REGISTERED NUMBER: 00567133 (England and Wales)

Rix Petroleum (Hull) Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

T J Rix

S J Rix

R M A Clarke

D J Lambert

J I Doyle

R E Wilde

H J Rix

R J Beath

A J Smith

M Fry

REGISTERED OFFICE:

2 Humber Quays

Wellington Street West

Hull

East Yorkshire

HU1 2BN

REGISTERED NUMBER:

00567133 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

HU2 8BA

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

REVIEW OF BUSINESS

Rix Petroleum (Hull) had a steady performance despite a challenging backdrop. Turnover reduced by 11.9% to £129MN in 2024. This was largely caused by a reduction in the oil price when compared to the previous year.

Sales of petroleum products are seasonal, with the level of demand dictated to some degree by the weather. During 2024, the autumn was mild which impacted demand and fuel usage, with fuel volumes being 5% lower than the previous year.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties affecting the business include the following: -

- Debtors: the company maintains strong relationships with its key customers through its sales team. In addition, the company operates a defined credit control policy and the risk against larger debts is credit insured.

- Pension funding risk: the company offers both a defined contribution scheme and a stakeholder pension scheme. The company does not operate a final salary scheme.

- Environmental risks: the company places considerable emphasis on environmental compliance and not only seeks to ensure on-going compliance with the relevant legislation but strives to ensure that best practice is incorporated into its key processes.

- Major disruption/disaster: the company has contingency plans which it reviews regularly. The IT infrastructure includes a full back up service off site.

- Legislation: the company monitors current and forthcoming legislation regularly both directly and through membership of various trade associations. The company not only seeks to ensure on-going compliance but strives to ensure that it incorporates best practice.

- Litigation: the company is subject to litigation from time to time. The outcome of legal action is always uncertain and there is always the risk that it may prove more costly and time consuming than expected. There is a risk that litigation could be instigated in the future which could materially impact the company. The company endeavours to maintain adequate insurance levels for all appropriate insurable risks.

- Competitive risk: the company operates within a highly competitive market. The company maintains a large number of supply options and has control over its own storage and logistics chain. Investment, legislation and supply barriers in the market are significant for smaller operators and new entrants.

- Sales & Marketing: new and replacement business is being won continually. New and existing markets have been developed in line with the company's strategy. Key customer relationships are monitored on a regular basis.

- Cyber Security: the company recognises the growing threat of cyber and cyber enabled fraud and has measures in place to protect its systems and information from attack. It continues to assess and upgrade its procedures and systems as the cyber threat develops and evolves.

ON BEHALF OF THE BOARD:

R E Wilde - Director

22nd September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of fuels and lubricants.

DIVIDENDS

The total distribution of dividends for the year ended 31st December 2024 was £1,350,000 (2023: £2,700,000)

DIRECTORS

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

T J Rix

S J Rix

R M A Clarke

D J Lambert

J I Doyle

R E Wilde

H J Rix

Other changes in directors holding office are as follows:

G Williamson - resigned 7th February 2024

R J Beath - appointed 1st October 2024

A J Smith - appointed 1st October 2024

M Fry was appointed as a director after 31st December 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company'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 company's auditors are aware of that information.

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R E Wilde - Director

22nd September 2025

Opinion

We have audited the financial statements of Rix Petroleum (Hull) Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

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

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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.

Michael Stocks ACA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

HU2 8BA

22nd September 2025

TURNOVER

3

128,925,455

146,373,083

Cost of sales

120,801,234

137,334,901

GROSS PROFIT

8,124,221

9,038,182

Administrative expenses

7,224,105

7,210,999

OPERATING PROFIT and

PROFIT BEFORE TAXATION

900,116

1,827,183

Tax on profit

6

244,270

448,417

PROFIT FOR THE FINANCIAL YEAR

655,846

1,378,766

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

655,846

1,378,766

FIXED ASSETS

Intangible assets

8

76,120

153,640

CURRENT ASSETS

Stocks

9

1,527,212

1,898,600

Debtors

10

9,073,908

12,614,320

Cash at bank

210,160

272,878

10,811,280

14,785,798

CREDITORS

Amounts falling due within one year

11

10,142,643

13,500,527

NET CURRENT ASSETS

668,637

1,285,271

TOTAL ASSETS LESS CURRENT LIABILITIES

744,757

1,438,911

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

13

744,657

1,438,811

SHAREHOLDERS' FUNDS

744,757

1,438,911

The financial statements were approved by the Board of Directors and authorised for issue on 22nd September 2025 and were signed on its behalf by:

T J Rix - Director

R E Wilde - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

100

2,760,045

2,760,145

Changes in equity

Dividend

-

(2,700,000

)

(2,700,000

)

Total comprehensive income

-

1,378,766

1,378,766

Balance at 31st December 2023

100

1,438,811

1,438,911

Changes in equity

Dividend

-

(1,350,000

)

(1,350,000

)

Total comprehensive income

-

655,846

655,846

Balance at 31st December 2024

100

744,657

744,757

1.	STATUTORY INFORMATION

Rix Petroleum (Hull) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value

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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirement of paragraph 33.7.

Turnover

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

Turnover from the sale of fuel and lubricants 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 will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the despatch of the goods.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses in 2018 and 2019, is

being amortised evenly over its estimated useful life of eight 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.

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 on a weighted average basis. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

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 statement of comprehensive income in administrative expenses.

Going concern

The accounts have been prepared on the going concern basis and support of the parent company will be provided if required.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

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

2024

2023

£

£

Sales of goods

128,474,950

145,770,242

Other

450,505

602,841

128,925,455

146,373,083

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,812,169

2,805,044

Social security costs

298,490

287,243

Other pension costs

133,441

193,458

3,244,100

3,285,745

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

2024

2023

Management

7

-

Administration

22

21

Others

40

75

69

96

2024

2023

£

£

Directors' remuneration

193,822

344,281

Directors' pension contributions to money purchase schemes

23,859

29,860

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

Money purchase schemes

2

2

5.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Goodwill amortisation

77,520

77,520

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

244,270

449,000

Under provided in prior year

-

(583

)

Tax on profit

244,270

448,417

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

900,116

1,827,183

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

225,029

429,753

Effects of:

Expenses not deductible for tax purposes

19,880

18,704

(Over)/under provided

(639

)

(40

)

Total tax charge

244,270

448,417

UK corporation tax has been charged at 25% from 1 April 2023 (2023: 23.5%).

7.

DIVIDEND

2024

2023

£

£

Ordinary shares of £1 each

Interim - paid

1,350,000

2,700,000

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2024

and 31st December 2024

615,000

AMORTISATION

At 1st January 2024

461,360

Amortisation for year

77,520

At 31st December 2024

538,880

NET BOOK VALUE

At 31st December 2024

76,120

At 31st December 2023

153,640

9.

STOCKS

2024

2023

£

£

Petrol and oil

1,432,428

1,832,654

Parts

94,784

65,946

1,527,212

1,898,600

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

8,844,278

12,368,572

Amounts owed by group undertakings

6,358

81,851

Other debtors

206,284

124,183

Prepayments and accrued income

16,988

39,714

9,073,908

12,614,320

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

460,752

642,919

Amounts owed to group undertakings

9,289,703

12,060,326

Corporation tax

245,000

449,000

Other creditors

5,500

108,191

Accruals

141,688

240,091

10,142,643

13,500,527

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

13.

RESERVES

Retained

earnings

£

At 1st January 2024

1,438,811

Profit for the year

655,846

Dividend

(1,350,000

)

At 31st December 2024

744,657

The retained earnings represent cumulative profits and losses net of dividends.

14.	PENSION COMMITMENTS

The company is part of a group that operates a money purchase pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions of £133,441 (2023: £193,458) payable to the pension scheme during the year.

15.	ULTIMATE PARENT COMPANY

16.	CONTINGENT LIABILITIES

The company is party to an unlimited debenture, omnibus guarantee and set-off agreement in favour of Lloyds Banking Group in respect of group borrowings. The potential liability under this agreement amounted to £45,895,166 (2023: £47,449,197).

17.	RELATED PARTY DISCLOSURES

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

18.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.