Company Registration No. SC071949 (Scotland)
Regency Oils Limited
Annual report and financial statements
for the year ended 31 May 2025
Regency Oils Limited
Company information
Director
Robert Milne
Company number
SC071949
Registered office
15 Marine Place
Buckie
AB56 1UT
Independent auditor
Saffery LLP
Torridon House
Beechwood Park
Inverness
IV2 3BW
Regency Oils Limited
Contents
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 22
Regency Oils Limited
Strategic report
For the year ended 31 May 2025
1

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

Review of the business

Turnover for the year was £12,677,456 (2024: £12,879,773). Global oil prices can determine whether turnover increases or decreases. Physical volumes have been reasonably consistent in recent years. A key performance indicator is the ratio of gross profit to turnover, which increased from 12.5% to 15.8%. The ability to store oil in large quantities is reflected in the year’s results. Net assets increased from £3,638,571 to £3,795,150.

In continuance of the policy of reinvestment, the company took delivery of a new tanker at the very start of the year, and placed an order for another tanker during the year. These are replacements, not additions to the fleet, the policy being to keep the age of the tanker fleet low, in the interests of operational efficiency, economy, reliability, safety, and fuel efficiency. Infrastructure assets such as storage facilities have also been maintained to a high level. Adherence to the highest standards of health and safety is a priority for the company.

The company acknowledges the role played by supportive and loyal staff, customers and suppliers. In return, the company offers stability, continuity, and fairness in its dealings with stakeholder groups.

Principal risks and uncertainties

The principal risks and uncertainties to which the company is exposed are the volatile nature of oil prices, and competition in the market. Whilst the company cannot exercise control over the world events and political decisions which affect oil prices, it has proved itself able to react quickly.

The company aims to deliver outstanding customer service and this is reflected in customer retention.

On behalf of the board

Robert Milne
Director
18 December 2025
Regency Oils Limited
Director's report
For the year ended 31 May 2025
2

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

Principal activities

The principal activity of the company continued to be that of distribution of fuel products and services.

Director

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

Robert Milne
Results and dividends

The results for the year are set out on page 7.

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

Post reporting date events

Subsequent to the year end the company purchased the site of its depot in Aberdeen and sold its disused site in Ellon.

Future developments

The company intends to maintain its diverse customer base across the domestic, industrial, agricultural and marine sectors by providing a high standard of customer service and fair pricing, whilst continuing to invest in new plant and equipment.

Auditor

The company having transitioned temporarily from small to medium-sized, has appointed Saffery LLP as auditor, in accordance with section 485(3) of the Companies Act 2006.

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 director s individually ha ve taken all the necessary steps that they ought to have taken as director s in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
.........................
Robert Milne
Director
18 December 2025
Regency Oils Limited
Director's responsibilities statement
For the year ended 31 May 2025
3

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;

- 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.

Regency Oils Limited
Independent auditor's report
To the member of Regency Oils Limited
4
Opinion

We have audited the financial statements of Regency Oils Limited (the 'company') for the year ended 31 May 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, 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 May 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.

Other matter

The financial statements of the company for the year ended 31 May 2024 were not subject to audit.

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.

Regency Oils Limited
Independent auditor's report
To the member of Regency Oils Limited (continued)
5

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.

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 set out on page 3, 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 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 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 intend to liquidate the 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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the director, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with director and by updating our understanding of the sector in which the company operates.

Regency Oils Limited
Independent auditor's report
To the member of Regency Oils Limited (continued)
6

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Eunice McAdam
Senior Statutory Auditor
For and on behalf of Saffery LLP
18 December 2025
Statutory Auditors
Torridon House
Beechwood Park
Inverness
IV2 3BW
Regency Oils Limited
Statement of comprehensive income
For the year ended 31 May 2025
7
2025
2024
Notes
£
£
Turnover
3
12,677,456
12,879,773
Cost of sales
(10,667,329)
(11,263,280)
Gross profit
2,010,127
1,616,493
Distribution costs
(671,680)
(565,358)
Administrative expenses
(572,608)
(549,100)
Other operating income
35,180
37,400
Operating profit
4
801,019
539,435
Interest receivable and similar income
7
48,045
48,790
Other gains and losses
8
47,553
(14,241)
Fair value (losses)/gains on investment porperties
12
(17,000)
20,000
Profit before taxation
879,617
593,984
Tax on profit
9
(223,038)
(150,740)
Profit for the financial year
656,579
443,244

The income statement has been prepared on the basis that all operations are continuing operations.

Regency Oils Limited
Statement of financial position
As at 31 May 2025
8
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
817,903
842,721
Investment properties
12
143,000
160,000
960,903
1,002,721
Current assets
Stocks
13
537,023
596,549
Debtors
14
711,733
908,401
Investments
15
210,092
162,539
Cash at bank and in hand
2,914,586
2,682,371
4,373,434
4,349,860
Creditors: amounts falling due within one year
16
(1,366,934)
(1,545,436)
Net current assets
3,006,500
2,804,424
Total assets less current liabilities
3,967,403
3,807,145
Provisions for liabilities
(172,253)
(168,574)
Net assets
3,795,150
3,638,571
Capital and reserves
Called up share capital
19
50,000
50,000
Revaluation reserve
20
42,129
42,129
Capital redemption reserve
100,000
100,000
Profit and loss reserves
3,603,021
3,446,442
Total equity
3,795,150
3,638,571
The financial statements were approved and signed by the director and authorised for issue on 18 December 2025
..............................
Robert Milne
Director
Company Registration No. SC071949
Regency Oils Limited
Statement of changes in equity
For the year ended 31 May 2025
9
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 June 2023
50,000
42,129
100,000
3,093,198
3,285,327
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
-
-
443,244
443,244
Dividends
10
-
-
-
(90,000)
(90,000)
Balance at 31 May 2024
50,000
42,129
100,000
3,446,442
3,638,571
Year ended 31 May 2025:
Profit and total comprehensive income for the year
-
-
-
656,579
656,579
Dividends
10
-
-
-
(500,000)
(500,000)
Balance at 31 May 2025
50,000
42,129
100,000
3,603,021
3,795,150
Regency Oils Limited
Statement of cash flows
For the year ended 31 May 2025
10
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
906,188
460,146
Income taxes paid
(144,008)
(157,526)
Net cash inflow from operating activities
762,180
302,620
Investing activities
Purchase of tangible fixed assets
(78,010)
(201,427)
Proceeds from disposal of tangible fixed assets
-
0
100,000
Interest received
45,934
46,860
Dividends received
2,111
1,930
Net cash used in investing activities
(29,965)
(52,637)
Financing activities
Dividends paid
(500,000)
(90,000)
Net cash used in financing activities
(500,000)
(90,000)
Net increase in cash and cash equivalents
232,215
159,983
Cash and cash equivalents at beginning of year
2,682,371
2,522,388
Cash and cash equivalents at end of year
2,914,586
2,682,371
Regency Oils Limited
Notes to the financial statements
For the year ended 31 May 2025
11
1
Accounting policies
Company information

Regency Oils Limited is a private company limited by shares incorporated in Scotland. The registered office is 15 Marine Place, Buckie, AB56 1UT.

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, modified to include the revaluation of investment properties at fair value. 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 and settlement discounts.

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 delivery 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
Tangible fixed assets

Land and buildings are stated at deemed historical cost (previously revalued cost) following the transition to FRS 102. The remainder of tangible fixed assets are measured at cost net of depreciation and any impairment losses.

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

Heritable property
2% straight line
Long term leasehold property
over the period of the lease
Commercial vehicles
10% straight line
Plant and equipment
5% - 20% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% 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 credited or charged to profit or loss.

Regency Oils Limited
Notes to the financial statements (continued)
For the year ended 31 May 2025
1
Accounting policies (continued)
12
1.5
Investment properties

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.7
Current asset investments

Investments are stated at market value. Gains and losses on disposal and revaluation of investments are charged or credited to the income statement.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

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.

Heritable property held for sale is carried at its market value.

1.9
Cash at bank and in hand

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.

1.10
Financial instruments

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

Debtors

Debtors do not carry interest and are stated at their nominal value. Appropriate allowances are made for estimated unrecoverable amounts, which are recognised in the profit and loss account when there is objective evidence that the asset is impaired.

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.

Regency Oils Limited
Notes to the financial statements (continued)
For the year ended 31 May 2025
1
Accounting policies (continued)
13
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.

Trade creditors

Trade creditors are not interest bearing and are stated at their nominal value.

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 income statement 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.

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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

Regency Oils Limited
Notes to the financial statements (continued)
For the year ended 31 May 2025
1
Accounting policies (continued)
14
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.

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.

1.14
Retirement benefits

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

1.15
Leases

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.

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.

2
Critical accounting 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 director does not believe there are any estimates or judgements which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Sale of goods
12,677,456
12,879,773
Regency Oils Limited
Notes to the financial statements (continued)
For the year ended 31 May 2025
3
Turnover and other revenue (continued)
15
2025
2024
£
£
Other revenue
Interest income
45,934
46,860
Dividends received
2,111
1,930
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
15,000
-
0
Depreciation of owned tangible fixed assets
102,828
103,232
Profit on disposal of tangible fixed assets
-
(22,036)
Operating lease charges
-
14,000
5
Employees

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

2025
2024
Number
Number
Management and administration
6
6
Sales and distribution
10
9
Maintenance
2
2
Total
18
17

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
480,453
417,030
Social security costs
46,722
31,953
Pension costs
129,232
127,874
656,407
576,857
Regency Oils Limited
Notes to the financial statements (continued)
For the year ended 31 May 2025
16
6
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
9,778
8,500
Company pension contributions to defined contribution schemes
60,000
60,000
69,778
68,500

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

8
Other gains and losses
Current asset investments
2025
2024
£
£
Fair value gains/(losses)
Change in value of financial assets held at fair value through profit or loss
47,553
(14,241)
17
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
219,330
144,008
Adjustments in respect of prior periods
29
(109)
Total current tax
219,359
143,899
Deferred tax
Origination and reversal of timing differences
3,679
6,841
Total tax charge
223,038
150,740

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
879,617
593,984
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
219,904
148,496
Tax effect of expenses that are not deductible in determining taxable profit
6,186
4,701
Tax effect of income not taxable in determining taxable profit
(11,888)
(5,000)
Adjustments in respect of prior years
31
(109)
Fixed asset differences
1,695
1,695
Exempt ABGH distributions
(528)
(483)
Chargeable gains
7,638
1,440
Taxation charge for the year
223,038
150,740
10
Dividends
2025
2024
£
£
Final paid
500,000
90,000
18
11
Tangible fixed assets
Heritable property
Long term leasehold property
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or deemed cost
At 1 June 2024
289,356
79,138
221,886
94,412
1,185,475
1,870,267
Additions
-
0
-
0
1,720
290
76,000
78,010
At 31 May 2025
289,356
79,138
223,606
94,702
1,261,475
1,948,277
Depreciation and impairment
At 1 June 2024
162,677
26,667
139,752
85,572
612,878
1,027,546
Depreciation charged in the year
5,796
984
4,104
1,332
90,612
102,828
At 31 May 2025
168,473
27,651
143,856
86,904
703,490
1,130,374
Carrying amount
At 31 May 2025
120,883
51,487
79,750
7,798
557,985
817,903
At 31 May 2024
126,679
52,471
82,134
8,840
572,597
842,721
11
Tangible fixed assets (continued)
19

In applying the accounting policies required by FRS 102, the company has elected that the revalued value of the land and buildings be deemed cost as from the transition date.

12
Investment property
2025
£
Fair value
At 1 June 2024
160,000
Net loss through fair value adjustments
(17,000)
At 31 May 2025
143,000

Investment property comprises both commercial and residential properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 May 2025 by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

13
Stocks
2025
2024
£
£
Goods for resale
278,213
342,208
Land held for sale
258,810
254,341
537,023
596,549
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
603,692
817,906
Other debtors
63,944
50,172
Prepayments and accrued income
44,097
40,323
711,733
908,401
15
Current asset investments
2025
2024
£
£
Listed investments
210,092
162,539

The fair value of these investments is based on the quoted share value.

20
16
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,062,622
1,305,747
Corporation tax
219,330
143,979
Other taxation and social security
13,728
10,466
Other creditors
71,254
85,244
1,366,934
1,545,436

The bank holds a bond and floating charge over the whole assets of the company.

17
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Fixed asset timing differences
150,819
153,400
Short term timing differences
(18,723)
(17,344)
Capital gains
40,157
32,518
172,253
168,574
2025
Movements in the year:
£
Liability at 1 June 2024
168,574
Charge to profit or loss
3,679
Liability at 31 May 2025
172,253
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
129,232
127,874

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.

Included within other creditors are unpaid pension contributions of £2,395 (2024 - £2,211) which were paid following the year end.

21
19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
20
Revaluation reserve

In applying the accounting policies required by FRS 102, the company has elected that the revalued value of the land and buildings be deemed cost as from the transition date.

21
Reserves

Revaluation reserve

This reserve records the gain or loss based on the difference between the revalued amount and the previous carrying amount of the asset.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

22
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
146,000
-
23
Events after the reporting date

Subsequent to the year end the company purchased the site of its depot in Aberdeen and sold its disused site in Ellon.

24
Related party transactions
Remuneration of key management personnel

The company has applied the exemption under FRS 102 paragraph 33.7A. As the sole director is also the only key management personnel and directors’ remuneration is disclosed in accordance with legal requirements, no separate disclosure of key management personnel compensation is provided.

22
25
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
656,579
443,244
Adjustments for:
Taxation charged
223,038
150,740
Investment income
(48,045)
(48,790)
Gain on disposal of tangible fixed assets
-
(22,036)
Fair value loss/(gain) on investment properties
17,000
(20,000)
Depreciation of tangible fixed assets
102,828
103,232
Other gains and losses
(47,553)
14,241
Movements in working capital:
Decrease/(increase) in stocks
59,526
(133,461)
Decrease/(increase) in debtors
196,668
(13,265)
Decrease in creditors
(253,853)
(13,759)
Cash generated from operations
906,188
460,146
26
Analysis of changes in net funds
1 June 2024
Cash flows
31 May 2025
£
£
£
Cash at bank and in hand
2,682,371
232,215
2,914,586
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