Company Registration No. 00608722 (England and Wales)
P.F. JONES (DIESEL SERVICES) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2025
31 August 2025
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
P.F. JONES (DIESEL SERVICES) LIMITED
COMPANY INFORMATION
Director
Mr Leslie Latham Bailey
Secretary
Mrs Elizabeth Ann Bailey
Company number
00608722
Registered office
Nuttall Street
Old Trafford
Manchester
M16 9JA
Auditor
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
P.F. JONES (DIESEL SERVICES) LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 7
Statement of income and retained earnings
8
Balance sheet
9
Statement of cash flows
10
Notes to the financial statements
11 - 22
P.F. JONES (DIESEL SERVICES) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 1 -

The director presents the strategic report for the year ended 31 August 2025.

Review of the business

Whilst turnover and profit for the business has been lower in the current year than prior year, debtors have increased and creditors have decreased. Cash remains similar although slightly lower than what it was in prior year. Stock has also increased. The director remains satisfied with these results and is in expectation of a similar trading period for the next 12 months.

Principal risks and uncertainties

The director feel s that there is no imminent risk to the business for either current or future trading other than those commercial risks normally associated with business.

Development and performance

The director is convinced that the company will continue to grow profitably over the next financial year as it has very strong relationships with its major customers and suppliers both in the UK and overseas. Strong processes and systems alongside an excellent operating procedure confirm this, together with an excellent reporting functionality.

The company is also moving forward this year with increasing sales again and is constantly looking to secure even better relationships with both suppliers and customers to further increase the yield.

Key performance indicators

The directors have chose to analyse the turnover, gross profit and EBITDA both expressed as a percentage of turnover for the understanding of the performance of the business.

| 202 5 | 202 4
Turnover |  | £3 3,555,909 | £34,563,331
Gross Profit |  | 1 7.2% | 1 8.8%
EBITDA |  | £1,953,612 | £2,795,105

On behalf of the board

Mr Leslie Latham Bailey
Director
18 February 2026
P.F. JONES (DIESEL SERVICES) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -

The director presents his annual report and financial statements for the year ended 31 August 2025.

Principal activities

The principal activity of the company continued to be that of repairing and servicing motor vehicles and parts distributors.

Results and dividends

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

Ordinary dividends were paid amounting to £91,370. The director does not recommend payment of a further dividend.

Director

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

Mr Leslie Latham Bailey
Auditor

The auditor, PM+M Solutions for Business LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

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

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

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

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 company’s auditor 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 company’s auditor is aware of that information.

P.F. JONES (DIESEL SERVICES) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -
On behalf of the board
Mr Leslie Latham Bailey
Director
18 February 2026
P.F. JONES (DIESEL SERVICES) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF P.F. JONES (DIESEL SERVICES) LIMITED
- 4 -
Opinion

We have audited the financial statements of P.F. Jones (Diesel Services) Limited (the 'company') for the year ended 31 August 2025 which comprise the statement of income and retained earnings, the balance sheet, the 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 company's affairs as at 31 August 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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:

- the information given in the strategic report and the director's 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 director's report have been prepared in accordance with applicable legal requirements.

P.F. JONES (DIESEL SERVICES) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF P.F. JONES (DIESEL SERVICES) LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

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

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

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

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

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has 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.

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

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.

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.

P.F. JONES (DIESEL SERVICES) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF P.F. JONES (DIESEL SERVICES) LIMITED (CONTINUED)
- 6 -

Identifying and assessing potential risks related to irregularities

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

- the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- the matters discussed among the audit engagement team and relevant specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;

- a ny matters we identified having obtained and reviewed the 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;

  - the internal 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: timing of recognition of commercial income, posting of unusual journals and complex transactions; and manipulating the Company's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. 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 legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety regulations, pensions legislation and tax legislation.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

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

- enquiring of management concerning actual and potential litigation and claims;

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

- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and

- in addressing the identified risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

P.F. JONES (DIESEL SERVICES) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF P.F. JONES (DIESEL SERVICES) LIMITED (CONTINUED)
- 7 -

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.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Johnson FCA (Senior Statutory Auditor)
For and on behalf of PM+M Solutions for Business LLP, Statutory Auditor
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
18 February 2026
P.F. JONES (DIESEL SERVICES) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 AUGUST 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
33,555,909
34,563,331
Cost of sales
(27,774,311)
(28,051,064)
Gross profit
5,781,598
6,512,267
Administrative expenses
(4,049,248)
(3,950,116)
Operating profit
4
1,732,350
2,562,151
Interest receivable and similar income
6
74,666
44,962
Profit before taxation
1,807,016
2,607,113
Tax on profit
8
(471,019)
(670,935)
Profit for the financial year
1,335,997
1,936,178
Retained earnings brought forward
8,279,174
6,348,879
Dividends
7
(91,370)
(5,883)
Retained earnings carried forward
9,523,801
8,279,174

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

P.F. JONES (DIESEL SERVICES) LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2025
31 August 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
9
1
1
Tangible assets
10
3,425,311
3,554,241
Investments
11
2
2
3,425,314
3,554,244
Current assets
Stocks
13
6,175,382
5,039,835
Debtors
14
2,813,030
2,460,139
Cash at bank and in hand
3,432,534
3,574,663
12,420,946
11,074,637
Creditors: amounts falling due within one year
15
(5,101,259)
(5,087,513)
Net current assets
7,319,687
5,987,124
Total assets less current liabilities
10,745,001
9,541,368
Creditors: amounts falling due after more than one year
16
(23,341)
(60,828)
Provisions for liabilities
Deferred tax liability
18
142,460
145,967
(142,460)
(145,967)
Net assets
10,579,200
9,334,573
Capital and reserves
Called up share capital
20
2,001
2,001
Share premium account
1,053,398
1,053,398
Profit and loss reserves
9,523,801
8,279,174
Total equity
10,579,200
9,334,573

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 18 February 2026
Mr Leslie Latham Bailey
Director
Company registration number 00608722 (England and Wales)
P.F. JONES (DIESEL SERVICES) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
674,797
2,190,591
Income taxes paid
(647,054)
(855,582)
Net cash inflow from operating activities
27,743
1,335,009
Investing activities
Purchase of tangible fixed assets
(138,732)
(320,999)
Proceeds from disposal of tangible fixed assets
29,974
37,083
Interest received
74,666
44,962
Net cash used in investing activities
(34,092)
(238,954)
Financing activities
Payment of finance leases obligations
(44,410)
(23,996)
Dividends paid
(91,370)
(5,883)
Net cash used in financing activities
(135,780)
(29,879)
Net (decrease)/increase in cash and cash equivalents
(142,129)
1,066,176
Cash and cash equivalents at beginning of year
3,574,663
2,508,487
Cash and cash equivalents at end of year
3,432,534
3,574,663
P.F. JONES (DIESEL SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -
1
Accounting policies
Company information

P.F. Jones (Diesel Services) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Nuttall Street, Old Trafford, Manchester, M16 9JA.

1.1
Accounting convention

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. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

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.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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 5 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.

1.5
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:

Freehold land and buildings
2% Straight Line
Fixtures and fittings
15% Reducing Balance
Motor vehicles
25% Reducing Balance
P.F. JONES (DIESEL SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 12 -

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 credited or charged to profit or loss.

1.6
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.

1.7
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

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.

1.8
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.

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.

1.9
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.

P.F. JONES (DIESEL SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 13 -
1.10
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.

Financial assets and liabilities are offset, with 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 method 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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

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 company 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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.

P.F. JONES (DIESEL SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 14 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.11
Equity instruments

Equity instruments issued by the company 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 company.

1.12
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 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.

1.13
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.

1.14
Retirement benefits

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

P.F. JONES (DIESEL SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 15 -
1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.16
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 company’s accounting policies, the director is 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. The main areas of judgement are in relation to stock provisions and the useful economic lives of the company's fixed assets.

Provisions against stock have been made to ensure that stock is valued at the lower of cost and net realisable value taking into account the level of stock on hand, estimates of future demand for individual stock lines and factors affecting saleability of individual products.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of goods and services
33,555,909
34,563,331
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
30,124,206
30,926,083
Europe
813,684
2,740,595
Rest of world
2,618,019
896,653
33,555,909
34,563,331
P.F. JONES (DIESEL SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
3
Turnover and other revenue
(Continued)
- 16 -
2025
2024
£
£
Other revenue
Interest income
74,666
44,962
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
24,500
24,150
Depreciation of tangible fixed assets
221,262
232,956
Loss/(profit) on disposal of tangible fixed assets
16,426
(3,009)
Operating lease charges
263,536
256,500
5
Employees

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

2025
2024
Number
Number
Employees
104
110
Directors
1
1
Total
105
111

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,282,224
3,382,512
Social security costs
368,911
324,741
Pension costs
61,264
59,581
3,712,399
3,766,834
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
71,894
44,962
Other interest income
2,772
-
0
Total income
74,666
44,962
P.F. JONES (DIESEL SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 17 -
7
Dividends
2025
2024
£
£
Final paid
91,370
5,883
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
474,526
636,025
Deferred tax
Origination and reversal of timing differences
(3,507)
34,910
Total tax charge
471,019
670,935

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
1,807,016
2,607,113
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
451,754
651,778
Tax effect of expenses that are not deductible in determining taxable profit
601
567
Permanent capital allowances in excess of depreciation
18,664
21,184
Other tax adjustments, reliefs and transfers
-
0
(2,594)
Taxation charge for the year
471,019
670,935
9
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2024 and 31 August 2025
51,475
Amortisation and impairment
At 1 September 2024 and 31 August 2025
51,474
Carrying amount
At 31 August 2025
1
At 31 August 2024
1
P.F. JONES (DIESEL SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 18 -
10
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2024
3,724,338
1,322,434
779,842
5,826,614
Additions
13,582
24,169
100,981
138,732
Disposals
-
0
-
0
(88,319)
(88,319)
At 31 August 2025
3,737,920
1,346,603
792,504
5,877,027
Depreciation and impairment
At 1 September 2024
891,258
967,816
413,299
2,272,373
Depreciation charged in the year
74,654
58,320
88,288
221,262
Eliminated in respect of disposals
-
0
-
0
(41,919)
(41,919)
At 31 August 2025
965,912
1,026,136
459,668
2,451,716
Carrying amount
At 31 August 2025
2,772,008
320,467
332,836
3,425,311
At 31 August 2024
2,833,080
354,618
366,543
3,554,241

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Motor vehicles
44,435
89,323
11
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
12
2
2
12
Subsidiaries

The below subsidiary is a dormant company.

Details of the company's subsidiaries at 31 August 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Potteries Diesel (Staffs) Limited
Nuttall Street, Old Trafford, Manchester, M16 9JA
Ordinary
100.00
P.F. JONES (DIESEL SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 19 -
13
Stocks
2025
2024
£
£
Finished goods and goods for resale
6,175,382
5,039,835
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,559,906
2,247,401
Prepayments and accrued income
253,124
212,738
2,813,030
2,460,139
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
17
17,073
23,996
Trade creditors
2,767,997
3,233,421
Corporation tax
90,267
262,795
Other taxation and social security
518,066
599,575
Other creditors
2
42,738
Accruals and deferred income
1,707,854
924,988
5,101,259
5,087,513
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
17
23,341
60,828
17
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
17,073
23,996
After more than one year
23,341
60,828
40,414
84,824
P.F. JONES (DIESEL SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
17
Finance lease obligations
(Continued)
- 20 -
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
17,073
23,996
In two to five years
23,341
60,828
40,414
84,824

Finance lease payments represent rentals payable by the company for certain items of motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is three years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
146,275
149,739
Short term timing differences
(3,815)
(3,772)
142,460
145,967
2025
Movements in the year:
£
Liability at 1 September 2024
145,967
Credit to profit or loss
(3,507)
Liability at 31 August 2025
142,460
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
61,264
59,581

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The balance outstanding at the year end amounted to £5,210 (202 4 - £5,048).

P.F. JONES (DIESEL SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 21 -
20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
1,001
1,001
1,001
1,001
B Ordinary shares of £1 each
1,000
1,000
1,000
1,000
2,001
2,001
2,001
2,001

The company has two classes of ordinary shares which carry no right to fixed income:

A Ordinary Shares

1,001 shares of £1 each. These shares carry full voting rights, entitlement to dividends (payable in GBP or Euros), and are non-redeemable.

B Ordinary Shares

1,000 shares of £1 each. These shares carry full voting rights, entitlement to dividends (payable in GBP or US Dollars), and are non-redeemable.

21
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
95,408
61,100
Years 2-5
297,094
185,622
After 5 years
38,184
65,229
430,686
311,951
2025
2024
Future amounts receivable under operating leases:
£
£
Within 1 year
169,350
169,350
Years 2-5
53,950
215,800
223,300
385,150
22
Related party transactions

The company rented property from the director and paid rent totalling £190,035 (202 4 - £190,035). There was no amount outstanding at the year end (202 4 - £nil). Rent charge has been deemed and payable at an appropriate market rate.

P.F. JONES (DIESEL SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 22 -
23
Directors' transactions

Dividends totalling £91,270 (2024 - £5,883) were paid in the year in respect of shares held by the company's director.

At the year end the company owed the director £nil (2024 - £42,736). The maximum amount owing in the year from the company was £42,736 (2024 - £89,494).

24
Cash generated from operations
2025
2024
£
£
Profit after taxation
1,335,997
1,936,178
Adjustments for:
Taxation charged
471,019
670,935
Investment income
(74,666)
(44,962)
Loss/(gain) on disposal of tangible fixed assets
16,426
(3,009)
Depreciation and impairment of tangible fixed assets
221,262
232,956
Movements in working capital:
Increase in stocks
(1,135,547)
(980,575)
(Increase)/decrease in debtors
(352,891)
1,069,432
Increase/(decrease) in creditors
193,197
(690,364)
Cash generated from operations
674,797
2,190,591
25
Analysis of changes in net funds
1 September 2024
Cash flows
31 August 2025
£
£
£
Cash at bank and in hand
3,574,663
(142,129)
3,432,534
Lease liabilities
(84,824)
44,410
(40,414)
3,489,839
(97,719)
3,392,120
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