The directors present the strategic report for the year ended 31 December 2024.
The Employee Ownership Trust (EOT) was established in August 2023, and its continued success has strengthened camaraderie and shared purpose across the organisation. The transition to employee ownership has empowered the leadership team to make key decisions that prioritise both colleagues and customers, with all employees actively contributing to the company’s long-term growth and success.
Turnover for the year to 31st December 2024 increased by 8%, driven by sustained demand and market conditions. The overall volume of sales increased, supported by the ongoing development of bulk fuels (heating, commercial & marine sales) and increased consumer activity across our retail network. Margins remained stable for the trading period as supply chain fluctuations settled compared to previous years.
Investments in non-fuel income streams within the retail estate continued to yield positive results. Notable developments included the upgrading and merchandising of several of our forecourt stores and commencement of the redevelopment of Balfron filling station, which will feature our third Morrison’s Daily convenience store from Q1 2025. The company also invested in the implementation of single Epos solution across the entire retail estate to deliver administrative efficiency and store performance. Furthermore, the comprehensive analytics and reporting functionality enables the business to make data driven decisions to more effectively optimise product ranging, minimisation of waste and control of overheads.
Expansion of our fuel card services also continued during the trading year and reflected a 26% growth in sales. The product range was further supported with two new fuel card products – the ESSO Card and the Profuel Card. The fuelcard portfolio now serves over 1,000 customers, with strong customer satisfaction reflected in excellent Trust Pilot reviews.
Highland Fuels remains committed to supporting customers in transitioning to low-carbon liquid fuels. This year, we achieved substantial growth in renewable fuel sales across Scotland and introduced renewable marine fuel at Montrose Port.
The company also expanded its tank telemetry services, enhancing operational efficiency through new supplier partnerships and in-house installations.
Technology investments have further modernised operations, including the introduction of onboard truck computers replacing time consuming paper-based processes together with a new centralised fleet management system providing for full visibility across our depot network. External audits also reaffirmed our compliance with ISO 9001, 14001, and 45001 standards.
Operating overheads remained controlled despite external pressures such as inflation, interest rates, and upcoming changes to National Living Wage and employer national insurance from April 2025. These financial headwinds will be carefully managed to ensure stability and sustainable growth.
Health, safety and environment
As a company operating in the fuel sector, we uphold the highest standards in health, safety, and environmental stewardship. Regular training and risk assessments are a key priority.
Competitive risks
The industry remains highly competitive; however, our diverse customer base and service excellence mitigate overreliance on any single market segment.
Credit risks
A robust credit assessment and management process, including appropriate use of credit insurance, ensures minimal exposure to customer defaults.
Liquidity and cash flow risk
With diligent credit control, the Group maintains flexible banking facilities to meet its operational needs.
Employee Growth and Development
Our workforce continues to expand, with new team members joining to support growth initiatives. The company launched a training portal to enhance in-role and professional development which has been implemented across the organisation. The company continues to extend a range of employee benefits including an Employee Assistance Programme, cycle to work scheme, and an online Benefits Hub, providing employees access to savings and discounts at major retailers.
The average number of employees rose from 249 to 257.
Governance and Stakeholder Engagement
The Board remains committed to fostering strong relationships with stakeholders, including employees, customers, suppliers, and regulators. Regular meetings and strategic planning ensure that decisions are made in alignment with long-term business sustainability.
In line with our commitment to sustainability, we continue to work with UKIFDA and OFTEC to support decarbonisation efforts and participate in UK-wide trials of low-carbon liquid fuels.
This section of the Strategic Report describes how the directors have had regard to the matters set out in section 172(1), and forms the directors’ statement required under section 414CZA, of the Companies Act 2006.
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 group for the benefit of its members as a whole and in doing so have regard (amongst other matters) to:
The likely consequences of any decision in the long term
The Group has a strong board of experienced industry and finance professionals. The Board comprises the roles of Chair, Managing Director, Sales, Operations and Health & Safety, Finance, Retail, and one Non-Executive Director.
The Board was further strengthened in the trading year following three new appointments into these roles. Regular Board meetings are held to review key aspects of the business, including health & safety, financial performance, working capital and cash flow, sales and marketing, employee matters, regulatory compliance, capital expenditure, and stakeholder feedback.
The Board considers the long-term goals of the Group and the impact that decisions may have on stakeholders, including shareholders, employees, suppliers, customers, creditors, regulators (including HMRC), local communities, and the environment. Strategy reviews are conducted to ensure that decisions align with the best interests of the Group and its members, with information provided through reports and presentations.
The interests of the group's employees
The Board prioritises a strong and stable foundation for employees to grow. In August 2023, the company implemented an Employee Ownership Trust (EOT), securing the long-term future of its workforce.
To support leadership growth, the company has continued with its a Leadership and Management Development programme for senior management. This initiative fosters continuous improvement and a high-performance culture across the organisation.
For the year ending 31 December 2024, the Group employed an average of 257 people across 11 depots, 16 filling stations, a sales office and a head office. Each department is led by an executive director who maintains close engagement with employees. Managers at each location conduct regular briefings and discussions with staff. Health & safety remains a top priority, with ongoing training and updates provided to all employees.
The need to foster the group's business relationships with suppliers, customers and others
The Board and senior management actively engage with key customers and suppliers to enhance relationships and gain valuable insights. Supplier relationships are managed by senior Board members through regular meetings and participation in industry trade associations such as the United Kingdom & Ireland Fuel Distributors Association (UKIFDA).
The Group’s banking facilities are provided by Royal Bank of Scotland. As of the year-end, the Group held approximately £9m in cash (2023 - £6m) and operated without bank borrowings throughout the year. An unused invoice discounting facility of £9m remained available, ensuring financial flexibility. Senior Directors maintain regular engagement with banking and legal partners to safeguard the Group’s financial stability.
The impact of the group's operations on the community and the environment
The Group is committed to conducting business responsibly and leading by example in community and environmental stewardship.
Compliance with all relevant legislation is a fundamental principle, and the company regularly undergoes internal and external audits to maintain its accreditations for ISO 9001 (Quality Management), ISO 14001 (Environmental Management), and ISO 45001 (Health & Safety Management).
The Group actively supports the decarbonisation of transport and heating for rural homes through the supply and distribution of low-carbon liquid fuels. The Group remains in active dialogue with local and national stakeholders to promote low-carbon solutions for consumers.
Maintain a reputation for high standards of business conduct
The Group upholds a strong commitment to ethical business conduct across all locations and business activities.
Its organisational structure and leadership oversight enable rigorous governance, with Board meetings providing regular opportunities to assess and refine business practices.
Act fairly as between members of the company
The Highland Fuels Group remains privately held, with all subsidiary companies fully owned. Shares in the ultimate holding company are held by the Highland Fuels Employee Ownership Trust and George Shand, the company’s Chairman. With the Highland Fuels Employee Ownership Trust holding the majority stake, governance is overseen by a dedicated Board of Trustees. The principal trading activities of the Group continue to be conducted within Highland Fuels Limited.
On behalf of the Board
The directors present their annual report and financial statements for the year ended 31 December 2024.
The results for the year are set out on page 11.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The financial statements have been prepared under the going concern basis. The Group closely monitors and manages its funding position and liquidity risk throughout the year to ensure that it has access to sufficient funds to meet forecast cash requirements.
The Group’s business activities together with the factors likely to affect its financial position and its exposure to credit, liquidity and interest rate risk are described in the Strategic Report.
The Director has assessed profitability and cash flow forecasts, including significant but plausible downside sensitivities, applied to turnover and profitability for a range of issues including the continuing impact of the war in Ukraine on the global oil markets. This assessment shows substantial headroom within forecasts as regards the funding resources available to the Group. The Director believes that sufficient funds are available to allow the company and all subsidiaries to continue to meet their obligations for the going concern period to 30 June 2025, and that it therefore remains appropriate to prepare the financial statements on a going concern basis.
As part of the Group, the company has access to financial resources as required. We remain confident that our financial resources are strong, well balanced and suitably liquid. The Group has a positive cash at bank position of approximately £11.5m at the time of this report, and the current year trading performance remains strong in terms of profitability and cash generation.
The Director intends to continue with the management policies which have resulted in significant business growth in recent years. This essentially involves organic growth, combined with appropriate synergetic acquisitions as and when suitable opportunities arise.
The following statements are given in accordance with the Companies (Miscellaneous Reporting Regulations) 2018, for reporting periods beginning on or after 1 April 2019, in respect of GHG and Energy Use.
The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per total sales revenue, the recommended ratio for the sector.
In addition to the measures introduced last year, the Group has taken the following actions to further improve its energy consumption and efficiency:
Made further significant investment in the delivery fleet and replacing our old trucks with EURO6 powered vehicles together with consumption of AdBlue to reduce and improve fuel efficiency, which has lowered the average age of our fleet to c3 years.
Continue to increase the use of HVO across our fleet, which has helped to reduced the volume of Diesel used by the fleet
Upgraded Head Office air-conditioning system with more efficiency and modern system.
Replaced legacy refrigeration units across our filling stations, and replaced lighting with modern energy efficient LED lighting.
Utilised investments in software technology to under-pin more efficient delivery vehicle routing.
Provide the option to select a hybrid/electric vehicles when it comes to company car replacements.
The overall emissions produced by the Group have slightly increased (mainly due to a higher Diesel rate within the HMRC calculations/guidelines), this would have been a larger increase had the above items not been undertaken by the Group.
The Group continues to be an accredited supplier of HVO/Renewable Diesel (a low carbon liquid renewable fuel) under the Renewable Fuels Assurance Scheme (“RFAS”), and successfully had its RFAS accreditation renewed in September 2024. The RFAS scheme enables fleet operators (including ourselves) to receive independently verifiable GHG emission data that encompasses the complete renewable fuel supply chain from feedstock cultivation or waste raw material collection, production and distribution of the final product to the customer; thereby ensuring accurate and representative information for company carbon reporting.
We have audited the financial statements of Highland Fuels (Investments) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Group Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and notes to the financial statements, including 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).
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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and the parent 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 group or 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 director 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 and financial statements, other than the financial statements and our auditor’s report thereon. The directors is responsible for the other information. 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.
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 course of 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
As explained more fully in the directors' responsibilities statement set out on page 8, 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 group 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 parent company or to cease operations, or have no realistic alternative but to do so.
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements.
We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operate.
Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006, and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent 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 parent company's members those matters we are required to state to them in an auditors 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Highland Fuels (Investments) Limited (“the company”) is a private company limited by shares incorporated in Scotland. The registered office is 2 Marischal Square, Broad Street, Aberdeen, Scotland, AB10 1DQ.
The group consists of Highland Fuels (Investments) Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company Highland Fuels (Investments) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in associates.
All financial statements are made up to 31 December 2024. No profit and loss account is presented for Highland Fuels (Investments) Limited as permitted by section 408 of the Companies Act 2006.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
The financial statements have been prepared under the going concern basis. The Group closely monitors and manages its funding position and liquidity risk throughout the year to ensure that it has access to sufficient funds to meet forecast cash requirements.
The Group’s business activities together with the factors likely to affect its financial position and its exposure to credit, liquidity and interest rate risk are described in the Strategic Report.
The Director has assessed profitability and cash flow forecasts, including significant but plausible downside sensitivities, applied to turnover and profitability for a range of issues including the continuing impact of the war in Ukraine on the global oil markets. This assessment shows substantial headroom within forecasts as regards the funding resources available to the Group. The Director believes that sufficient funds are available to allow the company and all subsidiaries to continue to meet their obligations for the going concern period to 30 June 2026, and that it therefore remains appropriate to prepare the financial statements on a going concern basis.
As part of the Group, the company has access to financial resources as required. We remain confident that our financial resources are strong, well balanced and suitably liquid. The Group has a positive cash at bank position of approximately £11.5m at the time of this report, and the current year trading performance remains strong in terms of profitability and cash generation.
Revenue is recognised to the extent that the group obtains the right to consideration in exchange for its performance. Turnover is measured at the fair value of the consideration received and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the income statement when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the relevant lease.
Benefits received and receivable as an incentive to sign an operating lease are recognised are on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of 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. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following are the group's key sources of estimation uncertainty:
Land and buildings and petrol stations and fuel storage are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The Company engaged Graham & Sibbald, Chartered Surveyors, to determine fair value at 31 December 2023. At 31 December 2024, the directors assessed the fair value of the properties and deemed them to have increased by the amount of additions during the year.
The Group establishes a reliable estimate of the useful life of goodwill and intangible assets arising on business combinations. The estimate is based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating unit to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.
All turnover arose within the United Kingdom.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The Company has no employees other than the director, who did not receive any remuneration (2023 - £nil).
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:
Included in land and buildings is land at valuation of £280,000 (2023 - £280,000) (cost £96,449 (2023 - £96,449)) which is not depreciated.
Included in petrol stations and fuel storage is land at valuation of £2,930,220 (2023 - £2,930,220) (cost £2,513,086 (2023 - £2,513,086)) which is not depreciated.
Land and buildings and petrol stations with a carrying amount of £16,926,073 (2023: £16,078,852) were revalued at 31 December 2023 by Graham & Sibbald, independent valuers not connected with the company on the basis of market value. The valuations were carried out in accordance with the RICS valuation guidelines and IFRS 13. The directors have considered these values to be a reflection of fair value at 31 December 2024, enhanced by additions in the year.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Details of the company's subsidiaries at 31 December 2024 are as follows:
* Held by a subsidiary undertaking.
Other than Thames Petroleum (Scotland) Limited and Highland Electricity Limited, the registered address of all the subsidiary undertakings is Union Plaza (6th Floor), 1 Union Wynd, Aberdeen, Scotland, AB10 1DQ.
The registered address of Thames Petroleum (Scotland) Limited and Highland Electricity Limited is Connect House 133-137 Alexandra Road, Wimbledon, London, United Kingdom, SW19 7JY.
Highland Fuels Limited has granted a bond and a floating charge in favour of RBS Invoice Finance Limited.
Highland Fuels Limited and Thames Petroleum (Scotland) Limited have granted a multi-client guarantee in favour of RBS Invoice Finance Limited.
On 19 September 2012, Highland Fuels Limited granted a floating charge in favour Phillips 66 Limited over the whole of the assets of the Company.
The Group overdraft facility is secured by a bond and floating charge in favour of The Royal Bank of Scotland plc over the whole of the property of Highland Fuels Limited and its subsidiaries and standard securities granted over certain of the Group's assets.
The above securities grant by Highland Fuels Limited are subject to a ranking agreement.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
This reserve records the amount above the nominal value received for shares sold, less transaction costs.
This reserve is used to record increases in the fair value of land and buildings and petrol stations and fuel storage and decreases to the extent that such decrease relates to an increase on the same asset.
The Group's land and buildings and petrol stations and fuel storage were revalued by Graham & Sibbald, Chartered Surveyors, on an open market existing use basis and the resulting gain was recognised in other comprehensive income.
This reserve records the nominal value of shares repurchased by the Company.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The remuneration of key management personnel is as follows.