REGISTERED NUMBER: 00631446 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LINDSAY BLEE & CO LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

to

4

Report of the Independent Auditor

5

to

7

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

to

14

Notes to the Financial Statements

15

to

24

DIRECTORS:

J J Hills

D Morrison

SECRETARIES:

Mrs C Hills

Mrs J A Morrison

REGISTERED OFFICE:

Chiltern House

45 Station Road

Henley on Thames

Oxfordshire

RG9 1AT

REGISTERED NUMBER:

00631446 (England and Wales)

AUDITOR:

Rusling & Co Limited

The Bloc

Springfield Way

Anlaby

Hull

E. Yorks

HU10 6RJ

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

REVIEW OF BUSINESS

When reviewing the financial performance of Lindsay Blee & Co Limited through 2024, we have to remark firstly on the challenges and headwinds. Commodity prices continued to show extreme volatility, and interest rates were again persistently high compared to recent times. Debtors continued to deteriorate in quality, although this was once again mitigated somewhat through instruments such as insurance and parental guarantees.

However, despite these elements in play, the company was able to maintain a robust trading position, increase our customer reach and enhance our offering of traded and physical supply options.

Physical supply operational network continued to grow. More trucks and trailers, more drivers, more ships, and new areas of supply all contributed to help keep us moving forward in this area.

Most significantly, the addition of Whitaker Tanker's into the group ensured good access to supply resources such as market specific bunker tankers, expertise and supply experience.

PRINCIPAL RISKS AND UNCERTAINTIES

The main risks to the company going forward are currency exchange rate volatility, oil price

movement and bad debts. Often this is closely linked to geopolitical uncertainty. We see a close correlation to commodity volatility and the international conflicts waging in Russia / Ukraine and the Middle East. Both conflicts regularly wherein to disrupt global energy networks and markets.

The directors look to mitigate risks by hedging against currency movements, agreeing trade terms and selective insuring against potentially damaging large bad debt.

ON BEHALF OF THE BOARD:

J J Hills - Director

30 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of bunker brokers.

FUTURE DEVELOPMENTS

Going forward, we expect the challenges again to increase, but our expectation for the company is to further grow turnover and profitability, as we continue our strong organic growth path in both new and existing sectors of our industry.

A major development is the move into our own long term leased large storage facilities. We have secured 20,000cbm of storage in the logistically optimised strategically located port of ZEE. This is particularly helpful to some of our core operations, and puts us at a big operational advantage to our competitors.

Investments in technology, people and equipment continue to help spearhead further growth and development. We have invested heavily on stellar personnel to ensure people are at the heart of our growth. Our team are our strength and will move Lindsay Blee onto further success in the years ahead.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

J J Hills

D Morrison

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 auditor is unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

AUDITOR

The auditor, Rusling & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

J J Hills - Director

30 September 2025

Opinion

I have audited the financial statements of Lindsay Blee & Co Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 my opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, I 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 I have performed, I 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.

My 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 my Report of the Auditor thereon.

My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In my 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 I am 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, I have not identified material misstatements in the Strategic Report or the Report of the Directors.

I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion:

-	adequate accounting records have not been kept, or returns adequate for my audit have not been received from branches not visited by me; 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

-	I have not received all the information and explanations I require for my audit; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, 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.

Auditor's responsibilities for the audit of the financial statements

My 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 Auditor that includes my 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.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it.

A further description of my 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 my Report of the Auditor.

Use of my 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. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.

Andrew Rusling, FCA (Senior Statutory Auditor)

for and on behalf of Rusling & Co Limited

The Bloc

Springfield Way

Anlaby

Hull

E. Yorks

HU10 6RJ

30 September 2025

TURNOVER

140,377,997

118,127,950

Cost of sales

134,779,923

115,676,323

GROSS PROFIT

5,598,074

2,451,627

Administrative expenses

2,304,330

1,150,984

OPERATING PROFIT

4

3,293,744

1,300,643

Income from participating interests

134,926

-

Interest receivable and similar income

515,496

4,438

650,422

4,438

3,944,166

1,305,081

Interest payable and similar expenses

5

682,565

3,507

PROFIT BEFORE TAXATION

3,261,601

1,301,574

Tax on profit

6

382,058

340,677

PROFIT FOR THE FINANCIAL YEAR

2,879,543

960,897

PROFIT FOR THE YEAR

2,879,543

960,897

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,879,543

960,897

FIXED ASSETS

Tangible assets

8

3,817,185

2,217,928

Investments

9

40

40

3,817,225

2,217,968

CURRENT ASSETS

Stocks

10

770,500

1,454,524

Debtors

11

29,279,978

23,744,621

Cash at bank

125,632

625,299

30,176,110

25,824,444

CREDITORS

Amounts falling due within one year

12

18,928,406

21,774,551

NET CURRENT ASSETS

11,247,704

4,049,893

TOTAL ASSETS LESS CURRENT LIABILITIES

15,064,929

6,267,861

CREDITORS

Amounts falling due after more than one year

13

(6,877,719

)

(31,501

)

PROVISIONS FOR LIABILITIES

17

(128,682

)

(96,193

)

NET ASSETS

8,058,528

6,140,167

CAPITAL AND RESERVES

Called up share capital

18

1,650

1,650

Retained earnings

19

8,056,878

6,138,517

SHAREHOLDERS' FUNDS

8,058,528

6,140,167

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

D Morrison - Director

J J Hills - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 July 2023

1,650

6,138,802

6,140,452

Changes in equity

Dividends

-

(961,182

)

(961,182

)

Total comprehensive income

-

960,897

960,897

Balance at 31 December 2023

1,650

6,138,517

6,140,167

Changes in equity

Dividends

-

(961,182

)

(961,182

)

Total comprehensive income

-

2,879,543

2,879,543

Balance at 31 December 2024

1,650

8,056,878

8,058,528

Cash flows from operating activities

Cash generated from operations

1

3,598,982

1,379,717

Interest paid

(682,565

)

(3,507

)

Net Group loans

(2,600,274

)

-

Tax paid

(1,027,219

)

-

Net cash from operating activities

(711,076

)

1,376,210

Cash flows from investing activities

Purchase of tangible fixed assets

(3,657,251

)

(1,884,449

)

Sale of tangible fixed assets

1,671,002

700,000

Interest received

515,496

4,438

Dividends received

134,926

-

Net cash from investing activities

(1,335,827

)

(1,180,011

)

Cash flows from financing activities

New loans in year (net)

8,516

-

Capital repayments in year

-

(17,853

)

Amount introduced by directors

-

665,231

Amount withdrawn by directors

(391,165

)

-

Equity dividends paid

(961,182

)

(961,182

)

Net cash from financing activities

(1,343,831

)

(313,804

)

Decrease in cash and cash equivalents

(3,390,734

)

(117,605

)

Cash and cash equivalents at beginning of year

2

566,874

684,479

Cash and cash equivalents at end of year

2

(2,823,860

)

566,874

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1/7/23

Year ended

to

31/12/24

31/12/23

£

£

Profit before taxation

3,261,601

1,301,574

Depreciation charges

180,610

82,774

Loss on disposal of fixed assets

206,383

7,733

Finance costs

682,565

3,507

Finance income

(650,422

)

(4,438

)

3,680,737

1,391,150

Decrease/(increase) in stocks

684,024

(1,454,524

)

Decrease in trade and other debtors

8,074,939

327,095

(Decrease)/increase in trade and other creditors

(8,840,718

)

1,115,996

Cash generated from operations

3,598,982

1,379,717

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

125,632

625,299

Bank overdrafts

(2,949,492

)

(58,425

)

(2,823,860

)

566,874

Period ended 31 December 2023

31/12/23

1/7/23

£

£

Cash and cash equivalents

625,299

788,356

Bank overdrafts

(58,425

)

(103,877

)

566,874

684,479

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank

625,299

(499,667

)

125,632

Bank overdrafts

(58,425

)

(2,891,067

)

(2,949,492

)

566,874

(3,390,734

)

(2,823,860

)

Debt

Debts falling due within 1 year

(132,342

)

(1,198,011

)

(1,330,353

)

Debts falling due after 1 year

(31,501

)

(6,846,218

)

(6,877,719

)

(163,843

)

(8,044,229

)

(8,208,072

)

Total

403,031

(11,434,963

)

(11,031,932

)

1.	STATUTORY INFORMATION

Lindsay Blee & Co 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Fixed asset lives

Tangible fixed assets comprise a relatively small proportion of the company's assets.There is judgement involved in determining appropriate rates of depreciation to be used.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

All sales are recognised on the delivery date of the goods or services.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

10% on cost

Boat

-

10% on cost

Motor vehicles

-

33% on cost

Computer equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Presentation currency

The Financial Statements are presented in £ Sterling.

Financial instruments

Financial Instruments comprise:

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash

Cash and cash equivalents comprises cash on hand and time, call and current balances with banks and similar institutions, which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value. The definition is also used for the statement of cash flows.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

Period

1/7/23

Year ended

to

31/12/24

31/12/23

£

£

Wages and salaries

668,650

337,908

Social security costs

82,449

44,626

Other pension costs

49,793

14,995

800,892

397,529

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

Period

1/7/23

Year ended

to

31/12/24

31/12/23

Employee

15

13

Director

2

2

17

15

Period

1/7/23

Year ended

to

31/12/24

31/12/23

£

£

Directors' remuneration

24,000

12,000

Directors' pension contributions to money purchase schemes

27,012

9,062

4.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1/7/23

Year ended

to

31/12/24

31/12/23

£

£

Depreciation - owned assets

180,609

82,774

Loss on disposal of fixed assets

206,383

7,733

Foreign exchange differences

161,593

328,672

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1/7/23

Year ended

to

31/12/24

31/12/23

£

£

Bank loan interest

655,716

-

HP Interest

26,849

3,507

682,565

3,507

6.

TAXATION

Analysis of the tax charge

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

Period

1/7/23

Year ended

to

31/12/24

31/12/23

£

£

Current tax:

UK corporation tax

349,569

348,547

Deferred tax

32,489

(7,870

)

Tax on profit

382,058

340,677

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

Reconciliation of total tax charge included in profit and loss

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

Period

1/7/23

Year ended

to

31/12/24

31/12/23

£

£

Profit before tax

3,261,601

1,301,574

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

815,400

325,394

Effects of:

Expenses not deductible for tax purposes

8,548

2,387

Income not taxable for tax purposes

(33,787

)

-

Depreciation in excess of capital allowances

32,489

12,896

Non-reversible non-timing differences

43,219

-

Schedule F tonnage tax adjustment

(483,811

)

-

Total tax charge

382,058

340,677

7.

DIVIDENDS

Period

1/7/23

Year ended

to

31/12/24

31/12/23

£

£

Ordinary Shares shares of 1p each

Interim

961,182

961,182