REGISTERED NUMBER: 03081965 (England and Wales)

D K FORECOURTS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

7

Consolidated Other Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

Mr D K Williams

Mr S D Williams

REGISTERED OFFICE:

Reflectalux House

Avondale Way

Cwmbran

Gwent

NP44 1TS

REGISTERED NUMBER:

03081965 (England and Wales)

AUDITORS:

Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

REVIEW OF BUSINESS

The principal activity of the group in the year under review was that of the retail sale of automotive fuel and groceries.

The trading activities of the group continued with good levels of profits, showing a gross profit of £4,108,293 (2023: £3,760,544) and a profit before tax of £1,949,547 (2023: £2,032,952).

2024

2023

Turnover £'000

30,271

30,028

Gross Profit Margin

13.6%

12.5%

Average Number of Employees

61

68

The group has continued the investment in infrastructure and the group's bankers are fully supportive of the current trading position and of the plans moving forward.

PRINCIPAL RISKS AND UNCERTAINTIES

The group uses various financial instruments which include cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations.

The group's operations expose it to a variety of financial risks primarily interest rate and liquidity risks.

Liquidity risk

The group manages financial risk by ensuring sufficient liquidity is available to meet its forecast needs. Short-term flexibility is achieved by overdraft facilities. The group also finances some of its investments in tangible fixed assets through hire purchase contracts.

Interest rate risk

The group finances its operations through a combination of retained profits, bank overdrafts, long term loans and finance lease or hire purchase agreements. The interest rate on loans are fixed. The group manages its exposure to interest rate fluctuations on its hire purchase agreements and finance leases by entering into fixed rate agreements. The group manages the liquidity risk by ensuring there are sufficient funds to meet the payments.

ON BEHALF OF THE BOARD:

Mr D K Williams - Director

29 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of retail sale of automotive fuel in specialised stores.

DIVIDENDS

The total distribution of dividends for the year ended 30 September 2024 will be £ 1,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

Mr D K Williams

Mr S D Williams

DISCLOSURE IN THE STRATEGIC REPORT

The group has chosen in accordance with s414C(11) of the Companies Act 2006 to set out in the group's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

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

ON BEHALF OF THE BOARD:

Mr D K Williams - Director

29 September 2025

Opinion

We have audited the financial statements of D K Forecourts Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other 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 30 September 2024 and of the group's 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 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. We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2024 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

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

-

enquiring of management, including obtaining and reviewing support documentation, concerning the company's policies and procedures relating to:

-

identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

-

discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud.

-

obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

In addition to the above, our procedures to respond to risks identified included the following:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;

-

enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;

-

assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

-

evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Alison Vickers (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

30 September 2025

TURNOVER

4

30,270,818

30,027,671

Cost of sales

26,162,525

26,267,127

GROSS PROFIT

4,108,293

3,760,544

Administrative expenses

2,414,380

1,944,137

1,693,913

1,816,407

Other operating income

163,479

208,366

OPERATING PROFIT

6

1,857,392

2,024,773

Interest receivable and similar income

143,045

47,065

2,000,437

2,071,838

Interest payable and similar expenses

7

50,890

38,886

PROFIT BEFORE TAXATION

1,949,547

2,032,952

Tax on profit

8

505,571

463,105

PROFIT FOR THE FINANCIAL YEAR

1,443,976

1,569,847

Profit attributable to:

Owners of the parent

1,443,976

1,569,847

PROFIT FOR THE YEAR

1,443,976

1,569,847

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,443,976

1,569,847

Total comprehensive income attributable to:

Owners of the parent

1,443,976

1,569,847

FIXED ASSETS

Intangible assets

11

72,834

109,251

Tangible assets

12

2,786,968

2,287,542

Investments

13

-

-

Investment property

14

438,237

317,000

3,298,039

2,713,793

CURRENT ASSETS

Stocks

15

488,459

579,760

Debtors

16

480,234

678,397

Cash at bank and in hand

5,411,057

4,629,351

6,379,750

5,887,508

CREDITORS

Amounts falling due within one year

17

2,365,647

2,602,931

NET CURRENT ASSETS

4,014,103

3,284,577

TOTAL ASSETS LESS CURRENT LIABILITIES

7,312,142

5,998,370

CREDITORS

Amounts falling due after more than one year

18

(635,408

)

(769,220

)

PROVISIONS FOR LIABILITIES

22

(103,875

)

(99,267

)

NET ASSETS

6,572,859

5,129,883

CAPITAL AND RESERVES

Called up share capital

23

100

100

Retained earnings

24

6,572,759

5,129,783

SHAREHOLDERS' FUNDS

6,572,859

5,129,883

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Mr D K Williams - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

1,845,950

1,338,576

Investments

13

1,250,000

1,250,000

Investment property

14

438,237

317,000

3,534,187

2,905,576

CURRENT ASSETS

Stocks

15

398,675

452,537

Debtors

16

413,393

607,605

Cash at bank and in hand

4,452,482

3,670,726

5,264,550

4,730,868

CREDITORS

Amounts falling due within one year

17

2,263,553

2,330,768

NET CURRENT ASSETS

3,000,997

2,400,100

TOTAL ASSETS LESS CURRENT LIABILITIES

6,535,184

5,305,676

CREDITORS

Amounts falling due after more than one year

18

(635,408

)

(768,428

)

PROVISIONS FOR LIABILITIES

22

(89,574

)

(85,708

)

NET ASSETS

5,810,202

4,451,540

CAPITAL AND RESERVES

Called up share capital

23

100

100

Retained earnings

24

5,810,102

4,451,440

SHAREHOLDERS' FUNDS

5,810,202

4,451,540

Company's profit for the financial year

1,359,662

1,285,269

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Mr D K Williams - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2022

100

3,561,936

3,562,036

Changes in equity

Dividends

-

(2,000

)

(2,000

)

Total comprehensive income

-

1,569,847

1,569,847

Balance at 30 September 2023

100

5,129,783

5,129,883

Changes in equity

Dividends

-

(1,000

)

(1,000

)

Total comprehensive income

-

1,443,976

1,443,976

Balance at 30 September 2024

100

6,572,759

6,572,859

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2022

100

3,166,171

3,166,271

Changes in equity

Total comprehensive income

-

1,285,269

1,285,269

Balance at 30 September 2023

100

4,451,440

4,451,540

Changes in equity

Dividends

-

(1,000

)

(1,000

)

Total comprehensive income

-

1,359,662

1,359,662

Balance at 30 September 2024

100

5,810,102

5,810,202

Cash flows from operating activities

Cash generated from operations

1

1,806,743

2,526,632

Interest paid

(50,195

)

(38,191

)

Interest element of hire purchase payments paid

(695

)

(695

)

Tax paid

(468,998

)

(477,911

)

Net cash from operating activities

1,286,855

2,009,835

Cash flows from investing activities

Purchase of tangible fixed assets

(614,378

)

(165,592

)

Purchase of investment property

(121,237

)

-

Sale of tangible fixed assets

2,975

-

Interest received

143,045

47,065

Net cash from investing activities

(589,595

)

(118,527

)

Cash flows from financing activities

Loan repayments in year

(141,666

)

(178,241

)

Capital repayments in year

(9,500

)

(9,501

)

Amount introduced by directors

348,781

62,052

Amount withdrawn by directors

(112,169

)

(188,265

)

Equity dividends paid

(1,000

)

(2,000

)

Net cash from financing activities

84,446

(315,955

)

Increase in cash and cash equivalents

781,706

1,575,353

Cash and cash equivalents at beginning of year

2

4,629,351

3,053,998

Cash and cash equivalents at end of year

2

5,411,057

4,629,351

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

2024

2023

£

£

Profit before taxation

1,949,547

2,032,952

Depreciation charges

148,394

140,446

Finance costs

50,890

38,886

Finance income

(143,045

)

(47,065

)

2,005,786

2,165,219

Decrease in stocks

91,301

48,530

Decrease in trade and other debtors

14,074

204,318

(Decrease)/increase in trade and other creditors

(304,418

)

108,565

Cash generated from operations

1,806,743

2,526,632

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 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

5,411,057

4,629,351

Year ended 30 September 2023

30.9.23

1.10.22

£

£

Cash and cash equivalents

4,629,351

3,053,998

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23

Cash flow

At 30.9.24

£

£

£

Net cash

Cash at bank and in hand

4,629,351

781,706

5,411,057

4,629,351

781,706

5,411,057

Debt

Finance leases

(10,291

)

9,500

(791

)

Debts falling due within 1 year

(138,404

)

8,646

(129,758

)

Debts falling due after 1 year

(768,428

)

133,020

(635,408

)

(917,123

)

151,166

(765,957

)

Total

3,712,228

932,872

4,645,100

1.	STATUTORY INFORMATION

D K Forecourts 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 General 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.

Related party exemption

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Revenue

Revenue relating to retail of goods is recognised at the point of sale.

Revenue relating to the provision of management services is recognised in profit or loss in the period to which it relates.

Commission income is recognised in profit or loss in the same period as the transaction(s) to which it relates.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a businesses in 2009, 2012 and 2017, these are being amortised evenly over the 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

-

2% on cost

Long leasehold

-

Over the term of the lease

Improvements to property

-

2% on cost

Plant and Machinery

-

15% reducing balance

Fixtures and fittings

-

25% Reducing Balance and 10% on cost

Motor vehicles

-

15% reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.