Company registration number 13197270 (England and Wales)
AZTEC OILS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
AZTEC OILS HOLDINGS LIMITED
COMPANY INFORMATION
Director
M S Lord
Secretary
P Dickins
Company number
13197270
Registered office
31-33 Intake Road
Bolsover Business Park
Bolsover
Chesterfield
England
S44 6BB
Auditor
BHP LLP
One Waterside Place
Basin Square
Brimington Road
Chesterfield
S41 7FH
AZTEC OILS HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
AZTEC OILS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The director presents the strategic report for the year ended 31 March 2025.

Fair Review of the business

FY2025 was a year of strategic resilience and industry advocacy. Turnover fell by 16.5% to £26.2m (2024: £31.4m), largely due to the impact of product dumping in the UK market. Despite this, gross profit margin improved to 19.8% (2024: 17.8%) and Operating Profit only fell by £88.7k to £87.5k (2024: £176.2k), reflecting disciplined cost control on top of the improvement to gross margin.

The Trade Remedies Authority (TRA) concluded its investigation into products imported from Lithuania and the UAE. Aztec Oils played a leading role in the complaint, and the TRA confirmed dumping margins of up to 89%, with UK prices undercut by 30–40%. Provisional duties of 11.6% to 59.4% were announced in April 2025, with updated figures released in September. These new duties rates range from 84.7% – 95.4%, for imports from Lithuania, and 0.0%-34.6% for imports from UAE. However, these are being challenged by various parties with a final decision only expected later in the year.

Aztec responded with a multi-pronged strategy: maintaining pricing discipline, reducing administrative overheads, and expanding into new export markets. Sales outside the EU rose by 23%, helping offset a 19% decline in UK volumes. The company also continued its advocacy efforts, working closely with the UK Lubricants Association and TRA to protect domestic producers.

Aztec Lubricants NI Ltd operates purely to facilitate movement of Aztec products into the Republic Ireland.

Aztec Oils Europe BV operates purely to facilitate movement of product in mainland Europe.

Principal risks and uncertainties

Product dumping at below UK manufactured cost remains a major disruptor for the UK lubricant industry. While provisional duties have been introduced, final TRA measures are still pending. Until these are fully enacted, the company will continue to face margin pressure and volume erosion.

Other risks include:

- Geopolitical volatility affecting global demand

- Supply chain instability and raw material cost inflation

Financial instruments

The company utilises appropriate financial instruments in order to conduct its business activities.

These include bank balances, bank overdrafts, trade debtors, trade creditors, hire purchase and finance lease agreements.

Price risk, credit risk, liquidity risk and cash flow risk

Liquidity risk is managed by maintaining a balance between continuity of funding and flexibility through the use of invoice discounting at market rates of interest.

Trade debtors are managed in respect of credit and Cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors are managed to ensure sufficient funds are available to meet obligations.

The business is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.

AZTEC OILS HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Key performance indicators

KPI | FY2025 | FY2024
Turnover | £26.2m | £31.4m
Gross profit margin | 19.8% | 17.8%
Operating profit | £87.5k | £176.3k
Net profit / (loss) | (£15.6k) | (£11.6k)
Net assets | £3.1m | £3.2m

On behalf of the board

M S Lord
Director
15 October 2025
AZTEC OILS HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The director presents his annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of a holding company.

The principal activity of the group continued to be that of the supply of lubricants.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

A gift of profits has been made to the Employee Ownership Trust of £8 0,000 during the year.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

M S Lord
J A Hartshorne
(Resigned 30 August 2024)
Auditor

The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The true group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of Financial Instruments.

AZTEC OILS HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
M S Lord
Director
15 October 2025
AZTEC OILS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AZTEC OILS HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Aztec Oils Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 March 2025 and of the group's loss 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- T he information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the director's report have been prepared in accordance with applicable legal requirements.

AZTEC OILS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AZTEC OILS HOLDINGS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

We have nothing to report in respect of the following matters in relation to which 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 director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines is 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 director is responsible for assessing 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

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 as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of the lubricants supply sector;

- we 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 Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environments and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

AZTEC OILS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AZTEC OILS HOLDINGS LIMITED
- 7 -

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 as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 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 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; and

- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware 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.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Adrian Staniforth (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
One Waterside Place
Basin Square
Brimington Road
Chesterfield
S41 7FH
15 October 2025
AZTEC OILS HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
26,212,929
31,395,361
Cost of sales
(21,029,457)
(25,815,701)
Gross profit
5,183,472
5,579,660
Administrative expenses
(5,218,974)
(5,480,816)
Other operating income
123,008
77,448
Operating profit
4
87,506
176,292
Interest payable and similar expenses
7
(113,504)
(147,367)
(Loss)/profit before taxation
(25,998)
28,925
Tax on (loss)/profit
8
10,432
(40,539)
Loss for the financial year
(15,566)
(11,614)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
AZTEC OILS HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
9
-
0
73,937
Tangible assets
10
4,471,862
4,570,275
4,471,862
4,644,212
Current assets
Stocks
13
3,541,786
4,076,886
Debtors
14
5,905,557
6,532,039
Cash at bank and in hand
71,615
175,406
9,518,958
10,784,331
Creditors: amounts falling due within one year
15
(9,881,290)
(10,850,817)
Net current liabilities
(362,332)
(66,486)
Total assets less current liabilities
4,109,530
4,577,726
Creditors: amounts falling due after more than one year
16
(598,435)
(997,065)
Provisions for liabilities
Provisions
19
55,000
50,000
Deferred tax liability
20
312,000
291,000
(367,000)
(341,000)
Net assets
3,144,095
3,239,661
Capital and reserves
Called up share capital
22
10,000
10,000
Other reserves
(9,800)
(9,800)
Profit and loss reserves
3,143,895
3,239,461
Total equity
3,144,095
3,239,661

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 15 October 2025 and are signed on its behalf by:
15 October 2025
M S Lord
Director
Company registration number 13197270 (England and Wales)
AZTEC OILS HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
11
10,000
10,000
Total assets less current liabilities
10,000
10,000
Capital and reserves
Called up share capital
22
10,000
10,000

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £0 (2024 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 15 October 2025 and are signed on its behalf by:
15 October 2025
M S Lord
Director
Company registration number 13197270 (England and Wales)
AZTEC OILS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
10,000
(9,800)
3,340,982
3,341,182
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
(11,614)
(11,614)
Contributions to employee ownership trust
-
-
(89,907)
(89,907)
Balance at 31 March 2024
10,000
(9,800)
3,239,461
3,239,661
Year ended 31 March 2025:
Loss and total comprehensive income for the year
-
-
(15,566)
(15,566)
Contributions to employee ownership trust
-
-
(80,000)
(80,000)
Balance at 31 March 2025
10,000
(9,800)
3,143,895
3,144,095
AZTEC OILS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
£
Balance at 1 April 2023
10,000
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
Balance at 31 March 2024
10,000
Year ended 31 March 2025:
Profit and total comprehensive income
-
Balance at 31 March 2025
10,000
AZTEC OILS HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
656,210
1,911,138
Interest paid
(113,504)
(147,367)
Income taxes paid
(35,589)
(101,181)
Net cash inflow from operating activities
507,117
1,662,590
Investing activities
Purchase of tangible fixed assets
(281,469)
(970,442)
Proceeds from disposal of tangible fixed assets
36,514
26,813
Movement in directors loan account
-
9,907
Net cash used in investing activities
(244,955)
(933,722)
Financing activities
Proceeds from new bank loans
-
768,678
Repayment of bank loans
(420,930)
(1,373,673)
Payment of finance leases obligations
(118,204)
(163,618)
Contributions to Employee Ownership Trust
(80,000)
(89,907)
Net cash used in financing activities
(619,134)
(858,520)
Net decrease in cash and cash equivalents
(356,972)
(129,652)
Cash and cash equivalents at beginning of year
175,406
305,058
Cash and cash equivalents at end of year
(181,566)
175,406
Relating to:
Cash at bank and in hand
71,615
175,406
Bank overdrafts included in creditors payable within one year
(253,181)
-
AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
1
Accounting policies
Company information

Aztec Oils Holdings Limited (“the company”) is a private company limited by shares, domiciled and incorporated in England and Wales. The registered office is 31-33 Intake Road, Bolsover Business Park, Bolsover, Chesterfield, England, S44 6BB.

The group consists of Aztec Oils Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Aztec Oils Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern

The directors have performed an assessment of going concern including a review of current cash and headroom position, available banking facilities and financial forecasts for the next 12 months. The group has experienced, and continues to experience challenges in the trading environment, as highlighted in the Strategic Report on page 1, however the directors believe there is sufficient headroom to enable the group to trade through this difficult period whilst they work to overcome these challenges.

Having considered the above factors, at the tim e of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.6
Tangible fixed assets

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 on the following bases:

Freehold land and buildings
2% and 10% straight line (land is not depreciated)
Leasehold land and buildings
2% and 10% straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% reducing balance
Motor vehicles
25%-35% reducing balance

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 recognised in the profit and loss account.

1.7
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.13
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

No judgements were found to have a significant effect on amounts recognised in the financial statements.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Sales of oils and lubricants
26,212,929
31,395,361
2025
2024
£
£
Turnover analysed by geographical market
Sales - Domestic
19,938,252
24,663,639
Sales - Other EU
5,082,839
5,168,552
Sales - Rest of the world
1,191,838
1,563,170
26,212,929
31,395,361
AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
10,202
36,022
Fees payable to the group's auditor for the audit of the group's financial statements
3,650
3,475
Depreciation of owned tangible fixed assets
237,575
622,788
Depreciation of tangible fixed assets held under finance leases
94,980
113,506
Loss/(profit) on disposal of tangible fixed assets
10,813
(3,613)
Amortisation of intangible assets
73,937
73,939
5
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Management
8
12
2
2
Office and admin
9
10
-
-
Production and despatch
47
48
-
-
Sales
5
8
-
-
Directors
5
5
-
-
Total
74
83
2
2

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,433,558
2,568,319
-
0
-
0
Social security costs
236,925
280,444
-
-
Pension costs
150,307
77,791
-
0
-
0
2,820,790
2,926,554
-
0
-
0
AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
6
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
80,318
137,566
Company pension contributions to defined contribution schemes
579
2,108
80,897
139,674
7
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
86,888
130,079
Interest on finance leases and hire purchase contracts
26,616
17,116
Other interest
-
172
Total finance costs
113,504
147,367
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
35,589
Adjustments in respect of prior periods
(31,432)
(3,050)
Total current tax
(31,432)
32,539
Deferred tax
Origination and reversal of timing differences
21,000
8,000
Total tax (credit)/charge
(10,432)
40,539
AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Taxation
(Continued)
- 22 -

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
(Loss)/profit before taxation
(25,998)
28,925
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(6,500)
7,231
Tax effect of expenses that are not deductible in determining taxable profit
23,560
24,621
Change in unrecognised deferred tax assets
38
(63)
Adjustments in respect of prior years
(31,145)
(3,050)
Research and development tax credit
(9,884)
-
0
Fixed asset differences
13,499
11,812
-
0
(12)
Taxation (credit)/charge
(10,432)
40,539
9
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
384,622
Amortisation and impairment
At 1 April 2024
310,685
Amortisation charged for the year
73,937
At 31 March 2025
384,622
Carrying amount
At 31 March 2025
-
0
At 31 March 2024
73,937
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
10
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
2,638,649
1,095,787
4,091,219
429,832
760,817
9,016,304
Additions
-
0
-
0
194,206
49,890
37,373
281,469
Disposals
-
0
-
0
(280,933)
-
0
(142,482)
(423,415)
Transfers
83,017
-
0
(83,017)
-
0
-
0
-
0
At 31 March 2025
2,721,666
1,095,787
3,921,475
479,722
655,708
8,874,358
Depreciation and impairment
At 1 April 2024
875,107
30,630
2,960,650
233,985
345,657
4,446,029
Depreciation charged in the year
(168,176)
4,000
298,967
92,131
105,633
332,555
Eliminated in respect of disposals
-
0
-
0
(280,215)
-
0
(95,873)
(376,088)
Transfers
51,438
-
0
(51,438)
-
0
-
0
-
0
At 31 March 2025
758,369
34,630
2,927,964
326,116
355,417
4,402,496
Carrying amount
At 31 March 2025
1,963,297
1,061,157
993,511
153,606
300,291
4,471,862
At 31 March 2024
1,763,542
1,065,157
1,130,569
195,847
415,160
4,570,275
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.
11
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
10,000
10,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
10,000
Carrying amount
At 31 March 2025
10,000
At 31 March 2024
10,000
AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
12
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Aztec Oils Limited
31-33 Intake Road, Bolsover Business Park, Bolsover, Chesterfield, England, S44 6BB
Ordinary
0
100.00
Lubricant Holdings (Midlands) Limited
As above
Ordinary
100.00
-
Multispec Limited
As above
Ordinary
0
100.00
Oiline Limited
As above
Ordinary
0
100.00
Hallett Oils Limited
As above
Ordinary
0
100.00
WHCOGold 2 Limited
As above
Ordinary
0
100.00
13
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
3,541,786
4,076,886
-
0
-
0
14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,945,178
5,395,930
-
0
-
0
Corporation tax recoverable
31,259
-
0
-
0
-
0
Other debtors
796,267
868,113
-
0
-
0
Prepayments and accrued income
132,853
267,996
-
0
-
0
5,905,557
6,532,039
-
-
15
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
17
586,890
417,944
-
0
-
0
Obligations under finance leases
18
108,202
164,471
-
0
-
0
Trade creditors
5,195,446
6,159,412
-
0
-
0
Corporation tax payable
-
0
35,762
-
0
-
0
Other taxation and social security
65,754
178,412
-
-
Other creditors
3,821,444
3,729,957
-
0
-
0
Accruals and deferred income
103,554
164,859
-
0
-
0
9,881,290
10,850,817
-
0
-
0
AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
15
Creditors: amounts falling due within one year
(Continued)
- 25 -

Within other creditors due within one year are amounts due to invoice discounters of £3,070,251 (202 4: £2,982,935). They are secured by fixed and floating charges over the assets of the company.

16
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
17
575,339
912,034
-
0
-
0
Obligations under finance leases
18
23,096
85,031
-
0
-
0
598,435
997,065
-
-
17
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
909,048
1,329,978
-
0
-
0
Bank overdrafts
253,181
-
0
-
0
-
0
1,162,229
1,329,978
-
-
Payable within one year
586,890
417,944
-
0
-
0
Payable after one year
575,339
912,034
-
0
-
0

The long-term loans are secured by a fixed and floating charge over the assets of the company.

The amounts payable after five years are due monthly instalments with interest charged at 2.5% and 2.2% above the base rate.

18
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
108,202
164,471
-
0
-
0
In two to five years
23,096
85,031
-
0
-
0
131,298
249,502
-
-

Finance lease payments represent rentals payable by the group for certain items of plant and machinery, office equipment and land and buildings. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
19
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
Provision for repairs and legal fees
55,000
50,000
-
-
Movements on provisions:
Provision for repairs and legal fees
Group
£
At 1 April 2024
50,000
Additional provisions in the year
5,000
At 31 March 2025
55,000
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
317,000
292,000
Short term timing differences
(5,000)
(1,000)
312,000
291,000
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
291,000
-
Charge to profit or loss
21,000
-
Liability at 31 March 2025
312,000
-

AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
150,307
77,791

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 50p each
10,000
10,000
5,000
10,000
Ordinary B shares of 50p each
10,000
-
5,000
-
20,000
10,000
10,000
10,000

During the year, the 10,000 Ordinary shares with par value of £1 each were sub divided and redesignated to 10,000 Ordinary A shares with a par of £0.50 each and 10,000 Ordinary B shares with a par of £0.50 each. Total nominal value of the share capital is unchanged.

23
Financial commitments, guarantees and contingent liabilities

The group has charges and guarantees in place at the year end as follows;

- Limited guarantees from DTI totalling £334,665 (2024: £334,665)

- Limited guarantees from director, M Lord totalling £583,000 (2024: £58 3,000)

- Limited guarantee from Secretary for the Department for Business, Energy and Industrial Strategy totalling £1,240,000 (2024: £1,240,000).

- Cross guarantee between the company and Aztec Oils Holdings Limited, Lubricant Group Holdings Limited, Lubricant Holdings (Midlands) Limited and Northern Oils Scotland Limited.

- Charge over the property owned by the company.

24
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
27,640
26,550
-
-
Between two and five years
39,157
64,163
-
-
66,797
90,713
-
-
AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
337,491
369,952
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
2025
2024
£
£
Group
Entities under common control and influence
6,168,222
6,312,412
Management charges and recharges received
2025
2024
£
£
Group
Entities under common control and influence
241,489
129,363

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Entities under common control and influence
23,847
630,746

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Entities under common control and influence
1,818,255
1,402,873
26
Controlling party

A majority shareholding in Aztec Oils Holdings Limited is owned via an employee ownership trust called the Aztec Oils EOT Trust. Aztec EOT Trustees Limited is the trustee body responsible for governing the trust on behalf of the employees. As Aztec EOT Trustees Limited has the power to appoint and remove directors amongst other powers, it is determined as the controlling party.

AZTEC OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
27
Cash generated from group operations
2025
2024
£
£
Loss after taxation
(15,566)
(11,614)
Adjustments for:
Taxation (credited)/charged
(10,432)
40,539
Finance costs
113,504
147,367
Loss/(gain) on disposal of tangible fixed assets
10,813
(3,613)
Amortisation and impairment of intangible assets
73,937
73,939
Depreciation and impairment of tangible fixed assets
332,555
736,294
Increase/(decrease) in provisions
5,000
(235,000)
Movements in working capital:
Decrease in stocks
535,100
208,189
Decrease in debtors
657,741
2,068,712
Decrease in creditors
(1,046,442)
(1,113,675)
Cash generated from operations
656,210
1,911,138
28
Analysis of changes in net debt - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
175,406
(103,791)
71,615
Bank overdrafts
-
0
(253,181)
(253,181)
175,406
(356,972)
(181,566)
Borrowings excluding overdrafts
(1,329,978)
420,930
(909,048)
Obligations under finance leases
(249,502)
118,204
(131,298)
(1,404,074)
182,162
(1,221,912)
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