County Oil Holdings Limited

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—8
Consolidated Statement of Comprehensive Income	9
Consolidated Statement of Financial Position	10
Company Statement of Financial Position	11
Consolidated Statement of Changes in Equity	12
Company Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14
Notes to the Consolidated Statement of Cash Flows	15
Notes to the Financial Statements	16—24

The directors present their strategic report for the year ended 30 April 2025.

Principal Activity

The principal activity of the group is the wholesale distribution of commercial and domestic fuel, oils and lubricants.

The principal activity of the company is that of a holding company.

Review of the Business

The directors are satisfied with the results for the year, the group has traded very profitably and has achieved targets set by the board at the beginning of the year. We have long term supply contracts in place, aiding stability and forecasting and we continue to prioritise our long term loyal customer base with commercial customers at the core of our business activities. The core values of the group are based on a quality service, the group has prioritised its existing customer base whilst taking advantage of short term opportunities. Key performance indicators are described further on in this report.

Principal Risks and Uncertainties

Liquidity Risk

The group continues to hold a significant cash balance which is invested safely and profitably. There is no intention to change this policy.

Credit Risk

The group operates a strict credit control policy, with credit limits set and monitored regularly by management, taking into consideration a combination of, payment history, 3rd party credit references and commercial credit insurance availability. The majority of higher value accounts are debt insured.

Competition

Fuel oil and lubricant distribution remains a highly competitive market. There are enough competitors in the market for it to be self-regulating. We are able to operate competitively utilising our experienced sales team, wet depot storage, terminal collect facilities and our owned fleet of evolving vehicles.

Major Disruption

The group’s disaster recovery plan utilises the two owned wet depots available and the network of fuel terminals available in the northwest of England and beyond. This policy is reviewed regularly.

Environmental and Regulatory Risk

The group is exposed to environmental risks due to the nature of the products that it stores, transports and delivers. The group operates in a highly regulated industry which ensures that it complies with all relevant laws and standards and has procedures and policies in place to manage this. The group operates a Quality and Environmental framework to ISO level which is annually audited and certified, this is also subject to monthly internal audits. Insurance policies are also in place to mitigate the risk of any unforeseen events.

Employee Engagement Statement

The directors positively engage with all staff involved in the business. We have developed a culture of safety that invests in our staff and provides information on matters that concerns them. Employee involvement in the group is encouraged, as an awareness of the financial and economic factors affecting the group play a significant part in its performance.

Statement of Engagement with Suppliers, Customers and Others in a Business Relationship with the Group

High level customer service remains key to our core beliefs and our success in this competitive market place. We supply quality products in a timely manner that meets or surpasses our customers' expectations. This is re-enforced by our knowledgeable sales, support and delivery teams.

We actively engage with suppliers of all our products, ensuring that strong relationships are maintained. Through our management systems we ensure that high standards are maintained. Compliance is ensured with modern slavery policy, anti-bribery policy, diversity and inclusion via our supply chain.

Carbon and energy

The group utilises a combination of ISO Management systems and the Ecovardis management system to monitor and amend its carbon and energy usage. In an effort to mitigate the group’s carbon emissions and use resources more responsibly the group has implemented or committed to the following initiatives:

• All offices and depots supplied by carbon neutral electricity supplier

• Investment in a clean, modern delivery fleet for maximum efficiency

• Supplying an increasing number of customers with HVO (hydrogenated vegetable oil) where market conditions allow

• Recycling of waste oil, metal, computer and electrical equipment

• Installation of LED lighting throughout offices and depots

...CONTINUED

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County Oil Holdings Limited

Strategic Report (continued)

For The Year Ended 30 April 2025

Carbon and energy - continued

• On truck computers to minimise miles travelled and paper used

• Reduce the amount of paper used during the day to day running of the business

• Electronic storage of relevant statutory HMRC requirements

• Recycle bulk product containers

Developments and future outlook

The group has continued its aim of strengthening both its infrastructure and staff resource throughout the year and will continue to do so into the future. Further appointments will be made in a range of specific roles. This is a process that will continue with the organic growth of the group in future years.

The board accepts that the sector with innovative alternative products in which it trades, is considered a polluting but necessary one. Efforts have been made to help reduce this impact. The group has continued investment into the supply and use of renewable and sustainable fuels to meet legislated change, more specifically hydrotreated vegetable oil (HVO). The board appreciates the considerable environmental benefits with a significant reduction of greenhouse gas emissions and reduced NOx, PM and CO emissions.

Key Performance Indicators

The group has made good progress throughout the year in relation to key elements of its strategy. The board monitors the progress of the company using the following Key Performance Indicators:

• Number of orders taken

• Quantity of product delivered by location

• Debtor days and debtors ageing profile

• Creditor days and creditor ageing profile

• Gross and net profit margin per product line

• Overall balance sheet strength

Performance is measured against prior month, quarter and year for each of these measures and has been good for the current year. Management continues to monitor these KPIs on a monthly basis and any significant variance is acted upon promptly.

A summary of certain KPIs are shown below:

	2025	2024
Debtor days (annual basis)	38	33
Creditor days (annual basis)	62	50
Gross profit percentage	12.64%	11.66%
Net profit percentage	5.98%	5.16%
Net assets	8,799,495	7,815,270

On behalf of the board

Mr Neil Musgrave

Director

16th October 2025

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County Oil Holdings Limited

Company No. 11064535

Directors' Report For The Year Ended 30 April 2025

Directors' Report

The directors present their report and the financial statements for the year ended 30 April 2025.

Dividends

The total distribution of dividends for the year ended 30 April 2025 will be £1,139,322 (2024: £566,183).

Directors

The directors who held office during the year were as follows:

Mr Neil Musgrave

Mrs Margaret Musgrave

Post Balance Sheet Events

Post balance sheet events are disclosed in note 24.

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

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County Oil Holdings Limited

Directors' Report (continued)

For The Year Ended 30 April 2025

Independent Auditors

The auditors, Ascendis Audit Limited, are recommended for reappointment under section 485 of Companies Act 2006.

On behalf of the board

Mr Neil Musgrave

Director

16th October 2025

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Independent Auditor's Report

to the Members of

County Oil Holdings Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of County Oil Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 30 April 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 30 April 2025 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are 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. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

County Oil Holdings Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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 or 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 Directors' Responsibilities Statement set out on page 5, 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 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 directors are responsible for assessing the group and 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.

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Independent Auditor's Report (continued)

to the Members of

County Oil Holdings Limited

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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the group and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but was not limited to, the Control of Substances Hazardous to Health Regulations 2022, The Dangerous Substances and Explosive Regulations 2002, the Health & Safety at Work etc Act 1974, and the Employment Act 2022, and we considered the extent to which non-compliance might have a material effect on the financial statements.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as FRS102 and the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and in fraudulent revenue recognition.

Our procedures to respond to risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• assessing the extent of compliance, or lack of, with relevant laws and regulations, in particular those that are central to the ability to continue in operation;

• enquiring of management about actual and potential litigation and claims;

• performing sample testing of all sales categories and sales cut off testing;

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

• addressing the risk of fraud through management override of controls: testing the appropriateness of journal entries;

assessing whether the accounting estimates, judgements and decisions made by management are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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

There are inherent limitations in our audit procedures described above. The more removed the 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 inquiry 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 for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Independent Auditor's Report (continued)

to the Members of

County Oil Holdings Limited

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 that 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.

Paul Allan Byrne BA (Double Hons) FCA (Senior Statutory Auditor)

for and on behalf of Ascendis Audit Limited, Statutory Auditor , Statutory Auditor

29th October 2025

Ascendis Audit Limited, Statutory Auditor

Unit 3, Building 2, The Colony

Altrincham Road

Wilmslow

Cheshire

SK9 4LY

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County Oil Holdings Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 30 April 2025

Consolidated Statement of Comprehensive Income

		2025	2024
	Notes	£	£
TURNOVER	3	35,494,046	35,391,541
Cost of sales		(31,007,782 )	(31,265,028 )

GROSS PROFIT		4,486,264	4,126,513

Distribution costs		(371,230 )	(334,175 )
Administrative expenses		(1,587,300 )	(1,651,266 )

OPERATING PROFIT	4	2,527,734	2,141,072
Income from other fixed asset investments		-	30,334
Profit on disposal of fixed assets		2,587	-
Other interest receivable and similar income	9	325,180	154,093
Interest payable and similar charges		(1 )	(122 )

PROFIT BEFORE TAXATION		2,855,500	2,325,377
Tax on Profit	10	(731,953 )	(500,695 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		2,123,547	1,824,682
OTHER COMPREHENSIVE INCOME FOR THE YEAR		-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		2,123,547	1,824,682

The notes on pages 15 to 24 form part of these financial statements.

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County Oil Holdings Limited

Consolidated Statement of Financial Position

As At 30 April 2025

Consolidated Statement of Financial Position

Registered number: 11064535

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	11		1,495,071		1,510,898
Investments	12		-		85,000

			1,495,071		1,595,898
CURRENT ASSETS
Stocks	13	339,261		249,476
Debtors	14	4,880,413		4,077,439
Investments	15	5,138,091		1,944,305
Cash at bank and in hand		3,030,898		4,713,402

		13,388,663		10,984,622
Creditors: Amounts Falling Due Within One Year	16	(5,890,853 )		(4,572,901 )

NET CURRENT ASSETS (LIABILITIES)			7,497,810		6,411,721

TOTAL ASSETS LESS CURRENT LIABILITIES			8,992,881		8,007,619

PROVISIONS FOR LIABILITIES
Deferred Taxation	17		(193,386 )		(192,349 )

NET ASSETS			8,799,495		7,815,270

CAPITAL AND RESERVES
Called up share capital	19		38		38
Share premium account			7,492		7,492
Consolidation reserve			2,318,345		2,318,345
Income Statement			6,473,620		5,489,395

SHAREHOLDERS' FUNDS			8,799,495		7,815,270

On behalf of the board

Mr Neil Musgrave

Director

16th October 2025

The notes on pages 15 to 24 form part of these financial statements.

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County Oil Holdings Limited

Company Statement of Financial Position

As At 30 April 2025

Company Statement of Financial Position

Registered number: 11064535

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	11		681,044		696,731
Investments	12		30		85,030

			681,074		781,761
CURRENT ASSETS
Debtors	14	-		401,000
Investments	15	5,138,091		1,944,305
Cash at bank and in hand		18,598		87,001

		5,156,689		2,432,306
Creditors: Amounts Falling Due Within One Year	16	(466,570 )		(249,657 )

NET CURRENT ASSETS (LIABILITIES)			4,690,119		2,182,649

TOTAL ASSETS LESS CURRENT LIABILITIES			5,371,193		2,964,410

NET ASSETS			5,371,193		2,964,410

CAPITAL AND RESERVES
Called up share capital	19		38		38
Share premium account			7,492		7,492
Income Statement			5,363,663		2,956,880

SHAREHOLDERS' FUNDS			5,371,193		2,964,410

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 3,546,105 (2024: £ 3,428,371 profit).

On behalf of the board

Mr Neil Musgrave

Director

16th October 2025

The notes on pages 15 to 24 form part of these financial statements.

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County Oil Holdings Limited

Consolidated Statement of Changes in Equity

For The Year Ended 30 April 2025

Consolidated Statement of Changes in Equity

	Share Capital	Share Premium	Consolidation reserve	Income Statement	Total
	£	£	£	£	£
As at 1 May 2023	38	7,492	2,318,345	4,230,896	6,556,771
Profit for the year and total comprehensive income	-	-	-	1,824,682	1,824,682

Dividends paid	-	-	-	(566,183)	(566,183)

As at 30 April 2024 and 1 May 2024	38	7,492	2,318,345	5,489,395	7,815,270


Profit for the year and total comprehensive income	-	-	-	2,123,547	2,123,547

Dividends paid	-	-	-	(1,139,322)	(1,139,322)

As at 30 April 2025	38	7,492	2,318,345	6,473,620	8,799,495

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County Oil Holdings Limited

Company Statement of Changes in Equity

For The Year Ended 30 April 2025

Company Statement of Changes in Equity

	Share Capital	Share Premium	Income Statement	Total
	£	£	£	£
As at 1 May 2023	38	7,492	94,692	102,222
Profit for the year and total comprehensive income	-	-	3,428,371	3,428,371

Dividends paid	-	-	(566,183)	(566,183)

As at 30 April 2024 and 1 May 2024	38	7,492	2,956,880	2,964,410


Profit for the year and total comprehensive income	-	-	3,546,105	3,546,105

Dividends paid	-	-	(1,139,322)	(1,139,322)

As at 30 April 2025	38	7,492	5,363,663	5,371,193

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County Oil Holdings Limited

Consolidated Statement of Cash Flows

For The Year Ended 30 April 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	2,404,726	2,487,719
Interest paid		(1 )	(122 )
Tax paid		(370,442 )	(375,935 )

Net cash generated from operating activities		2,034,283	2,111,662

Cash flows from investing activities
Purchase of tangible assets		(197,859 )	(383,596 )
Proceeds from disposal of tangible assets		3,000	-
Purchase of other fixed asset investments		-	(85,000 )
Purchase of current asset investments		(3,108,786 )	(1,944,305 )
Interest received		325,180	154,093
Dividends received		-	30,334
Loan repaid by/(made to) associated company		401,000	(401,000)

Net cash used in investing activities		(2,577,465 )	(2,629,474 )

Cash flows from financing activities
Equity dividends paid		(1,139,322 )	(566,183 )
Repayment of other loans		-	(1,599,000)
Repayment of finance leases		-	(13,440 )
Amount withdrawn by directors		-	(150,000)

Net cash used in financing activities		(1,139,322 )	(2,328,623 )



Decrease in cash and cash equivalents		(1,682,504 )	(2,846,435 )
Cash and cash equivalents at beginning of year	2	4,713,402	7,559,837

Cash and cash equivalents at end of year	2	3,030,898	4,713,402

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County Oil Holdings Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 30 April 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	2,123,547	1,824,682
Adjustments for:
Tax on profit	731,953	500,695
Interest expense	1	122
Interest income	(325,180 )	(154,093 )
Income from investments	-	(30,334)
Depreciation of tangible assets	213,273	178,945
Profit on disposal of tangible assets	(2,587)	-
Movements in working capital:
(Increase)/decrease in stocks	(89,785 )	91,646
Increase in trade and other debtors	(1,203,974 )	(1,266,645 )
Increase in trade and other creditors	957,478	1,342,701

Net cash generated from operations	2,404,726	2,487,719

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	3,030,898	4,713,402

3. Analysis of changes in net funds

	As at 1 May 2024	Cash flows	As at 30 April 2025
	£	£	£
Cash at bank and in hand	4,713,402	(1,682,504)	3,030,898

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County Oil Holdings Limited

Notes to the Financial Statements

For The Year Ended 30 April 2025

Notes to the Financial Statements

1. General Information

County Oil Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11064535 . The registered office is Beca House, Ashville Way, Sutton Weaver, Runcorn, Cheshire, WA7 3EZ. The group has no single principal place of business.

The presentational currency of the financial statements is Pound Sterling (£).

Amounts in these financial statements arre rounded to the nearest £.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together made up to 30 April 2025.

Subsidiary undertakings acquired are accounted for under the acquisition method and their results are included from the acquisition date.

2.3. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.

2.4. Significant judgements and estimations

In the application of the group's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:-

Estimating the useful economic life of an asset and the anticipated residual value are considered key in calculating an appropriate depreciation charge.

2.5. Turnover

Turnover represents the aggregate of the fair value of goods, net of value added tax, rebates and discounts. Turnover from the sale of goods is recognised when the customer collects or the group has delivered goods to the customer and collection of the related receivables is anticipated.

2.6. Research and Development

Expenditure on research and development is written off in the year in which it is incurred

2.7. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% per annum on a straight line basis
Leasehold	2% per annum on a straight line basis
Plant & Machinery	10% per annum on a reducing balance basis
Motor Vehicles	25% per annum on a reducing balance basis

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

2.8. Investments

Listed investments are measured at market value.

Investments in subsidiaries are measured at cost less impairment.

2.9. Leasing and Hire Purchase Contracts

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Statement of Comprehensive Income as incurred.

2.10. Stocks and Work in Progress

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

Net realisable value is estimated selling price less costs to complete and sell.

The cost comprises of actual purchase price.

2.11. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.12. Financial Instruments

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilites such as trade and other accounts receivable and payable and related party loans.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, any impairment loss is recognised in the Statement of Comprehensive Income.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Listed investments are measured at market value.

2.13. Interest Receivable

Interest receivable is accounted for on an accruals basis.

2.14. Taxation

Income tax expense represents the sum of corporation tax and deferred tax.

Corporation tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in the Statement of Comprehensive Income, except when they relate to items that are recognised directly in equity, in which case, the current and deferred tax is also recognised directly in equity respectively.

Page 17

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

2.15. Pensions

The group operates a defined pension contribution scheme. Contributions are charged to the Statement of Comprehensive Income as they become payable in accordance with the rules of the scheme.

2.16. Dividends

Equity dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

3. Turnover

The turnover and profit before taxation are attributable to the one principal activity of the group.

All turnover has been generated within the United Kingdom.

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	7,584	-
Depreciation of tangible fixed assets	213,273	178,945

5. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the group and company's financial statements	15,000	17,000

All audit fees are invoiced to the subsidiary undertaking, County Oil Group Limited.

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	873,398	886,050
Social security costs	97,435	90,020
Other pension costs	156,008	187,416

	1,126,841	1,163,486

7. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	Group		Company
	2025	2024	2025	2024
Directors	3	3	-	-
Drivers	7	5	-	-
Administrative	10	11	-	-

	20	19	-	-

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

8. Directors' remuneration

	2025	2024
	£	£
Emoluments	10,356	10,656
Company contributions to money purchase pension schemes	-	80,000

	10,356	90,656

The number of directors to whom retirement benefits were accruing was as follows:

	2025		2024
Money purchase pension schemes	-		1

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	319,150	97,088
Other interest receivable from HMRC	6,030	57,005
Dividends from other fixed asset investments - listed	-	30,334

	325,180	184,427

10. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	730,916	464,355
Prior period adjustment			-	(19,580 )

			730,916	444,775
Deferred Tax
Deferred taxation			1,037	55,920


Total tax charge for the period			731,953	500,695


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			2,855,500	2,325,377

Tax on profit at 25% (UK standard rate)			713,875	573,761
Goodwill/depreciation not allowed for tax			52,672	44,736
Expenses not deductible for tax purposes			14,155	9,942
Capital allowances			(50,081 )	(96,603 )
Short term timing differences			295	(132 )

...CONTINUED

Page 19

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

Research and Development tax credit	-	(67,349 )
Prior period adjustment	-	(19,580 )
Deferred tax from unrecognised tax loss or credit	1,037	55,920

Total tax charge for the period	731,953	500,695

11. Tangible Assets

Group

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles	Total
	£	£	£	£	£
Cost
As at 1 May 2024	458,566	325,796	607,523	1,486,404	2,878,289
Additions	-	-	38,537	159,322	197,859
Disposals	-	-	-	(15,485 )	(15,485 )

As at 30 April 2025	458,566	325,796	646,060	1,630,241	3,060,663

Depreciation
As at 1 May 2024	48,538	39,093	522,093	757,667	1,367,391
Provided during the period	9,171	6,516	9,666	187,920	213,273
Disposals	-	-	-	(15,072 )	(15,072 )

As at 30 April 2025	57,709	45,609	531,759	930,515	1,565,592

Net Book Value
As at 30 April 2025	400,857	280,187	114,301	699,726	1,495,071

As at 1 May 2024	410,028	286,703	85,430	728,737	1,510,898

Company

	Land & Property
	Freehold	Leasehold	Total
	£	£	£
Cost
As at 1 May 2024	458,566	325,796	784,362

As at 30 April 2025	458,566	325,796	784,362

Depreciation
As at 1 May 2024	48,538	39,093	87,631
Provided during the period	9,171	6,516	15,687

As at 30 April 2025	57,709	45,609	103,318

Net Book Value
As at 30 April 2025	400,857	280,187	681,044

As at 1 May 2024	410,028	286,703	696,731

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

12. Investments

Group

	Other
	£
Cost
As at 1 May 2024	85,000
Disposals	(85,000 )

As at 30 April 2025	-

Provision
As at 1 May 2024	-

As at 30 April 2025	-

Net Book Value
As at 30 April 2025	-

As at 1 May 2024	85,000

The disposal reflected above in respect of the other fixed assets investments is in respect of the reclassification of the investment to current asset investments as it is now due to mature within one year.

Company

	Subsidiaries	Other	Total
	£	£	£
Cost
As at 1 May 2024	30	85,000	85,030
Disposals	-	(85,000 )	(85,000 )

As at 30 April 2025	30	-	30

Provision
As at 1 May 2024	-	-	-

As at 30 April 2025	-	-	-

Net Book Value
As at 30 April 2025	30	-	30

As at 1 May 2024	30	85,000	85,030

Subsidiaries

Details of the group's subsidiaries as at 30 April 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
County Oil Group Limited	Beca House, Ashville Way, Sutton Weaver, Runcorn, Cheshire, WA7 3EZ	Ordinary	100.00%	-
County Fuels Limited	Beca House, Ashville Way, Sutton Weaver, Runcorn, Cheshire, WA7 3EZ	Ordinary	100.00%	-

The principal activity of County Oil Group Limited is the wholesale distribution of commercial and domestic fuel, oils and lubricants.

County Fuels Limited has not traded during the year.

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

13. Stocks

	2025	2024
	£	£
Stock	339,261	249,476

There were no stock provisions at either 30 April 2025 or 30 April 2024.

14. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	3,683,215	3,165,358	-	-
Prepayments and accrued income	854,862	321,521	-	-
VAT	342,336	189,560	-	-
Amounts owed by associated companies	-	401,000	-	401,000

	4,880,413	4,077,439	-	401,000

There were no bad debt provisions at either 30 April 2025 or 30 April 2024. Bad debts written off in the year are shown in note 4.

15. Current Asset Investments

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Unlisted investments	5,138,091	1,944,305	5,138,091	1,944,305

16. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	5,248,286	4,258,833	-	-
Amounts owed to group undertakings	-	-	433,245	249,416
Other creditors	94,448	61,057	-	-
Corporation tax	492,829	132,355	33,325	241
Taxation and social security	19,584	19,367	-	-
Accruals and deferred income	35,706	101,289	-	-

	5,890,853	4,572,901	466,570	249,657

17. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	193,386	192,349

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

18. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 May 2024	192,349	192,349
Additions	1,037	1,037

Balance at 30 April 2025	193,386	193,386

The analysis of deferred tax is shown below:

	2025	2024
	£	£
Accelerated capital allowances	193,854	192,523
Short term timing differences	(468)	(174)

Total	193,386	192,349

19. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1,948 Ordinary Shares of £ 0.01 each	19	19
300 Ordinary A shares of £ 0.01 each	3	3
752 Ordinary B shares of £ 0.01 each	8	8
750 Ordinary C shares of £ 0.01 each	8	8

	38	38

Rights of Shares

Each share category has the right to a dividend but the company can direct this to be paid to one or more class, or all classes, of shares. The amount per share can vary between share category by ordinary resolution.

On the winding up of the company and if closing proceeds for distribution are under £5,005,000, then the order of repayment to the shareholders will be nominal capital only to the C Ordinary shareholders, then nominal capital only to the B ordinary shareholders, then the balance of assets equally between the Ordinary and A Ordinary shareholders pari passu.

On the winding up of the company and if closing proceeds for distribution are over £5,005,000 then the order of repayment to the shareholders will be nominal capital only to the B Ordinary shareholders, then the balance up to and including £5,005,000 to the Ordinary shareholders and A Ordinary shareholders pari passu, then the balance in excess of £5,005,000 to the Ordinary shareholders, A Ordinary shareholders and C Ordinary shareholders pro rata to their shares held.

Only the Ordinary and A Ordinary shares have voting rights.

20. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	16,462	660
Later than one year and not later than five years	660	1,320

	17,122	1,980

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

21. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the income statement in respect of defined contribution schemes was £156,008 (2024: £187,416).

At the statement of financial position date contributions of £8,369 (2024: £5,620) were due to the fund and are included in creditors.

22. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	1,139,322	566,183

23. Reserves

Group

Share premium account - this reserve represents the excess of consideration received above the nominal value of shares issued.

Consolidation reserve - this reserve represents the non-distributable reserve arising on revaluation of assets to fair value on acquisition and consolidation of the subsidiary undertakings.

Income statement - this reserve represents the accumulated profits and losses, less distributions, of the group.

Company

Share premium account - this reserve represents the excess of consideration received above the nominal value of shares issued.

Income statement - this reserve represents the accumulated profits and losses, less distributions, of the company.

24. Post Balance Sheet Events

On 1 August 2025 the company re-designated 1,364 Ordinary shares into 974 Ordinary A Shares and 390 Ordinary D shares.

25. Related Party Disclosures

The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

At the reporting date an amount of £nil (2024: £401,000) was owed by County Oil Investments Limited which holds a participating interest in County Oil Holdings Limited. This amount was unsecured, interest free and repayable on demand.

Included within trade debtors is an amount of £nil (2024: £79) due from the directors.

During the year dividends of £456,525 (2024: £319,940) were paid to the directors.

During the year dividends of £538,134 (2024: £128,389) were paid to County Oil Investments Limited.

26. Controlling Parties

The directors consider that the ultimate controlling parties are Neil Musgrave and Margaret Musgrave by virtue of their shareholding in the group.

Page 24