REGISTERED NUMBER: SC180317 (Scotland)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 October 2024

for

Kessock Service Station Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

Mrs P Simpson

J Simpson

SECRETARY:

Mrs P Simpson

REGISTERED OFFICE:

Kessock Service Station

South Road

Fraserburgh

Aberdeenshire

AB43 8TJ

REGISTERED NUMBER:

SC180317 (Scotland)

AUDITORS:

O'Haras Accountants Limited (Statutory Auditor)

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

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

REVIEW OF BUSINESS

The company experienced a positive improvement in all categories of sales income during the course of the year, with turnover increasing overall by 1%. The gross profit percentage increased to 10.64% from the prior year's level of 9.83%. Operating profits have improved satisfactorily, mainly as a result of a reduction in administrative expenses.

PRINCIPAL RISKS AND UNCERTAINTIES

The business performed satisfactorily in 2024. The directors are however always conscious of the risks and uncertainties facing the business and are vigilant with a view to ensuring that the risks are dealt with at the earliest possible time.

ON BEHALF OF THE BOARD:

Mrs P Simpson - Director

31 October 2025

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

DIVIDENDS

Interim dividends of £28.3754 per share were paid in the year.

The total distribution of dividends for the year ended 31 October 2024 will be £6,952,000.

DIRECTORS

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

Mrs P Simpson

J Simpson

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, O'Haras Accountants Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs P Simpson - Director

31 October 2025

Opinion

We have audited the financial statements of Kessock Service Station Limited (the 'company') for the year ended 31 October 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for qualified 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 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 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 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 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates. We made enquiries of management as to whether there were any known or suspected instances of non-compliance with laws and regulations or fraud, and reviewed available board minutes for any indication of such matters.

- We gained an understanding of management's internal controls designed to prevent and detect irregularities in their day-to-day operations.

- We considered laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement components. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of relevant third parties.

- We considered how fraud might occur in this company and designed our tests accordingly.

- As in all audits, we also addressed the risk of management override of internal controls, including reviewing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

John O'Hara CA (Senior Statutory Auditor)

for and on behalf of O'Haras Accountants Limited (Statutory Auditor)

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

31 October 2025

REVENUE

31,817,704

31,450,821

Cost of sales

28,432,599

28,358,330

GROSS PROFIT

3,385,105

3,092,491

Administrative expenses

1,335,568

1,450,107

2,049,537

1,642,384

Other operating income

178,572

307,809

OPERATING PROFIT

3

2,228,109

1,950,193

Interest receivable and similar income

161,148

51,878

PROFIT BEFORE TAXATION

2,389,257

2,002,071

Tax on profit

4

677,890

439,691

PROFIT FOR THE FINANCIAL YEAR

1,711,367

1,562,380

PROFIT FOR THE YEAR

1,711,367

1,562,380

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,711,367

1,562,380

FIXED ASSETS

Property, plant and equipment

6

2,658,088

3,452,075

Investment property

7

370,538

5,677,122

3,028,626

9,129,197

CURRENT ASSETS

Inventories

8

644,384

647,777

Debtors

9

482,317

321,332

Cash at bank and in hand

4,965,770

4,444,666

6,092,471

5,413,775

CREDITORS

Amounts falling due within one year

10

1,407,359

1,648,576

NET CURRENT ASSETS

4,685,112

3,765,199

TOTAL ASSETS LESS CURRENT LIABILITIES

7,713,738

12,894,396

PROVISIONS FOR LIABILITIES

11

401,645

341,670

NET ASSETS

7,312,093

12,552,726

CAPITAL AND RESERVES

Called up share capital

12

245,001

245,001

Capital redemption reserve

255,003

255,003

Retained earnings

6,812,089

12,052,722

SHAREHOLDERS' FUNDS

7,312,093

12,552,726

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2025 and were signed on its behalf by:

Mrs P Simpson - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 November 2022

245,001

10,590,342

255,003

11,090,346

Changes in equity

Dividends

-

(100,000

)

-

(100,000

)

Total comprehensive income

-

1,562,380

-

1,562,380

Balance at 31 October 2023

245,001

12,052,722

255,003

12,552,726

Changes in equity

Dividends

-

(6,952,000

)

-

(6,952,000

)

Total comprehensive income

-

1,711,367

-

1,711,367

Balance at 31 October 2024

245,001

6,812,089

255,003

7,312,093

Cash flows from operating activities

Cash generated from operations

1

2,152,575

2,715,993

Tax paid

(633,546

)

(266,837

)

Net cash from operating activities

1,519,029

2,449,156

Cash flows from investing activities

Purchase of tangible fixed assets

(909,222

)

(1,046,009

)

Purchase of investment property

-

(793,507

)

Sale of tangible fixed assets

1,395,965

-

Sale of investment property

5,306,584

-

Interest received

161,148

51,878

Net cash from investing activities

5,954,475

(1,787,638

)

Cash flows from financing activities

Amount withdrawn by directors

(400

)

(100,401

)

Equity dividends paid

(6,952,000

)

(100,000

)

Net cash from financing activities

(6,952,400

)

(200,401

)

Increase in cash and cash equivalents

521,104

461,117

Cash and cash equivalents at beginning of year

2

4,444,666

3,983,549

Cash and cash equivalents at end of year

2

4,965,770

4,444,666

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

2024

2023

£

£

Profit before taxation

2,389,257

2,002,071

Depreciation charges

540,446

595,532

Profit on disposal of fixed assets

(233,202

)

-

Finance income

(161,148

)

(51,878

)

2,535,353

2,545,725

Decrease in inventories

3,393

74,764

Increase in trade and other debtors

(160,985

)

(16,943

)

(Decrease)/increase in trade and other creditors

(225,186

)

112,447

Cash generated from operations

2,152,575

2,715,993

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 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

4,965,770

4,444,666

Year ended 31 October 2023

31.10.23

1.11.22

£

£

Cash and cash equivalents

4,444,666

3,983,549

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.23

Cash flow

At 31.10.24

£

£

£

Net cash

Cash at bank and in hand

4,444,666

521,104

4,965,770

4,444,666

521,104

4,965,770

Total

4,444,666

521,104

4,965,770

1.	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.

Going concern

The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue

Turnover represents amounts receivable for goods and services net of VAT and trade discounts, recognised on delivery of the product or service.

Rental income classified as other operating income is recognised over the term of the lease.

Tangible fixed assets

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

Freehold property

-

2% on cost

Improvements to property

-

5% on cost

Fixtures, fittings & equipment

-

25% on reducing balance

Motor vehicles

-

25% on 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.

Inventories

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

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

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

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

Cash and cash equivalents

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

2.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,416,057

1,226,635

Social security costs

96,484

80,438

Other pension costs

23,383

20,153

1,535,924

1,327,226

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

2024

2023

Directors

2

2

Employees

67

64

69

66

2024

2023

£

£

Directors' remuneration

17,280

17,280

3.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

540,445

595,532

Profit on disposal of fixed assets

(233,202

)

-

Auditors' remuneration

9,500

12,000

4.

TAXATION

Analysis of the tax charge

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

2024

2023

£

£

Current tax:

UK corporation tax

617,915

446,940

Deferred tax:

Deferred tax

(157,785

)

(7,249

)

Deferred tax prior year adjustment

217,760

-

Total deferred tax

59,975

(7,249

)

Tax on profit

677,890

439,691

Reconciliation of total tax charge included in profit and loss

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

2024

2023

£

£

Profit before tax

2,389,257

2,002,071

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 22.517%)

597,314

450,806

Effects of:

Depreciation in excess of capital allowances

79,526

-

Profit on disposal of assets

(58,300

)

(3,867

)

Deferred tax

59,975

(7,248

)

Group relief

(625

)

-

Total tax charge

677,890

439,691

5.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £1 each

Interim

6,952,000

100,000

6.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures,

Freehold

to

fittings

Motor

property

property

& equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 November 2023

1,529,879

87,831

3,965,972

247,128

5,830,810

Additions

-

-

853,898

55,324

909,222

Disposals

(150,000

)

-

(1,751,432

)

(232,127

)

(2,133,559

)

At 31 October 2024

1,379,879

87,831

3,068,438

70,325

4,606,473

DEPRECIATION

At 1 November 2023

290,703

54,478

1,933,394

100,160

2,378,735

Charge for year

29,097

2,599

481,547

27,202

540,445

Eliminated on disposal

(7,750

)

-

(846,643

)

(116,402

)

(970,795

)

At 31 October 2024

312,050

57,077

1,568,298

10,960

1,948,385

NET BOOK VALUE

At 31 October 2024

1,067,829

30,754

1,500,140

59,365

2,658,088

At 31 October 2023

1,239,176

33,353

2,032,578

146,968

3,452,075

The Watermill service station has a security charge held over it by Shell U.K. Ltd.

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2023

5,677,122

Disposals

(5,306,584

)

At 31 October 2024

370,538

NET BOOK VALUE

At 31 October 2024

370,538

At 31 October 2023

5,677,122

The directors have valued the property at 31 October 2024 and are satisfied that the current open market value is not materially different from the value included in the financial statements.

8.	INVENTORIES

2024

2023

£

£

Stocks

644,384

647,777

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

232,799

311,609

Inter co - Kessock Ltd

17,921

-

Inter co - Kessock Holdings

2,500

-

Inter co - Kessock No1

212,270

-

Prepayments

16,827

9,723

482,317

321,332

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

624,257

816,418

Tax

431,317

446,948

Social security and other taxes

23,683

21,916

VAT

105,307

162,633

Directors' current accounts

91,736

92,136

Accrued expenses

131,059

108,525

1,407,359

1,648,576

11.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

401,645

341,670

Deferred

tax

£

Balance at 1 November 2023

341,670

Provided during year

59,975

Balance at 31 October 2024

401,645

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

245,001

Ordinary

£1

245,001

245,001