Armstrong Richardson & Co Ltd and Subsid - Limited company accounts 25.1

REGISTERED NUMBER: 00206334 (England and Wales)

Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

Armstrong Richardson & Co Limited

and Subsidiary Company

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

16

DIRECTORS:

N E M Jones

C B M Jones

Mrs S E Harriman

Miss C L Jones

Miss E A Jones

REGISTERED OFFICE:

1 Mount Pleasant Way

Stokesley Business Park

Stokesley

North Yorkshire

TS9 5NZ

REGISTERED NUMBER:

00206334 (England and Wales)

AUDITORS:

Anderson Barrowcliff Limited

Statutory Auditor

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

2024 has been a challenging year for the group mainly due to factors affecting the economy. Like us, most businesses are facing increased costs and stagnated sales growth, so seeing an increase in the level of turnover is reassuring our customers appreciate our dedication to our core values.

Turnover for the year increased to £30,211,001 from £29,059,498 in 2023 due to the rise in fuel sales in the year. Gross profit margin has increased to 11.9% from 11.8% and the groups pre-tax loss for the year amounted to £122,127 (2023: £68,416 - profit). 2024 also saw additional restructure costs necessary to preempt and offset the Governments October's budget changes to the National Living Wage and Employers National Insurance that would be coming into effect in April 2025.

These results are considered satisfactory by the directors.

PRINCIPAL RISKS AND UNCERTAINTIES

The group continues to diversify its operations and is no longer solely dependent upon the UK agriculture industry. As a result the directors feel that there is no single customer or supplier, the loss of which would seriously affect the business.

KEY PERFORMANCE INDICATORS

Given the straightforward nature of the business, the group's directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the entity, and that all relevant financial information has been disclosed within the financial statements.

ON BEHALF OF THE BOARD:

N E M Jones - Director

25 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of retailing, fuel distribution and haulage.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

FUTURE DEVELOPMENTS

The Directors have implemented changes in 2024 and 2025 that will strengthen the Group by reducing costs.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

N E M Jones

C B M Jones

Mrs S E Harriman

Miss C L Jones

Miss E A Jones

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;

-	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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Anderson Barrowcliff Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N E M Jones - Director

25 September 2025

Opinion

We have audited the financial statements of Armstrong Richardson & Co Limited and Subsidiary Company (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of 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 31 December 2024 and of the group's loss 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.

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 three, 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.

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

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the company's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias in significant accounting estimates and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Auditors' responsibilities for the audit of the financial statements (continued)

Audit procedures performed by the engagement team included:

-

Enquiry of management, those charged with governance around actual and potential litigation and claims.

-

Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations.

-

Auditing the risk of management override of controls, including through testing journal entries and other
adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the
normal course of business.

-

Challenging estimates and judgements made by management in their significant accounting estimates.

-

Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and
accuracy of revenue and also to ensure revenue has been recognised in the correct period.

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 concealment, forgery, collusion, omission or 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.

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.

Helen Wilson FCA (Senior Statutory Auditor)

for and on behalf of Anderson Barrowcliff Limited

Statutory Auditor

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

26 September 2025

Armstrong Richardson & Co Limited

and Subsidiary Company (Registered number: 00206334)

Consolidated

Statement of Comprehensive

Income

for the Year Ended 31 December 2024

2024

2023

Notes

£

TURNOVER

2

30,211,001

29,059,498

Cost of sales

26,619,875

25,636,674

GROSS PROFIT

3,591,126

3,422,824

Administrative expenses

3,712,376

3,392,894

(121,250

)

29,930

Other operating income

3

143,547

156,874

OPERATING PROFIT

22,297

186,804

Interest receivable and similar income

1,023

583

23,320

187,387

Interest payable and similar expenses

5

145,447

118,971

(LOSS)/PROFIT BEFORE TAXATION

6

(122,127

)

68,416

Tax on (loss)/profit

7

(2,991

)

(6,833

)

(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(119,136

)

75,249

OTHER COMPREHENSIVE INCOME

Deferred tax movement freehold property

(28,000

)

-

Income tax relating to other comprehensive
income

-

OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(28,000

)

-

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(147,136

)

75,249

(Loss)/profit attributable to:

Owners of the parent

(119,136

)

75,249

Total comprehensive income attributable to:

Owners of the parent

(147,136

)

75,249

FIXED ASSETS

Intangible assets

9

154,935

173,343

Tangible assets

10

4,837,928

3,465,322

Investments

11

50

Investment property

12

852,214

3,191,582

5,845,127

6,830,297

CURRENT ASSETS

Stocks

13

1,827,778

1,763,168

Debtors

14

1,285,283

1,273,618

Cash at bank and in hand

1,904,899

2,227,893

5,017,960

5,264,679

CREDITORS

Amounts falling due within one year

15

3,506,850

4,813,474

NET CURRENT ASSETS

1,511,110

451,205

TOTAL ASSETS LESS CURRENT
LIABILITIES

7,356,237

7,281,502

CREDITORS

Amounts falling due after more than one
year

16

(1,459,747

)

(1,277,976

)

PROVISIONS FOR LIABILITIES

20

(405,000

)

(364,900

)

NET ASSETS

5,491,490

5,638,626

CAPITAL AND RESERVES

Called up share capital

21

18,000

Revaluation reserve

22

783,266

649,512

Other reserves

22

20,821

Non-distributable reserve

22

429,618

Retained earnings

22

4,239,785

4,520,675

SHAREHOLDERS' FUNDS

5,491,490

5,638,626

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

N E M Jones - Director

FIXED ASSETS

Intangible assets

9

-

Tangible assets

10

1,740,653

2,672,630

Investments

11

511

Investment property

12

852,214

851,604

2,593,378

3,524,745

CURRENT ASSETS

Stocks

13

112,669

108,100

Debtors

14

3,315,558

3,283,502

Cash at bank

69,868

20,176

3,498,095

3,411,778

CREDITORS

Amounts falling due within one year

15

1,125,781

1,918,159

NET CURRENT ASSETS

2,372,314

1,493,619

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,965,692

5,018,364

CREDITORS

Amounts falling due after more than one
year

16

(66,836

)

(113,370

)

PROVISIONS FOR LIABILITIES

20

(290,000

)

(262,500

)

NET ASSETS

4,608,856

4,642,494

CAPITAL AND RESERVES

Called up share capital

21

18,000

Revaluation reserve

22

783,266

649,512

Other reserves

22

20,821

Non-distributable reserve

22

429,618

Retained earnings

22

3,357,151

3,524,543

SHAREHOLDERS' FUNDS

4,608,856

4,642,494

Company's loss for the financial year

(5,638

)

(71,068

)

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

N E M Jones - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

Balance at 1 January 2023

18,000

4,445,426

649,512

Changes in equity

Total comprehensive income

-

75,249

-

Balance at 31 December 2023

18,000

4,520,675

649,512

Changes in equity

Total comprehensive income

-

(280,890

)

133,754

Balance at 31 December 2024

18,000

4,239,785

783,266

Other

Non-distributable

Total

reserves

reserve

equity

£

Balance at 1 January 2023

20,821

429,618

5,563,377

Changes in equity

Total comprehensive income

-

75,249

Balance at 31 December 2023

20,821

429,618

5,638,626

Changes in equity

Total comprehensive income

-

(147,136

)

Balance at 31 December 2024

20,821

429,618

5,491,490

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

Balance at 1 January 2023

18,000

3,595,611

649,512

Changes in equity

Total comprehensive income

-

(71,068

)

-

Balance at 31 December 2023

18,000

3,524,543

649,512

Changes in equity

Total comprehensive income

-

(167,392

)

133,754

Balance at 31 December 2024

18,000

3,357,151

783,266

Other

Non-distributable

Total

reserves

reserve

equity

£

Balance at 1 January 2023

20,821

429,618

4,713,562

Changes in equity

Total comprehensive income

-

(71,068

)

Balance at 31 December 2023

20,821

429,618

4,642,494

Changes in equity

Total comprehensive income

-

(33,638

)

Balance at 31 December 2024

20,821

429,618

4,608,856

Cash flows from operating activities

Cash generated from operations

1

(12,498

)

577,851

Interest paid

(111,589

)

(102,278

)

Finance costs paid

(33,858

)

(16,693

)

Tax paid

15,585

(73,212

)

Net cash from operating activities

(142,360

)

385,668

Cash flows from investing activities

Purchase of intangible fixed assets

-

(184,081

)

Purchase of tangible fixed assets

(314,328

)

(499,373

)

Purchase of investment property

(15,186

)

(108,431

)

Sale of tangible fixed assets

1,050,000

-

Sale of investment property

70,000

-

Interest received

1,023

583

Net cash from investing activities

791,509

(791,302

)

Cash flows from financing activities

New loans in year

320,000

-

Loan repayments in year

(88,086

)

(11,958

)

New HP loans in year

134,276

248,154

Capital repayments in year

(192,636

)

(124,311

)

Amount introduced by directors

1,465

1,250

Amount withdrawn by directors

-

(1,250

)

Related party financing

(470,273

)

40,055

Net cash from financing activities

(295,254

)

151,940

Increase/(decrease) in cash and cash equivalents

353,895

(253,694

)

Cash and cash equivalents at beginning of
year

2

692,495

946,189

Cash and cash equivalents at end of year

2

1,046,390

692,495

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

(Loss)/profit before taxation

(122,127

)

68,416

Depreciation charges

344,865

257,852

Profit on disposal of fixed assets

(151,313

)

-

Impairment of fixed assets

1,132

-

Finance costs

145,447

118,971

Finance income

(1,023

)

(583

)

216,981

444,656

Increase in stocks

(64,610

)

(166,535

)

Decrease in trade and other debtors

281,743

217,854

(Decrease)/increase in trade and other creditors

(446,612

)

81,876

Cash generated from operations

(12,498

)

577,851

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 31 December 2024

31.12.24

1.1.24

£

Cash and cash equivalents

1,904,899

2,227,893

Bank overdrafts

(858,509

)

(1,535,398

)

1,046,390

692,495

Year ended 31 December 2023

31.12.23

1.1.23

£

Cash and cash equivalents

2,227,893

2,032,522

Bank overdrafts

(1,535,398

)

(1,086,333

)

692,495

946,189

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

Net cash

Cash at bank and in hand

2,227,893

(322,994

)

1,904,899

Bank overdrafts

(1,535,398

)

676,889

(858,509

)

692,495

353,895

1,046,390

Debt

Finance leases

(449,603

)

58,360

(391,243

)

Debts falling due within 1 year

(22,578

)

(10,313

)

(32,891

)

Debts falling due after 1 year

(975,637

)

(221,601

)

(1,197,238

)

(1,447,818

)

(173,554

)

(1,621,372

)

Total

(755,323

)

180,341

(574,982

)

1.	ACCOUNTING POLICIES

General information and basis of preparing the financial statements

Armstrong Richardson & Co Limited is a limited company incorporated in England and Wales. The address of the registered office is given in the group information on page 1 of these financial statements. The nature of the group's operations and its principal activities are set out in the Report of the Directors on page 3.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" (FRS102) and the Companies Act 2006 The financial statements have been prepared on the going concern basis under the historic cost convention, modified to include certain items at fair value. The financial statements are prepared in Sterling which is the functional currency of the group and rounded to the nearest £.

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

Basis of consolidation

The group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 December each year.

All intra-group transactions, balances and expenses are eliminated on consolidation.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods and services

Turnover from the sale of goods and services is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction can be measured reliably. This is usually on the delivery or dispatch of the goods.

Interest and dividends receivable

Interest income is recognised using the effective interest method and dividend income is recognised as the group's right to receive payment is established.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten 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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

10% on cost and 2% on cost

Long leasehold

-

2% on cost

Plant and machinery

-

33% on cost and 20% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

50% on cost and 20% on cost

Computer equipment

-

50% on cost and 33% on cost

Freehold land included within Freehold property has not been depreciated.

Tangible fixed assets are stated at cost or deemed cost less accumulated depreciation and accumulated impairment losses.

Land and buildings were valued by Robertson Simpson Property Consultants and BNP Paribas Real Estate on a fair value basis for transition to FRS102. These valuations were incorporated in the financial statements for the year ended 31 December 2013 and on transition has been treated as the deemed cost.

The group capitalises directly attributable finance costs on tangible fixed assets in the course of construction. Rates of capitalisation depend on whether a specific loan has been taken out (when the actual interest rate and interest paid are used), or whether the construction has been financed by general borrowings.

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Foreign currencies

Assets and liabilities in foreign currencies are translated into Sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The group operates defined contribution pension schemes. Contributions payable for the year are charged in the profit and loss.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Judgements and key sources of estimation uncertainty

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 of the revision, if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

2.

TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the group.

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

2024

2023

£

Fuel

19,297,746

18,083,643

Retail

10,398,397

10,548,536

Haulage

464,202

372,304

Other

50,656

55,015

30,211,001

29,059,498

3.	OTHER OPERATING INCOME

2024

2023

£

Rents received

61,560

66,577

Sundry receipts

7,987

16,297

Management charges

74,000

143,547

156,874

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

Wages and salaries

2,265,379

1,982,644

Social security costs

177,444

160,756

Other pension costs

164,097

38,793

2,606,920

2,182,193

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

2024

2023

Office and management

5

Sales, distribution and processing

89

92

94

97

2024

2023

£

Directors' remuneration

275,167

283,500

Directors' pension contributions to money purchase schemes

125,671

5,283

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

Money purchase schemes

5

Information regarding the highest paid director is as follows:

2024

2023

£

Emoluments etc

99,633

92,500

Pension contributions to money purchase schemes

1,688

1,321

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

Bank interest

23,426

33,034

Bank loan interest & fees

88,163

69,244

Hire purchase interest

33,858

16,693

145,447

118,971

6.	(LOSS)/PROFIT BEFORE TAXATION

The loss (2023 - profit) is stated after charging/(crediting):

2024

2023

£

Depreciation - owned assets

128,451

96,171

Depreciation - assets on hire purchase contracts

198,006

150,943

Profit on disposal of fixed assets

(151,313

)

-

Goodwill amortisation

18,408

10,738

Auditors remuneration

13,500

10,500

The auditing of accounts of any associate of the company

23,014

20,353

Foreign exchange differences

(3,573

)

(6,520

)

7.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

2024

2023

£

Current tax:

(Over)/Under provision in

previous year

(15,091

)

(22,183

)

Deferred taxation

12,100

15,350

Tax on (loss)/profit

(2,991

)

(6,833

)

UK corporation tax has been charged at 25 % (2023 - 25 %).

Reconciliation of total tax credit 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

£

(Loss)/profit before tax

(122,127

)

68,416

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 25 %)

(30,532

)

17,104

Effects of:

Expenses not deductible for tax purposes

15,681

10,601

Adjustments to tax charge in respect of previous periods

(15,091

)

(22,183

)

(Over)/Under provision in current/prior years

13,553

5,644

Tax on realised gain/(loss)

(25,699

)

-

Losses carried forward

23,475

-

Capital allowances - super deduction

-

(1,294

)

Group relief

-

(18,424

)

Losses carried back

15,622

-

Deferred tax change in rate

-

1,719

Total tax credit

(2,991

)

(6,833

)

Tax effects relating to effects of other comprehensive income

2024

Gross

Tax

Net

£

Deferred tax movement freehold property

(28,000

)

-

(28,000

)

2023

Gross

Tax

Net

£

Deferred tax movement freehold property

There is no expiry date on timing differences, unused tax losses or tax credits.

8.	INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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

9.	INTANGIBLE FIXED ASSETS

Group

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

184,081

AMORTISATION

At 1 January 2024

10,738

Amortisation for year

18,408

At 31 December 2024

29,146

NET BOOK VALUE

At 31 December 2024

154,935

At 31 December 2023

173,343

10.	TANGIBLE FIXED ASSETS

Group

Freehold

Long

Plant and

property

leasehold

machinery

£

COST OR VALUATION

At 1 January 2024

2,577,223

250,000

432,744

Additions

76,881

-

49,588

Disposals

(868,781

)

-

(3,000

)

Impairments

-

Reclassification/transfer

2,276,248

-

At 31 December 2024

4,061,571

250,000

479,332

DEPRECIATION

At 1 January 2024

137,872

49,999

236,684

Charge for year

20,943

5,001

56,591

Eliminated on disposal

-

(400

)

At 31 December 2024

158,815

55,000

292,875

NET BOOK VALUE

At 31 December 2024

3,902,756

195,000

186,457

At 31 December 2023

2,439,351

200,001

196,060

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

COST OR VALUATION

At 1 January 2024

11,277

1,270,467

31,556

4,573,267

Additions

-

187,859

-

314,328

Disposals

-

(148,350

)

-

(1,020,131

)

Impairments

(1,132

)

-

(1,132

)

Reclassification/transfer

-

2,276,248

At 31 December 2024

10,145

1,309,976

31,556

6,142,580

DEPRECIATION

At 1 January 2024

7,326

650,921

25,143

1,107,945

Charge for year

2,819

236,588

4,515

326,457

Eliminated on disposal

-

(129,350

)

-

(129,750

)

At 31 December 2024

10,145

758,159

29,658

1,304,652

NET BOOK VALUE

At 31 December 2024

-

551,817

1,898

4,837,928

At 31 December 2023

3,951

619,546

6,413

3,465,322

Included in Freehold property are capitalised interest costs of £Nil (2023: £50,665).

Cost or valuation at 31 December 2024 is represented by:

Freehold

Long

Plant and

property

leasehold

machinery

£

Valuation in 2011

374,938

-

Valuation in 2013

534,328

(95,483

)

-

Cost

3,152,305

345,483

479,332

4,061,571

250,000

479,332

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

Valuation in 2011

-

374,938

Valuation in 2013

-

438,845

Cost

10,145

1,309,976

31,556

5,328,797

10,145

1,309,976

31,556

6,142,580

If the Freehold properties had not been revalued they would have been included at the following historical cost:

2024

2023

£

Cost

3,152,305

1,829,711

Aggregate depreciation

276,471

255,228

Freehold property and long leasehold were valued by professional valuers Robertson Simpson Property Consultants and BNP Paribas Real Estate on a fair value basis on transition to FRS102 as at 31 December 2013. These valuations have been treated as the deemed cost and are being depreciated from the date of transition.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST OR VALUATION

At 1 January 2024

855,647

Additions

167,938

Disposals

(44,500

)

Transfer to ownership

(164,881

)

At 31 December 2024

814,204

DEPRECIATION

At 1 January 2024

339,752

Charge for year

198,006

Eliminated on disposal

(29,667

)

Transfer to ownership

(147,481

)

At 31 December 2024

360,610

NET BOOK VALUE

At 31 December 2024

453,594

At 31 December 2023

515,895

Company

Freehold

Long

Plant and

property

leasehold

machinery

£

COST OR VALUATION

At 1 January 2024

2,221,191

250,000

275,199

Additions

76,881

-

7,900

Disposals

(868,781

)

-

(3,000

)

At 31 December 2024

1,429,291

250,000

280,099

DEPRECIATION

At 1 January 2024

116,510

49,999

199,418

Charge for year

13,822

5,001

21,633

Eliminated on disposal

-

(400

)

At 31 December 2024

130,332

55,000

220,651

NET BOOK VALUE

At 31 December 2024

1,298,959

195,000

59,448

At 31 December 2023

2,104,681

200,001

75,781

Motor

Computer

vehicles

equipment

Totals

£

COST OR VALUATION

At 1 January 2024

705,895

1,513

3,453,798

Additions

19,699

-

104,480

Disposals

(126,350

)

-

(998,131

)

At 31 December 2024

599,244

1,513

2,560,147

DEPRECIATION

At 1 January 2024

414,807

434

781,168

Charge for year

105,318

302

146,076

Eliminated on disposal

(107,350

)

-

(107,750

)

At 31 December 2024

412,775

736

819,494

NET BOOK VALUE

At 31 December 2024

186,469

777

1,740,653

At 31 December 2023

291,088

1,079

2,672,630

Included in Freehold property are capitalised interest costs of £Nil (2023: £50,665).

Cost or valuation at 31 December 2024 is represented by:

Freehold

Long

Plant and

property

leasehold

machinery

£

Valuation in 2011

374,938

-

Valuation in 2013

534,328

(95,483

)

-

Cost

520,025

345,483

280,099

1,429,291

250,000

280,099

Motor

Computer

vehicles

equipment

Totals

£

Valuation in 2011

-

374,938

Valuation in 2013

-

438,845

Cost

599,244

1,513

1,746,364

599,244

1,513

2,560,147

If the Freehold properties had not been revalued they would have been included at the following historical cost:

2024

2023

£

Cost

520,025

1,473,679

Aggregate depreciation

247,988

234,166

Freehold property and long leasehold were valued by professional valuers Robertson Simpson Property Consultants and BNP Paribas Real Estate on a fair value basis on transition to FRS102 as at 31 December 2013. These valuations have been treated as the deemed cost and are being depreciated from the date of transition.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST OR VALUATION

At 1 January 2024

366,575

Disposals

(44,500

)

Transfer to ownership

(164,881

)

At 31 December 2024

157,194

DEPRECIATION

At 1 January 2024

167,938

Charge for year

69,536

Eliminated on disposal

(29,667

)

Transfer to ownership

(147,481

)

At 31 December 2024

60,326

NET BOOK VALUE

At 31 December 2024

96,868

At 31 December 2023

198,637

11.	FIXED ASSET INVESTMENTS

Group

Unlisted

investments

£

COST

At 1 January 2024

and 31 December 2024

50

NET BOOK VALUE

At 31 December 2024

50

At 31 December 2023

50

Company

Shares in

group

Unlisted

undertakings

investments

Totals

£

COST

At 1 January 2024

and 31 December 2024

461

50

511

NET BOOK VALUE

At 31 December 2024

461

50

511

At 31 December 2023

461

50

511

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

Subsidiaries

Millbry Hill Limited

Registered office: 1 Mount Pleasant Way, Stokesley Business Park, Stokesley, North Yorkshire, England, TS9 5NZ

Nature of business: Retail shops and website sales

%

Class of shares:

holding

Ordinary

100.00

2024

2023

£

Aggregate capital and reserves

334,427

464,025

(Loss)/profit for the year

(129,598

)

6,142

AR Fuels Ltd

Registered office: 1 Mount Pleasant Way, Stokesley Business Park, Stokesley, North Yorkshire, England, TS9 5NZ

Nature of business: Suppliers of domestic and commercial fuels

%

Class of shares:

holding

Ordinary

100.00

2024

2023

£

Aggregate capital and reserves

630,720

507,989

Profit for the year

122,731

141,021

Stanley Grange Limited

Registered office: 1 Mount Pleasant Way, Stokesley Business Park, Stokesley, North Yorkshire, England, TS9 5NZ

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

2024

2023

£

Aggregate capital and reserves

(81,832

)

23,648

Loss for the year

(105,480

)

(22,206

)

The company is entitled to exemption from audit under Section 479A of the Companies Act 2006 relating to subsidiary companies for the year ended 31 December 2024.

Millbry Hill Cafes Limited

Registered office: 1 Mount Pleasant Way, Stokesley Business Park, Stokesley, North Yorkshire, England, TS9 5NZ

Nature of business: Cafe

%

Class of shares:

holding

Ordinary

100.00

2024

2023

£

Aggregate capital and reserves

(220

)

931

(Loss)/profit for the year

(1,151

)

21,360

The company is entitled to exemption from audit under Section 479A of the Companies Act 2006 relating to subsidiary companies for the year ended 31 December 2024.

12.	INVESTMENT PROPERTY

Group

Total

£

FAIR VALUE

At 1 January 2024

3,191,582

Additions

15,186

Disposals

(78,306

)

Reclassification/transfer

(2,276,248

)

At 31 December 2024

852,214

NET BOOK VALUE

At 31 December 2024

852,214

At 31 December 2023

3,191,582

Fair value at 31 December 2024 is represented by:

£

Valuation in 2001

195,618

Valuation in 2011

380,000

Valuation in 2013

(25,000

)

Cost

301,596

852,214

If the Investment properties had not been revalued they would have been included at the following historical cost:

2024

2023

£

Cost

301,596

2,639,146

Investment properties are included at their fair value at 31 December 2024 using market value valuations by independent, professional valuers on 28 April 2015 and 18 January 2016. The valuations were undertaken by Robertson Simpson Property Consultants and BNP Paribas Real Estate.The directors believe these valuations still accurately reflect their fair value at 31 December 2024.

At the balance sheet date, the group had contracted with tenants for the following future minimum lease payments:

2024

2023

£

Within one year

50,000

In the second to fifth years inclusive

200,000

161,667

After five years

81,667

120,000

331,667

Company

Total

£

FAIR VALUE

At 1 January 2024

851,604

Additions

610

At 31 December 2024

852,214

NET BOOK VALUE

At 31 December 2024

852,214

At 31 December 2023

851,604

Fair value at 31 December 2024 is represented by:

£

Valuation in 2001

195,618

Valuation in 2011

380,000

Valuation in 2013

(25,000

)

Cost

301,596

852,214

If Investment properties had not been revalued they would have been included at the following historical cost:

2024

2023

£

Cost

301,596

300,986

Investment properties are included at their fair value at 31 December 2024 using market value valuations by independent, professional valuers on 28 April 2015 and 18 January 2016. The valuations were undertaken by Robertson Simpson Property Consultants and BNP Paribas Real Estate.The directors believe these valuations still accurately reflect their fair value at 31 December 2024.

At the balance sheet date, the company had contracted with tenants for the following future minimum lease payments:

2024

2023

£

Within one year

50,000

In the second to fifth years inclusive

200,000

161,667

After five years

81,667

120,000

331,667

13.

STOCKS

Group

Company

2024

2023

2024

2023

£

Stocks

1,715,109

1,655,068

-

Growing crops

112,669

108,100

112,669

108,100

1,827,778

1,763,168

112,669

108,100

14.

DEBTORS

Group

Company

2024

2023

2024

2023

£

Amounts falling due within one year:

Trade debtors

765,104

947,756

5,418

45,645

Amounts owed by group undertakings

-

1,909,703

2,106,982

Amounts owed by participating interests

421,232

125,865

378,834

117,303

Other debtors

23,409

143,289

11,975

9,567

Directors' current accounts

-

1,465

-

1,465

Taxation

-

494

-

494

Prepayments

75,538

54,749

9,628

2,046

1,285,283

1,273,618

2,315,558

2,283,502

Amounts falling due after more than one

year:

Amounts owed by group undertakings

-

1,000,000

Aggregate amounts

1,285,283

1,273,618

3,315,558

3,283,502

15.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2024

2023

2024

2023

£

Bank loans and overdrafts (see note 17)

891,400

1,557,976

858,509

1,535,398

Hire purchase contracts (see note 18)

128,734

147,264

22,674

69,415

Trade creditors

1,625,133

2,225,675

55,428

175,503

Amounts owed to group undertakings

-

180

Amounts owed to participating interests

154,716

329,622

4,606

8,124

Social security and other taxes

50,948

50,989

24,143

22,706

VAT

89,305

82,450

-

Other creditors

245,740

226,224

100,550

54,627

Directors' current accounts

5,153

-

Accrued expenses

315,721

188,121

59,691

52,206

3,506,850

4,813,474

1,125,781

1,918,159

16.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group

Company

2024

2023

2024

2023

£

Bank loans (see note 17)

1,197,238

975,637

-

Hire purchase contracts (see note 18)

262,509

302,339

66,836

113,370

1,459,747

1,277,976

66,836

113,370

17.

LOANS

An analysis of the maturity of loans is given below:

Group

Company

2024

2023

2024

2023

£

Amounts falling due within one year or on

demand:

Bank overdrafts

858,509

1,535,398

858,509

1,535,398

Bank loans - less than 1 yr

32,891

22,578

-

891,400

1,557,976

858,509

1,535,398

Amounts falling due between one and two

years:

Bank loans - 1-2 years

35,037

23,915

-

Amounts falling due between two and five

years:

Bank loans - 2-5 years

119,466

80,582

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,042,735

871,140

-

18.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group

Hire purchase contracts

2024

2023

£

Gross obligations repayable:

Within one year

133,780

155,742

Between one and five years

270,503

321,433

404,283

477,175

Finance charges repayable:

Within one year

5,046

8,478

Between one and five years

7,994

19,094

13,040

27,572

Net obligations repayable:

Within one year

128,734

147,264

Between one and five years

262,509

302,339

391,243

449,603

Company

Hire purchase contracts

2024

2023

£

Gross obligations repayable:

Within one year

27,720

77,893

Between one and five years

74,830

132,464

102,550

210,357

Finance charges repayable:

Within one year

5,046

8,478

Between one and five years

7,994

19,094

13,040

27,572

Net obligations repayable:

Within one year

22,674

69,415

Between one and five years

66,836

113,370

89,510

182,785

Group

Non-cancellable operating

leases

2024

2023

£

Within one year

39,000

38,583

Between one and five years

103,750

136,750

In more than five years

248,000

254,000

390,750

429,333

19.	SECURED DEBTS

The following secured debts are included within creditors:

Group

Company

2024

2023

2024

2023

£

Bank overdrafts

858,509

1,535,398

858,509

1,535,398

Bank loans

1,230,129

998,215

-

Hire purchase contracts

391,243

449,603

89,510

182,785

2,479,881

2,983,216

948,019

1,718,183

The group has a bank overdraft facility of £1million. The facility has an unlimited inter-company guarantee from its group companies Armstrong Richardson & Co Limited, Millbry Hill Limited and AR Fuels Limited and is secured by a legal charge over the freehold property and fixed and floating charges over the group's assets.

Included in bank loans are:

A bank loan of £735,000 repayable by 300 monthly instalments of capital and interest, commencing February 2021. Interest is charged at base rate plus 2.5%. The loan is secured by legal charges over the Freehold property to which it relates.

A bank loan of £317,250 repayable by 300 monthly instalments of capital and interest, commencing May 2021. Interest is charged at base rate plus 2%. The loan is secured by legal charges over the Freehold property to which it relates.

A further bank loan of £320,000 repayable by 300 monthly instalments of capital and interest, commencing May 2024. Interest is charged at base rate plus 2.59%. The loan is secured by legal charges over over the freehold property to which it relates.

The hire purchase contracts are secured over the assets to which they relate.

20.	PROVISIONS FOR LIABILITIES

Group

Company

2024

2023

2024

2023

£

Deferred tax

Accelerated capital allowances

158,000

145,900

43,000

43,500

Revaluation of freehold

properties

126,000

98,000

126,000

98,000

Revaluation of investment

properties

121,000

405,000

364,900

290,000

262,500

Group

Deferred

tax

£

Balance at 1 January 2024

364,900

Provided during year

40,100

Balance at 31 December 2024

405,000

Company

Deferred

tax

£

Balance at 1 January 2024

262,500

Provided during year

27,500

Balance at 31 December 2024

290,000

21.	CALLED UP SHARE CAPITAL

Ordinary Share Capital

2024

2023

£

Share Capital A

10,800

Share Capital B

7,200

18,000

22.

RESERVES

Group

Retained

Revaluation

Other

Non-distributable

earnings

reserve

reserves

reserve

Totals

£

At 1 January 2024

4,520,675

649,512

20,821

429,618

5,620,626

Deficit for the year

(119,136

)

(119,136

)

Transfer of deferred tax

-

(28,000

)

-

(28,000

)

Transfer of realised gains
and losses

(161,754

)

161,754

-

At 31 December 2024

4,239,785

783,266

20,821

429,618

5,473,490

Company

Retained

Revaluation

Other

Non-distributable

earnings

reserve

reserves

reserve

Totals

£

At 1 January 2024

3,524,543

649,512

20,821

429,618

4,624,494

Deficit for the year

(5,638

)

(5,638

)

Transfer of deferred tax

-

(28,000

)

-

(28,000

)

Transfer of realised gains
and losses

(161,754

)

161,754

-

At 31 December 2024

3,357,151

783,266

20,821

429,618

4,590,856

Retained earnings

Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

Revaluation reserve

The revaluation reserve represents the effect of revaluations of the freehold property and leasehold property on transition to FRS102.

Non-distributable reserve

Investment properties are measured at fair value with a transfer being made to the non-distributable reserve net of the related deferred tax, instead of a transfer to retained earnings, to assist with the identification of profits available for distribution.

23.	PENSION COMMITMENTS

The group operates defined contribution schemes. The charge for the year amounted to £164,097 (2023 : £38,793). The amount outstanding at 31 December 2024 was £16,693 (2023: £9,886).

24.	CAPITAL COMMITMENTS

2024

2023

£

Contracted but not provided for in the

financial statements

50,000

134,000

25.	RELATED PARTY DISCLOSURES

Sales

Purchases

Management
charges

Recharge of
wages and
expenses

Outstanding
balances due
to/(from) the
group

£

Other related parties

At 31 December 2024

123,065

2,035,968

74,000

(3,162

)

266,516

At 31 December 2023

83,364

2,940,476

74,000

(7,776

)

(203,757

)

Outstanding balances due from the group are unsecured and the nature of the consideration to be provided in settlement is on normal commercial terms.

Key management personnel compensation in the year totalled £400,838 (2023: £288,783).

26.	ULTIMATE CONTROLLING PARTY

The Group is under the control of Mr N Jones by virtue of his 75% shareholding.