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Registration number: 11011689

Propeller Fuels Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Propeller Fuels Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Profit and Loss Account and Statement of Retained Earnings

10

Balance Sheet

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 23

 

Propeller Fuels Limited

Company Information

Directors

R D H Peart

C F Peart

R C Thompson

Registered office

Saxon Business Park
Owen Avenue
Hessle
HU13 9PD

Auditors

Forrester Boyd Robson Limited
Chartered Accountants
26 South Saint Mary's Gate
Grimsby
North East Lincolnshire
DN31 1LW

 

Propeller Fuels Limited

Strategic Report for the Year Ended 31 December 2024

The Directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the Company is that of a fuel oil trader.

Fair review of the business

Propeller Fuels Group is currently operating with offices in the UK, Greece, Dubai and Singapore. It has been actively engaged with Grant Thornton over the last two years to obtain Transfer Pricing advice on the correct way to record business and financial transactions within the Group. The Company's performance recorded in these financial statements reflect the Transfer Pricing profit split between Propeller Fuels operations in the UK, Greece, UAE and Singapore, as recommended by Grant Thornton.

Overall, the Group has performed at or above expectations with revenue growth of 11% in 2024 and at a similar level of gross profit when compared to the previous year. The significant increase in financing facilities granted by the Company’s bankers over the last two years has enabled the Company to meet its volume focus going forward and set up the Company for stable growth in coming years.

The Directors are confident that, despite the uncertainty in global trade, the volume of sales and profitability will remain stable in 2025 as the Group expects to increase its market share, particularly in the Far East. The exact level of turnover and resultant profit in $ terms is however dependent on market conditions and the underlying oil commodity prices which in turn will be directly impacted by global macroeconomic drivers as well as political ones.

The Company’s in-house online trading platform has provided for very efficient trading which has helped maintain the company's market position and remains a competitive edge in the market.

The Company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

$

320,361,602

288,453,979

Gross profit margin

%

2

2

Profit before tax

$

232,105

230,685

Principal risks and uncertainties

The Company’s financial performance, reported in $, is significantly influenced by the global price of fuel and oil, which are subject to market price volatility arising from shifts in supply and demand, geopolitical tensions, and broader economic conditions. As a trader, the Company is well-equipped to manage such fluctuations, with pricing strategies that incorporate relevant costs to maintain overall profitability.

A potential shortage in fuel supply, due to factors such as supplier failure, weather events or logistical challenges, is an ongoing risk. However, the Directors believe the Company’s diversified supplier base and operational flexibility mitigate the impact of supply chain disruptions. Additionally, quality control processes are in place to minimise operational risks arising from fuel contamination issues, which could otherwise result in disputes.

The Company also monitors regulatory and compliance risks, particularly in relation to changes in environmental legislation, taxation, and licensing across its key markets. The emergence of new rules in certain jurisdictions could affect trade routes or operating permissions, and appropriate legal and operational reviews are regularly undertaken.

Credit risk, primarily in relation to the non-payment or delayed payment by counterparties, is managed through strict credit control procedures, due diligence, and ongoing monitoring. While the global trade environment remains challenging, particularly with rising operational costs expected in 2025, these factors are not anticipated to have a material adverse impact on profitability. The Directors continue to review the risk landscape to ensure appropriate mitigation strategies are in place.

 

Propeller Fuels Limited

Strategic Report for the Year Ended 31 December 2024

Non-financial and sustainability information

Energy and carbon report

We have considered the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) when preparing this report. These recommendations encourage businesses to increase disclosure of climate-related information, with an emphasis on financial disclosure. Propeller Fuels Limited supports these recommendations and are committed to disclosing the relevant information which can be found below.

During the year the Group's total annual consumption of energy was less than 20,000 kwh which represents fewer than 4,340 kg C02e of greenhouse gas emissions. This includes all material emission sources required by the regulations for which we deem ourselves to be responsible.

The main areas of energy usage were gas and electricity used in each of the Company offices and fuel for vehicles used for the Company’s operations. The Directors consider energy consumption on an ongoing basis and are committed to increasing energy efficiency in all areas of operations. Energy usage continues to be monitored and changes are implemented as appropriate.

Approved and authorised by the Board on 3 July 2025 and signed on its behalf by:
 

.........................................
R C Thompson
Director

 

Propeller Fuels Limited

Directors' Report for the Year Ended 31 December 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the Company

The Directors who held office during the year were as follows:

R D H Peart

C F Peart

R C Thompson

Financial instruments

Objectives and policies

The Company uses basic financial instruments, comprising cash and other liquid resources and various other items such as an invoice discounting facility, trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's operations.

Price risk, credit risk, liquidity risk and cash flow risk

The liquidity risk is managed by maintaining a balance between the need for continuity of funding and flexibility through the use of the invoice discounting facility. All business cash balances are held in such a way that achieves a competitive rate of interest. The Company also monitors the potential impact of wider economic and geopolitical events on liquidity, particularly in relation to supply chain delays, rising operational costs and access to funding, which are reviewed regularly by the Directors.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to business customers and the regular monitoring of amounts outstanding for both time and credit limits. Credit insurance is obtained for all customers as standard. The amounts presented in the balance sheet are net of allowances for trade debtors. Additional credit risk arises from the potential for non-payment by international buyers, particularly in high-risk jurisdictions. This is mitigated through due diligence, regular reviews and insurance coverage.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. The Company trades largely in US$, however as a UK-based entity has a number of overheads which are incurred in GBP. The Company also has a € debtor book and is exposed to currency risks associated with dealing in numerous different currencies. The Directors are aware of the risks and constantly monitor cash levels in each currency ensuring the risk is kept to a minimum. The volatility of fuel prices in global markets also contributes to price risk, which is managed through dynamic pricing models, allowing the Company to pass through relevant costs and protect margins.

Section 172(1) statement

This section of the financial statements includes the Directors considerations and activities in discharging their duties under s172(1) of the Companies Act 2006, in promoting the success of the Company for the benefit of members as a whole.

Along with the information provided in the Strategic Report, the reports include considerations of the likely consequences of the decisions of the Directors in the longer term and how the Directors have taken wider stakeholders needs into account.

 

Propeller Fuels Limited

Directors' Report for the Year Ended 31 December 2024

Engagement with suppliers, customers and other relationships

Delivering our strategy requires strong mutually beneficial relationships with suppliers, customers and other operational partners. Propeller Fuels Limited seeks the promotion and application of certain general principles in such relationships. The ability to promote these principles effectively is an important factor in the decision to enter into or remain in such relationships.

The Group (which includes Propeller Fuels Ltd, Propeller Fuels Greece Single Member PC and Propeller Fuels Holdings Ltd) continuously assesses the priorities related to customers and those with whom we do business, and the Directors engage with the businesses on these topics, for example, within the context of working safely on site.

Employees remain a key stakeholder for the Group. The Directors recognise the importance of employee engagement, development and wellbeing in supporting the long-term success of the business. Regular communication is maintained through internal meetings and performance reviews, while investment in training and development opportunities continues to support individual and team growth.

Moreover, the Directors of Propeller Fuels Ltd, Propeller Fuels Greece Single Member PC and Propeller Fuels Holdings Ltd receive information updates on a variety of topics that indicate and inform how these stakeholders have been engaged and are performing with and on behalf of the Company.

Disclosure of information to the auditors

Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 3 July 2025 and signed on its behalf by:
 

.........................................
R C Thompson
Director

 

Propeller Fuels Limited

Statement of Directors' Responsibilities

The Directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Propeller Fuels Limited

Independent Auditor's Report to the Members of Propeller Fuels Limited

Opinion

We have audited the financial statements of Propeller Fuels Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and 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 Company's affairs as at 31 December 2024 and of its 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 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.

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Propeller Fuels Limited

Independent Auditor's Report to the Members of Propeller Fuels Limited

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of Directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with management held, including consideration of known or suspected instances of non-compliance.

Challenging assumptions and judgements made within significant accounting estimates and judgements including provisions for bad debts and litigation.

Liaising with the company's legal advisors to understand the status and potential outcomes of ongoing claims.

Testing of journal entries and potential override of systems.

A review of credit card transactions.

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. The 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 concealement, forgery collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Propeller Fuels Limited

Independent Auditor's Report to the Members of Propeller Fuels 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 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.

......................................
Neal Watford ACA (Senior Statutory Auditor)
For and on behalf of Forrester Boyd Robson Limited, Statutory Auditor

26 South Saint Mary's Gate
Grimsby
North East Lincolnshire
DN31 1LW

3 July 2025

 

Propeller Fuels Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2024

Note

2024
$

2023
$

Turnover

3

320,361,602

288,453,979

Cost of sales

 

(312,584,724)

(281,723,210)

Gross profit

 

7,776,878

6,730,769

Administrative expenses

 

(6,836,256)

(5,631,158)

Operating profit

5

940,622

1,099,611

Other interest receivable and similar income

6

225,111

24,608

Interest payable and similar charges

7

(933,628)

(893,534)

 

(708,517)

(868,926)

Profit before tax

 

232,105

230,685

Taxation

10

(62,607)

(53,250)

Profit for the financial year

 

169,498

177,435

Retained earnings brought forward

 

1,791,671

1,972,725

Purchase of own shares

 

-

(358,489)

Retained earnings carried forward

 

1,961,169

1,791,671

 

Propeller Fuels Limited

(Registration number: 11011689)
Balance Sheet as at 31 December 2024

Note

2024
$

2023
$

Fixed assets

 

Intangible assets

11

571,802

-

Tangible assets

12

6,814

25,483

 

578,616

25,483

Current assets

 

Debtors

14

26,794,280

29,501,725

Cash at bank and in hand

 

326,377

185,601

 

27,120,657

29,687,326

Creditors: Amounts falling due within one year

15

(25,746,060)

(27,918,132)

Net current assets

 

1,374,597

1,769,194

Total assets less current liabilities

 

1,953,213

1,794,677

Provisions for liabilities

16

9,621

(1,341)

Net assets

 

1,962,834

1,793,336

Capital and reserves

 

Called up share capital

18

1,288

1,288

Capital redemption reserve

19

377

377

Retained earnings

19

1,961,169

1,791,671

Shareholders' funds

 

1,962,834

1,793,336

Approved and authorised by the Board on 3 July 2025 and signed on its behalf by:
 

.........................................
R C Thompson
Director

 

Propeller Fuels Limited

Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
$

2023
$

Cash flows from operating activities

Profit for the year

 

169,498

177,435

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

6,845

54,700

Loss on disposal of tangible assets

4

14

-

Finance income

6

(225,111)

(24,608)

Finance costs

7

892,715

857,893

Income tax expense

10

62,607

53,250

Impairment of intangible assets

 

-

121,582

 

906,568

1,240,252

Working capital adjustments

 

Decrease/(increase) in trade debtors

14

2,707,445

(3,774,998)

(Decrease)/increase in trade creditors

15

(1,527,621)

3,864,392

Decrease in provisions

16

-

(486,500)

Cash generated from operations

 

2,086,392

843,146

Income taxes paid

10

(84,621)

(285,859)

Net cash flow from operating activities

 

2,001,771

557,287

Cash flows from investing activities

 

Interest received

6

225,111

24,608

Acquisitions of tangible assets

(4,644)

(25,416)

Proceeds from sale of tangible assets

 

15,756

-

Acquisition of intangible assets

11

(571,802)

(45,503)

Net cash flows from investing activities

 

(335,579)

(46,311)

Cash flows from financing activities

 

Interest paid

7

(892,715)

(857,893)

Proceeds from issue of ordinary shares, net of issue costs

 

-

490

Payments for purchase of own shares

 

-

(962,349)

Proceeds from other borrowing draw downs

 

-

974,084

Repayment of other borrowing

 

(633,399)

(312,210)

Net cash flows from financing activities

 

(1,526,114)

(1,157,878)

Net increase/(decrease) in cash and cash equivalents

 

140,078

(646,902)

Cash and cash equivalents at 1 January

 

185,601

832,503

Effect of exchange rate fluctuations on cash held

 

698

-

Cash and cash equivalents at 31 December

 

326,377

185,601

 

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Saxon Business Park
Owen Avenue
Hessle
HU13 9PD

These financial statements were authorised for issue by the Board on 3 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in USD, which is the functional currency of the entity and figures are rounded to the nearest Dollar.

Going concern

The financial statements have been prepared on a going concern basis.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 402 of the Companies Act 2006 from the requirement to prepare consolidated financial statements on the basis that no subsidiary undertakings need to be included in the consolidation.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33.33% straight line

Motor vehicles

25% reducing balance

Intangible assets

Internally generated fixed assets such as software development are recognised as an intangible fixed asset when it is probable that future economic benefits will flow to the entity and the cost can be measured reliably. All directly attributable costs are recognised and the cost model is used to write off all amounts over their expected useful economic lives.

Costs incurred in the research phase of generating the assets are written off to the profit and loss account as incurred.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Internal development costs

20% straight line

Cash and cash equivalents

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade 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.

 

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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 profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

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 expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the Company's Turnover for the year from continuing operations is as follows:

2024
$

2023
$

Sale of goods

320,361,602

288,453,979

 

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The analysis of the Company's Turnover for the year by market is as follows:

2024
$

2023
$

UK

16,310,709

26,769,088

Europe

53,634,096

56,595,589

Rest of world

250,416,797

205,089,302

320,361,602

288,453,979

4

Other gains and losses

The analysis of the Company's other gains and losses for the year is as follows:

2024
$

2023
$

Loss on disposal of Tangible assets

(14)

-

5

Operating profit

Arrived at after charging/(crediting)

2024
$

2023
$

Depreciation expense

6,845

16,451

Amortisation expense

-

38,249

Impairment loss

-

121,582

Operating lease expense - property

33,705

21,395

Loss on disposal of property, plant and equipment

14

-

6

Other interest receivable and similar income

2024
$

2023
$

Other finance income

225,111

24,608

7

Interest payable and similar expenses

2024
$

2023
$

Interest on bank overdrafts and borrowings

892,715

857,893

Foreign exchange gains

40,913

35,641

933,628

893,534

 

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

8

Staff costs

The aggregate payroll costs (including Directors' remuneration) were as follows:

2024
$

2023
$

Wages and salaries

441,423

433,647

Social security costs

38,206

40,839

Pension costs, defined contribution scheme

46,825

32,318

526,454

506,804

The average number of persons employed by the Company (including Directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

5

4

Sales

4

3

9

7

9

Auditors' remuneration

2024
$

2023
$

Audit of the financial statements

12,054

11,899

Other fees to auditors

All other non-audit services

9,658

21,306


 

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
$

2023
$

Current taxation

UK corporation tax

73,569

84,621

Deferred taxation

Arising from origination and reversal of timing differences

(10,962)

(31,371)

Tax expense in the income statement

62,607

53,250

 

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (31 December 2024 - lower than the standard rate of corporation tax in the UK) of 25% ( 31 December 2023- 23.52%).

The differences are reconciled below:

2024
$

2023
$

Profit before tax

232,105

230,685

Corporation tax at standard rate

58,026

54,258

Tax decrease from effect of capital allowances and depreciation

-

(5,562)

Effect of expense not deductible in determining taxable profit (tax loss)

4,722

6,410

Deferred tax credit relating to changes in tax rates or laws

(141)

(1,856)

Total tax charge

62,607

53,250

The tax rate in the year has changed following the increase in the main rate of Corporation Tax in the UK to 25% which took effect from 1 April 2023.

Deferred tax

Deferred tax assets and liabilities

2024

Asset
$

Liability
$

Difference between accumulated depreciation and amortisation and capital allowances

9,621

-

9,621

-

2023

Asset
$

Liability
$

Difference between accumulated depreciation and amortisation and capital allowances

-

1,341

-

1,341

 

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Intangible assets

Internally generated software development costs
 $

Total
$

Cost or valuation

At 1 January 2024

204,979

204,979

Additions internally developed

571,802

571,802

Foreign exchange movements

557

557

At 31 December 2024

777,338

777,338

Amortisation

At 1 January 2024

204,979

204,979

Foreign exchange movements

557

557

At 31 December 2024

205,536

205,536

Carrying amount

At 31 December 2024

571,802

571,802

12

Tangible assets

Furniture, fittings and equipment
 $

Motor vehicles
 $

Total
$

Cost or valuation

At 1 January 2024

41,637

21,404

63,041

Additions

4,644

-

4,644

Disposals

-

(21,404)

(21,404)

Foreign exchange movements

(708)

-

(708)

At 31 December 2024

45,573

-

45,573

Depreciation

At 1 January 2024

32,207

5,351

37,558

Charge for the year

6,562

283

6,845

Eliminated on disposal

-

(5,634)

(5,634)

Foreign exchange movements

(10)

-

(10)

At 31 December 2024

38,759

-

38,759

Carrying amount

At 31 December 2024

6,814

-

6,814

At 31 December 2023

9,430

16,053

25,483

 

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

13

Investments

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Propeller Fuels Greece Single Member PC

Greece

Ordinary

100%

100%

14

Debtors

2024
$

2023
$

Trade debtors

25,602,078

28,223,870

Other debtors

710,603

892,055

Prepayments

481,599

385,800

 

26,794,280

29,501,725

15

Creditors

Note

2024
$

2023
$

Due within one year

 

Loans and borrowings

20

13,718,159

14,351,558

Trade creditors

 

7,440,391

10,470,540

Amounts due to related parties

23

2,069,276

2,050,907

Social security and other taxes

 

19,779

14,238

Outstanding defined contribution pension costs

 

665

-

Other payables

 

14,969

16,517

Accruals

 

2,409,252

929,751

Corporation tax liability

10

73,569

84,621

 

25,746,060

27,918,132

 

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

16

Provisions for liabilities

Deferred tax
$

Total
$

At 1 January 2024

1,341

1,341

Increase (decrease) in existing provisions

(10,962)

(10,962)

At 31 December 2024

(9,621)

(9,621)

17

Pension and other schemes

Defined contribution pension scheme

The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to $46,825 (2023 - $32,318).

 

18

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

$

No.

$

Ordinary shares of £0.00 each

9,377,272

1,159

9,377,272

1,159

Ordinary B shares of £0.00 each

1,041,919

129

1,041,919

129

10,419,191

1,288

10,419,191

1,288

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
- each ordinary share shall carry one vote;
- the distributable profits of the company which are resolved to be distributed shall be distributed amongst the holder(s) of the ordinary shares and the B shares so that a dividend or dividends may be declared on one or more class(es) of share but not the other class(es) of share and different level of dividend may be declared and payable on each class of share;
- on a return of assets on liquidation or capital reduction or otherwise, the assets of the company remaining after payment of its liabilities shall be distributed amongst the holder of the ordinary shares and the B shares in proportion to the number of shares held by them respectively as if the shares constituted one class of share.

Ordinary B shares have the following rights, preferences and restrictions:
- each B share shall carry one vote;
- the distributable profits of the company which are resolved to be distributed shall be distributed amongst the holder(s) of the B shares and the ordinary shares so that a dividend or dividends may be declared on one or more class(es) of share but not the other class(es) of share and different level of dividend may be declared and payable on each class of share;
- on a return of assets on liquidation or capital reduction or otherwise, the assets of the company remaining after payment of its liabilities shall be distributed amongst the holder of the B shares and the ordinary shares in proportion to the number of shares held by them respectively as if the shares constituted one class of share.

 

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

19

Reserves

Called up share capital

Share capital comprises of the value of issued share capital at par.

Retained earnings

Retained earnings consists of profits made by the company.

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve into which amounts were paid following a purchase of own shares.

20

Loans and borrowings

Current loans and borrowings

2024
$

2023
$

Other borrowings

13,718,159

14,351,558

Secured creditors
Included within loans and borrowings are invoice finance liabilities of $13,718,159 (2023: $14,278,622) which are secured by way of a fixed and floating charge over the assets of the entity.

21

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
$

2023
$

Not later than one year

32,357

32,917

Later than one year and not later than five years

76,038

110,273

108,395

143,190

22

Analysis of changes in net debt

At 1 January 2024
$

Financing cash flows
$

Foreign exchange movements
$

At 31 December 2024
$

Cash and cash equivalents

Cash

(185,601)

(137,149)

(3,627)

(326,377)

Borrowings

Short term borrowings

14,351,558

(603,147)

(30,252)

13,718,159

 

14,165,957

(740,296)

(33,879)

13,391,782

 

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

23

Related party transactions

Key management remuneration

Salaries and other short term employee benefits to key management personnel totalled $157,673 (2023: $183,930).

Summary of transactions with entities with joint control or significant interest

Expenditure with and payables to related parties

2024

Entities with joint control or significant influence
$

Total
$

Purchase of goods

186,741

186,741

Transfer pricing

3,934,620

3,934,620

Amounts payable to related party

33,961

33,961

2023

Entities with joint control or significant influence
$

Total
$

Purchase of goods

-

-

Transfer pricing

2,594,034

2,594,034

Amounts payable to related party

-

-

Loans from related parties

2024

Entities with joint control or significant influence
$

Total
$

At start of period

1,847,806

1,847,806

Advanced

4,112,170

4,112,170

Repaid

(4,101,524)

(4,101,524)

At end of period

1,858,452

1,858,452

2023

Entities with joint control or significant influence
$

Total
$

At start of period

(170,668)

(170,668)

Advanced

2,054,843

2,054,843

Repaid

(36,369)

(36,369)

At end of period

1,847,806

1,847,806