies (Miscellaneous Reporting) Regulations 2018 (2018 MRR) require directors to explain how they considered the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006 (s172) when performing their duty to promote the success of the company under s172.

As required by section 172 of the UK's Companies Act a director of the group should act in the way they consider most likely to promote the success of the group and benefit its shareholders. In doing so the directors have given due regard to consequences of any decisions in the long term, the interest of the group's employees, the group's business relationships with customers, suppliers, and other shareholders, the impact of the group's operation on the community and environment and its reputation of high standards of business conduct. The following is an overview of how the board has performed its duties during the year.

Long term decisions and actions
The Group has a strong, driven Board of directors with a very significant level of experience in the industry. The Board meet at least once a month to discuss key areas such as health and safety, operations, sales, finance and overall strategy. During these meetings the Board considers how decisions taken will affect key Stakeholders of the business such as shareholders, employees, customers, suppliers, local communities, regulators and the wider environment.

The directors have acted and continue to act in a way that they consider, in good faith, would be most likely to promote the success of the company and the group for the benefit of its members as a whole.
In so doing, the directors took the decision to move into new geographical areas across the country by using experienced, motivated staff and strong marketing campaigns. To enable the continued growth of the company, the directors approved significant investment into the Group's tanker fleet. This investment will allow the company to have a more reliable fleet allowing improved service levels and helping facilitate the growth into new areas.

The interests of our employees
At the year end the Group had 244 employees split across 19 locations including the Group's Head Office. The Board considers the Group's employees as the key asset of the business. Every location has a manager who stays well connected to the employees based at that location. In addition, employees receive a newsletter several times a year to keep them informed on pertinent matters across the Group.

Given the nature of the Group's activities, health and safety is of paramount importance and regular updates, training and briefings are held with the workforce.

Engagement with suppliers, customers and others
Members of the Board and senior management team regularly meet with key suppliers and customers to enhance relationships and ensure the best interests of all parties are met. Our relationships with key suppliers are vitally important and are the responsibility of the Board and senior management. The Group is a member of and actively participates with the trade associations such as UKIFDA.

The Board ensures that other stakeholders such as the Group's bankers and our suppliers credit insurers are kept informed of the Groups activities through monthly management information and regular face to face meetings.

Impact on the community and the environment
The Board recognise that a responsible business requires a firm commitment to protecting the environment and supporting local communities. As such the Board has taken several measures to help achieve this include the planting of young trees, investing in a clean modern fleet, the provision of electric company cars, the marketing and sale of carbon reducing fuels and the sponsorship of several local initiatives.

High standards of business conduct
The Oilfast Group is a family business with the core values of integrity, honesty, respect, empowerment and trust. The Board believe operating to these values to be ethical and sound business practice. The Board pride themselves in having highly able and motivated employees throughout the business. The Group is an equal opportunities employer with no barriers on age, sex, disability, religion, race or sexual orientation. Employees are judged on ability and application and are treated with respect, honesty, consistency and compassion.

The Group adheres to all relevant legislation and ensures robust business processes and procedures through its ISO 9001 accreditation.


Oilfast Limited (Registered number: SC453328)

Group Strategic Report
for the Year Ended 30 June 2024

ENERGY AND CARBON REPORT
The group presents the following statements in line with SECR in accordance with the Companies (Miscellaneous Reporting Regulations) 2018. This requires the large unlisted private companies to report their UK energy usage and associated GHG emissions for the current year under review and also the prior year.

2024 2023
KwH KwH

Aggregate energy consumption in year:

Gas combustion 146,458 144,389
Electricity purchases 548,094 485,667
Diesel 13,816,686 13,326,314
Employee owned cars 15,778 2,032


Metric Metric
Tonnes Tonnes

Equivalent emissions of CO2:

Scope 1: Direct emissions
Gas combustion 35.98 35.47
Diesel 3,288.26 3,171.55
3,324.24 3,207.02

Scope 2: Indirect emissions
Electricity purchases 114.54 101.49
Employee owned cars 3.76 0.48
3,442.54 3,308.99

Intensity ratio CO2e per £m of group turnover: 15.77 CO2e 17.32 CO2e

Reporting methodology used
The reporting methodology used to calculate the above figures was the GHG Reporting Protocol - Corporate Standard.

Measures taken to improve efficiency
In order to minimize the Group's carbon emissions and use resources more responsibly, the following measures have been implemented:

- Solar Panels on the roofs of depots wherever possible
- Provision of electric company cars for some employees
- Tree planting initiative
- Modernisation of tanker fleet with Euro 6 engines
- Utilisation of routing software to minimize fuel usage on delivery vehicles

ON BEHALF OF THE BOARD:





S Anderson - Director


11 November 2024

Oilfast Limited (Registered number: SC453328)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of wholesale fuel distribution, fleet fuel cards and related fleet products.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2024 will be £1,293,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

A F Stewart
A H Tait
S Anderson
C B Brogan
C Lowe

Other changes in directors holding office are as follows:

J Carroll - resigned 1 May 2024
J Stewart - appointed 25 July 2023
R McTaggart - appointed 1 February 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Oilfast Limited (Registered number: SC453328)

Report of the Directors
for the Year Ended 30 June 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





S Anderson - Director


11 November 2024

Report of the Independent Auditors to the Members of
Oilfast Limited

Opinion
We have audited the financial statements of Oilfast Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Oilfast Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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, the directors are responsible for assessing the group's and the parent 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 the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of the company of not complying with such laws and regulations, including fraud, where non-compliance could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting and tax legislation. In relation to the industry, this included health and safety and employment legislation.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified as follows:

- Review of the control environment
- Meeting key personal responsible for specific functions relating to laws and regulations
- Review of legal fees incurred
- Agreeing the financial statement disclosures to underlying supporting documentation
- Reviewing the key accounting policies and estimates

To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness and evaluated the business rationale of significant transactions outside of the normal course of business.

Because of the inherent limitations of an audit there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion and misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Oilfast Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Nigel Shaw (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

11 November 2024

Oilfast Limited (Registered number: SC453328)

Consolidated
Income Statement
for the Year Ended 30 June 2024

2024 2023
Notes £    £   

TURNOVER 3 218,318,203 191,071,090

Cost of sales 191,165,283 169,686,306
GROSS PROFIT 27,152,920 21,384,784

Administrative expenses 20,710,702 18,406,310
6,442,218 2,978,474

Other operating income 47,142 15,462
OPERATING PROFIT 5 6,489,360 2,993,936

Interest receivable and similar income 73,860 479
6,563,220 2,994,415

Interest payable and similar expenses 6 39,457 68,068
PROFIT BEFORE TAXATION 6,523,763 2,926,347

Tax on profit 7 1,691,627 817,750
PROFIT FOR THE FINANCIAL YEAR 4,832,136 2,108,597
Profit attributable to:
Owners of the parent 4,696,682 1,992,926
Non-controlling interests 135,454 115,671
4,832,136 2,108,597

Oilfast Limited (Registered number: SC453328)

Consolidated
Other Comprehensive Income
for the Year Ended 30 June 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 4,832,136 2,108,597


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

4,832,136

2,108,597

Total comprehensive income attributable to:
Owners of the parent 4,696,682 1,992,926
Non-controlling interests 135,454 115,671
4,832,136 2,108,597

Oilfast Limited (Registered number: SC453328)

Consolidated Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 99,516 131,018
Tangible assets 11 10,426,694 7,239,917
Investments 12 - -
10,526,210 7,370,935

CURRENT ASSETS
Stocks 13 3,349,375 3,692,697
Debtors 14 25,114,247 21,367,218
Cash at bank and in hand 9,147,662 3,214,912
37,611,284 28,274,827
CREDITORS
Amounts falling due within one year 15 36,711,053 29,877,671
NET CURRENT ASSETS/(LIABILITIES) 900,231 (1,602,844 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,426,441

5,768,091

CREDITORS
Amounts falling due after more than one
year

16

(2,301,399

)

(749,397

)

PROVISIONS FOR LIABILITIES 19 (1,751,237 ) (994,025 )
NET ASSETS 7,373,805 4,024,669

CAPITAL AND RESERVES
Called up share capital 20 8,819 8,819
Share premium 21 817,175 817,175
Capital redemption reserve 21 5,063 5,063
Retained earnings 21 6,298,382 3,084,700
7,129,439 3,915,757

NON-CONTROLLING INTERESTS 244,366 108,912
TOTAL EQUITY 7,373,805 4,024,669

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2024 and were signed on its behalf by:





S Anderson - Director


Oilfast Limited (Registered number: SC453328)

Company Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - 20,445
Tangible assets 11 10,226,066 7,007,691
Investments 12 59,883 59,882
10,285,949 7,088,018

CURRENT ASSETS
Stocks 13 2,036,727 1,767,862
Debtors 14 15,896,249 19,888,473
Cash at bank and in hand 6,447,602 1,003,610
24,380,578 22,659,945
CREDITORS
Amounts falling due within one year 15 26,705,183 24,672,007
NET CURRENT LIABILITIES (2,324,605 ) (2,012,062 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,961,344

5,075,956

CREDITORS
Amounts falling due after more than one
year

16

(2,301,399

)

(749,397

)

PROVISIONS FOR LIABILITIES 19 (1,727,000 ) (973,488 )
NET ASSETS 3,932,945 3,353,071

CAPITAL AND RESERVES
Called up share capital 20 8,819 8,819
Share premium 817,175 817,175
Capital redemption reserve 5,063 5,063
Retained earnings 3,101,888 2,522,014
3,932,945 3,353,071

Company's profit for the financial year 1,872,874 1,343,781

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2024 and were signed on its behalf by:





S Anderson - Director


Oilfast Limited (Registered number: SC453328)

Consolidated Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 July 2022 8,621 4,194,845 785,747
Prior year adjustment - (408,671 ) -
As restated 8,621 3,786,174 785,747

Changes in equity
Issue of share capital 198 - 31,428
Dividends - (2,694,400 ) -
Total comprehensive income - 1,992,926 -
Balance at 30 June 2023 8,819 3,084,700 817,175

Changes in equity
Dividends - (1,483,000 ) -
Total comprehensive income - 4,696,682 -
Balance at 30 June 2024 8,819 6,298,382 817,175
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 July 2022 5,063 4,994,276 (6,759 ) 4,987,517
Prior year adjustment - (408,671 ) - (408,671 )
As restated 5,063 4,585,605 (6,759 ) 4,578,846

Changes in equity
Issue of share capital - 31,626 - 31,626
Dividends - (2,694,400 ) - (2,694,400 )
Total comprehensive income - 1,992,926 115,671 2,108,597
Balance at 30 June 2023 5,063 3,915,757 108,912 4,024,669

Changes in equity
Dividends - (1,483,000 ) - (1,483,000 )
Total comprehensive income - 4,696,682 135,454 4,832,136
Balance at 30 June 2024 5,063 7,129,439 244,366 7,373,805

Oilfast Limited (Registered number: SC453328)

Company Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 July 2022 8,621 3,970,553 785,747 5,063 4,769,984
Prior year adjustment - (220,320 ) - - (220,320 )
As restated 8,621 3,750,233 785,747 5,063 4,549,664

Changes in equity
Issue of share capital 198 - 31,428 - 31,626
Dividends - (2,572,000 ) - - (2,572,000 )
Total comprehensive income - 1,343,781 - - 1,343,781
Balance at 30 June 2023 8,819 2,522,014 817,175 5,063 3,353,071

Changes in equity
Dividends - (1,293,000 ) - - (1,293,000 )
Total comprehensive income - 1,872,874 - - 1,872,874
Balance at 30 June 2024 8,819 3,101,888 817,175 5,063 3,932,945

Oilfast Limited (Registered number: SC453328)

Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 12,372,649 5,426,906
Interest paid (3,494 ) (18,466 )
Interest element of hire purchase payments
paid

(35,963

)

(49,602

)
Tax paid (736,092 ) (135,583 )
Net cash from operating activities 11,597,100 5,223,255

Cash flows from investing activities
Purchase of tangible fixed assets (4,962,627 ) (1,733,431 )
Sale of intangible fixed assets 10,004 -
Sale of tangible fixed assets 334,324 64,086
Interest received 73,860 479
Net cash from investing activities (4,544,439 ) (1,668,866 )

Cash flows from financing activities
New HP agreements 2,626,050 -
Capital repayments in year (625,451 ) (632,507 )
Share issue - 31,523
Movement on invoice discounting account (1,637,510 ) 1,140,354
Equity dividends paid (1,483,000 ) (2,694,400 )
Net cash from financing activities (1,119,911 ) (2,155,030 )

Increase in cash and cash equivalents 5,932,750 1,399,359
Cash and cash equivalents at beginning of
year

2

3,214,912

1,815,553

Cash and cash equivalents at end of year 2 9,147,662 3,214,912

Oilfast Limited (Registered number: SC453328)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 6,523,763 2,926,347
Depreciation charges 1,429,312 1,224,052
Loss on disposal of fixed assets 19,268 13,820
Finance costs 39,457 68,068
Finance income (73,860 ) (479 )
7,937,940 4,231,808
Decrease in stocks 343,322 81,232
(Increase)/decrease in trade and other debtors (4,535,349 ) 3,656,357
Increase/(decrease) in trade and other creditors 8,626,736 (2,542,491 )
Cash generated from operations 12,372,649 5,426,906

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 9,147,662 3,214,912
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 3,214,912 1,815,553


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 3,214,912 5,932,750 9,147,662
3,214,912 5,932,750 9,147,662
Debt
Finance leases (1,225,317 ) (2,000,599 ) (3,225,916 )
(1,225,317 ) (2,000,599 ) (3,225,916 )
Total 1,989,595 3,932,151 5,921,746

Oilfast Limited (Registered number: SC453328)

Notes to the Consolidated Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Oilfast Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Sections 479A and 479C subsidiary companies audit exemption: Parent undertaking declaration of guarantee
Oilfast Limited as the parent of Vector Business Solutions Limited, company number SC253133, has undertaken to guarantee all outstanding liabilities to which Vector Business Solutions Limited is subject to at the end of the financial period ending 30 June 2024. This guarantee applies until a) they are satisfied in full, b) the guarantee is enforceable against the parent undertaking by any person to whom the subsidiary is liable in respect of those liabilities and c) relates only to the year under guarantee.

Full details of Vector Business Solutions Limited are given in note 12.

Basis of consolidation
The group financial statements consolidate the financial statements of Oilfast Limited and its subsidiaries as detailed in note 12.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
In application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of the assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to account estimates are recognised in the period in which the estimate was revised if the revision affects only that period, or in the prior period of revision and future periods if the revision affects both current and future periods.

Oilfast Limited (Registered number: SC453328)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Revenue recognition
Turnover of the group comprises two main income streams:

1. Wholesale fuel distribution and related fuel products.

2. The provision of fuel card services, which is accounted for on a net basis in accordance with the requirements of FRS 102 section 23. This net presentation reflects the company's role as agent in the underlying purchase of goods.

In both cases, turnover represents the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The group recognises revenue when it can reliably measured and it is probable that future economic benefits will flow to the entity.

Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition of the 's group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Amortisation is provided at 20% on cost to write the goodwill off over its useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible assets are stated at cost less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Land and buildings2% on cost
Plant and machinery10% on cost
Office equipment20% on cost
Motor vehicles20% on reducing balance

Stocks
The company's stocks are valued at the lower of cost and net realisable value. Cost comprises purchase price plus transport costs where appropriate, less trade discounts and subsidies.

The subsidiary, Fleetmaxx Solutions Limited, has the right for its customers to draw down on fuel stocks paid for by the company and held at third party facilities. The stock figure in the financial statements represents the value of the undrawn stocks at the balance sheet date and is shown at the lower of cost or net realisable value

Financial instruments
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities.


Oilfast Limited (Registered number: SC453328)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current and deferred tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. The standard rate of corporation tax from 1 April 2023 is 25%.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leasing commitments
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their estimated useful lives. Interest on these contracts is charged to the profit and loss account using an effective interest method.

Pension costs and other post-retirement benefits
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expenses when they are due.

Investments in subsidiaries
Investments in subsidiaries are measured at cost less impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and other short-term highly liquid investments that are readily convertible to a known amount of cash are subject to an insignificant risk of change in value.

Debtors
Debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors
Short term creditors are recognised at the transaction price. Other creditors are recognised initially and subsequently at transaction price which is deemed to be equivalent to their fair value.

Oilfast Limited (Registered number: SC453328)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sales of goods and services 210,489,934 186,311,691
Net merchant revenue 7,828,269 4,759,399
218,318,203 191,071,090

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 218,318,203 191,071,090
218,318,203 191,071,090

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 10,824,373 9,043,452
Social security costs 813,073 902,537
Other pension costs 221,419 233,896
11,858,865 10,179,885

The average number of employees during the year was as follows:
2024 2023

Directors and management 37 30
Operatives 79 69
Administration 128 140
244 239

The average number of employees by undertakings that were proportionately consolidated during the year was 2 (2023 - 2 ) .

2024 2023
£    £   
Directors' remuneration 921,401 636,078
Directors' pension contributions to money purchase schemes 34,472 14,425

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

Oilfast Limited (Registered number: SC453328)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 269,133 186,812
Pension contributions to money purchase schemes 19,730 5,521

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 766,480 498,961
Depreciation - owned assets 902,673 769,530
Depreciation - assets on hire purchase contracts 495,139 423,290
Loss on disposal of fixed assets 19,268 13,820
Goodwill amortisation 31,502 31,232
Auditors' remuneration 34,500 40,000
Auditors' remuneration for non audit work 13,270 6,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 3,494 18,466
Hire purchase interest 35,963 49,602
39,457 68,068

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 934,415 580,307

Deferred tax 757,212 237,443
Tax on profit 1,691,627 817,750

Oilfast Limited (Registered number: SC453328)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 6,523,763 2,926,347
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 20.496 %)

1,630,941

599,784

Effects of:
Expenses not deductible for tax purposes 10,116 -
Capital allowances in excess of depreciation (706,008 ) (15,458 )
Utilisation of tax losses - (4,019 )
Movement in deferred tax 757,212 237,443
Small profits relief (634 ) -
Total tax charge 1,691,627 817,750

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS

During the year, the company paid dividends to its shareholders of £1,293,000 (2023: £2,572,000).

The company's subsidiary, Fleetmaxx Solutions Limited paid dividends of £190,000 to its minority shareholders during the year (2023: £122,400).

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 264,306
AMORTISATION
At 1 July 2023 133,288
Amortisation for year 31,502
At 30 June 2024 164,790
NET BOOK VALUE
At 30 June 2024 99,516
At 30 June 2023 131,018

Oilfast Limited (Registered number: SC453328)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

10. INTANGIBLE FIXED ASSETS - continued

Company
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 153,733
AMORTISATION
At 1 July 2023 133,288
Amortisation for year 20,445
At 30 June 2024 153,733
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 20,445

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Land and Plant and and
buildings machinery fittings
£    £    £   
COST
At 1 July 2023 1,881,195 2,108,755 82,373
Additions 72,184 698,383 5,581
Disposals (25,425 ) (162,722 ) -
At 30 June 2024 1,927,954 2,644,416 87,954
DEPRECIATION
At 1 July 2023 221,550 1,237,716 28,648
Charge for year 56,705 243,195 16,967
Eliminated on disposal (2,062 ) (108,274 ) -
At 30 June 2024 276,193 1,372,637 45,615
NET BOOK VALUE
At 30 June 2024 1,651,761 1,271,779 42,339
At 30 June 2023 1,659,645 871,039 53,725

Oilfast Limited (Registered number: SC453328)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 8,342,007 7,113 12,421,443
Additions 4,186,479 - 4,962,627
Disposals (1,068,991 ) (7,113 ) (1,264,251 )
At 30 June 2024 11,459,495 - 16,119,819
DEPRECIATION
At 1 July 2023 3,687,053 6,559 5,181,526
Charge for year 1,080,945 - 1,397,812
Eliminated on disposal (769,318 ) (6,559 ) (886,213 )
At 30 June 2024 3,998,680 - 5,693,125
NET BOOK VALUE
At 30 June 2024 7,460,815 - 10,426,694
At 30 June 2023 4,654,954 554 7,239,917

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023 2,425,136
Additions 2,724,340
Transfer to ownership (268,765 )
At 30 June 2024 4,880,711
DEPRECIATION
At 1 July 2023 991,665
Charge for year 495,139
Transfer to ownership (191,173 )
At 30 June 2024 1,295,631
NET BOOK VALUE
At 30 June 2024 3,585,080
At 30 June 2023 1,433,471

Oilfast Limited (Registered number: SC453328)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

11. TANGIBLE FIXED ASSETS - continued

Company
Land and Plant and Motor
buildings machinery vehicles Totals
£    £    £    £   
COST
At 1 July 2023 1,776,972 2,103,738 8,258,766 12,139,476
Additions 72,185 698,383 4,159,479 4,930,047
Disposals (25,425 ) (162,722 ) (1,031,140 ) (1,219,287 )
At 30 June 2024 1,823,732 2,639,399 11,387,105 15,850,236
DEPRECIATION
At 1 July 2023 218,726 1,233,492 3,679,567 5,131,785
Charge for year 52,594 243,103 1,066,650 1,362,347
Eliminated on disposal (2,062 ) (108,274 ) (759,626 ) (869,962 )
At 30 June 2024 269,258 1,368,321 3,986,591 5,624,170
NET BOOK VALUE
At 30 June 2024 1,554,474 1,271,078 7,400,514 10,226,066
At 30 June 2023 1,558,246 870,246 4,579,199 7,007,691

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023 2,425,136
Additions 2,724,340
Transfer to ownership (268,765 )
At 30 June 2024 4,880,711
DEPRECIATION
At 1 July 2023 991,665
Charge for year 495,139
Transfer to ownership (191,173 )
At 30 June 2024 1,295,631
NET BOOK VALUE
At 30 June 2024 3,585,080
At 30 June 2023 1,433,471

Oilfast Limited (Registered number: SC453328)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023 59,882
Additions 1
At 30 June 2024 59,883
NET BOOK VALUE
At 30 June 2024 59,883
At 30 June 2023 59,882

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Vector Business Solutions Ltd
Registered office: Nethan Street, Motherwell,Scotland ML1 3TF
Nature of business: Telecommunication services
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,752 (105,272 )
Profit/(loss) for the year 107,024 (128,721 )

Fleetloc8 Ltd
Registered office: Nethan Street, Motherwell,Scotland ML1 3TF
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

Fleetmaxx Solutions Ltd
Registered office: Nethan Street, Motherwell,Scotland ML1 3TF
Nature of business: Fleet fuel cards and related fleet products
%
Class of shares: holding
Ordinary A 85.00
2024 2023
£    £   
Aggregate capital and reserves 3,399,372 726,076
Profit for the year 2,863,296 893,537

Oilfast Limited (Registered number: SC453328)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

12. FIXED ASSET INVESTMENTS - continued

Fleetblue Ltd
Registered office: Nethan Street, Motherwell,Scotland ML1 3TF
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

Nethan 123 Ltd
Registered office: Nethan Street, Motherwell,Scotland ML1 3TF
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

Oilmaxx Ltd
Registered office: Nethan Street, Motherwell,Scotland ML1 3TF
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 100

Oilfastexpress Limited
Registered office: Nethan Street, Motherwell,Scotland ML1 3TF
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024
£   
Aggregate capital and reserves 1


13. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 3,349,375 3,692,697 2,036,727 1,767,862

Oilfast Limited (Registered number: SC453328)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 22,719,454 14,862,055 13,497,594 10,632,174
Amounts owed by group undertakings - - 136,043 5,701,836
Other debtors 426,902 570,105 426,902 570,073
Tax 154,021 - 154,021 -
VAT 395,527 1,337,654 395,339 1,337,654
Called up share capital not paid 104 103 - -
Prepayments 1,418,239 4,597,301 1,286,350 1,646,736
25,114,247 21,367,218 15,896,249 19,888,473

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts - - - 22,560
Hire purchase contracts (see note 17) 924,517 475,920 924,517 475,920
Trade creditors 30,358,323 22,095,599 20,971,794 19,281,374
Amounts owed to group undertakings - - 1,493,978 -
Tax 841,490 489,146 - 308,137
Social security and other taxes 346,365 304,079 346,365 304,079
Other creditors 4,239,526 5,512,526 2,968,529 4,279,937
Invoice discounting account 832 1,000,401 - -
36,711,053 29,877,671 26,705,183 24,672,007

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 17) 2,301,399 749,397 2,301,399 749,397

Oilfast Limited (Registered number: SC453328)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 1,023,736 512,551
Between one and five years 2,615,194 775,440
3,638,930 1,287,991

Finance charges repayable:
Within one year 99,219 36,631
Between one and five years 313,795 26,043
413,014 62,674

Net obligations repayable:
Within one year 924,517 475,920
Between one and five years 2,301,399 749,397
3,225,916 1,225,317

Company
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 1,023,736 512,551
Between one and five years 2,615,194 775,440
3,638,930 1,287,991

Finance charges repayable:
Within one year 99,219 36,631
Between one and five years 313,795 26,043
413,014 62,674

Net obligations repayable:
Within one year 924,517 475,920
Between one and five years 2,301,399 749,397
3,225,916 1,225,317

Oilfast Limited (Registered number: SC453328)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

17. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 447,065 452,072
Between one and five years 570,736 617,777
1,017,801 1,069,849

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 447,065 452,072
Between one and five years 570,736 617,777
1,017,801 1,069,849

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank overdrafts - - - 22,560
Hire purchase contracts 3,225,916 1,225,317 3,225,916 1,225,317
Invoice discounting account 832 1,638,343 611 637,942
3,226,748 2,863,660 3,226,527 1,885,819

The company's bank has a floating charge over all property and undertakings of the company, dated 25 February 2022.

The Scottish Borders Council has a charge over an area of land at Pinnaclehill Industrial Estate, Kelso, dated 20 January 2014 which will come into effect if the land is sold. At the present time the company has no plans to dispose of this land.

19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 1,751,237 994,025 1,727,000 973,488

Oilfast Limited (Registered number: SC453328)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 July 2023 994,025
Charge to Income Statement during year 757,212
Balance at 30 June 2024 1,751,237

Company
Deferred
tax
£   
Balance at 1 July 2023 973,488
Charge to Income Statement during year 753,512
Balance at 30 June 2024 1,727,000

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value:

793,684 B Ordinary 0.01p 7,936.84 7,936.84
88,188 C Ordinary 0.01p 881.88 881.88
8,818.72 8,818.72

The two classes of share rank pari passu in all respects other than the rate of dividend payable on each class.

21. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 July 2023 3,084,700 817,175 5,063 3,906,938
Profit for the year 4,696,682 4,696,682
Dividends (1,483,000 ) (1,483,000 )
At 30 June 2024 6,298,382 817,175 5,063 7,120,620

Oilfast Limited (Registered number: SC453328)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

21. RESERVES - continued

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 July 2023 2,522,014 817,175 5,063 3,344,252
Profit for the year 1,872,874 1,872,874
Dividends (1,293,000 ) (1,293,000 )
At 30 June 2024 3,101,888 817,175 5,063 3,924,126


22. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence

During the year, the company received management fees and overhead recharges from Fleetmaxx Solutions Limited totalling £3,185,545 (2023: £2,689,635). At the Balance sheet date, the company owed Fleetmaxx Solutions Limited £1,493,978 (2023: Fleetmaxx Solutions Ltd owed the company £5,511,000). These amounts are included in creditors or debtors, as appropriate and are repayable on demand.

Key management personnel of the entity or its parent (in the aggregate)

During the year, rent and associated premises costs totalling £75,078 (2023: £61,169) have been paid to an entity in which certain members of the company's key personnel have an interest.

During the year, a total of key management personnel compensation of £ 955,873 (2023 - £ 650,503 ) was paid.

23. ULTIMATE CONTROLLING PARTY

The company has no controlling party.