REGISTERED NUMBER: 07085796 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LINDSAY BLEE LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

to

4

Report of the Independent Auditor

5

to

7

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

to

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

to

17

Notes to the Consolidated Financial Statements

18

to

30

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:

07085796 (England and Wales)

AUDITOR:

Rusling & Co Limited

The Bloc

Springfield Way

Anlaby

Hull

E. Yorks

HU10 6RJ

The directors present their strategic report of the company and the group 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 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 bunker brokers.

DIVIDENDS

An interim dividend of 16,019.70 per share on the Ordinary "B to E" £1 shares was paid on 31 December 2024. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2024 will be £ 961,182 .

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 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), 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 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 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 group'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.

ON BEHALF OF THE BOARD:

J J Hills - Director

30 September 2025

Opinion

I have audited the financial statements of Lindsay Blee Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 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 my 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 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 group 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 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.

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 Group 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 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 I am 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, I have not identified material misstatements in the Group 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 by the parent company, or returns adequate for my audit have not been received from branches not visited by me; 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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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 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.

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

158,827,084

118,127,950

Cost of sales

147,151,660

115,676,323

GROSS PROFIT

11,675,424

2,451,627

Administrative expenses

5,219,722

1,150,984

6,455,702

1,300,643

Other operating income

172

-

OPERATING PROFIT

4

6,455,874

1,300,643

Income from other participating interests

134,926

141,279

Interest receivable and similar income

518,561

4,438

653,487

145,717

7,109,361

1,446,360

Interest payable and similar expenses

5

1,192,748

3,507

PROFIT BEFORE TAXATION

5,916,613

1,442,853

Tax on profit

6

384,280

340,677

PROFIT FOR THE FINANCIAL YEAR

5,532,333

1,102,176

Profit attributable to:

Owners of the parent

5,532,333

1,102,176

PROFIT FOR THE YEAR

5,532,333

1,102,176

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

5,532,333

1,102,176

Total comprehensive income attributable to:

Owners of the parent

5,532,333

1,102,176

FIXED ASSETS

Intangible assets

9

11,103,892

-

Tangible assets

10

29,516,267

2,217,928

Investments

11

Interest in joint venture

Share of gross assets

78,212

78,212

78,212

78,212

Other investments

100

100

40,698,471

2,296,240

CURRENT ASSETS

Stocks

12

977,593

1,454,524

Debtors

13

22,697,265

24,087,766

Cash at bank

1,858,220

625,299

25,533,078

26,167,589

CREDITORS

Amounts falling due within one year

14

23,976,354

21,774,551

NET CURRENT ASSETS

1,556,724

4,393,038

TOTAL ASSETS LESS CURRENT LIABILITIES

42,255,195

6,689,278

CREDITORS

Amounts falling due after more than one year

15

(6,877,719

)

(31,501

)

PROVISIONS FOR LIABILITIES

19

(128,682

)

(96,193

)

NET ASSETS

35,248,794

6,561,584

CAPITAL AND RESERVES

Called up share capital

20

1,710

1,710

Capital redemption reserve

21

140

140

Fair value reserve

21

24,116,059

-

Retained earnings

21

11,130,885

6,559,734

SHAREHOLDERS' FUNDS

35,248,794

6,561,584

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:

J J Hills - Director

D Morrison - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

1,100

100

1,100

100

CURRENT ASSETS

Debtors

13

343,145

343,145

CREDITORS

Amounts falling due within one year

14

1,000

-

NET CURRENT ASSETS

342,145

343,145

TOTAL ASSETS LESS CURRENT LIABILITIES

343,245

343,245

CAPITAL AND RESERVES

Called up share capital

20

60

60

Capital redemption reserve

21

140

140

Retained earnings

21

343,045

343,045

SHAREHOLDERS' FUNDS

343,245

343,245

Company's profit for the financial year

961,182

1,102,461

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

Capital

Fair

share

Retained

redemption

value

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 July 2023

1,710

6,418,740

140

-

6,420,590

Changes in equity

Dividends

-

(961,182

)

-

-

(961,182

)

Total comprehensive income

-

1,102,176

-

-

1,102,176

Balance at 31 December 2023

1,710

6,559,734

140

-

6,561,584

Changes in equity

Dividends

-

(961,182

)

-

-

(961,182

)

Total comprehensive income

-

5,532,333

-

-

5,532,333

Balance at 31 December 2024

1,710

11,130,885

140

-

11,132,735

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 July 2023

60

201,766

140

201,966

Changes in equity

Dividends

-

(961,182

)

-

(961,182

)

Total comprehensive income

-

1,102,461

-

1,102,461

Balance at 31 December 2023

60

343,045

140

343,245

Changes in equity

Dividends

-

(961,182

)

-

(961,182

)

Total comprehensive income

-

961,182

-

961,182

Balance at 31 December 2024

60

343,045

140

343,245

Cash flows from operating activities

Cash generated from operations

1

7,336,749

1,238,438

Interest paid

(1,192,748

)

(3,507

)

Tax paid

(1,027,219

)

-

Net cash from operating activities

5,116,782

1,234,931

Cash flows from investing activities

Purchase of intangible fixed assets

(11,672,557

)

-

Purchase of tangible fixed assets

(3,684,101

)

(1,884,449

)

Sale of tangible fixed assets

1,892,077

700,000

Interest received

518,561

4,438

Dividends received

134,926

141,279

Net cash from investing activities

(12,811,094

)

(1,038,732

)

Cash flows from financing activities

New loans in year

9,142,400

-

Loan repayments in year

(1,753,887

)

-

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

6,036,166

(313,804

)

Decrease in cash and cash equivalents

(1,658,146

)

(117,605

)

Cash and cash equivalents at beginning of year

2

566,874

684,479

Cash and cash equivalents at end of year

2

(1,091,272

)

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

5,916,613

1,442,853

Depreciation charges

765,036

82,774

Loss on disposal of fixed assets

206,383

7,733

Finance costs

1,192,748

3,507

Finance income

(653,487

)

(145,717

)

7,427,293

1,391,150

Decrease/(increase) in stocks

735,934

(1,454,524

)

Decrease in trade and other debtors

897,615

185,816

(Decrease)/increase in trade and other creditors

(1,724,093

)

1,115,996

Cash generated from operations

7,336,749

1,238,438

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

1,858,220

625,299

Bank overdrafts

(2,949,492

)

(58,425

)

(1,091,272

)

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

1,232,921

1,858,220

Bank overdrafts

(58,425

)

(2,891,067

)

(2,949,492

)

566,874

(1,658,146

)

(1,091,272

)

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

(9,702,375

)

(9,299,344

)

1.	STATUTORY INFORMATION

Lindsay Blee 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.

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:

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil 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.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

33% on cost

Computer equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

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.