For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

WMB Petroleum Spirit (1) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Knights Court, Archers Way, Battlefield Enterpise Park, Shrewsbury, Shropshire, SY1 3GA.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. Depreciation is not charged on assets in the course of construction.

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 credited or charged to profit or loss.

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 profit and loss account 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The average monthly number of persons (including directors) employed by the company during the year was:

50% of the company's share capital is held by Black Lab Estates Limited. Mr Marsden serves as a director of that company. The amount owed to that company at 31 December 2024 amounted to £527,300 (2023: £527,300). In addition to this amount, management charges of £15,000 due to Black Lab Estates Limited are accrued at the year end (2023: £20,000).

Similarly, 50% of the company's share capital is held by Clee Hill Investments Limited. Mr Wadlow serves as a director of that company. The amount owed to that company at 31 December 2024 amounted to £527,300 (2023: £527,300). In addition to this amount, management charges of £15,000 due to Clee Hill Investments Limited are accrued at the year end (2023: £20,000).

Management fees of £120,000 were charged to the company in the year, £60,000 from Black Lab Estates Limited (2023: £50,000) and £60,000 from Clee Hill Investments Limited (2023: £50,000).