FRESH & LOCAL FORECOURTS LIMITED

	Page
Company Information	1
Strategic Report	2—4
Directors' Report	5—6
Independent Auditor's Report	7—9
Profit and Loss Account	10
Statement of Comprehensive Income	11
Balance Sheet	12—13
Statement of Changes in Equity	14
Statement of Cash Flows	15
Notes to the Statement of Cash Flows	16
Notes to the Financial Statements	17—24

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Strategic Report

For The Year Ended 31 July 2025

Strategic Report

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

Principal Activity

The Company was incorporated in England and Wales with Registration No. 12919757 and conducts its operations from the United Kingdom. The principal activity of the company is the operation of petrol stations and ancillary services, operating a network of forecourt sites providing fuel and related retail services to customers.

Review of the Business

Fresh & Local Forecourts Limited operates within the UK forecourt retail sector, delivering fuel sales alongside convenience retail and ancillary income streams. During the financial year ended 31 July 2025, the company experienced a decline in revenue and profitability, primarily driven by reduced fuel sales. Sole reason for reduction in sales Despite this, the business remains profitable, solvent, and financially stable, with strong retained earnings and improved net asset position.

However, cash flow pressures and working capital expansion represent key areas requiring strategic attention business and is written in the context of the risks and uncertainties we face.

Performance of the Company during the year under review are as follows: The decline in turnoThe Company reported revenue of £35.96 million for the year, representing a decrease of 14% compared to the prior period, primarily driven by reduced fuel volumes and the normalisation of fuel prices following the unusually high levels seen in the previous year. Despite this decline in turnover, gross profit decreased by a more modest 6% to £4.02 million, reflecting stable margins and effective cost control. Operating profit reduced by 7% to £2.00 million, while profit after tax decreased by 8% to £1.47 million. Net assets increased significantly by 32% to £5.16 million, supported by retained earnings and a relatively low level of external borrowing, demonstrating the underlying financial resilience of the business.

However, the Company’s cash position weakened during the year, with closing cash balances falling to £0.16 million from £2.42 million in the prior year. Net cash outflow from operating activities amounted to £1.35 million, compared to an inflow of £2.04 million in the previous period. This movement was largely driven by a significant increase in trade debtors of £2.6 million, indicating a higher level of funds tied up in working capital at the year end. While profitability remains strong, the reduction in cash reserves highlights the importance of continued focus on cash flow management and the timely recovery of outstanding balances to support ongoing operations.ver is largely attributable to reduced fuel volumes or price normalisation compared to prior year highs. Margins remain relatively stable, indicating effective cost control despite revenue contraction. Net asset growth reflects retained profitability and limited external debt.

Principal Risks and Uncertainties

The key risks Risk factors are identified in respect of various operation and geographical Zones involving credit risk, brand manipulation risk, interest risk, liquidity risk, currency risk in terms of geographical location of the groupThe Company operates in a dynamic environment and is exposed to a range of strategic, financial, and operational risks across its activities and geographic locations. Key risk factors include credit risk, brand-related risks, interest rate exposure, liquidity pressures, and, where applicable, currency considerations. The Board maintains ongoing oversight of these risks and ensures that appropriate mitigation measures are in place and regularly reviewed to support the stability and long-term performance of the business.

The Company operates in a dynamic environment and is exposed to a range of strategic, financial, and operational risks across its activities and geographic locations. Key risk factors include credit risk, brand-related risks, interest rate exposure, liquidity pressures, and, where applicable, currency considerations. In addition, the business is increasingly impacted by wider geopolitical factors, including global conflicts, trade disruptions, and macroeconomic uncertainty, which can influence fuel supply, wholesale pricing, and overall market stability. The Board maintains ongoing oversight of these risks and ensures that appropriate mitigation measures are in place and regularly reviewed to support the stability and long-term performance of the business.

...CONTINUED

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FRESH & LOCAL FORECOURTS LIMITED

Strategic Report (continued)

For The Year Ended 31 July 2025

Principal Risks and Uncertainties - continued

From a strategic perspective, the business remains reliant on fuel sales as a primary source of revenue, exposing it to fluctuations in fuel demand and price volatility. These risks are heightened by geopolitical developments, such as conflicts affecting global oil supply chains, which can lead to sudden increases in fuel prices and reduced consumer demand. Financially, the Company faces liquidity risk, particularly in light of recent pressures on cash flow and weaker cash conversion, alongside credit risk arising from increased debtor balances. Exposure to interest rate movements also remains a key consideration, as rising rates can increase financing costs and impact borrowing capacity, while inflationary pressures continue to drive up operating and input costs.

Operationally, the Company is impacted by rising cost pressures, including increases in labour, insurance, utilities, and general overheads, which may affect profitability if not carefully managed. Price increases across the supply chain, often linked to inflation and geopolitical uncertainty, further add to these challenges. In addition, variability in site performance across the portfolio presents a further risk, requiring active monitoring and operational support to ensure consistent standards and financial returns. The Board continues to address these risks through close performance monitoring, cost control measures, and ongoing operational oversight, with risk mitigation measures kept under continuous review.

From a strategic perspective, the business remains reliant on fuel sales as a primary source of revenue, which exposes it to fluctuations in fuel demand and price volatility. These external factors can significantly influence turnover and margin performance. Financially, the Company faces liquidity risk, particularly in light of recent pressures on cash flow and weaker cash conversion, alongside credit risk arising from increased debtor balances. The wider interest rate and financing environment also presents a potential risk, particularly in relation to borrowing costs and access to funding.

Operationally, the Company is impacted by rising cost pressures, including increases in labour, insurance, and general overheads, which may affect profitability if not carefully managed. In addition, variability in site performance across the portfolio presents a further challenge, requiring active monitoring and operational support to ensure consistent standards and financial returns. The Board continues to address these risks through close performance monitoring, cost control measures, and ongoing operational oversight.. Risk mitigation measures are monitored by the Board at all time.

Result and Dividend

The Final dividends paid during the year in respect of Ordinary B Shares was £209,000 (2024: £200,000).

Financial Instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Results and Dividend

The Company’s results for the year and details regarding any dividend are disclosed in the Strategic Report.

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FRESH & LOCAL FORECOURTS LIMITED

Strategic Report (continued)

For The Year Ended 31 July 2025

Section 172(1) Statement

The directors recognise that building and maintaining strong relationships with stakeholders is fundamental to the Company’s long-term success and its role within the wider community. During the year, Board decisions have reflected the need to balance stakeholder interests, particularly in response to inflationary pressures and volatility in fuel prices. For example, pricing strategies were carefully managed to remain competitive for customers while maintaining sustainable margins for the business. Employees were supported through continued investment in pay, benefits, and training, alongside clear communication during periods of operational change, helping to promote engagement, retention, and service quality across sites.

Customers remain central to the Company’s operations, with a focus on convenience, safety, fair pricing, and high standards of service. Feedback gathered through in-store interaction and online platforms has influenced decisions such as the expansion of convenience store offerings and improvements to site layouts to enhance customer experience. Contract agents have been supported through ongoing training, operational guidance from Area Managers, and investment in site development, ensuring consistency of standards across locations. The Company has also worked closely with suppliers to manage product availability and cost pressures, including participation in promotional campaigns and maintaining strong supply chain relationships during periods of disruption.

The Company recognises its responsibilities to local communities, landlords, and government bodies, particularly given the environmental impact associated with fuel retailing. During the year, investment has been made in energy-efficient equipment, including LED lighting and improved refrigeration systems, to reduce energy consumption and carbon emissions. Regular site audits and risk assessments have been undertaken to ensure compliance with health, safety, and environmental standards. Relationships with landlords have been maintained through timely rental payments and ongoing site maintenance, while engagement with government and regulatory bodies has been supported through the use of professional advisers and a commitment to compliance with evolving taxation, planning, and environmental requirements. These actions support the Company’s objective of sustainable, long-term growth while acting responsibly towards all stakeholders.

On behalf of the board

Mr Subramaniam Nanthakumar

Director

21/04/2026

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FRESH & LOCAL FORECOURTS LIMITED

Company No. 12919757

Directors' Report For The Year Ended 31 July 2025

Directors' Report

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

Future Developments

The majority of the Company’s operations, of whic freehold are owned by Tankerford Limited, are currently in the process of being gradually transferred back to Tankerford Limited. Since 2020, the Company has operated as an operating entity for sites owned by Tankerford Limited, with operations having been transferred into the Company at that time to simplify the trade. However, the Board has since determined thThe Company is currently undergoing a strategic transition in respect of its operating structure. The majority of its trading activities relate to sites ultimately owned by Tankerford Limited, and these operations are in the process of being gradually transferred back to that entity. Since 2020, the Company has acted as the operating vehicle for these sites, following a restructuring intended to simplify trading activities. However, the Board has since concluded that, given the scale and complexity of the operations, it is more appropriate for these activities to be managed directly within Tankerford Limited in order to streamline oversight, improve operational efficiency, and align ownership with operational control.

During the year, two sites,Manor Road Service Station and Ardleigh South Service Station,were successfully transferred back to Tankerford Limited. This has contributed to the reduction in turnover reported for the year. The Board expects that this transition will continue in a phased manner, with additional sites anticipated to be transferred in the next and subsequent financial periods. As a result, the Company’s turnover and, potentially, profitability are expected to decline further as the scale of its operations reduces in line with this restructuring. This should not be viewed as a deterioration in underlying performance, but rather as a planned realignment of business activities within the wider group structure.

Looking ahead, the Company will continue to operate within the evolving UK petroleum retail sector, which is experiencing structural changes driven by shifting consumer behaviour, increasing regulatory requirements, and the transition towards lower-carbon energy solutions. While fuel sales remain a core component of the business model, there is an increasing emphasis across the industry on diversification into convenience retail and ancillary services to support long-term sustainability. The Board remains mindful of these trends and, although the Company’s direct operational footprint is expected to reduce, it will continue to monitor industry developments and support the broader group’s strategic objectives. The ongoing transfer of operations is expected to position the business more effectively for future market conditions while ensuring a simplified and more efficient operational structureat, due to the complexity of the trade and operational structure, it is in the best interest of the business to transfer these operations back to Tankerford Limited.

During the year, two sites, Manor Road Service Station and Ardleigh South Service Station, were successfully transferred back to Tankerford Limited. As a result, the Company’s turnover for the year has decreased. The Board anticipates that this transition will continue in future periods until the majority of operations have been transferred back to Tankerford Limited.

Directors

The directors who held office during the year were as follows:

Miss Vasavi Nanthakumar	Appointed	01/10/2024
Mr Subramaniam Nanthakumar

Post Balance Sheet Events

There are no material changes in commitments affecting the financial position of the Company occurred since the end of the financial year 2024-25.

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

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FRESH & LOCAL FORECOURTS LIMITED

Directors' Report (continued)

For The Year Ended 31 July 2025

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, Goldstar Accountants Holding Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Subramaniam Nanthakumar

Director

21/04/2026

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Independent Auditor's Report

to the Members of

FRESH & LOCAL FORECOURTS LIMITED

Independent Auditor's Report

Opinion

We have audited the financial statements of FRESH & LOCAL FORECOURTS LIMITED for the year ended 31 July 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 July 2025 and of its profit/(loss) 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 entity's ability to continue as a going concern for a period of at least 12 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. In connection with our audit of the financial statements, 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 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.

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Independent Auditor's Report (continued)

to the Members of

FRESH & LOCAL FORECOURTS LIMITED

Opinions on Other Matters Prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and 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 identified material misstatements in the Strategic Report or the Directors' Report.

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 or 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' Responsibilities Statement set out on page 5—6, 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:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

We also want to draw your attention to the fact that the corresponding figures throughout the financial statements were not subject to audit.

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Independent Auditor's Report (continued)

to the Members of

FRESH & LOCAL FORECOURTS LIMITED

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 that 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.

Ganga Lal Bhusal ACA (Senior Statutory Auditor)

for and on behalf of Goldstar Accountants Holding Limited , Statutory Auditor

21/04/2026

Goldstar Accountants Holding Limited

63 London Street

Reading

RG1 4PS

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FRESH & LOCAL FORECOURTS LIMITED

Profit and Loss Account

For The Year Ended 31 July 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	35,963,298	42,002,109
Cost of sales		(31,939,774 )	(37,722,547 )

GROSS PROFIT		4,023,524	4,279,562

Administrative expenses		(2,027,607 )	(2,133,573 )

OPERATING PROFIT	4	1,995,917	2,145,989
Loss on disposal of fixed assets		(10,947 )	-
Other interest receivable and similar income	9	433	-

PROFIT BEFORE TAXATION		1,985,403	2,145,989
Tax on Profit	10	(512,078 )	(547,844 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		1,473,325	1,598,145

The notes on pages 16 to 24 form part of these financial statements.

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FRESH & LOCAL FORECOURTS LIMITED

Statement of Comprehensive Income

For The Year Ended 31 July 2025

Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	1,473,325	1,598,145
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	1,473,325	1,598,145

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FRESH & LOCAL FORECOURTS LIMITED

Balance Sheet

As At 31 July 2025

Balance Sheet

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	11		390,000		455,000
Tangible Assets	12		213,553		197,192

			603,553		652,192
CURRENT ASSETS
Stocks	13	462,343		535,864
Debtors	14	6,216,008		3,608,147
Cash at bank and in hand		162,780		2,422,808

		6,841,131		6,566,819
Creditors: Amounts Falling Due Within One Year	15	(2,142,406 )		(3,145,323 )

NET CURRENT ASSETS (LIABILITIES)			4,698,725		3,421,496

TOTAL ASSETS LESS CURRENT LIABILITIES			5,302,278		4,073,688

Creditors: Amounts Falling Due After More Than One Year	16		(85,175 )		(125,000 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	17		(53,388 )		(49,298 )

NET ASSETS			5,163,715		3,899,390

CAPITAL AND RESERVES
Called up share capital	19		1,000		1,000
Profit and Loss Account			5,162,715		3,898,390

SHAREHOLDERS' FUNDS			5,163,715		3,899,390

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FRESH & LOCAL FORECOURTS LIMITED

Balance Sheet (continued)

As At 31 July 2025

On behalf of the board

Mr Subramaniam Nanthakumar

Director

21/04/2026

The notes on pages 16 to 24 form part of these financial statements.

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FRESH & LOCAL FORECOURTS LIMITED

Statement of Changes in Equity

For The Year Ended 31 July 2025

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 August 2023	1,000	2,500,245	2,501,245
Profit for the year and total comprehensive income	-	1,598,145	1,598,145

Dividends paid	-	(200,000)	(200,000)

As at 31 July 2024 and 1 August 2024	1,000	3,898,390	3,899,390


Profit for the year and total comprehensive income	-	1,473,325	1,473,325

Dividends paid	-	(209,000)	(209,000)

As at 31 July 2025	1,000	5,162,715	5,163,715

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FRESH & LOCAL FORECOURTS LIMITED

Statement of Cash Flows

For The Year Ended 31 July 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash (used in)/generated from operations	1	(1,353,054 )	2,036,744
Tax paid		(599,917 )	(677,324 )

Net cash (used in)/generated from operating activities		(1,952,971 )	1,359,420

Cash flows from investing activities
Purchase of tangible assets		(97,618 )	(55,261 )
Proceeds from disposal of tangible assets		(875 )	-
Interest received		433	-

Net cash used in investing activities		(98,060 )	(55,261 )

Cash flows from financing activities
Equity dividends paid		(209,000 )	(200,000 )
Amount introduced by directors		3	998

Net cash used in financing activities		(208,997 )	(199,002 )



(Decrease)/increase in cash and cash equivalents		(2,260,028 )	1,105,157
Cash and cash equivalents at beginning of year	2	2,422,808	1,317,651

Cash and cash equivalents at end of year	2	162,780	2,422,808

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FRESH & LOCAL FORECOURTS LIMITED

Notes to the Statement of Cash Flows

For The Year Ended 31 July 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash (used in)/generated from operations

	2025	2024
	£	£
Profit for the financial year	1,473,325	1,598,145
Adjustments for:
Tax on profit	512,078	547,844
Interest income	(433 )	-
Amortisation of intangible assets	65,000	65,000
Depreciation of tangible assets	71,185	65,730
Loss on disposal of tangible assets	10,947	-
Movements in working capital:
Decrease in stocks	73,521	96,740
Increase in trade and other debtors	(2,607,861 )	(1,314,894 )
(Decrease)/increase in trade and other creditors	(950,816 )	978,179

Net cash (used in)/generated from operations	(1,353,054 )	2,036,744

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	162,780	2,422,808

3. Analysis of changes in net funds

	As at 1 August 2024	Cash flows	As at 31 July 2025
	£	£	£
Cash at bank and in hand	2,422,808	(2,260,028)	162,780

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FRESH & LOCAL FORECOURTS LIMITED

Notes to the Financial Statements

For The Year Ended 31 July 2025

Notes to the Financial Statements

1. General Information

FRESH & LOCAL FORECOURTS LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 12919757 . The registered office is 1 Park Lane, Cheam, Sutton, SM3 8BN.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Going Concern Disclosure

The company has net current asset of £4,698,725 during the year which include £6,216,008 amounts owed by Tankerford Limited, a related party company. Excluding this transaction, the company would have net current liability of (£1,517,283) (2024 - £2,958,672). The company however has strong balance sheet and sufficient cash balance to pay the short term debt. The company's overdraft and credit card facilities were recently reviewed and credit limit successfully maintained during the period. The directors also 'have a reasonable expectation that the company has adequate resources which include the intercompany borrowing option, to continue in operational existence at least for next 12 months from the signing date of the financial statement. The director has also confirmed his willingness and ability to support for the company for at least 12 months from the signing date of the financial statement. The use of the Going concern therefore is considered to be appropriate.

2.3. Significant judgements and estimations

Judgements in applying accounting policies and key source of estimation uncertainty:

In preparing these financial statements, the directors have made following judgements:

Determine whether there is an indication of impairment of the company's assets. Factors taken into consideration in reaching such decision include the economic viability and expected future performance of asset or value in use of those assets.

Tangible fixed assets are depreciated over their useful lives taking into account of residual values as appropriate. The actual life of the asset and residual values are assessed annually and may vary on the number of factors such as technological innovation, product life cycle, maintenance, future market condition and projected disposal cost.

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

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FRESH & LOCAL FORECOURTS LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

2.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	-
Plant & Machinery	25% Reduing Balance
Fixtures & Fittings	25% Reduing Balance
Computer Equipment	25% Reduing Balance

2.7. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.8. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.9. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.

...CONTINUED

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FRESH & LOCAL FORECOURTS LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

2.9. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Commission Receivable	260,687	-
Commission receivable	-	246,862
Fuel Sales	35,165,307	41,113,986
Rent Receivable	537,304	641,261

	35,963,298	42,002,109

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	-	62,435
Depreciation of tangible fixed assets	71,185	65,730
Amortisation of intangible fixed assets	65,000	65,000

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	13,500	-

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FRESH & LOCAL FORECOURTS LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	117,610	65,120
Other pension costs	2,751	811

	120,361	65,931

7. Average Number of Employees

Average number of employees, including directors, during the year was: 5 (2024: 5)

8. Directors' remuneration

	2025	2024
	£	£
Emoluments	12,240	19,122

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	433	-

10. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	507,988	550,461
Deferred Tax
Deferred taxation			4,090	(2,617 )


Total tax charge for the period			512,078	547,844


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

...CONTINUED

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FRESH & LOCAL FORECOURTS LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

	2025	2024
	£	£
Profit before tax	1,985,403	2,145,989

Tax on profit at 25% (UK standard rate)	496,350	536,497
Goodwill/depreciation not allowed for tax	46,925	38,012
Expenses not deductible for tax purposes	(2,141 )	(999 )
Capital allowances	(33,146 )	(23,049 )
Short term timing differences	4,090	(2,617 )

Total tax charge for the period	512,078	547,844

11. Intangible Assets

	Goodwill
	£
Cost
As at 1 August 2024	650,000

As at 31 July 2025	650,000

Amortisation
As at 1 August 2024	195,000
Provided during the period	65,000

As at 31 July 2025	260,000

Net Book Value
As at 31 July 2025	390,000

As at 1 August 2024	455,000

12. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 August 2024	94,596	260,144	24,441	379,181
Additions	63,737	17,562	16,319	97,618
Disposals	-	(24,547 )	-	(24,547 )

As at 31 July 2025	158,333	253,159	40,760	452,252

...CONTINUED

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FRESH & LOCAL FORECOURTS LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

Depreciation
As at 1 August 2024	42,602	128,253	11,134	181,989
Provided during the period	28,933	34,719	7,533	71,185
Disposals	-	(13,969 )	(506 )	(14,475 )

As at 31 July 2025	71,535	149,003	18,161	238,699

Net Book Value
As at 31 July 2025	86,798	104,156	22,599	213,553

As at 1 August 2024	51,994	131,891	13,307	197,192

13. Stocks

	2025	2024
	£	£
Fuel & Dry Stock	462,343	535,864

14. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	376,401	629,641
Amounts owed by participating interests	5,825,517	2,965,124
Other debtors	14,090	13,382

	6,216,008	3,608,147

15. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	1,541,841	2,649,386
Other creditors	199,589	37,105
Corporation tax	232,758	324,687
Taxation and social security	116,032	103,532
Accruals and deferred income	52,186	30,613

	2,142,406	3,145,323

The company has granted a debenture in favour of NatWest Bank Plc over its assets. The security comprises fixed and floating charges over all present and future assets of the company.

The debenture also includes inter-company arrangements involving Tankerford Limited, a company under common control of the directors and shareholders, which provide additional security and/or guarantees in respect of the borrowing.

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FRESH & LOCAL FORECOURTS LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

16. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Other creditors	85,175	125,000

The company has granted a debenture in favour of NatWest Bank Plc over its assets. The security comprises fixed and floating charges over all present and future assets of the company.

17. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	53,388	49,298

18. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 August 2024	49,298	49,298
Additions	4,090	4,090

Balance at 31 July 2025	53,388	53,388

19. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1 Ordinary Shares of £ 250.000 each	250	750
1 Ordinary B shares of £ 750.000 each	750	250

	1,000	1,000

20. Pension Commitments

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

During the year the charge to the profit and loss account in respect of defined contribution schemes was £2,751 (2024: £0).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

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FRESH & LOCAL FORECOURTS LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

21. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	209,000	200,000

Class B ordinary shares dividend £209,000 distributed during the year.

22. Related Party Disclosures

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

	Transaction Value		Balnce Owed By/(Owed To)
	2025 £	2024 £	2025 £	2024 £
Tankerford Limited	2,857,893	2,915,124	5,773,017	2,915,124
Ironmoor Limited	289	-	289	-
TFIM Holding Limited	52,500	50,000	52,500	50,000
As at 31 July 2025	2,860,682	2,965,124	5,825,806	2,965,124

Outstanding balances with entities are unsecured and interest-free. During the year ended 31 July 2025, the company has not made any provision for doubtful debts relating to amounts owed by related parties (2024: nil)

The company is under common control with Tankerford Limited, Ironmoor Limited & TFIM Holding Limited and the entities are managed by the same group of shareholders and directors.

In addition to the transactions disclosed above, the company paid rent to Tankerford Limited amounting to £ 642,000 during the year (2024: £ 722,000) included under the rent expense.

All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total remuneration in respect of these individuals is £ 12,420 (2024: £ 19,122).

The following pages do not form part of the statutory accounts.

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