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Registered number: SC392539
GHSL Ltd
Strategic Report, Director's Report and
Financial Statements
For The Year Ended 31 March 2025
Khokhar McAdam Ltd
Chartered Accountants
1 Eagle Street
Glasgow
G4 9XA
GHSL Ltd
Contents
Contents

| Page
--- | ---
Company Information | 1
Strategic Report | 2
Director's Report | 3—4
Independent Auditor's Report | 5—8
Profit and Loss Account | 9
Statement of Comprehensive Income | 10
Balance Sheet | 11—12
Statement of Changes in Equity | 13
Statement of Cash Flows | 14
Notes to the Statement of Cash Flows | 15
Notes to the Financial Statements | 16—23

Page 1
GHSL Ltd
Company Information
For The Year Ended 31 March 2025
Company Information

Director | Mrs Shamly Sud
Company Number | SC392539
Registered Office | 30 Underwood Road
| Paisley
| PA3 1TL
Business | 30 Underwood Road
| Paisley
| PA3 1TL
Accountants | Khokhar McAdam Ltd
| Chartered Accountants
| 1 Eagle Street
| Glasgow
| G4 9XA

Page 1
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GHSL Ltd
Strategic Report
For The Year Ended 31 March 2025
Strategic Report
The director presents her strategic report for the year ended 31 March 2025.
Principal Activity
The company's principal activity of the company is petrol forecourts with retail outlets, SpeedQueen, Online web sales and dessert bars.
Review of the Business
The company acheived a profit before tax of £1.4m (2025), profit of £0.9m (2024). The company generates its revenue from the operation of its petrol stations, encompassing its retail elements, online web sales and dessert bar outlets within the United Kingdom.
The company has continued to reinvest these profits within the business with the opening of new locations. The net assets of the company increased from £7.3m (2025) to £6.6m (2024).
The company's key financial and other performance indicators during the year were as follows:

Financial KPIs | 2025 |  | 2024
| £ |  | £
Sales | 29,044 |  | 24,376
Gross Profit | 9,606 |  | 7,800
Gross Profit % | 33% |  | 32%

Principal Risks and Uncertainties
The principle risks and uncertainties for GHSL business relate to:
Increased inflation and cost of living impact on the economy which could have further impacts on consumer attitude to spending. Further increases in rising costs of goods, overheads, notably the rising cost of energy. Cyber-attacks and general threats to information security.
On behalf of the board

Mrs Shamly Sud Director
11 September 2025

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GHSL Ltd
Company No. SC392539
Director's Report For The Year Ended 31 March 2025
Director's Report
The director presents her report and the financial statements for the year ended 31 March 2025.
Future Developments
The company plans to continue expanding its network of retail and SpeedQueen sites across Scotland, with targeted reinvestment in sites to improve customer experience and operational efficiency.
Environmental Matters
The company recognises the importance of environmental sustainability and has continued initiatives to reduce energy consumption and waste across its sites. Where possible, the company uses energy-efficient lighting and recycling programmes and is reviewing the feasibility of EV charging infrastructure.
Directors
The director who held office during the year were as follows:

Mrs Shamly Sud

Post Balance Sheet Events
There have been no material post balance sheet events which would require adjustment to or disclosure in these financial statements.
Statement of Director's Responsibilities
The director is responsible for preparing the Directors' 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). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss for that period. In preparing the financial statements the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgments 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 director is 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. She is 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.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company'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 Director's Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company'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's auditors are aware of that information.

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GHSL Ltd
Director's Report (continued)
For The Year Ended 31 March 2025
Independent Auditors
The auditors, Khokhar McAdam Chartered Accountants, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board

Mrs Shamly Sud Director
11 September 2025

Page 4
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Independent Auditor's Report
to the Members of
GHSL Ltd
Independent Auditor's Report
Opinion
We have audited the financial statements of GHSL Ltd for the year ended 31 March 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 company's affairs as at 31 March 2025 and of its profit/(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 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 entity'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 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. 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.
Page 5
Page 6
Independent Auditor's Report (continued)
to the Members of
GHSL Ltd
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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Director's Report 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 Director's 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, 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 or returns; or
- certain disclosures of director's 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 Director's Responsibilities Statement set out on page 3—4, 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 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 director is 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.
Page 6
Page 7
Independent Auditor's Report (continued)
to the Members of
GHSL Ltd
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.
In identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and
non compliance with laws and regulations we considered the nature of the company and the industry and the
company's control environment.
We identified specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operation of the company such as the Companies Act 2006, taxation legislation,
employment laws and health and safety regulations.We assessed the extent of compliance with laws and
regulations identified through making inquiries of management and discussing their policies and procedures
regarding compliance with laws and regulations; inspecting correspondence, if any, with relevant licensing or
regulatory authorities.
We evaluated the directors and management's incentives and opportunities for fraudulent manipulation of the
financial statements, including the risk of management bias and override of controls.
Our audit procedures to respond to the risks identified included but not limited to the following:
• Performing analytical procedures to identify any unusual or unexpected relationships and testing
appropriateness of journal entries and other adjustments.
• Assessing whether judgements and assumptions made in determining accounting estimates were
indicative of potential bias; and evaluating business rationale of any significant transactions that are
unusual or outside the normal course of business.
• Evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
• Evaluating the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
• Obtaining sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the company to express an opinion on the financial statements. We are responsible for the
direction, supervision and performance of the company audit. We remain solely responsible for our audit
opinion.
There are inherent limitations in the audit procedures described above and the primary responsibility for the
prevention and detection of irregularities including fraud rests with management. As with any audit, there
remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions,
misrepresentations or the override of internal controls.
...CONTINUED
Page 7
Page 8
Independent Auditor's Report (continued)
to the Members of
GHSL Ltd
Auditor's Responsibilities for the Audit of the Financial Statements - continued
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.
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.

Khurshid Khokhar (Senior Statutory Auditor) for and on behalf of Khokhar McAdam Chartered Accountants , Statutory Auditor
11 September 2025

Page 8
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GHSL Ltd
Profit and Loss Account
For The Year Ended 31 March 2025
Profit and Loss Account

| 2025 |  | 2024
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER | 3 | 29,044,327 |  | 24,376,597
Cost of sales |  | (19,437,967 ) |  | (16,575,624 )
GROSS PROFIT |  | 9,606,360 |  | 7,800,973
Distribution costs |  | (159,278 ) |  | -
Administrative expenses |  | (7,663,784 ) |  | (6,427,378 )
Other operating income |  | 112,100 |  | 62,047
OPERATING PROFIT | 5 | 1,895,398 |  | 1,435,642
Other interest receivable and similar income | 10 | 15,175 |  | -
Interest payable and similar charges | 11 | (519,483 ) |  | (569,688 )
PROFIT BEFORE TAXATION |  | 1,391,090 |  | 865,954
Tax on Profit | 12 | (663,659 ) |  | (224,346 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |  | 727,431 |  | 641,608

The notes on pages 15 to 23 form part of these financial statements.
Page 9
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GHSL Ltd
Statement of Comprehensive Income
For The Year Ended 31 March 2025
Statement of Comprehensive Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
PROFIT FOR THE FINANCIAL YEAR |  | 727,431 |  | 641,608
OTHER COMPREHENSIVE INCOME FOR THE YEAR |  | - |  | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | 727,431 |  | 641,608

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GHSL Ltd
Balance Sheet
As At 31 March 2025
Balance Sheet

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 14 |  | 12,862,151 |  | 11,680,086
|  |  | 12,862,151 |  | 11,680,086
CURRENT ASSETS
Stocks | 15 | 2,312,354 |  | 2,275,779 |
Debtors | 16 | 483,375 |  | 623,890 |
Cash at bank and in hand |  | 426,847 |  | 188,585 |
|  | 3,222,576 |  | 3,088,254 |
Creditors: Amounts Falling Due Within One Year | 17 | (2,875,969 ) |  | (2,341,849 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 346,607 |  | 746,405
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 13,208,758 |  | 12,426,491
Creditors: Amounts Falling Due After More Than One Year | 18 |  | (4,701,348 ) |  | (5,080,101 )
PROVISIONS FOR LIABILITIES
Deferred Taxation | 21 |  | (1,252,796 ) |  | (697,887 )
NET ASSETS |  |  | 7,254,614 |  | 6,648,503
CAPITAL AND RESERVES
Called up share capital | 22 |  | 1,005 |  | 1,005
Revaluation reserve |  |  | 919,194 |  | 919,194
Profit and Loss Account |  |  | 6,334,415 |  | 5,728,304
SHAREHOLDERS' FUNDS |  |  | 7,254,614 |  | 6,648,503

Page 11
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GHSL Ltd
Balance Sheet (continued)
As At 31 March 2025
On behalf of the board

Mrs Shamly Sud Director
11 September 2025

The notes on pages 15 to 23 form part of these financial statements.
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GHSL Ltd
Statement of Changes in Equity
For The Year Ended 31 March 2025
Statement of Changes in Equity

| Share Capital | Revaluation reserve | Profit and Loss Account | Total
--- | --- | --- | --- | ---
| £ | £ | £ | £
As at 1 April 2023 | 1,005 | 919,194 | 5,234,189 | 6,154,388
Profit for the year and total comprehensive income | - | - | 641,608 | 641,608
Dividends paid | - | - | (147,493) | (147,493)
As at 31 March 2024 and 1 April 2024 | 1,005 | 919,194 | 5,728,304 | 6,648,503
Profit for the year and total comprehensive income | - | - | 727,431 | 727,431
Dividends paid | - | - | (121,320) | (121,320)
As at 31 March 2025 | 1,005 | 919,194 | 6,334,415 | 7,254,614

Page 13
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GHSL Ltd
Statement of Cash Flows
For The Year Ended 31 March 2025
Statement of Cash Flows

| 2025 |  | 2024
| Notes | £ |  | £
Cash flows from operating activities
Net cash generated from operations | 1 | 2,725,767 |  | 1,911,358
Interest paid |  | (519,483 ) |  | (569,688 )
Tax (paid)/refunded |  | (124,717 ) |  | 97,745
Net cash generated from operating activities |  | 2,081,567 |  | 1,439,415
Cash flows from investing activities
Purchase of tangible assets |  | (1,954,385 ) |  | (632,667 )
Interest received |  | 15,175 |  | -
Net cash used in investing activities |  | (1,939,210 ) |  | (632,667 )
Cash flows from financing activities
Equity dividends paid |  | (121,320 ) |  | (147,493 )
Repayment of bank borrowings |  | (313,707 ) |  | (195,437 )
Repayment of finance leases |  | 633,923 |  | (348,674 )
Amount introduced by directors |  | - |  | 20,465
Amount withdrawn by directors |  | (102,984) |  | -
Net cash generated from/(used in) financing activities |  | 95,912 |  | (671,139 )
Increase in cash and cash equivalents |  | 238,269 |  | 135,609
Cash and cash equivalents at beginning of year | 2 | 188,578 |  | 52,969
Cash and cash equivalents at end of year | 2 | 426,847 |  | 188,578

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GHSL Ltd
Notes to the Statement of Cash Flows
For The Year Ended 31 March 2025
Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Profit for the financial year | 727,431 |  | 641,608
Adjustments for:
Tax on profit | 663,659 |  | 224,346
Interest expense | 519,483 |  | 569,688
Interest income | (15,175 ) |  | -
Depreciation of tangible assets | 772,319 |  | 604,313
Movements in working capital:
(Increase)/decrease in stocks | (36,575 ) |  | 304,266
Decrease/(increase) in trade and other debtors | 149,208 |  | (84,543 )
Decrease in trade and other creditors | (54,583 ) |  | (348,320 )
Net cash generated from operations | 2,725,767 |  | 1,911,358

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 | 426,847 |  | 188,585
Overdraft facilities repayable on demand | - |  | (6 )
Cash and cash equivalents as stated in the Statement of Cash Flows | 426,847 |  | 188,579

3. Analysis of changes in net debt

| As at 1 April 2024 | Cash flows | As at 31 March 2025
--- | --- | --- | ---
| £ | £ | £
Cash at bank and in hand | 188,585 | 238,262 | 426,847
Overdraft facilities repayable on demand | (7) | 7 | -
Cash and cash equivalents | 188,578 | 238,269 | 426,847
Finance leases | (2,546,788) | (633,923) | (3,180,711)
Debts falling due within one year | (248,726 ) | (93,947) | (342,673 )
Debts falling due after more than one year | (3,480,204) | 407,654 | (3,072,550)
| (6,087,140) | (81,947) | (6,169,087)

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GHSL Ltd
Notes to the Financial Statements
For The Year Ended 31 March 2025
Notes to the Financial Statements
1. General Information
GHSL Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC392539 . The registered office is 30 Underwood Road, Paisley, PA3 1TL.
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. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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%
Leasehold | -
Plant & Machinery | 20%
Motor Vehicles | 20%
Fixtures & Fittings | 15%
Computer Equipment | 25%

2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
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GHSL Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.7. 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.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable 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 year and items that are never taxable or deductible. The company'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 asset reflects the tax consequences that would follow from the manner in which the Company 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 profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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GHSL Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
3. Turnover
Analysis of turnover by class of business is as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Commissions | 129,168 |  | 126,434
Fuel | 8,266,230 |  | 8,200,899
Online | 3,299,539 |  | 2,883,705
Retail | 17,349,390 |  | 13,165,559
| 29,044,327 |  | 24,376,597

4. Other Operating Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Other operating income | 112,100 |  | 62,047
| 112,100 |  | 62,047

5. Operating Profit
The operating profit is stated after charging:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Depreciation of tangible fixed assets | 772,319 |  | 604,313

6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the company's financial statements | 24,500 |  | 24,500
Other Services
Other non-audit services | 90,859 |  | 88,951

Other non-audit services comprised assurance and business advisory services, taxation, and payroll compliance services. The directors are satisfied that these services did not compromise the auditors’ independence.
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GHSL Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Wages and salaries | 63,531 |  | 59,624
Social security costs | 4,740 |  | 479
Other pension costs | 756 |  | 3,473
| 69,027 |  | 63,576

8. Average Number of Employees
Average number of employees, including directors, during the year was:

| 2025 |  | 2024
--- | --- | --- | ---
Office and administration | 5 |  | 6
| 5 |  | 6

9. Director's remuneration

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Emoluments | 12,570 |  | 12,023

10. Interest Receivable and Similar Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bank interest receivable | 15,175 |  | -

11. Interest Payable and Similar Charges

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bank loans and overdrafts | 352,871 |  | 383,044
Finance charges payable under finance leases and hire purchase contracts | 166,612 |  | 186,644
| 519,483 |  | 569,688

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GHSL Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
12. Tax on Profit

The tax charge on the profit for the year was as follows:
| Tax Rate | 2025 |  | 2024
--- | --- | --- | --- | ---
| 2025 | 2024 | £ |  | £
Current tax
UK Corporation Tax | 25.0% | 25.0% | 108,749 |  | 238,942
Deferred Tax
Deferred taxation | 554,910 |  | (14,596 )
Total tax charge for the period | 663,659 |  | 224,346
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 | 1,391,090 |  | 865,954
Tax on profit at 25% (UK standard rate) | 347,772 |  | 216,543
Goodwill/depreciation not allowed for tax | 193,080 |  | 151,078
Expenses not deductible for tax purposes | 215 |  | 47
Tax losses utilised | - |  | 53,818
Capital allowances | (432,318 ) |  | (182,544 )
Deferred tax from unrecognised tax loss or credit | 554,910 |  | (14,596 )
Total tax charge for the period | 663,659 |  | 224,346

13. Intangible Assets

| Goodwill
--- | ---
| £
Cost
As at 1 April 2024 | 59,360
As at 31 March 2025 | 59,360
Amortisation
As at 1 April 2024 | 59,360
As at 31 March 2025 | 59,360
Net Book Value
As at 31 March 2025 | -
As at 1 April 2024 | -

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GHSL Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
14. Tangible Assets

| Land & Property
--- | ---
| Freehold | Leasehold | Motor Vehicles | Fixtures & Fittings | Total
| £ | £ | £ | £ | £
Cost
As at 1 April 2024 | 8,003,802 | 4,687 | 185,170 | 5,579,662 | 13,773,321
Additions | 358,923 | - | 8,000 | 1,587,461 | 1,954,384
As at 31 March 2025 | 8,362,725 | 4,687 | 193,170 | 7,167,123 | 15,727,705
Depreciation
As at 1 April 2024 | 461,298 | - | 108,321 | 1,523,616 | 2,093,235
Provided during the period | 159,278 | - | 15,548 | 597,493 | 772,319
As at 31 March 2025 | 620,576 | - | 123,869 | 2,121,109 | 2,865,554
Net Book Value
As at 31 March 2025 | 7,742,149 | 4,687 | 69,301 | 5,046,014 | 12,862,151
As at 1 April 2024 | 7,542,504 | 4,687 | 76,849 | 4,056,046 | 11,680,086

15. Stocks

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Stock - fuel | 193,209 |  | 212,452
Stock - shop | 2,119,145 |  | 2,063,327
| 2,312,354 |  | 2,275,779

16. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 299,454 |  | 497,160
Other debtors | 132,551 |  | 125,830
| 432,005 |  | 622,990
Due after more than one year
Other debtors | 51,370 |  | 900
| 483,375 |  | 623,890

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GHSL Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
17. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Net obligations under finance lease and hire purchase contracts | 1,551,913 |  | 946,891
Trade creditors | 647,358 |  | 606,357
Bank loans and overdrafts | 342,673 |  | 248,733
Other creditors | 161,606 |  | 268,635
Corporation tax | 169,156 |  | 185,124
Taxation and social security | 3,263 |  | 86,109
| 2,875,969 |  | 2,341,849

18. Creditors: Amounts Falling Due After More Than One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Net obligations under finance lease and hire purchase contracts | 1,628,798 |  | 1,599,897
Bank loans | 3,072,550 |  | 3,480,204
| 4,701,348 |  | 5,080,101

19. Loans
An analysis of the maturity of loans is given below:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Amounts falling due within one year or on demand:
Bank loans | 342,673 |  | 248,726

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Amounts falling due between one and five years:
Bank loans | 3,072,550 |  | 3,480,204

20. Obligations Under Finance Leases and Hire Purchase

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
The future minimum finance lease payments are as follows:
Not later than one year | 1,551,913 |  | 946,891
Later than one year and not later than five years | 1,628,798 |  | 1,599,897
| 3,180,711 |  | 2,546,788
| 3,180,711 |  | 2,546,788

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GHSL Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
21. Deferred Taxation
The provision for deferred tax is made up as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Other timing differences | 1,252,796 |  | 697,887

22. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
1,002 Ordinary A shares of £ 1 each | 1,002 |  | 1,002
1 Ordinary B shares of £ 1 each | 1 |  | 1
1 Ordinary C shares of £ 1 each | 1 |  | 1
1 Ordinary D shares of £ 1 each | 1 |  | 1
| 1,005 |  | 1,005

23. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £756 (2024: £3,473).
At the balance sheet date contributions of £295 were due to the fund and are included in creditors.
24. Dividends

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
On equity shares:
Final dividend paid | 121,320 |  | 147,493

25. Related Party Disclosures
Included in debtors is a sum of -£34,978 (2024-£32,521) due to Tiana Holdings Ltd, a company in which the director has a material interest as a shareholder and director.
During the year the company was issued management fees of £4,262,506 (2024-£2,896,934) from companies in which the director has material interest as shareholder or directors. These fees primarily relate to the recharge of Payroll, IT, Repairs, Maintenance and operational support services provided. The directors consider that these transactions were conducted on terms equivalent to those that prevail in arm’s length transactions
Included in other creditors in an amount of £161,855 (2024-£264,841) due to the director. Total remuneration paid to key management personnel in the period was £63,530 (2023-£59,624).
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