Company Registration No. 3047369 (England and Wales)
SNAX 24 GARAGE PROPERTIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
SNAX 24 GARAGE PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Sir Gerald Ronson CBE
(Chairman)
Mr A I Goldman
(Deputy Chairman)
Ms L D Althasen
(Non-Executive Director)
Dame Gail Ronson
(Non-Executive Director)
Ms N J Ronson Allalouf
(Non-Executive Director)
Secretary
Ms T A Moloney
Company number
3047369
Registered office
Acre House
11-15 William Road
London
United Kingdom
NW1 3ER
Independent auditors
PricewaterhouseCoopers LLP
40 Clarendon Road
Watford
Hertfordshire
United Kingdom
WD17 1JJ
SNAX 24 GARAGE PROPERTIES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 20
SNAX 24 GARAGE PROPERTIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

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

Business review

The company holds an investment in Rontec Roadside Retail Limited. During the year Rontec Roadside Retail Limited generated consolidated profit before taxation of £111,812,000 (2024: £104,353,000) and its consolidated net assets amounted to £1,489,434,000 (2024: £1,169,391,000).

Consolidation

The company does not prepare consolidated financial statements as it is a wholly own ed subsidiary of GMR Capital Limited. The consolidate d financial statements for GMR Capital Limited are publicly available.

Principal risks and uncertainties

The ongoing energy transition, specifically the shift from internal combustion engine (ICE) vehicles, remains the main risk to the long-term business model. Current consumer uncertainty regarding Electric Vehicles (EVs) and the growing adoption of hybrid vehicles have slowed progress; however, this only delays, rather than eliminates, the necessity for change.

The company remains committed to installing ultra-fast EV charging hubs, with six sites currently in operation and an additional six hubs scheduled for completion within the next nine months. Plans are in place to continue this rollout across the network. Progress has been constrained by delays in connecting to the high-powered grid.

Close collaboration continues with oil company partners as they develop low-carbon fuels and enhance existing products.

Customer spending has been restricted due to inflationary pressures and financial uncertainty. Promotional campaigns with retail partners have been extended to assist customers.

Future outlook

The future proofing of our network to accommodate the shift in refuelling habits continues; by leveraging the data and operational experience gained from our initial charging hubs, we have refined our EV strategy.

Our focus remains on Ultra-Fast charging, ensuring that our sites remain the preferred choice for time-sensitive customers. We are well-positioned to scale this offer as consumer demand for EV and hybrid infrastructure grows.

Our strategy to transform sites into high-quality convenience and "food-to-go" destinations continues at pace:

- Retail Expansion: We now operate 4 3 Greggs franchises, and we will continue to extend existing site footprints to accommodate larger convenience stores and additional food partnerships.

- Valeting Technology: Following the installation of 50 new jet washes and the completion of our touch-screen car wash systems, we are now focused on leveraging our new central monitoring capabilities. This allows for real-time uptime management and data-driven maintenance, maximising revenue from our valeting estate.

The company remains committed to reducing its environmental footprint while lowering overheads. The final phase of our refrigeration upgrade program will be completed within the next nine months. By replacing legacy units with modern, energy-efficient equipment across all sites, we expect to see a continued reduction in carbon emissions.

SNAX 24 GARAGE PROPERTIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -
Key performance indicators (KPIs)

The company uses KPIs to manage the business, the most significant of which is the evaluation of fuel volumes and margins on a site by site basis.

Section 172 statement

Section 172 statement is included in the consolidated financial statements of the company's ultimate parent undertaking, GMR Capital Limited.

On behalf of the board

Sir Gerald Ronson CBE
Chairman
27 January 2026
SNAX 24 GARAGE PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -

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

Principal activities

The company's principal activity is that of a holding company.

Directors

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

Sir Gerald Ronson CBE
Mr A I Goldman
Ms L D Althasen
Dame Gail Ronson
Ms N J Ronson Allalouf
Results and dividends

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

No dividends were paid (2024: £nil). The directors do not recommend payment of a final dividend.

Qualifying third party indemnity provisions

During the year, the ultimate parent company continued to maintain qualifying third party liability insurance for its directors and officers to indemnify the company’s directors and officers against any liability incurred in the course of their office to the extent permitted by law. These provisions remain in force at the reporting date.

Future developments

Details of future developments are included within the strategic report.

Independent auditors

The auditors, PricewaterhouseCoopers LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Going concern

The directors believe that preparing the financial statements on the going concern basis is appropriate due to the continued financial support of the ultimate parent company GMR Capital Limited. The directors have received confirmation that GMR Capital Limited intend to support the c ompany for at least one year after these financial statements are signed.

Statement of disclosure to auditors

In the case of each director in office at the date the d irectors’ r eport 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 a director in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

SNAX 24 GARAGE PROPERTIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 4 -
Statement of directors' responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law).

Under company law, directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- state whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

The directors are responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are also 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.

On behalf of the board
Sir Gerald Ronson CBE
Chairman
27 January 2026
SNAX 24 GARAGE PROPERTIES LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF SNAX 24 GARAGE PROPERTIES LIMITED
- 5 -
Report on the audit of the financial statements
Opinion

In our opinion, Snax 24 Garage Properties Limited's financial statements:

- give a true and fair view of the state of the company’s affairs as at 30 September 2025 and of its result for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and

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

We have audited the financial statements, included within the Annual Report and Financial Statements (the “Annual Report”), which comprise:

- the balance sheet as at 30 September 2025;

- the profit and loss account for the year then ended;

- the statement of comprehensive income for the year then ended;

- the statement of changes in equity for the year then ended; and

- the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

SNAX 24 GARAGE PROPERTIES LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF SNAX 24 GARAGE PROPERTIES LIMITED
- 6 -

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance 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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.

With respect to the Strategic report and Directors’ report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Strategic report and true Directors' report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and Directors’ report for the year ended 30 September 2025 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic report and Directors’ report.

Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements

As explained more fully in the Statement of directors’ responsibilities, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they 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 company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ 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.

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

SNAX 24 GARAGE PROPERTIES LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF SNAX 24 GARAGE PROPERTIES LIMITED
- 7 -

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006 and income taxes, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to misappropriation of cash facilitated through the posting of fraudulent journal entries to conceal it. Audit procedures performed by the engagement team included:

- performing inquiries of management to determine if they were aware of any actual frauds, alleged frauds or non-compliance with laws or regulations; and

- reviewing bank payments during the year and testing unusual payments (if any) and associated journals (if any).

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

- we have not obtained all the information and explanations we require for our audit; or

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

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

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

We have no exceptions to report arising from this responsibility.

David Beer (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Watford
28 January 2026
SNAX 24 GARAGE PROPERTIES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 8 -
2025
2024
Notes
£'000
£'000
Administrative expenses
-
0
-
0
Operating results
-
-
Interest payable and similar expenses
5
-
0
(6,544)
Results/(loss) before taxation
-
0
(6,544)
Tax on loss
6
-
0
1,636
Results/(loss) for the financial year
-
0
(4,908)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SNAX 24 GARAGE PROPERTIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 9 -
2025
2024
£'000
£'000
Results/(loss) for the financial year
-
0
(4,908)
Other comprehensive income
-
-
Total comprehensive results/(expense) for the year
-
0
(4,908)
SNAX 24 GARAGE PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2025
30 September 2025
- 10 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Fixed assets
Investments
7
87,023
87,023
Current assets
-
-
Creditors: amounts falling due within one year
9
(84,222)
(84,222)
Net current liabilities
(84,222)
(84,222)
Total assets less current liabilities
2,801
2,801
Capital and reserves
Share capital
10
-
0
-
0
Other reserves
10,066
10,066
Profit and loss reserve
(7,265)
(7,265)
Total equity
2,801
2,801
The notes on pages 12 - 20 are an integral part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 27 January 2026 and are signed on its behalf by:
Sir Gerald Ronson CBE
Chairman
Company Registration No. 3047369
SNAX 24 GARAGE PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 11 -
Share capital
Other reserves
Profit and loss reserve
Total equity
£'000
£'000
£'000
£'000
Balance at 1 October 2023
-
10,066
(2,357)
7,709
Year ended 30 September 2024:
Loss and total comprehensive expense for the year
-
-
(4,908)
(4,908)
Balance at 30 September 2024
-
0
10,066
(7,265)
2,801
Year ended 30 September 2025:
Results and total comprehensive results for the year
-
-
-
0
-
0
Balance at 30 September 2025
-
0
10,066
(7,265)
2,801
SNAX 24 GARAGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 12 -
1
Accounting policies
General information

Snax 24 Garage Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.

1.1
Statement of compliance

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.

1.2
Basis of preparation and summary of significant accounting policies

The financial statements have been prepared on a going concern basis, under the historical cost convention. The principal accounting policies adopted are set out below.

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 £'000.

As a qualifying entity, the company has taken advantage of the following exemptions:

- from the requirement to prepare a statement of cash flows as required by paragraph 3.17 (d) of FRS 102; and

- from the requirement to present financial instruments disclosures, as required by FRS 102 paragraphs 11.39 to 11.48A, paragraph 12.26 and 12.29.

This company has taken advantage of the exemption under FRS 102 not to disclose the requirements of OECD Pillar Two model rules 29.28 and 29.29 as equivalent disclosures are included in the consolidated financial statements of the group in which the entity is consolidated.

The company has taken advantage of the exemption under FRS 102 section 9.3 (g) not to prepare consolidated financial statements as its results are included in the consolidated financial statements of GMR Capital Limited, which are publicly available.

The financial statements present information about the company as an individual entity and not about its group.

1.3
Going concern

The directors believe that preparing the financial statements on the going concern basis is appropriate due to the continued financial support of the ultimate parent company GMR Capital Limited. The directors have received confirmation that GMR Capital Limited intend to support the true c ompany for at least one year after these financial statements are signed.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks with original maturities of three months or less.

SNAX 24 GARAGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.6
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets include other debtors, cash and bank balances and are recognised at transaction price.

Impairment of financial assets

The company makes an estimate of the recoverable value of its financial assets. Where necessary an impairment provision is made.

Classification of financial liabilities

Basic financial liabilities include amounts owed to g roup undertakings and are recognised at transaction price.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary share s are shown as a deduction, net of tax, from the proceeds.

Distributions to equity holders

Dividends and other distributions to the company’s shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved.

1.8
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting 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 able profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting 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 have been enacted or substantially enacted. 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 when the company has 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.

SNAX 24 GARAGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

There were no significant judgements or estimates affecting amounts recognised in the financial statements.

3
Auditors' remuneration

The group audit fee of £3 54,000 (2024: £3 58,000), which includes the fee for the audit of the company, has been borne by other group companies.

The directors of the company have agreed with the company's auditors that the auditors' liability to damages for breach of duty in relation to the audit of the company's financial statements for the year ended 30 September 2025 and the financial statements of its parent, GMR Capital Limited (the ‘parent’), and its other subsidiary companies whose statutory audits are governed by the same agreement with the auditor s (the ‘subsidiaries’) will be limited to the greater of £5,000,000 or 5 times the auditors' fees for the statutory audits, and that, in any event, the auditors' liability for damages will be limited to that part of any loss suffered by the parent company and the subsidiaries as is just and equitable having regard to the extent to which the auditor s, the parent company, the subsidiaries and any third parties are responsible for the loss in question. The shareholders of the parent and its subsidiaries approved this liability limitation agreement, as required by the Companies Act 2006, by a resolution dated 2 2 July 202 5.

4
Employees

The company had no employees during the year (2024: nil) excluding directors. The directors' remuneration is borne by Rontec Watford Limited, a fellow group undertaking.

5
Interest payable and similar expenses
2025
2024
£'000
£'000
Interest payable to group undertakings
-
0
6,544
SNAX 24 GARAGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 15 -
6
Taxation
2025
2024
£'000
£'000
Current tax
UK corporation tax on profits for the current year
-
0
-
0
Group relief receivable
-
0
(1,636)
Total tax charge/(credit)
-
(1,636)

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

2025
2024
£'000
£'000
Profit/(loss) before taxation
-
0
(6,544)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
-
0
(1,636)
Receipt for group relief
-
0
(1,636)
Group relief surrendered
-
0
1,636
Taxation charge/(credit) for the year
-
(1,636)

The details of Pillar Two model rules which apply to this company are included within the consolidated financial statements of GMR Capital Limited.

SNAX 24 GARAGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 16 -
7
Fixed asset investments
2025
2024
Note
£'000
£'000
Investments in subsidiaries
8
87,023
87,023

The company's investment in subsidiaries comprise:

2025
2024
£'000
£'000
Rontec Roadside Retail Limited
87,023
87,023
Movements in fixed asset investments
Shares in group undertakings
£'000
Cost
At 1 October 2024 & 30 September 2025
87,023
Carrying amount
At 30 September 2025
87,023
At 30 September 2024
87,023
SNAX 24 GARAGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 17 -
8
Subsidiaries and related undertakings

Snax 24 Garage Properties Limited holds a 100% interest in Rontec Roadside Retail Limited, whose subsidiaries and related undertakings as at 30 September 2025 are set out below:

Name
Place of
Registered
Principal
Class
Effective
incorporation
address
activity
% held
Rontec Group (Jersey) Limited
Jersey
26 New Street, St Helier, Jersey, JE2 3RA
Holding company
Ordinary shares of £1 each
100.00
Rontec Group Limited
UK
11/15 William Road, London, NW1 3ER
Dormant company
Ordinary shares of £1 each
100.00
Rontec Service Stations Holdings Limited
Jersey
26 New Street, St Helier, Jersey, JE2 3RA
Holding company
Ordinary shares of £0.000001 each
100.00
Rontec Holdings Limited
Jersey
26 New Street, St Helier, Jersey, JE2 3RA
Holding company
Class A shares of £0.10 each
Class B shares of £0.10 each
100.00
Rontec Ltd
UK
11/15 William Road, London, NW1 3ER
Dormant company
Ordinary shares of £1 each
100.00
Rontec Mary Limited
Jersey
26 New Street, St Helier, Jersey, JE2 3RA
Employer of staff for roadside retail outlets
Class A shares of £0.10 each
Class B shares of £0.10 each
Class C shares of £0.10 each
Class D shares of £0.10 each
100.00
Rontec Properties (Jersey) Limited
Jersey
26 New Street, St Helier, Jersey, JE2 3RA
Holding company
Ordinary shares of £0.01 each
100.00
Rontec Properties Limited
UK
11/15 William Road, London, NW1 3ER
Property investment
Ordinary shares of £1 each
100.00
Rontec Properties (No.2) Limited
UK
11/15 William Road, London, NW1 3ER
Property investment
Ordinary shares of £1 each
100.00
Rontec Properties (No.3) Limited
UK
11/15 William Road, London, NW1 3ER
Property investment
Ordinary shares of £1 each
100.00
SNAX 24 GARAGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
8
Subsidiaries and related undertakings
(Continued)
- 18 -
Name
Place of
Registered
Principal
Class
Effective
incorporation
address
activity
% held
Rontec Properties (No.4) Limited
UK
11/15 William Road, London, NW1 3ER
Property investment
Ordinary shares of £1 each
100.00
Rontec Properties (No.5) Limited
UK
11/15 William Road, London, NW1 3ER
Property investment
Ordinary shares of £1 each
100.00
Rontec Properties (No.6) Limited
UK
11/15 William Road, London, NW1 3ER
Dormant company
Ordinary shares of £1 each
100.00
Rontec Properties (No.7) Limited
UK
11/15 William Road, London, NW1 3ER
Property investment
Ordinary shares of £1 each
100.00
Rontec Service Station 1A Limited
Jersey
26 New Street, St Helier, Jersey, JE2 3RA
Property investment
Class A shares of £0.10 each
Class B shares of £0.10 each
Class C shares of £0.10 each
Class D shares of £0.10 each
100.00
Rontec Watford Limited
Jersey
26 New Street, St Helier, Jersey, JE2 3RA
Operation of roadside retail outlets
Class A shares of £0.10 each
Class B shares of £0.10 each
Class C shares of £0.10 each
Class D shares of £0.10 each
100.00
Rontec Watford Services Limited
UK
11/15 William Road, London, NW1 3ER
Dormant company
Ordinary shares of £1 each
100.00
Snax 24 Limited
UK
11/15 William Road, London, NW1 3ER
Property investment
Ordinary shares of £1 each
100.00
SNAX 24 GARAGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
8
Subsidiaries and related undertakings
(Continued)
- 19 -

Restructuring

During the financial year, Rontec Group (Jersey) Limited undertook steps to simplify its ownership structure within the wider Rontec Group. The transactions were between entities under common control and have been accounted for using the carry-over basis in accordance with FRS 102 Section 19. No gain or loss has been recognised.

The principal steps affecting the c ompany were:

- Rontec Group (Jersey) Limited acquired the interest in Bentinck Investments (Carried Interest) LP from Rontec Bentinck Limited.

- Following the acquisition, Bentinck Investments (Carried Interest) LP assigned its interest in Rontec Investments LLP to Rontec Group (Jersey) Limited.

- Rontec Group (Jersey) Limited acquired the shareholding in Rontec Service Stations Holdings Limited from both Rontec Investments LLP and Snax 24 Garage Properties Limited.

As a result of these transactions, Rontec Group (Jersey) Limited now holds 100% of the investment in Rontec Service Stations Holdings Limited.

These transactions had no impact on the company's net assets but resulted in a more streamlined ownership structure.

9
Creditors: amounts falling due within one year
2025
2024
£'000
£'000
Amounts owed to group undertakings
84,222
84,222

Amounts owed to group undertakings are unsecured, bear annual interest between 0% and SONIA +3% and are repayable on demand.

10
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of 1p each
100,000
100,000
1,000
1,000
Issued and fully paid
Ordinary shares of 1p each
202
202
2
2
11
Related party transactions

As the company is a wholly owned subsidiary of GMR Capital Limited, the company has taken advantage of the exemption under section 33.1A of FRS102 from disclosing transactions or balances with entities which form part of the group.

SNAX 24 GARAGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 20 -
12
Ultimate controlling party

The c ompany is a wholly owned subsidiary of GMR Capital Limited, registered and incorporated in England. The directors consider the ultimate controlling party and ultimate parent undertaking, to be GMR Capital Limited which is the only group which the company is a member of and for which consolidated financial statements are prepared. The consolidated financial statements of the parent undertaking can be obtained from their offices at 1st Floor, 40 Clarendon Road, Watford, Hertfordshire, WD17 1JJ.

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