Company registration number 09102209 (England and Wales)
CREST OIL HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
CREST OIL HOLDINGS LTD
COMPANY INFORMATION
Directors
T Ghani
A Ghani
Company number
09102209
Registered office
Units 1 and 2 Fallows Way
Whiston
Merseyside
L35 1RZ
Auditor
Mitchell Charlesworth (Audit) Limited
Glebe Business Park
Lunts Heath Road
Widnes
Cheshire
WA8 5SQ
CREST OIL HOLDINGS LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 11
Profit and loss account
12
Group statement of comprehensive income
13
Group balance sheet
14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Company statement of cash flows
19
CREST OIL HOLDINGS LTD
CONTENTS
Notes to the financial statements
20 - 36
CREST OIL HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

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

Review of the business

The group has not made any significant changes to its operating activities during the year and continues to be one of the UK’s largest packers and distributors of edible oils and fats, and a major producer of mayonnaise and sauces.

The sector remained challenging in 2025 with inflationary pressures in raw materials and energy driving increases in prices.

More than £330,000 has been invested in capital equipment during the year, with the group expected to continue to invest into new equipment in the future to maintain and enhance the company’s production capacity and product range. Ensuring the companies high standards of quality can always be achieved.

The profit and loss account on page 12 shows the group's results for the year. The group has made a profit before taxation of £10,357,106 during the year. The profit and loss reserves provide sufficient capital and cash resources for the operational needs of the company.

CREST OIL HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -
Principal risks and uncertainties

The directors meet regularly to discuss the risks facing the business. The main risks to the group are competitive pressure, currency fluctuations and legislative risks. The group continues to manage the risk by providing value added services and high quality products to its customers.

Competitive and Consumer Risks

The group operates in a competitive environment which is driven by customer and consumer tastes and increases the reliance on good relationships in order to ensure there are no loss of sales to key competitors. The group maintains strong relationships with key customers and supply partners, and ensures that it has fast response times in supplying products and in handling customer queries.

Currency Fluctuations

Currency fluctuations are another risk which affects the buying price of certain raw materials. The group has managed commodity price increases which have occurred since the COVID-19 pandemic, Ukraine war and cost of living crisis in the UK.

Legislative Risks

The group is governed by UK legislative requirements on food production which includes food safety and hygiene standards that must be met to comply with the law. Furthermore, many of the group’s customers have their own production, hygiene and safety standards in place. The group strives to be a leader in its production, hygiene and safety standards and procedures to ensure compliance with relevant laws and regulations and to meet customer expectations.

Commercial Risks

The group has established a risk and financial management framework to monitor and limit normal commercial risks such as credit control, counter party exposure, customer concentration and cost control, in order to protect the company from such risks.

The group is equity funded, with capital investment coming from reserves. The group holds a positive cash balance in order to manage any liquidity risk.

Uncertainties facing the group include levels of demand for food ingredients and products. This is managed by supplying a broad range of products, seeking to strengthen the product range and expand into new geographical areas as opportunities arise.

Employees

The group has continued to follow the requirements of the Health & Safety Work Act with concern for the welfare of employees.

The group gives full consideration to applications for reemployment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person.

The group provides employees with information about the company through internal media methods. It has maintained it’s workforce during the year, remains committed to staff development, and is fully compliant with all human resources and pension regulations.

Policy on payment of creditors

Creditors are paid in accordance with terms of business agreed with suppliers. Given the nature of the group’s activities and agreed terms with suppliers, the directors have not calculated an average creditor day figure as a whole on the basis that such a statement would not be beneficial.

CREST OIL HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -
Key performance indicators

The key financial and other performance indicators during the year in respect of continuing operations were as follows:

| Year ended 30 September 2025 | Year 30 September 2024
| £’000 | £’000
Turnover | 69,063 | 68,251
Operating (loss)/profit (before exceptional items) | 9,277 | 10,121
(Loss)/profit on ordinary activities before taxation | 10,357 | 11,112
Gross profit margin | 19% | 21%
Operating profit margin | 13% | 1 5%
Average number of employees | 90 | 93

On behalf of the board

T Ghani
Director
16 January 2026
CREST OIL HOLDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 4 -

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

Principal activities

The principal activity of the group continued to be the manufacture of sauces and packers of oils/edible fats. The principal activity of the parent company is that of a holding company.

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £500,000. The directors do not recommend payment of a further dividend.

Directors

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

T Ghani
A Ghani
Directors' insurance

The company provides insurance for its directors in respect of their duties as directors of the group.

Auditor

Mitchell Charlesworth (Audit) Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

CREST OIL HOLDINGS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 5 -
Energy and carbon report

The SECR disclosure presents our carbon footprint in the United Kingdom covering Scope 1 and 2, an appropriate intensity metric, the total energy use of electricity, gas and transport fuels and a summary of the energy efficiency actions that have taken place during the relevant financial year.

The Gross greenhouse gas (GHG) emissions for Olympic Oils Ltd is 955 tonnes of carbon dioxide equivalent (tCO2e) for the period 1 October 2024 to 30 September 2025 (2024: 931)

The Gross GHG emissions figure includes all scope 1, 2 and 3 emissions required to be disclosed by the legislation, that is the emissions associated with the purchase of electricity, combustion of gas and combustion of fuel used for transport.

Emissions Source (tCO2e) | 2025 (tCO2e) | 2025 % | 2024 (tCO2e) | 2024 %
Fuel combustion: natural gas, transport diesel (Scope 1) | 655 | 69% | 622 | 67%
Consumption of generated electricity (Scope 2) | 239 | 25% | 248 | 26%
Electricity T&D losses grey fleet (scope 3) | 61 | 6% | 61 | 7%
Total Emissions tCO2e | 955 | 100% | 931 | 100%

Revenue – £69,063,298 (2024 - £68,251,327)

Intensity (tCO2e per£’000,000 of revenue) -13.84 (2024 – 13.66)

The company’s total energy consumption totalled 3,780,387 KWH (2024 - 3,703,807 KWH)

Intensity (KWH per £’000,000 of revenue) -54,785 (2024 – 54,335)

Boundary methodology and exclusions

The data contained in this document is calculated and reported in line with the methodology set out in the UK Government’s Environmental Reporting Guidelines.

Olympic Oils have opted to use the Operational Control boundary definition to define their carbon footprint boundary. Reporting period for compliance is 1 st October 2024 to 30 th September 2025 and included within the boundary are Scope 1, 2 and 3 emissions, covering all energy use on site and road vehicles. The GHG Protocol Corporate Accounting and Reporting Standard (revised edition) have been utilised. Further emission factors were used from the UK Government’s GHG Conversion Factors for Company Reporting 2025.

CREST OIL HOLDINGS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 6 -

The business continues to focus on reducing both its energy usage and carbon footprint, with initiatives being put in place to reduce emissions in all three Scopes.

Scope 1

Although the bringing in house of more of the businesses transport requirements has lead to an increase in our Scope 1 emissions we now have in place a rolling program of vehicle replacement to utilise the latest efficient HGV’s on the market to reduce emissions going forward.

Scope 2

With the good weather within the year the solar panels previously installed have allowed us to reduce our emissions within the year. The electricity generated within the year accounted for 17% of the total electricity used within the year saving 50 Tonnes CO2e in the year

The company also continues to implement energy efficiency initiatives within its process plant to further reduce emissions and energy usage.

Scope 3

To make reductions within Scope 3 Olympic is now committed to any new company cars being either Hybrid or full electric.

Statement of disclosure to auditor

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

Strategic report

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

Going Concern

The group's forecasts and predictions, taking account of reasonably possible changes in trading performance, show that the directors have a reasonable expectation that the group has access to adequate resources to continue in operational existence for the foreseeable future.

After making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for a period of at least 12 months for the date of approving these financial statements. The group therefore continues to adopt the going concern basis in preparing its financial statements.

On behalf of the board
T Ghani
Director
16 January 2026
CREST OIL HOLDINGS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 7 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CREST OIL HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CREST OIL HOLDINGS LTD
- 8 -
Opinion

We have audited the financial statements of Crest Oil Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 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 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's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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

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

CREST OIL HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CREST OIL HOLDINGS LTD
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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's 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

CREST OIL HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CREST OIL HOLDINGS LTD
- 10 -

The group of companies own assessment of the risks that irregularities may occur either as a result of fraud or error.

Results of our enquiries of management about their own identification and assessment of the risks of irregularities.

T he company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;·

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

- the internal procedures and controls established to mitigate risks of fraud or non- compliance with laws and regulations.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas;

i) Revenue recognition, ii) areas where management are required to exercise significant judgement, and iii) in common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the laws and regulatory framework the company operates in and focused on the effect of the provisions and disclosures that could have a material effect on the financial statements. The key laws and regulations we considered in this context included the UK companies Act 2006, food safety standards certification such as BRCGS and Kosher Certification and Health and safety laws and regulations UK.

Audit response to risks identified

Our procedures to respond to the risks identified included the following:

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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

CREST OIL HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CREST OIL HOLDINGS LTD
- 11 -

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Davies (Senior statutory Auditor)
For and on behalf of
16 January 2026
Mitchell Charlesworth (Audit) Limited
Statutory accountants
Glebe Business Park
Lunts Heath Road
Widnes
Cheshire
WA8 5SQ
CREST OIL HOLDINGS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 12 -
2025
2024
Notes
£
£
Turnover
3
69,063,298
68,251,327
Cost of sales
(55,630,196)
(53,718,356)
Gross profit
13,433,102
14,532,971
Distribution costs
(1,492,347)
(1,428,114)
Administrative expenses
(2,685,871)
(3,141,260)
Other operating income
22,169
157,684
Operating profit
4
9,277,053
10,121,281
Interest receivable and similar income
8
1,058,261
991,715
Interest payable and similar expenses
9
-
0
(12)
Unrealised gain on investments
10
21,792
-
Profit before taxation
10,357,106
11,112,984
Tax on profit
11
(2,464,000)
(2,625,087)
Profit for the financial year
26
7,893,106
8,487,897
Profit for the financial year is all attributable to the owners of the parent company.
CREST OIL HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 13 -
2025
2024
£
£
Profit for the year
7,893,106
8,487,897
Total comprehensive income for the year
7,893,106
8,487,897
Total comprehensive income for the year is all attributable to the owners of the parent company.
CREST OIL HOLDINGS LTD
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 14 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
13
53,127
53,127
Total intangible assets
53,127
53,127
Tangible assets
14
4,886,928
5,207,341
Investment property
15
705,000
705,000
Investments
16
1,021,792
-
0
6,666,847
5,965,468
Current assets
Stocks
18
2,509,905
2,264,361
Debtors
19
8,397,094
8,296,682
Cash at bank and in hand
28,859,319
21,974,511
39,766,318
32,535,554
Creditors: amounts falling due within one year
20
(7,917,940)
(7,266,262)
Net current assets
31,848,378
25,269,292
Total assets less current liabilities
38,515,225
31,234,760
Creditors: amounts falling due after more than one year
21
(18,338)
(27,507)
Provisions for liabilities
Deferred tax liability
22
310,505
413,977
(310,505)
(413,977)
Net assets
38,186,382
30,793,276
Capital and reserves
Called up share capital
25
9,000,000
9,000,000
Profit and loss reserves
26
29,186,382
21,793,276
Total equity
38,186,382
30,793,276
The financial statements were approved by the board of directors and authorised for issue on 16 January 2026 and are signed on its behalf by:
16 January 2026
T Ghani
Director
Company registration number 09102209 (England and Wales)
CREST OIL HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 15 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
16
10,021,792
9,000,000
Current assets
Debtors
19
261,478
115,541
Cash at bank and in hand
16,406,812
15,496,937
16,668,290
15,612,478
Creditors: amounts falling due within one year
20
(246,528)
(2,037,444)
Net current assets
16,421,762
13,575,034
Net assets
26,443,554
22,575,034
Capital and reserves
Called up share capital
25
9,000,000
9,000,000
Profit and loss reserves
26
17,443,554
13,575,034
Total equity
26,443,554
22,575,034

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the period was £4,368,521 (2024 - £6,318,806 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 16 January 2026 and are signed on its behalf by:
16 January 2026
T Ghani
Director
Company registration number 09102209 (England and Wales)
CREST OIL HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2023
9,000,000
13,805,379
22,805,379
Year ended 30 September 2024:
Profit and total comprehensive income
-
8,487,897
8,487,897
Dividends
12
-
(500,000)
(500,000)
Balance at 30 September 2024
9,000,000
21,793,276
30,793,276
Year ended 30 September 2025:
Profit and total comprehensive income
-
7,893,106
7,893,106
Dividends
12
-
(500,000)
(500,000)
Balance at 30 September 2025
9,000,000
29,186,382
38,186,382
CREST OIL HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 17 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2023
9,000,000
7,756,228
16,756,228
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
6,318,806
6,318,806
Dividends
12
-
(500,000)
(500,000)
Balance at 30 September 2024
9,000,000
13,575,034
22,575,034
Year ended 30 September 2025:
Profit and total comprehensive income
-
4,368,520
4,368,520
Dividends
12
-
(500,000)
(500,000)
Balance at 30 September 2025
9,000,000
17,443,554
26,443,554
CREST OIL HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 18 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
9,730,341
9,465,570
Interest paid
-
0
(12)
Income taxes paid
(2,103,077)
(3,375,023)
Net cash inflow from operating activities
7,627,264
6,090,535
Investing activities
Purchase of tangible fixed assets
(331,460)
(1,150,949)
Proceeds from disposal of tangible fixed assets
30,700
29,501
Purchase of investments
(1,000,000)
-
Interest received
1,058,261
991,715
Net cash used in investing activities
(242,499)
(129,733)
Financing activities
Dividends paid to equity shareholders
(500,000)
(500,000)
Net cash used in financing activities
(500,000)
(500,000)
Net increase in cash and cash equivalents
6,884,765
5,460,802
Cash and cash equivalents at beginning of year
21,974,511
16,513,709
Cash and cash equivalents at end of year
28,859,276
21,974,511
Relating to:
Cash at bank and in hand
28,859,319
21,974,511
Bank overdrafts included in creditors payable within one year
(43)
-
CREST OIL HOLDINGS LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 19 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
29
(2,200,277)
1,552,405
Interest paid
-
0
(12)
Income taxes paid
(106,279)
(27,266)
Net cash (outflow)/inflow from operating activities
(2,306,556)
1,525,127
Investing activities
Proceeds from disposal of investments
(1,021,792)
-
0
Interest received
716,431
699,356
Dividends received
4,000,000
6,000,000
Other income received from investments
21,792
-
0
Net cash generated from investing activities
3,716,431
6,699,356
Financing activities
Dividends paid to equity shareholders
(500,000)
(500,000)
Net cash used in financing activities
(500,000)
(500,000)
Net increase in cash and cash equivalents
909,875
7,724,483
Cash and cash equivalents at beginning of year
15,496,937
7,772,454
Cash and cash equivalents at end of year
16,406,812
15,496,937
CREST OIL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 20 -
1
Accounting policies
Company information

Crest Oil Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Units 1 and 2 Fallows Way, Whiston, Merseyside, L35 1RZ.

The group consists of Crest Oil Holdings Ltd and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention, (modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value). The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

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

All financial statements are made up to 30 September 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

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

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

CREST OIL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.5
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

Intergroup management charges are eliminated on consolidation.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
In accordance with the property
Plant and equipment
25% on reducing balance
Fixtures and fittings
20% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

CREST OIL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 22 -
1.9
Fixed asset investments

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

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

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

CREST OIL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 23 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

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

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

1.12
Cash and cash equivalents

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

1.13
Financial instruments

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

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

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

Basic financial assets

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

Other financial assets

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

CREST OIL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 24 -
Impairment of financial assets

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

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

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

Derecognition of financial liabilities

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

1.14
Equity instruments

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

1.15
Taxation

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

CREST OIL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 25 -
Current tax

The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

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

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

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

1.17
Retirement benefits

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

1.18
Leases
As lessor

When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

CREST OIL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 26 -
1.20
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

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

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

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sales
69,063,298
68,251,327
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
68,076,570
67,255,729
Europe
986,728
995,598
69,063,298
68,251,327
2025
2024
£
£
Other revenue
Interest income
1,058,261
991,715
Grants received
9,169
9,169
CREST OIL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 27 -
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(2,523)
(4,146)
Government grants
(9,169)
(9,169)
Depreciation of owned tangible fixed assets
621,773
575,330
(Profit)/loss on disposal of tangible fixed assets
(600)
1,790
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,588
2,500
Audit of the financial statements of the company's subsidiaries
20,772
18,900
24,360
21,400
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Production
71
64
3
3
Administration and support
19
29
-
-
Total
90
93
3
3

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
3,389,818
3,216,511
212,270
135,050
Social security costs
314,649
278,510
26,568
14,870
Pension costs
284,729
621,313
190,000
301,712
3,989,196
4,116,334
428,838
451,632
CREST OIL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 28 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
98,400
95,050
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
1,048,843
990,128
Other interest income
9,418
1,587
Total income
1,058,261
991,715
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,048,843
990,128
9
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Other interest
-
12
10
Other gains and losses
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Unrealised gain on financial assets held at fair value through profit or loss
21,792
-
0
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
2,699,734
2,574,088
Adjustments in respect of prior periods
(132,262)
(164,057)
Total current tax
2,567,472
2,410,031
CREST OIL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
11
Taxation
2025
2024
£
£
(Continued)
- 29 -
Deferred tax
Origination and reversal of timing differences
(103,472)
215,056
Total tax charge
2,464,000
2,625,087

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

2025
2024
£
£
Profit before taxation
10,357,106
11,112,984
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
2,589,277
2,778,246
Tax effect of expenses that are not deductible in determining taxable profit
2,441
-
0
Tax effect of income not taxable in determining taxable profit
(1,005,448)
(1,500,000)
Gains not taxable
1,000,000
1,500,000
Fixed asset differences
10,907
10,898
R & D claim relief for prior years
(133,177)
(164,057)
Taxation charge
2,464,000
2,625,087
12
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
500,000
500,000
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2024 and 30 September 2025
643,756
Amortisation and impairment
At 1 October 2024 and 30 September 2025
590,629
CREST OIL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
13
Intangible fixed assets
(Continued)
- 30 -
Carrying amount
At 30 September 2025
53,127
At 30 September 2024
53,127
The company had no intangible fixed assets at 30 September 2025 or 30 September 2024.
14
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2024
3,274,327
5,806,236
153,563
983,460
10,217,586
Additions
-
0
188,994
-
0
142,466
331,460
Disposals
-
0
-
0
-
0
(98,990)
(98,990)
At 30 September 2025
3,274,327
5,995,230
153,563
1,026,936
10,450,056
Depreciation and impairment
At 1 October 2024
203,414
4,498,208
102,552
206,071
5,010,245
Depreciation charged in the year
43,627
358,746
10,190
209,210
621,773
Eliminated in respect of disposals
-
0
-
0
-
0
(68,890)
(68,890)
At 30 September 2025
247,041
4,856,954
112,742
346,391
5,563,128
Carrying amount
At 30 September 2025
3,027,286
1,138,276
40,821
680,545
4,886,928
At 30 September 2024
3,070,913
1,308,028
51,011
777,389
5,207,341
The company had no tangible fixed assets at 30 September 2025 or 30 September 2024.
15
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 October 2024 and 30 September 2025
705,000
-

The fair value of the investment property has been arrived at on the basis of a valuation carried out on 25 July 2017 by Jonathan Kersh BSc(Hons) MRICS Commercial, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The director believes this to still represent the fair value.

CREST OIL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 31 -
16
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
9,000,000
9,000,000
Equity investments
1,021,792
-
0
1,021,792
-
0
1,021,792
-
0
10,021,792
9,000,000
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 October 2024
-
Additions
1,000,000
Valuation changes
21,792
At 30 September 2025
1,021,792
Carrying amount
At 30 September 2025
1,021,792
At 30 September 2024
-
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2024
9,000,000
-
9,000,000
Additions
-
1,000,000
1,000,000
Valuation changes
-
21,792
21,792
At 30 September 2025
9,000,000
1,021,792
10,021,792
Carrying amount
At 30 September 2025
9,000,000
1,021,792
10,021,792
At 30 September 2024
9,000,000
-
9,000,000
17
Subsidiaries

Details of the company's subsidiaries at 30 September 2025 are as follows:

CREST OIL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
17
Subsidiaries
(Continued)
- 32 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Olympic Oils Limited
Fallows Way, Whiston, Merseyside L35 1RZ
Ordinary
100.00
-
18
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
2,509,905
2,264,361
-
-
19
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,946,315
7,523,459
6,001
6,000
Corporation tax recoverable
-
0
266,204
-
0
-
0
Amounts owed by group undertakings
-
-
202,779
-
Other debtors
177,594
266,149
52,698
109,541
Prepayments and accrued income
273,185
240,870
-
0
-
0
8,397,094
8,296,682
261,478
115,541
20
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
43
-
0
-
0
-
0
Trade creditors
7,273,670
6,625,883
106
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
1,651,712
Corporation tax payable
304,460
106,269
115,566
106,269
Other taxation and social security
90,338
95,714
23,156
22,463
Government grants
23
9,169
9,169
-
0
-
0
Other creditors
180,390
320,423
105,000
255,000
Accruals and deferred income
59,870
108,804
2,700
2,000
7,917,940
7,266,262
246,528
2,037,444
CREST OIL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 33 -
21
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Government grants
23
18,338
27,507
-
0
-
0
22
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
311,420
347,678
Short term timing differences
(915)
66,299
310,505
413,977
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 October 2024
413,977
-
Credit to profit or loss
(103,472)
-
Liability at 30 September 2025
310,505
-

T he deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

23
Government grants
Group
Company
2025
2024
2025
2024
£
£
£
£
Arising from government grants
27,507
36,676
-
-
CREST OIL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
23
Government grants
(Continued)
- 34 -

Deferred income is included in the financial statements as follows:

Current liabilities
9,169
9,169
-
0
-
0
Non-current liabilities
18,338
27,507
-
0
-
0
27,507
36,676
-
-
24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
284,729
621,313

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

25
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
9,000,000
9,000,000
9,000,000
9,000,000
26
Profit and loss reserves
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
21,793,276
13,805,379
13,575,034
7,756,228
Profit for the year
7,893,106
8,487,897
4,368,520
6,318,806
Dividends
(500,000)
(500,000)
(500,000)
(500,000)
At the end of the year
29,186,382
21,793,276
17,443,554
13,575,034
27
Related party transactions
Transactions with related parties
CREST OIL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
27
Related party transactions
(Continued)
- 35 -

Olympic Oils Limited is a wholly owned subsidiary of Crest Oil Holdings Limited.

Olympic Oils Limited pays a monthly management charge of £10,000 to Crest Oil Holdings Limited for services received. A dividend of £4,000,000 (202 4: £5,000,000) was received in the year.

A balance of £202,779 was due from, Olympic Oils Limited as at 30 September 2025 (2024: £1,651,712 due to Olympic Oils).

Transaction with subsidiaries are eliminated on consolidation and therefore do not appear in there financial statements.

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Juiceworks Limited
6,364
1,845

T S Ghani and A R Ghani are both directors of Crest Oil Holdings Limited, Olympic Oils Limited and Juiceworks Limited.

Juiceworks Limited pays a monthly management charge of £5,000 to Crest Oil Holdings Limited for services received.

28
Cash generated from group operations
2025
2024
£
£
Profit after taxation
7,893,106
8,487,897
Adjustments for:
Taxation charged
2,464,000
2,625,087
Finance costs
-
0
12
Investment income
(1,058,261)
(991,715)
(Gain)/loss on disposal of tangible fixed assets
(600)
1,790
Depreciation and impairment of tangible fixed assets
621,773
575,330
Other gains and losses
(21,792)
-
Movements in working capital:
Increase in stocks
(245,544)
(125,174)
(Increase)/decrease in debtors
(366,616)
658,129
Increase/(decrease) in creditors
453,444
(1,756,618)
Decrease in deferred income
(9,169)
(9,168)
Cash generated from operations
9,730,341
9,465,570
CREST OIL HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 36 -
29
Cash (absorbed by)/generated from operations - company
2025
2024
£
£
Profit after taxation
4,368,520
6,318,806
Adjustments for:
Taxation charged
115,576
106,269
Finance costs
-
0
12
Investment income
(4,716,431)
(6,699,356)
Other gains and losses
(21,792)
-
Movements in working capital:
Increase in debtors
(145,937)
(75,565)
(Decrease)/increase in creditors
(1,800,213)
1,902,239
Cash (absorbed by)/generated from operations
(2,200,277)
1,552,405
30
Analysis of changes in net funds - group
1 October 2024
Cash flows
30 September 2025
£
£
£
Cash at bank and in hand
21,974,511
6,884,808
28,859,319
Bank overdrafts
-
0
(43)
(43)
21,974,511
6,884,765
28,859,276
31
Analysis of changes in net funds - company
1 October 2024
Cash flows
30 September 2025
£
£
£
Cash at bank and in hand
15,496,937
909,875
16,406,812
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