Company registration number 02589669 (England and Wales)
ROAD TANKERS (NORTHERN) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
ROAD TANKERS (NORTHERN) LIMITED
COMPANY INFORMATION
Directors
Mr F Newell
Mr S J Lawtey
Mr S J Newell
Mr D McKelvie
Company number
02589669
Registered office
Templeborough Depot
Sheffield Road
Sheffield
South Yorkshire
S9 1RT
Auditor
GBAC Limited
Old Linen Court
83-85 Shambles Street
Barnsley
South Yorkshire
S70 2SB
Bankers
HSBC
5 Market Hill
Barnsley
South Yorkshire
S70 2PY
ROAD TANKERS (NORTHERN) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditors' report
5 - 7
Income statement
8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
ROAD TANKERS (NORTHERN) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 1 -

The directors present the strategic report for the year ended 31 August 2025.

Review of the business

Turnover has de creased this year by 20.7% to £21,371,647. The directors consider the profit on ordinary activities before taxation to be satisfactory.

The key financial highlights are as follows:

2025 2024 202 3 20 22 20 21

Turnover 21,371,648 26,963,588 20,425,718 18,573,839 17,946,792

Turnover growth (%) (20.7) 32.0 10.0 3.5 2.2

Gross profit margin (%) 12.3 7.7 9.6 1 2.1 10.1

Profit/ (loss) before tax 346,306 (277,077) (60,164) 591,537 322,114

On behalf of the board

Mr S J Lawtey
Director
26 February 2026
ROAD TANKERS (NORTHERN) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 August 2025.

Principal activities

The principal activity of the company continued to be the sale of road tankers and vehicle hire.

Results and dividends

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

The dividends paid during the year totalled £Nil (20 2 4: £Nil).

Directors

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

Mr F Newell
Mr S J Lawtey
Mr S J Newell
Mr D McKelvie
Financial instruments

The company's financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors, loans to the company and finance lease agreements. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations. The company's approach to managing risks is shown below.

Liquidity risk

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments as they fall due.

Credit risk

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Research and development

The company continues to carry out development work on its existing products in order enhance them.

Future developments

The directors are confident that the company will maintain turnover and profitability in the future period.

Auditor

A resolution to reappoint GBAC Limited as auditor of the company will be proposed at the forthcoming annual general meeting.

Statement of disclosure to auditor

To the knowledge and belief of the directors, there is no relevant information that the company's auditor is not aware of, and the directors have taken all steps necessary to ensure that they are aware of any relevant information, and to establish that the company's auditor is aware of the information.

ROAD TANKERS (NORTHERN) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -
On behalf of the board
Mr S J Lawtey
Director
26 February 2026
ROAD TANKERS (NORTHERN) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2025
- 4 -

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 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 these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

ROAD TANKERS (NORTHERN) LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBER OF ROAD TANKERS (NORTHERN) LIMITED
- 5 -
Opinion

We have audited the financial statements of Road Tankers (Northern) Limited (the 'company') for the year ended 31 August 2025 which comprise the income statement, 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 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

ROAD TANKERS (NORTHERN) LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBER OF ROAD TANKERS (NORTHERN) LIMITED
- 6 -
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 directors' r eport.

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

- adequate accounting records have not been kept, 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 directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

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

We obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, application of cumulative audit knowledge and experience of the sector.

We determined the principal laws and regulations relevant to the company in this regard to be those arising from the Companies Act 2006, Local tax laws and regulations, Anti Money Laundering Legislation and Bribery Act 2010.

We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the group and company with those laws and regulations. These procedures included, but were not limited to; a review of the Board minutes throughout the year and post year end. A review of general ledger transactions and discussions with management.

We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, including the potential for management bias identified in relation to the provisions for stocks and and we addressed this by challenging the assumptions and judgements made by management when auditing that significant accounting estimate.

As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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

ROAD TANKERS (NORTHERN) LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBER OF ROAD TANKERS (NORTHERN) LIMITED
- 7 -

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 auditors' 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.

Mrs Pamela Anne Parker (Senior Statutory Auditor)
For and on behalf of GBAC Limited
26 February 2026
Statutory Auditor
Old Linen Court
83-85 Shambles Street
Barnsley
South Yorkshire
S70 2SB
ROAD TANKERS (NORTHERN) LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2025
- 8 -
2025
2024
Notes
£
£
Revenue
3
21,371,648
26,963,588
Cost of sales
(18,733,667)
(24,876,310)
Gross profit
2,637,981
2,087,278
Administrative expenses
(2,195,496)
(2,239,163)
Operating profit/(loss)
4
442,485
(151,885)
Finance costs
7
(96,178)
(125,192)
Profit/(loss) before taxation
346,307
(277,077)
Tax on profit/(loss)
8
(95,074)
63,861
Profit/(loss) for the financial year
251,233
(213,216)

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

ROAD TANKERS (NORTHERN) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2025
- 9 -
2025
2024
£
£
Profit/(loss) for the year
251,233
(213,216)
Other comprehensive income
-
-
Total comprehensive income for the year
251,233
(213,216)
ROAD TANKERS (NORTHERN) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2025
31 August 2025
- 10 -
2025
2024
Notes
£
£
£
£
Non-current assets
Intangible assets
9
15,491
22,947
Property, plant and equipment
10
1,752,896
1,964,870
1,768,387
1,987,817
Current assets
Inventories
12
6,681,987
7,065,173
Trade and other receivables
13
5,073,942
5,362,584
Cash and cash equivalents
101,002
110
11,856,931
12,427,867
Current liabilities
14
(10,420,791)
(11,396,968)
Net current assets
1,436,140
1,030,899
Total assets less current liabilities
3,204,527
3,018,716
Non-current liabilities
15
(36,845)
(83,277)
Provisions for liabilities
Deferred tax liability
18
114,185
133,175
(114,185)
(133,175)
Net assets
3,053,497
2,802,264
Equity
Called up share capital
20
2
2
Retained earnings
3,053,495
2,802,262
Total equity
3,053,497
2,802,264

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

The financial statements were approved by the board of directors and authorised for issue on 26 February 2026 and are signed on its behalf by:
Mr S J Lawtey
Director
Company registration number 02589669 (England and Wales)
ROAD TANKERS (NORTHERN) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 September 2023
2
3,015,478
3,015,480
Year ended 31 August 2024:
Loss and total comprehensive income for the year
-
(213,216)
(213,216)
Balance at 31 August 2024
2
2,802,262
2,802,264
Year ended 31 August 2025:
Profit and total comprehensive income for the year
-
251,233
251,233
Balance at 31 August 2025
2
3,053,495
3,053,497
ROAD TANKERS (NORTHERN) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
3,215,505
370,185
Interest paid
(96,178)
(125,192)
Income taxes paid
(114,064)
(67,006)
Net cash inflow from operating activities
3,005,263
177,987
Investing activities
Purchase of property, plant and equipment
(49,848)
(65,016)
Proceeds from disposal of property, plant and equipment
92,850
11,383
Net cash generated from/(used in) investing activities
43,002
(53,633)
Financing activities
Payment of finance leases obligations
(53,720)
(53,721)
Net cash used in financing activities
(53,720)
(53,721)
Net increase in cash and cash equivalents
2,994,545
70,633
Cash and cash equivalents at beginning of year
(3,060,079)
(3,130,712)
Cash and cash equivalents at end of year
(65,534)
(3,060,079)
Relating to:
Cash at bank and in hand
101,002
110
Bank overdrafts included in creditors payable within one year
(166,536)
(3,060,189)
ROAD TANKERS (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 13 -
1
Accounting policies
Company information

Road Tankers (Northern) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Templeborough Depot, Sheffield Road, Sheffield, South Yorkshire, S9 1RT.

1.1
Basis of preparation

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

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

The financial statements have been prepared under the historical cost convention. 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 directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

ROAD TANKERS (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 14 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.

Amortisation 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:

Development Costs
5% on straight line basis
1.6
Property, plant and equipment

Property, plant and equipment 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% on straight line basis
Leasehold land and buildings
2% on straight line basis
Plant and machinery
15% on reducing balance
Fixtures, fittings & equipment
15% on reducing balance
Motor vehicles/ Hire vehicles
20% - 25% on reducing balance

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

1.7
Impairment of non-current 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.

ROAD TANKERS (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 15 -
1.8
Inventories

Inventories are stated at the lower of weighted average 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 inventories to their present location and condition.

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

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.

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 statement of financial position 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 trade and other receivables 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.

ROAD TANKERS (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

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

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

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the 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 trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

ROAD TANKERS (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 17 -
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 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. Deferred tax is charged or credited in the income statement, 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.

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 non-current 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

The company operated a defined contribution pension scheme, contributions to which are charged to the profit and loss account for the year in which they are payable to the scheme.

ROAD TANKERS (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 18 -
1.15
Leases
As lessee

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 statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

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

3
Revenue

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

2025
2024
£
£
Revenue analysed by class of business
Sale of road tankers and vehicle hire
21,371,648
26,963,588
2025
2024
£
£
Revenue analysed by geographical market
United Kingdom
21,225,709
26,377,396
Other EEC countries
145,939
586,192
21,371,648
26,963,588
ROAD TANKERS (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 19 -
4
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange gains
(15,431)
(13,337)
Fees payable to the company's auditor for the audit of the company's financial statements
10,000
10,000
Depreciation of property, plant and equipment
187,167
202,572
Profit on disposal of property, plant and equipment
(18,195)
(6,672)
Amortisation of intangible assets
7,456
7,456
5
Employees

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

2025
2024
Number
Number
Production
114
120
Sales
3
4
Administration
20
20
Distribution
7
7
Total
144
151

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
5,261,853
5,253,660
Social security costs
585,412
511,517
Pension costs
121,795
113,107
5,969,060
5,878,284
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
76,360
78,065
Company pension contributions to defined contribution schemes
8,099
-
84,459
78,065
ROAD TANKERS (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 20 -
7
Finance costs
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
90,000
118,286
Other finance costs
Interest on finance leases and hire purchase contracts
6,178
6,180
Other interest
-
0
726
96,178
125,192
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
111,967
(47,006)
Adjustments in respect of prior periods
2,097
-
0
Total current tax
114,064
(47,006)
Deferred tax
Origination and reversal of timing differences
(18,990)
(16,855)
Total tax charge/(credit)
95,074
(63,861)

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

2025
2024
£
£
Profit/(loss) before taxation
346,307
(277,077)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
86,577
(69,269)
Tax effect of expenses that are not deductible in determining taxable profit
992
-
0
Adjustments in respect of prior years
2,097
-
0
Permanent capital allowances in excess of depreciation
24,398
22,263
Other non-reversing timing differences
(18,990)
(16,855)
Taxation charge/(credit) for the year
95,074
(63,861)
ROAD TANKERS (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 21 -
9
Intangible fixed assets
Development Costs
£
Cost
At 1 September 2024 and 31 August 2025
85,961
Amortisation and impairment
At 1 September 2024
63,014
Amortisation charged for the year
7,456
At 31 August 2025
70,470
Carrying amount
At 31 August 2025
15,491
At 31 August 2024
22,947
10
Property, plant and equipment
Freehold land and buildings
Leasehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles/ Hire vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2024
765,110
655,384
2,383,426
189,950
574,371
4,568,241
Additions
-
0
-
0
6,750
-
0
43,098
49,848
Disposals
-
0
-
0
-
0
-
0
(132,743)
(132,743)
At 31 August 2025
765,110
655,384
2,390,176
189,950
484,726
4,485,346
Depreciation and impairment
At 1 September 2024
175,770
146,743
1,814,370
146,782
319,706
2,603,371
Depreciation charged in the year
10,792
10,840
92,480
6,320
66,735
187,167
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(58,088)
(58,088)
At 31 August 2025
186,562
157,583
1,906,850
153,102
328,353
2,732,450
Carrying amount
At 31 August 2025
578,548
497,801
483,326
36,848
156,373
1,752,896
At 31 August 2024
589,340
508,641
569,056
43,168
254,665
1,964,870
ROAD TANKERS (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
10
Property, plant and equipment
(Continued)
- 22 -

Included within property, plant and equipment are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and machinery
81,384
95,746
Motor vehicles/ Hire vehicles
-
0
92,100
81,384
187,846
11
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
4,949,151
5,243,838
Carrying amount of financial liabilities
Measured at amortised cost
9,746,534
10,816,377
12
Inventories
2025
2024
£
£
Raw materials and consumables
2,990,952
3,621,623
Work in progress
3,691,035
3,443,550
6,681,987
7,065,173
13
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Trade receivables
3,356,285
4,740,325
Amounts owed by group undertakings
1,500,355
419,074
Other receivables
92,511
84,439
Prepayments and accrued income
124,791
118,746
5,073,942
5,362,584
ROAD TANKERS (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 23 -
14
Current liabilities
2025
2024
Notes
£
£
Bank loans and overdrafts
16
166,536
3,060,189
Obligations under finance leases
17
46,433
53,721
Trade payables
3,790,327
3,514,707
Amounts owed to group undertakings
4,650,118
2,407,642
Taxation and social security
711,102
663,868
Other payables
367,833
333,362
Accruals and deferred income
688,442
1,363,479
10,420,791
11,396,968

The HSBC Bank plc overdraft is secured by a debenture giving a fixed and floating charge over the assets of the company.

Amounts on finance leases are secured on the assets to which they relate.

15
Non-current liabilities
2025
2024
Notes
£
£
Obligations under finance leases
17
36,845
83,277

Amounts on finance leases are secured on the assets to which they relate.

16
Borrowings
2025
2024
£
£
Bank overdrafts
166,536
3,060,189
Payable within one year
166,536
3,060,189

The HSBC Bank plc overdraft is secured by a debenture giving a fixed and floating charge over the assets of the company.

17
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
46,433
53,721
After more than one year
36,845
83,277
83,278
136,998
ROAD TANKERS (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
17
Finance lease obligations
(Continued)
- 24 -
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
46,433
53,721
In two to five years
36,845
83,277
83,278
136,998

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. 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 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
114,185
133,175
2025
Movements in the year:
£
Liability at 1 September 2024
133,175
Credit to profit or loss
(18,990)
Liability at 31 August 2025
114,185

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

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
121,795
113,107

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.

ROAD TANKERS (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 25 -
20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
21
Financial commitments, guarantees and contingent liabilities

The company has given an unlimited guarantee to its bankers in respect of the bank borrowings of other group companies, which at the balance sheet date amounted to £5,202,681.

22
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Other related parties
516,358
148,675
675,468
808,800

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Other related parties
292,454
233,037

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Other related parties
90,426
65,655
23
Directors' transactions

Transactions have been made between the company and NWT Sales and Service, of which the shareholders are partners.

During the period rent totalling £1 58,820 was paid to NWT Sales and Service.

All transactions with the directors and this business during the year were carried out at open market values.

24
Ultimate controlling party

The director considers NWT Holdings Limited to be the ultimate holding company. Mr F Newell is the ultimate controlling party of that company. The registered office of the parent is Templeborough Depot, Sheffield Road, Sheffield, South Yorkshire, S9 1RT.

The accounts of the company are consolidated into the group NWT Holdings Limited

ROAD TANKERS (NORTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 26 -
25
Cash generated from operations
2025
2024
£
£
Profit/(loss) after taxation
251,233
(213,216)
Adjustments for:
Taxation charged/(credited)
95,074
(63,861)
Finance costs
96,178
125,192
Gain on disposal of property, plant and equipment
(18,195)
(6,672)
Amortisation and impairment of intangible assets
7,456
7,456
Depreciation and impairment of property, plant and equipment
187,167
202,572
Movements in working capital:
Decrease in inventories
383,186
1,402,336
Decrease in trade and other receivables
288,642
1,681,391
Increase/(decrease) in trade and other payables
1,924,764
(2,765,013)
Cash generated from operations
3,215,505
370,185
26
Analysis of changes in net debt
1 September 2024
Cash flows
31 August 2025
£
£
£
Cash at bank and in hand
110
100,892
101,002
Bank overdrafts
(3,060,189)
2,893,653
(166,536)
(3,060,079)
2,994,545
(65,534)
Lease liabilities
(136,998)
53,720
(83,278)
(3,197,077)
3,048,265
(148,812)
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