Coryton Advanced Fuels Limited
Annual Report and Financial Statements
For the year ended 31 December 2025
Company Registration No. 07232065 (England and Wales)
Coryton Advanced Fuels Limited
Company Information
Directors
C Charlton
J R King
D Richardson
Company number
07232065
Registered office
The Manorway
Coryton
Stanford Le Hope
Essex
SS17 9LN
Auditor
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Coryton Advanced Fuels Limited
Contents
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 12
Statement of comprehensive income
13
Balance sheet
14
Statement of changes in equity
15
Notes to the financial statements
16 - 33
Coryton Advanced Fuels Limited
Strategic Report
For the year ended 31 December 2025
Page 1

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

Review of the business

The company’s principal activity is the formulation, blending and supply of specialist fuels to the automotive, aviation, motorsport, marine and non-road mobile machinery industries, with an increasing focus on the development and application of bespoke sustainable solutions that deliver significant reductions in greenhouse gas emissions and contribute to a cleaner future.

On 8 February 2022, the company, together with its subsidiary companies and immediate parent holding company, Premier Bidco Limited, was acquired by Lantmännen Aspen AB, a wholly owned subsidiary of the Lantmännen group, a co-operative based in Sweden.

The market for the bulk supply of specialist, first fill, and reference fuels remains highly competitive. The company has continued to develop its own niche by focusing on collaborating with customers and sectors where it can innovate and add significant value, over and above its competitors, as a result of the technical expertise of its personnel, the efficiency of its production facility and the quality of its service.

Results and performance

The results reported are for the year ended 31 December 2025 (‘2025’). Comparatives, unless otherwise stated, are for year ended 31 December 2024 (‘2024’).

Revenue for 2025 was £29,149,463 (2024: £25,137,317). Revenue for 2025 was generated from the sale of 12.5 million litres of fuel (2024: 10.7 million litres) and the provision of associated ancillary services (technical consultancy, analysis, distribution, storage etc.).

EBITDA before exchange rate losses (resulting from the conversion of Euro cash balances throughout the year and stock, debtor, and cash balances denominated in euros as at the year-end) was £5,597,070 for 2025 (2024: £4,710,788) – an EBITDA margin of 19% (2024: 19%). Overhead spend in 2025 was £8,647,274 (2024: £7,167,961).

The profit for 2025 of £3,706,598 (2024: £3,002,578) is stated net of tax, after allowable group reliefs for the year.

As at 31 December 2025 the company had pooled cash reserves of £3,733,524 (2024: £4,466,379). The company seeks to manage its cash resources in order to maintain appropriate headroom on its working capital facilities.

Business development

During 2025 the company continued to promote its technical expertise and innovation in the field of sustainable fuels, positioning it as a market leader within this growing sector. The Sustain brand continues to gather momentum, supported by a number of successful promotional events during the year. Sustain fuels balance innovation and the environment with bespoke advanced sustainable fuel solutions. These fuels can be substituted or ‘dropped-in’ as sustainable alternatives to fossil fuels using existing infrastructure and without any modifications to engines.

The company leases tank capacity at Tank Opslag Verbeke in Belgium (TOV), providing external blend and storage capacity to support its bulk diesel supply programs, primarily for Germany, but also for other European customers. The total volume blended at TOV in 2025 was 6.9 million litres (2024: 3.76 million litres). The increase was driven by renewed demand for diesel test fuels. This capacity has the duel benefit of more efficiently servicing the company’s growing bulk supply contracts in mainland Europe and maintaining capacity in the UK production facility for smaller more bespoke and innovative product development.

Coryton Advanced Fuels Limited
Strategic Report (Continued)
For the year ended 31 December 2025
Page 2

During 2025 the group continued to invest in the supply chain system it first installed in 2019. This system continues to deliver improvements to process management and reporting, while boosting production efficiency and providing high quality, reliable management information. A project to replace the UK site control system also began in earnest during the year. The project is due to complete in 2026 and is expected to support improvements in production efficiency, digital integration and safety.

Key performance indicators

The senior management and board of directors monitor the progress of the company by reference to specific KPIs, which are produced and reviewed on a weekly and monthly basis.

Weekly

Health, safety and environmental (HSE) – all HSE related matters are reported as soon as possible after occurrence and full investigation reports produced within 48 hours. These are reviewed by the directors weekly and signed off as closed once remedial actions arising have been implemented. A committee of HSE representatives meets regularly to discuss HSE concerns and areas for improvement to ensure maintenance of safe working practices and protection for the environment.

Quality assurance (QA) – an on-going process of QA is operated with regards to adherence to processes, achievement of fuel specifications and customer service satisfaction. Feedback from customers, both adverse and favourable, is reviewed regularly by senior management as integral to a continuous improvement program for customer service.

Revenue assessment – based on the volume of fuel despatched in the previous week, an assessment of revenue is compiled by applying quoted pricing. This provides critical insight into how revenue is building each month, in advance of the full month end management accounts becoming available, while also providing essential categorisation of revenue and fuel volumes by customer and market sector.

Blend volumes – production is monitored closely through the volume of fuel blended on average per week, compared to pre-set targets derived from the company’s budget process and on-going commercial forecasting. In 2025 a total of 5.3 million litres were produced (2024: 4.5 million litres) at the company’s blending facility in Essex – an average of c.106,000 litres per week (2024: c.89,000) over a 51-week production year. The volume was higher due to a shift in demand for more technical niche solutions which tend to be packed goods rather than bulk supply. These volumes are in addition to the blends at TOV. Blend volumes produced are compared to the volumes of fuel despatched and invoiced each week and a reconciliation is undertaken, as not all fuel despatched requires blending and an increasing quantity of fuel despatched is held in transitory storage for up to several weeks, prior to onward delivery to the customer.

Volume in production plan – all new orders and anticipated call-offs on framework contracts are added into a production plan that categorises volumes between pre-production (i.e. formulation), production (i.e. blending) and analysis. Volumes are moved between categories on the plan throughout the production process. This enables management to efficiently schedule blend production, in order to optimise utilisation of its blending facility; and to assess average lead-times for blending – an essential performance factor for the customer sales process.

Sales pipeline – the company monitors the extent of fuel volume quoted versus fuel volume ordered; the quantum of orders received being assessed against the required run rate for achievement of budget and/or rolling forecasts.

Coryton Advanced Fuels Limited
Strategic Report (Continued)
For the year ended 31 December 2025
Page 3

Monthly

In addition to the weekly reporting and monitoring of KPIs, the company produces a comprehensive monthly report for review by the board of directors and submission to the Lantmännen group. This includes detailed finance schedules and activity reports from senior management responsible for commercial, production, capital investment projects, HSE and QA.

Within the monthly report, there is a focus on health, safety, environmental and quality performance, as well as sales volumes, revenue and gross margin – the latter being dependent on the mix of custom in any period between low and high margin yielding contracts.

The report also includes a historical analysis of the rolling twelve-month performance for the last twelve months (‘LTM’) in respect of sales volumes, revenue, EBITDA and gross margin per litre of fuel sold. This is specifically to look at the performance trend over a longer period, thereby smoothing the effect of individual months.

Principal risks and uncertainties

Management of key risk areas is addressed through a framework of policies, procedures and internal controls. All policies are subject to board approval and ongoing review by management. Compliance with regulation, health and safety, legal and ethical standards is a high priority for the group and the directors take on an important oversight role in this regard.

The company’s blending facility is designated a lower tier COMAH (Control of Major Accident Hazards) site; and there is an on-going program of intervention visits from the relevant Competent Authorities, focused on compliance with the appropriate standards and guidelines for best practice in respect of safe operation of the blending facility – specifically with regards to the group’s personnel, third parties and the environment. The group has appointed a designated HSE Manager, a Compliance Officer and during the year a Process Safety Advisor to manage all aspects of compliance for COMAH as well as Occupational Health and Safety and the group’s ISO accreditations.

The industry served by the company is constantly evolving, due to legislative changes and market demands with regards to the requirement for road vehicles. This is expected to affect the mix of custom received by the company split between requirement for specialist diesel, gasoline and sustainable fuels. The group is well placed to react to these changes as they occur, with appropriate technical expertise and by adapting the use of its blending facilities to manage any material switch in production demand.

The ongoing position with regards to the UK’s decision to leave the European Union continues to present additional complexity for UK businesses trading with Europe. The company believes the eventual impact on it is likely to be small, as its European based customers continue to have an on-going requirement for the fuels it produces that would be difficult to source from European based competitors.

Around 45-50% of the company’s income streams are denominated in euros. After settlement of all euro denominated costs, the group manages its exposure to adverse movements in currency translation rates for its residual net euro cash flows through a hedging strategy based on the layering of forward contracts.

Coryton Advanced Fuels Limited
Strategic Report (Continued)
For the year ended 31 December 2025
Page 4
Future developments

The company continues to serve its traditional customer base in the UK and Europe whilst seeking opportunities for expansion into other geographical areas, such as North America and Brazil. The motorsport sector remains a key target along with the automotive markets in Japan and South Korea.

The company has continued to dedicate resource to the development of new sustainable fuels, for example hydrocarbon fuels derived from sustainable or recycled sources. Interest from customers in sustainable solutions continues to grow and presents an opportunity to drive future revenue growth. The group is at the forefront of sustainable fuels innovation and is collaborating with industry forums and customers as early adopters, to actively promote their use as integral to the solution for reducing the extent of greenhouse gas emissions from fossil fuels.

On behalf of the board

J R King
Director
31 March 2026
Coryton Advanced Fuels Limited
Directors' Report
For the year ended 31 December 2025
Page 5

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

Principal activities

The principal activity of the company continued to be the design and supply of bespoke fuels to the automotive and aviation industries.

Going concern
The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £1,568,096 (2024: £2,461,976).The directors do not recommend payment of a final dividend.

Directors

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

A D Willson
(Resigned 4 July 2025)
C Charlton
A Gimmini
(Resigned 7 July 2025)
J R King
D Richardson
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Going concern

These financial statements have been prepared on a going concern basis, which assume that the company will be able to continue to trade and meet its debts as they fall due for the foreseeable future, as a minimum for a period of at least twelve months from the date of approval of these financial statements.

The Company has prepared cash flow forecasts that demonstrate its ability to effectively manage its cash flow and satisfy its financial obligations within a range of possible scenarios. The company has received a letter of support from Lantmännen ek f ör confirming that it will provide support as required for twelve months from the date that these accounts are signed. It is the expectation of the directors that the Company will be able to meet its liabilities as they fall due over a period of at least twelve months from the date of approval of these financial statements.

Auditor

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the company will be put at a General Meeting.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of review of the business and future developments.

Coryton Advanced Fuels Limited
Directors' Report (Continued)
For the year ended 31 December 2025
Page 6
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.

On behalf of the board
J R King
Director
31 March 2026
Coryton Advanced Fuels Limited
Directors' Responsibilities Statement
For the year ended 31 December 2025
Page 7

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.

Coryton Advanced Fuels Limited
Independent Auditor's Report
To the Members of Coryton Advanced Fuels Limited
Page 8
Opinion

We have audited the financial statements of Coryton Advanced Fuels Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 December 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.

Coryton Advanced Fuels Limited
Independent Auditor's Report (Continued)
To the Members of Coryton Advanced Fuels Limited
Page 9

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.

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.

Coryton Advanced Fuels Limited
Independent Auditor's Report (Continued)
To the Members of Coryton Advanced Fuels Limited
Page 10
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Coryton Advanced Fuels Limited
Independent Auditor's Report (Continued)
To the Members of Coryton Advanced Fuels Limited
Page 11

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

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

Coryton Advanced Fuels Limited
Independent Auditor's Report (Continued)
To the Members of Coryton Advanced Fuels Limited
Page 12

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.

Karen Wardell
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
31 March 2026
Chartered Accountants
Statutory Auditor
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Coryton Advanced Fuels Limited
Statement of Comprehensive Income
For the year ended 31 December 2025
Page 13
2025
2024
Notes
£
£
Turnover
3
29,149,463
25,137,317
Cost of sales
(16,425,265)
(14,477,945)
Gross profit
12,724,198
10,659,372
Distribution costs
(920,166)
(608,260)
Administrative expenses
(7,411,400)
(6,723,657)
Other operating income
413,983
471,861
Operating profit
4
4,806,615
3,799,316
Interest receivable and similar income
7
117,436
218,366
Interest payable and similar expenses
8
(405,840)
(472,498)
Amounts written off investments
9
-
559
Profit before taxation
4,518,211
3,545,743
Tax on profit
10
(811,613)
(543,165)
Profit for the financial year
3,706,598
3,002,578

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

Coryton Advanced Fuels Limited
Balance Sheet
As at 31 December 2025
Page 14
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
227,378
253,357
Tangible assets
13
10,927,175
9,357,912
Investments
14
95,252
95,252
11,249,805
9,706,521
Current assets
Stock
16
5,562,306
5,080,651
Debtors - cash pooling arrangement
17
3,733,524
4,466,379
Debtors
17
7,022,387
5,060,258
Cash at bank and in hand
758
1,056
16,318,975
14,608,344
Creditors: amounts falling due within one year
18
(4,581,977)
(3,476,899)
Net current assets
11,736,998
11,131,445
Total assets less current liabilities
22,986,803
20,837,966
Creditors: amounts falling due after more than one year
19
(6,000,000)
(6,000,000)
Provisions for liabilities
Deferred tax liability
22
(1,010,891)
(1,000,556)
(1,010,891)
(1,000,556)
Net assets
15,975,912
13,837,410
Capital and reserves
Called up share capital
25
1,281,012
1,281,012
Revaluation reserve
26
799,344
817,217
Profit and loss reserves
26
13,895,556
11,739,181
Total equity
15,975,912
13,837,410
The financial statements were approved by the board of directors and authorised for issue on 31 March 2026 and are signed on its behalf by:
J R King
Director
Company Registration No. 07232065
Coryton Advanced Fuels Limited
Statement of Changes in Equity
For the year ended 31 December 2025
Page 15
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
1,281,012
835,090
11,180,706
13,296,808
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
3,002,578
3,002,578
Dividends
11
-
-
(2,461,976)
(2,461,976)
Other movements
-
(17,873)
17,873
-
Balance at 31 December 2024
1,281,012
817,217
11,739,181
13,837,410
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
3,706,598
3,706,598
Dividends
11
-
-
(1,568,096)
(1,568,096)
Other movements
-
(17,873)
17,873
-
Balance at 31 December 2025
1,281,012
799,344
13,895,556
15,975,912
Coryton Advanced Fuels Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 16
1
Accounting policies
Company information

Coryton Advanced Fuels Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Manorway, Coryton, Stanford Le Hope, Essex, SS17 9LN.

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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

The financial statements of the company are consolidated in the financial statements of Lantmannen ek for.These consolidated financial statements are available from its registered office, Box 30192 104 25 Stockholm.

The company has taken advantage of the exemption under section 40 1 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

These financial statements have been prepared on a going concern basis, which assume that the company will be able to continue to trade and meets its debts as they fall due for the foreseeable future, as a minimum for a period of at least twelve months from the date of approval of these financial statements.true

The Company has prepared cash flow forecasts that demonstrate its ability to effectively manage its cash flow and satisfy its financial obligations within a range of possible scenarios. It is the expectation of the directors that the Company will be able to meet its liabilities as they fall due over a period of at least twelve months from the date of approval of these financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. The sale of goods is recognised on the date of dispatch. The sale of other services is recognised at the point of which the service is delivered to the customer.

Coryton Advanced Fuels Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 17
1.4
Management charges

Management charges are recognised at the fair value of the consideration received or receivable for the sale of services to group companies.

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 where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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
straight line over 5 years
Brand development
straight line over 3 years
Website domains
straight line over 10 years
Trademarks and patents
straight line over 3 years

Development costs are amortised once the development project has completed and moved into the commercial phase. Development costs include costs incurred on external testing of the development fuels, as well as the cost of the development fuels tested (determine at a set rate per litre of fuel) and the costs of carriage in shipping the fuels to the external test facilities.

1.6
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% on cost
Improvements to property
2% on cost upon completion
Plant and equipment
10% on cost
Computer equipment
25% on cost
Motor vehicles
20% on cost
Utilities
10% on cost

Freehold land is not depreciated.

Coryton Advanced Fuels Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 18

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.

The company took advantage of paragraph 35.10(c) of Chapter 35 of FRS 102 to restate some of its freehold land and buildings to fair value at the date of transition, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value is usually considered to be their market value. The revaluation gain upon transition was recognised directly in equity, except to the extent that an impairment loss exceeds the revaluation gains recognised in equity, such gains and loss are recognised in profit or loss. The company's freehold land and buildings were revalued in 2015 and the valuation at that date was taken as the deemed cost upon transition to FRS 102.

Excess depreciation arising from any revaluation is the subject of an annual transfer from the profit and loss reserve to the revaluation reserve.

1.7
Fixed asset investments

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

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

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Coryton Advanced Fuels Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 19
1.9
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

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

1.10
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.

1.11
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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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.

1.12
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.

Coryton Advanced Fuels Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 20
1.13
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax. Current tax assets are recognised when tax paid exceeds the tax payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.16
Retirement benefits

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

Coryton Advanced Fuels Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 21
1.17
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.

1.18
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.

Coryton Advanced Fuels Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 22
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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful life of tangible fixed assets

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property, plant and equipment and note 1.6 for the useful economic lives for each class of asset.

Useful life of intangible assets

The annual amortisation charge for intangible assets is sensitive to changes in the estimated lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. Goodwill impairment reviews are also performed annually. These reviews require an estimation of the value in use of the cash generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise for the cash generating unit and a suitable discount rate to calculate present value. See note 12 for the carrying amount of the intangible assets and note 1.5 for the useful economic lives for each class of asset.

Stock valuation and provisions

The level of stocks are set out in note 16. For each line of stock, a provision is made against the cost of the stock, where the Net Realisable Value is less than cost. Net Realisable Value is the estimated selling price for stocks less all estimated costs of completion and costs necessary to make the sale. The estimated selling price for each stock line is a judgement based mainly on recent selling patterns for that product.

Recoverability of trade debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 17 for the net carrying amount of the debtors and associated impairment provision.

Coryton Advanced Fuels Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 23
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Fuel supply
25,222,482
24,215,729
Other services
3,926,981
921,588
29,149,463
25,137,317
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
14,463,495
12,047,501
Other European Countries
12,949,324
11,294,874
Rest of World
1,736,644
1,794,942
29,149,463
25,137,317
2025
2024
£
£
Other significant revenue
Interest income
117,436
218,366
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(124,871)
7,276
Fees payable to the company's auditor for the audit of the company's financial statements
63,495
55,921
Depreciation of tangible fixed assets
869,288
809,716
Profit on disposal of tangible fixed assets
-
(1,999)
Amortisation of intangible assets
46,038
96,479
Coryton Advanced Fuels Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 24
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
41
31
Direct labour
20
28
Total
61
59

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,862,603
3,437,363
Social security costs
480,475
332,812
Pension costs
205,140
175,736
4,548,218
3,945,911
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
663,342
548,825
Company pension contributions to defined contribution schemes
48,486
40,468
711,828
589,293

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024: 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
221,828
180,371
Company pension contributions to defined contribution schemes
18,806
15,381
Coryton Advanced Fuels Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 25
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
117,436
218,366
8
Interest payable and similar expenses
2025
2024
£
£
Interest payable to group undertakings
405,840
458,650
Other interest
-
0
13,848
405,840
472,498
9
Fair value gains and losses
2025
2024
£
£
Other gains and losses
-
559
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
799,771
375,744
Adjustments in respect of prior periods
1,507
8,025
Total current tax
801,278
383,769
Deferred tax
Origination and reversal of timing differences
5,800
159,396
Adjustment in respect of prior periods
4,535
-
0
Total deferred tax
10,335
159,396
Total tax charge
811,613
543,165
Coryton Advanced Fuels Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
10
Taxation
(Continued)
Page 26

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
4,518,211
3,545,743
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,129,553
886,436
Tax effect of expenses that are not deductible in determining taxable profit
1,218
3,848
Group relief
(308,837)
(371,178)
Depreciation on assets not qualifying for tax allowances
(16,363)
16,034
Under/(over) provided in prior years
6,042
8,025
Taxation charge for the year
811,613
543,165
11
Dividends
2025
2024
Total
Total
£
£
Ordinary shares
Interim paid
1,568,096
2,461,976
1,568,096
2,461,976
Coryton Advanced Fuels Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 27
12
Intangible fixed assets
Development costs
Brand development
Website domains
Trademarks and patents
Total
£
£
£
£
£
Cost
At 1 January 2025
272,515
160,410
8,472
255,899
697,296
Additions - internally developed
-
0
-
0
-
0
20,059
20,059
At 31 December 2025
272,515
160,410
8,472
275,958
717,355
Amortisation and impairment
At 1 January 2025
272,515
110,925
2,687
57,812
443,939
Amortisation charged for the year
-
0
18,412
847
26,779
46,038
At 31 December 2025
272,515
129,337
3,534
84,591
489,977
Carrying amount
At 31 December 2025
-
0
31,073
4,938
191,367
227,378
At 31 December 2024
-
0
49,485
5,785
198,087
253,357
Coryton Advanced Fuels Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 28
13
Tangible fixed assets
Freehold land and buildings
Improvements to property
Plant and equipment
Computer equipment
Motor vehicles
Utilities
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2025
3,000,000
4,055,017
5,971,482
568,187
274,244
383,487
14,252,417
Additions
-
0
94,957
2,213,341
115,800
14,453
-
0
2,438,551
At 31 December 2025
3,000,000
4,149,974
8,184,823
683,987
288,697
383,487
16,690,968
Depreciation and impairment
At 1 January 2025
479,850
524,434
2,911,029
378,016
244,755
356,421
4,894,505
Depreciation charged in the year
45,700
82,159
605,181
93,686
19,700
22,862
869,288
At 31 December 2025
525,550
606,593
3,516,210
471,702
264,455
379,283
5,763,793
Carrying amount
At 31 December 2025
2,474,450
3,543,381
4,668,613
212,285
24,242
4,204
10,927,175
At 31 December 2024
2,520,150
3,530,583
3,060,453
190,171
29,489
27,066
9,357,912
Coryton Advanced Fuels Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 29

The company's freehold land and buildings were revalued in 2015 and the valuation at that date was taken as the deemed cost upon transition to FRS 102.

Included in the valuation of land and buildings is freehold land of £715,000 (202 4: £715,000) which is not depreciated.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2025
2024
£
£
Cost
1,769,260
1,769,260
Accumulated depreciation
(348,238)
(324,508)
Carrying value
1,421,022
1,444,752

Included in the historic cost of land and buildings is freehold land of £582,778 (20 24: £582,778) which is not depreciated.

14
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
15
95,252
95,252
15
Subsidiaries

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

Name of undertaking
Address
Nature of
Class of
% Held
business
shares held
Direct
Coryton Advanced Fuels Deutschland GmbH
1
Sales agent
Ordinary
100
Coryton Advanced Fuels Korea LLC
2
Sales agent
Ordinary
100

Registered office addresses (all UK unless otherwise indicated):

1
Campus Sollbrüggen, Sollbrüggenstrasse 52, D-47800 Krefeld, Germany
2
LG Palace Building, Suite 1226, Mapo-Ku, Yanghwa-Ro 156, Seoul, Korea 121-754
16
Stock
2025
2024
£
£
Finished goods and goods for resale
5,562,306
5,080,651
Coryton Advanced Fuels Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 30
17
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,220,862
3,225,653
Corporation tax recoverable
-
0
109,256
Amounts owed by group undertakings
2,229,962
1,201,944
Derivative financial instruments
-
0
28,491
Other debtors
164,772
144,075
Prepayments and accrued income
406,791
350,839
7,022,387
5,060,258
2025
2024
Debtors - cash pool arrangement
£
£
Cash pool arrangement
3,733,524
4,466,379
Total debtors
10,755,911
9,526,637

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

The company's cash at bank balances are held within cash pooling arrangements within its ultimate parent Lantmannen ek for and are therefore shown within debtors rather than cash at bank.

18
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,205,342
1,491,446
Amounts owed to group undertakings
610,691
910,428
Corporation tax
109,771
-
0
Other taxation and social security
418,688
304,607
Other creditors
694,674
222,918
Accruals and deferred income
1,542,811
547,500
4,581,977
3,476,899

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

19
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
20
6,000,000
6,000,000
Coryton Advanced Fuels Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 31
20
Loans and overdrafts
2025
2024
£
£
Bank loans
6,000,000
6,000,000
Payable after one year
6,000,000
6,000,000

At 14 December 2023 the loan agreement in place for the £6,000,000 had a maturity date of 14 December 2028. Interest on the loan is based on SONIA + a predefined margin. The loan is unsecured.

21
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
22
1,010,891
1,000,556
22
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
764,148
748,062
Freehold land and buildings
251,315
256,320
Other short term timing differences
(4,572)
(3,826)
1,010,891
1,000,556
2025
Movements in the year:
£
Liability at 1 January 2025
1,000,556
Charge to profit or loss
10,335
Liability at 31 December 2025
1,010,891

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

Coryton Advanced Fuels Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 32
23
Financial instruments
2025
2024
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
-
28,491

The company's policy is to eliminate its currency exposure where possible by the use of facilities which have contractually fixed rates and time periods in which the currency must be purchases. At the reporting date, the company had a commitment to sell EUR and buy GBP, the fair value of which was an asset of £nil (2024: £28,491).

The contracts were valued based on available market data. The company does not adopt hedge accounting for forward exchange contracts, consequently fair value gains and losses are recognised in profit and loss.

24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
205,140
175,736

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. Contributions totalling £38,842 (2024: £36,466) were payable to the fund at the period end and are included in creditors.

25
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,281,012
1,281,012
1,281,012
1,281,012

The Company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the Company.

26
Reserves
Revaluation reserve

This represents the cumulative revaluation gains and losses in respect of freehold land and buildings, net of deferred tax.

Profit and loss reserves

This represents the cumulative profit and loss net of distribution to owners.

Coryton Advanced Fuels Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 33
27
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
212,742
124,498
Years 2-5
332,058
205,983
After 5 years
196,500
-
0
741,300
330,481
28
Ultimate controlling party

At the reporting date Premier Bidco was the immediate parent company and the ultimate parent undertaking was Lantmanned ek för, a company incorporated in Sweden. The ultimate controlling party was Lantmännen ek för. There was no sole controlling party.

Lantmännen ek för is the smallest and largest group for which consolidated account were prepared for the year ended 31 December 2025. These consolidated accounts are available from its registered office, Box 30192 104 25 Stockholm.

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