Company registration number SC058359 (Scotland)
CHRYSTAL PETROLEUM COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CHRYSTAL PETROLEUM COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr A Chrystal
Mrs W Chrystal
Secretary
Mr S Thomson
Company number
SC058359
Registered office
Cluny
By Kirkcaldy
Fife
KY2 6QX
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
CHRYSTAL PETROLEUM COMPANY LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 21
CHRYSTAL PETROLEUM COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

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

Review of business

Turnover decreased during the year predominantly due to the decrease in the price of oil. Our volume for the year was largely comparable to 2024.

Principal risks and uncertainties

The principal risks and uncertainties facing the company will depend on the recovery and stability of the UK economy. The directors continue to monitor the risks and react accordingly.

Operating performance and key performance indicators

Operating Performance

| 2025 |  | 2024
| £’000 |  | £’000
Turnover | 42,238 |  | 48,405
Gross Margin | 3,842 |  | 3,758
Operating Profit | 1,068 |  | 879
Profit Before Tax | 1,229 |  | 989
Total Assets less current liabilities | 10,357 |  | 9,549

Key Performance Indicators

Turnover (Reduction)/Growth (£’000) | (6,167) |  | (5,828)
Gross Margin % | 9.09% |  | 7.76%
Operating Profit % | 2.53% |  | 1.82%

Future developments

The business has a solid customer base and will continue to retain its existing market share. The directors will strive to maintain as much diversity as possible, supplying agriculture, domestic, industrial and marine customers.

On behalf of the board

Mr A Chrystal
Director
19 November 2025
CHRYSTAL PETROLEUM COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

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

Principal activities

The principal activity of the company continued to be that of the retail and distribution of petroleum products.

Results and dividends

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

Ordinary dividends were paid amounting to £168,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr A Chrystal
Mrs W Chrystal
Auditor

The auditor, Thomson Cooper, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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.

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.

CHRYSTAL PETROLEUM COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -
On behalf of the board
Mr A Chrystal
Director
19 November 2025
CHRYSTAL PETROLEUM COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHRYSTAL PETROLEUM COMPANY LIMITED
- 4 -
Opinion

We have audited the financial statements of Chrystal Petroleum Company Limited (the 'company') for the year ended 30 June 2025 which comprise the profit and loss account, the balance sheet, 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 30 June 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 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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- 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.

CHRYSTAL PETROLEUM COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHRYSTAL PETROLEUM COMPANY 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 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.

Auditor's responsibilities for the audit of the financial statements

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

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

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

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 income, posting of unusual journals along with complex transactions and manipulating the Company’s key performance indicators to meet targets. We discussed these risks with client management, designed audit procedures to test the timing of revenue, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards).

We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the company.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

CHRYSTAL PETROLEUM COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHRYSTAL PETROLEUM COMPANY LIMITED (CONTINUED)
- 6 -

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. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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.

Jacqueline Whyte (Senior Statutory Auditor)
For and on behalf of Thomson Cooper, Statutory Auditors
Dunfermline
19 November 2025
CHRYSTAL PETROLEUM COMPANY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
42,237,731
48,404,949
Cost of sales
(38,395,270)
(44,646,491)
Gross profit
3,842,461
3,758,458
Administrative expenses
(2,812,971)
(2,916,437)
Other operating income
38,592
37,077
Operating profit
4
1,068,082
879,098
Interest receivable and similar income
7
160,458
111,869
Interest payable and similar expenses
8
-
0
(1,521)
Profit before taxation
1,228,540
989,446
Tax on profit
9
(315,688)
(255,398)
Profit for the financial year
912,852
734,048

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

CHRYSTAL PETROLEUM COMPANY LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,312,194
2,095,729
Current assets
Stocks
12
220,963
252,589
Debtors
13
4,704,096
5,078,301
Investments
14
25
25
Cash at bank and in hand
6,506,899
5,903,568
11,431,983
11,234,483
Creditors: amounts falling due within one year
15
(3,386,740)
(3,781,646)
Net current assets
8,045,243
7,452,837
Total assets less current liabilities
10,357,437
9,548,566
Provisions for liabilities
Deferred tax liability
16
422,975
358,956
(422,975)
(358,956)
Net assets
9,934,462
9,189,610
Capital and reserves
Called up share capital
18
15,000
15,000
Profit and loss reserves
9,919,462
9,174,610
Total equity
9,934,462
9,189,610

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 19 November 2025 and are signed on its behalf by:
Mr A Chrystal
Director
Company registration number SC058359 (Scotland)
CHRYSTAL PETROLEUM COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2023
15,000
8,532,562
8,547,562
Year ended 30 June 2024:
Profit and total comprehensive income
-
734,048
734,048
Dividends
10
-
(92,000)
(92,000)
Balance at 30 June 2024
15,000
9,174,610
9,189,610
Year ended 30 June 2025:
Profit and total comprehensive income
-
912,852
912,852
Dividends
10
-
(168,000)
(168,000)
Balance at 30 June 2025
15,000
9,919,462
9,934,462
CHRYSTAL PETROLEUM COMPANY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,581,343
1,818,715
Interest paid
-
0
(1,521)
Income taxes paid
(399,146)
(159,753)
Net cash inflow from operating activities
1,182,197
1,657,441
Investing activities
Purchase of tangible fixed assets
(686,824)
(439,006)
Proceeds from disposal of tangible fixed assets
115,500
254,000
Interest received
160,458
111,869
Net cash used in investing activities
(410,866)
(73,137)
Financing activities
Dividends paid
(168,000)
(92,000)
Net cash used in financing activities
(168,000)
(92,000)
Net increase in cash and cash equivalents
603,331
1,492,304
Cash and cash equivalents at beginning of year
5,903,568
4,411,264
Cash and cash equivalents at end of year
6,506,899
5,903,568
CHRYSTAL PETROLEUM COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
1
Accounting policies
Company information

Chrystal Petroleum Company Limited is a private company limited by shares incorporated in Scotland. The registered office is Cluny, By Kirkcaldy, Fife, KY2 6QX.

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.

The directors have considered a period of 12 months from the date of approval of the financial statements.

1.3
Revenue

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes on petroleum sales.

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, on delivery of the products to the customer.

1.4
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% or 4% on cost
Plant and equipment
20% per annum reducing balance
Fixtures and fittings
25% per annum reducing balance
Motor vehicles
25% per annum 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.

CHRYSTAL PETROLEUM COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 12 -
1.5
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.

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.

1.6
Stocks

Cost is calculated on a first in, first out basis.

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.

1.7
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.

1.8
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.

CHRYSTAL PETROLEUM COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 13 -
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, 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

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.

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.

CHRYSTAL PETROLEUM COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

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

1.9
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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset 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.

1.10
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.

1.11
Retirement benefits

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

1.12
Leases
As lessee

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.

CHRYSTAL PETROLEUM COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -
As lessor

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

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

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.

In the preparation of the financial statements, the directors have considered the recoverable amount of the £1.6m loan made to a connected company. A provision of £210,000 has been made to reduce the value of the debtor to its recoverable amount. No change was required in the current year.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sales of fuel and lubricants
42,237,731
48,404,949
2025
2024
£
£
Turnover analysed by geographical market
UK Sales
42,237,731
48,404,949
2025
2024
£
£
Other revenue
Interest income
160,458
111,869
CHRYSTAL PETROLEUM COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 16 -
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
6,750
6,100
Depreciation of tangible fixed assets
420,015
457,409
Profit on disposal of tangible fixed assets
(65,156)
(48,279)
Operating lease charges
2,731
2,561
5
Employees

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

2025
2024
Number
Number
Directors
2
2
Office staff
7
7
Drivers
15
15
Sales representatives
2
2
Total
26
26

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,307,828
1,312,545
Social security costs
147,479
150,545
Pension costs
108,284
115,263
1,563,591
1,578,353

The key management personnel are considered to be the directors of the company.

6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
103,841
120,884
CHRYSTAL PETROLEUM COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 17 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
157,524
111,260
Other interest income
2,934
609
Total income
160,458
111,869
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
157,524
111,260
8
Interest payable and similar expenses
2025
2024
£
£
Other finance costs
Other interest
-
0
1,521
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
251,669
265,428
Deferred tax
Origination and reversal of timing differences
64,019
(10,030)
Total tax charge
315,688
255,398

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
1,228,540
989,446
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
307,135
247,362
Tax effect of expenses that are not deductible in determining taxable profit
516
-
0
Depreciation on assets not qualifying for tax allowances
8,037
8,036
Taxation charge for the year
315,688
255,398
CHRYSTAL PETROLEUM COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 18 -
10
Dividends
2025
2024
£
£
Final paid
168,000
92,000
11
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2024
879,202
365,679
38,082
3,174,072
4,457,035
Additions
-
0
35,365
2,863
648,596
686,824
Disposals
-
0
-
0
-
0
(448,909)
(448,909)
At 30 June 2025
879,202
401,044
40,945
3,373,759
4,694,950
Depreciation and impairment
At 1 July 2024
332,877
278,771
35,339
1,714,319
2,361,306
Depreciation charged in the year
32,147
21,826
829
365,213
420,015
Eliminated in respect of disposals
-
0
-
0
-
0
(398,565)
(398,565)
At 30 June 2025
365,024
300,597
36,168
1,680,967
2,382,756
Carrying amount
At 30 June 2025
514,178
100,447
4,777
1,692,792
2,312,194
At 30 June 2024
546,325
86,908
2,743
1,459,753
2,095,729
12
Stocks
2025
2024
£
£
Finished goods and goods for resale
220,963
252,589
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,247,234
3,617,486
Other debtors
(see note 20)
1,432,145
1,434,197
Prepayments and accrued income
24,717
26,618
4,704,096
5,078,301
CHRYSTAL PETROLEUM COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
14
Current asset investments
2025
2024
£
£
Unlisted investments
25
25
15
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
3,173,285
3,423,582
Corporation tax
117,951
265,428
Other taxation and social security
78,099
72,850
Other creditors
228
228
Accruals and deferred income
17,177
19,558
3,386,740
3,781,646
16
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
422,975
358,956
2025
Movements in the year:
£
Liability at 1 July 2024
358,956
Charge to profit or loss
64,019
Liability at 30 June 2025
422,975

The provision for deferred tax is made up of accelerated capital allowances which are expected to reverse over the next three years.

CHRYSTAL PETROLEUM COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 20 -
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
108,284
115,263

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.

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
9,000
11,250
9,000
11,250
A Ordinary share of £1 each
3,750
3,750
3,750
3,750
B Ordinary share of £1 each
750
0
750
-
0
C Ordinary share of £1 each
750
0
750
-
0
D Ordinary share of £1 each
750
0
750
-
0
15,000
15,000
15,000
15,000

On 8 January 2025, a share reorganisation took place. 2,250 Ordinary shares were reclassified as 750 B ordinary shares, 750 C ordinary shares and 750 D ordinary shares.

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any distribution, including a distribution arising from a winding up of the company.

19
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
184,000
357,291
20
Events after the reporting date

On 15 August 2025 it was agreed that a dividend of £933.333 per 'B' Ordinary Share and 'C' Ordinary Share be declared. Total dividends on these two categories of shares amounted to £1,400,000.

21
Related party transactions

Included in other debtors is an amount of £1,390,000 (2024 - £1,390,000) due from Chrystal Energy Investments Limited, the directors of the company are also directors and shareholders in Chrystal Energy Investments Limited. The debtor amount is net of a provision made of £210,000.

CHRYSTAL PETROLEUM COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
22
Cash generated from operations
2025
2024
£
£
Profit after taxation
912,852
734,048
Adjustments for:
Taxation charged
315,688
255,398
Finance costs
-
0
1,521
Investment income
(160,458)
(111,869)
Gain on disposal of tangible fixed assets
(65,156)
(48,279)
Depreciation and impairment of tangible fixed assets
420,015
457,409
Movements in working capital:
Decrease in stocks
31,626
10,462
Decrease in debtors
374,205
394,617
(Decrease)/increase in creditors
(247,429)
125,408
Cash generated from operations
1,581,343
1,818,715
23
Analysis of changes in net debt
2025
£
Opening net funds
Cash at bank and in hand
5,903,568
Changes in net debt arising from:
Cash flows of the entity
603,331
Closing net funds as analysed below
6,506,899
Closing net funds
Cash at bank and in hand
6,506,899
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