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Registration number: 11011689

Propeller Fuels Limited
Annual Report and Financial Statements
for the Year Ended 31 December 2025

Propeller Fuels Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4 to 5
Statement of Directors' Responsibilities | 6
Independent Auditor's Report | 7 to 9
Profit and Loss Account and Statement of Retained Earnings | 10
Balance Sheet | 11
Statement of Cash Flows | 12
Notes to the Financial Statements | 13 to 23

Propeller Fuels Limited

Company Information

Directors | R D H Peart C F Peart R C Thompson

Registered office | Saxon Business Park Owen Avenue Hessle HU13 9PD

Auditors | Forrester Boyd Limited Chartered Accountants 26 South Saint Mary's Gate Grimsby North East Lincolnshire DN31 1LW

Propeller Fuels Limited

Strategic Report for the Year Ended 31 December 2025

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

Principal activity

The principal activity of the Company is that of a fuel oil trader.

Fair review of the business

Propeller Fuels Group is currently operating with offices in the UK, Greece, Dubai and Singapore. It has engaged with Grant Thornton to obtain Transfer Pricing advice on the correct way to record business and financial transactions within the Group. The Company's performance recorded in these financial statements reflect total group sales and the Transfer Pricing profit split between Propeller Fuels operations in the UK, Greece, UAE and Singapore, as recommended by Grant Thornton. The profit remaining is that of the UK operations.
Overall, the Group has performed broadly in line with expectations during 2025, with turnover of $281,463,182 compared to $320,361,602 in the prior year, reflecting movements in underlying oil prices during the year. Sales are heavily influenced by commodity values, which were lower compared to the prior period. Gross profit margins have remained consistent at 2%, demonstrating stability in core trading performance. Profit before tax for the year was $13,361 (2024: $232,105), primarily reflecting market conditions and timing impacts during the period. The continued support from the Company’s financing facilities has enabled the business to maintain its trading activity and provides a solid platform for future growth.
The Directors are confident that, despite the uncertainty in global trade, the volume of sales and profitability will remain stable in 2026 as the Group expects to increase its market share, particularly in the Far East. The exact level of turnover and resultant profit in $ terms is however dependent on market conditions and the underlying oil commodity prices which in turn will be directly impacted by global macroeconomic drivers as well as political ones.
The Company’s in-house online trading platform has provided for very efficient trading which has helped maintain the company's market position and remains a competitive edge in the market.

The Company's key financial and other performance indicators during the year were as follows:

Financial KPIs | Unit | 2025 | 2024
Turnover | $ | 281,463,182 | 320,361,602
Gross profit margin | % | 2 | 2
Profit before tax | $ | 13,361 | 232,105

Principal risks and uncertainties

The Directors feel the Company is expertly placed to deal with any fluctuations in price as a trader and all relevant costs are factored into pricing trades to ensure profitability overall. As with all companies, the global trade crisis is expected to see costs rise in a number of areas in the 2026 accounts however this is not expected to have a material impact on profitability.
A potential shortage in fuel supply, due to factors such as supplier failure, weather events or logistical challenges, is an ongoing risk. However, the Directors believe the Company’s diversified supplier base and operational flexibility mitigate the impact of supply chain disruptions. Additionally, quality control processes are in place to minimise operational risks arising from fuel contamination issues, which could otherwise result in disputes.
The Company also monitors regulatory and compliance risks, particularly in relation to changes in environmental legislation, taxation, and licensing across its key markets. The emergence of new rules in certain jurisdictions could affect trade routes or operating permissions, and appropriate legal and operational reviews are regularly undertaken.
Credit risk, primarily in relation to the non-payment or delayed payment by counterparties, is managed through strict credit control procedures, due diligence, and ongoing monitoring. While the global trade environment remains challenging, particularly with rising operational costs expected in 2026, these factors are not anticipated to have a material adverse impact on profitability. The Directors continue to review the risk landscape to ensure appropriate mitigation strategies are in place.

Propeller Fuels Limited

Strategic Report for the Year Ended 31 December 2025

Non-financial and sustainability information

Energy and carbon report

We have considered the requirements of the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 and the Streamlined Energy and Carbon Reporting (SECR) framework when preparing this report. These recommendations encourage businesses to increase disclosure of climate-related information, with an emphasis on financial disclosure. Propeller Fuels Limited supports these recommendations and are committed to disclosing the relevant information which can be found below.
During the year the Group's total annual consumption of energy was less than 20,000 kwh which represents fewer
than 4,340 kg C02e of greenhouse gas emissions. This includes all material emission sources required by the
regulations for which we deem ourselves to be responsible.
The main areas of energy usage were gas and electricity used in each of the Company offices and fuel for vehicles
used for the Company’s operations. The Directors consider energy consumption on an ongoing basis and are
committed to increasing energy efficiency in all areas of operations. Energy usage continues to be monitored and
changes are implemented as appropriate.

Approved and authorised by the Board on 5 May 2026 and signed on its behalf by:

......................................... R C Thompson Director

Propeller Fuels Limited

Directors' Report for the Year Ended 31 December 2025

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

Directors of the Company

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

R D H Peart

C F Peart

R C Thompson

Financial instruments

Objectives and policies

The Company uses basic financial instruments, comprising cash and other liquid resources and various other items such as an invoice discounting facility, trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's operations.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise of bank balances and invoice discounting agreements, trade debtors, trade creditors.
The liquidity risk is managed by maintaining a balance between the need for continuity of funding and flexibility using the invoice discounting facility. All business cash balances are held in such a way that achieves a competitive rate of interest.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to business customers and the regular monitoring of amounts outstanding for both time and credit limits. Credit insurance is obtained for all customers as standard. The amounts presented in the balance sheet are net of allowances for trade debtors.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
The Company trades largely in US$ however as a UK based entity has several overheads which are incurred in GBP. The Company also has a € debtor book and is exposed to currency risks associated with dealing in numerous different currencies. The Directors are aware of the risks and constantly monitor cash levels in each currency ensuring the risk is kept to a minimum.

Section 172(1) statement

This section of the financial statements includes the Directors considerations and activities in discharging their duties under s172(1) of the Companies Act 2006, in promoting the success of the Company for the benefit of members as a whole.
Along with the information provided in the Strategic Report, the reports include considerations of the likely consequences of the decisions of the Directors in the longer term and how the Directors have taken wider stakeholders needs into account.

Propeller Fuels Limited

Directors' Report for the Year Ended 31 December 2025

Engagement with suppliers, customers and other relationships

Delivering our strategy requires strong mutually beneficial relationships with suppliers, customers and other operational partners. Propeller Fuels Limited seeks the promotion and application of certain general principles in such relationships. The ability to promote these principles effectively is an important factor in the decision to enter or remain in such relationships.
The Group (which includes Propeller Fuels Ltd, Propeller Fuels Greece Single Member PC and Propeller Fuels Holdings Ltd) continuously assesses the priorities related to customers and those with whom we do business, and the Directors engage with the businesses on these topics, for example, within the context of working safely on site.
Moreover, the Directors of Propeller Fuels Ltd, Propeller Fuels Greece Single Member PC and Propeller Fuels Holdings Ltd receive information updates on a variety of topics that indicate and inform how these stakeholders have been engaged and are performing with and on behalf of the Company.

Disclosure of information to the auditors

Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 5 May 2026 and signed on its behalf by:

......................................... R C Thompson Director

Propeller Fuels Limited

Statement of Directors' Responsibilities

The Directors acknowledge their responsibilities 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.

Propeller Fuels Limited

Independent Auditor's Report to the Members of Propeller Fuels Limited

Opinion

We have audited the financial statements of Propeller Fuels Limited (the 'Company') for the year ended 31 December 2025, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, 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, 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 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 original financial statements were 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 Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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.

Propeller Fuels Limited

Independent Auditor's Report to the Members of Propeller Fuels Limited

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [set out on page 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 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:

• | Discussions with management held, including consideration of known or suspected instances of non-compliance.
• | Challenging assumptions and judgements made within significant accounting estimates and judgements including provisions for bad debts and litigation.
• | Liaising with the company's legal advisors to understand the status and potential outcomes of ongoing claims.
• | Testing of journal entries and potential override of systems.
• | A review of credit card transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealement, forgery collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Propeller Fuels Limited

Independent Auditor's Report to the Members of Propeller Fuels 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 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.

......................................
Neal Watford ACA (Senior Statutory Auditor)
For and on behalf of Forrester Boyd Limited, Statutory Auditor
26 South Saint Mary's Gate
Grimsby
North East Lincolnshire
DN31 1LW

5 May 2026

Propeller Fuels Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2025

| Note | 2025 $ | 2024 $
Turnover | 3 | 281,463,182 | 320,361,602
Cost of sales |  | (274,756,304) | (312,584,724)
Gross profit |  | 6,706,878 | 7,776,878
Administrative expenses |  | (6,032,002) | (6,836,256)
Operating profit | 5 | 674,876 | 940,622
Other interest receivable and similar income | 6 | 19,424 | 225,111
Interest payable and similar charges | 7 | (680,939) | (933,628)
|  | (661,515) | (708,517)
Profit before tax |  | 13,361 | 232,105
Taxation | 10 | 120,283 | (62,607)
Profit for the financial year |  | 133,644 | 169,498
Retained earnings brought forward |  | 1,961,169 | 1,791,671
Retained earnings carried forward |  | 2,094,813 | 1,961,169

Propeller Fuels Limited

(Registration number: 11011689)
Balance Sheet as at 31 December 2025

| Note | 2025 $ | 2024 $
Fixed assets |  |  |
Intangible assets | 11 | 967,544 | 571,802
Tangible assets | 12 | 6,781 | 6,814
|  | 974,325 | 578,616
Current assets |  |  |
Debtors | 14 | 24,803,948 | 26,803,901
Cash at bank and in hand |  | 1,292,489 | 326,377
|  | 26,096,437 | 27,130,278
Creditors: Amounts falling due within one year | 15 | (24,974,284) | (25,746,060)
Net current assets |  | 1,122,153 | 1,384,218
Net assets |  | 2,096,478 | 1,962,834
Capital and reserves |  |  |
Called up share capital | 17 | 1,288 | 1,288
Capital redemption reserve | 18 | 377 | 377
Retained earnings | 18 | 2,094,813 | 1,961,169
Shareholders' funds |  | 2,096,478 | 1,962,834

Approved and authorised by the Board on 5 May 2026 and signed on its behalf by:

......................................... R C Thompson Director

Propeller Fuels Limited

Statement of Cash Flows for the Year Ended 31 December 2025

| Note | 2025 $ | 2024 $
Cash flows from operating activities
Profit for the year |  | 133,644 | 169,498
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 4,108 | 6,845
Loss on disposal of tangible assets | 4 | - | 14
Finance income | 6 | (19,424) | (225,111)
Finance costs | 7 | 749,705 | 892,715
Income tax expense | 10 | (120,283) | 62,607
|  | 747,750 | 906,568
Working capital adjustments |  |  |
Decrease in trade debtors | 14 | 2,046,667 | 2,707,445
Increase/(decrease) in trade creditors | 15 | 949,012 | (1,527,621)
Cash generated from operations |  | 3,743,429 | 2,086,392
Income taxes paid | 10 | - | (84,621)
Net cash flow from operating activities |  | 3,743,429 | 2,001,771
Cash flows from investing activities |  |  |
Interest received | 6 | 19,424 | 225,111
Acquisitions of tangible assets |  | (4,075) | (4,644)
Proceeds from sale of tangible assets |  | - | 15,756
Acquisition of intangible assets | 11 | (395,742) | (571,802)
Net cash flows from investing activities |  | (380,393) | (335,579)
Cash flows from financing activities |  |  |
Interest paid | 7 | (749,705) | (892,715)
Repayment of other borrowing |  | (1,647,219) | (633,399)
Net cash flows from financing activities |  | (2,396,924) | (1,526,114)
Net increase in cash and cash equivalents |  | 966,112 | 140,078
Cash and cash equivalents at 1 January |  | 326,377 | 185,601
Effect of exchange rate fluctuations on cash held |  | - | 698
Cash and cash equivalents at 31 December |  | 1,292,489 | 326,377

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Saxon Business Park
Owen Avenue
Hessle
HU13 9PD

These financial statements were authorised for issue by the Board on 5 May 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in USD, which is the functional currency of the entity and figures are rounded to the nearest Dollar.
The financial statements cover the activity of Propeller Fuels Limited as an individual entity.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 402 of the Companies Act 2006 from the requirement to prepare consolidated financial statements on the basis that no subsidiary undertakings need to be included in the consolidation.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial
statements of current and previous periods. It is recognised in respect of all timing differences, with certain
exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Office equipment | 33.33% straight line

Intangible assets

Internally generated fixed assets such as software development are recognised as an intangible fixed asset when it is probable that future economic benefits will flow to the entity and the cost can be measured reliably. All directly attributable costs are recognised and the cost model is used to write off all amounts over their expected useful economic lives.
Costs incurred in the research phase of generating the assets are written off to the profit and loss account as incurred.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Internal development costs | 20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Turnover

The analysis of the Company's Turnover for the year from continuing operations is as follows:

| 2025 $ | 2024 $
Sale of goods | 281,463,182 | 320,361,602

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

The analysis of the Company's Turnover for the year by market is as follows:

| 2025 $ | 2024 $
UK | 14,907,047 | 16,310,709
Europe | 65,859,331 | 53,634,096
Rest of world | 200,696,804 | 250,416,797
| 281,463,182 | 320,361,602

4 | Other gains and losses

The analysis of the Company's other gains and losses for the year is as follows:

| 2025 $ | 2024 $
Loss on disposal of Tangible assets | - | (14)

5 | Operating profit

Arrived at after charging/(crediting)

| 2025 $ | 2024 $
Depreciation expense | 4,108 | 6,845
Operating lease expense - property | 34,606 | 33,705
Loss on disposal of property, plant and equipment | - | 14

6 | Other interest receivable and similar income

| 2025 $ | 2024 $
Other finance income | 19,424 | 225,111

7 | Interest payable and similar expenses

| 2025 $ | 2024 $
Interest on bank overdrafts and borrowings | 749,705 | 892,715
Foreign exchange losses/(gains) | (68,766) | 40,913
| 680,939 | 933,628

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

8 | Staff costs

The aggregate payroll costs (including Directors' remuneration) were as follows:

| 2025 $ | 2024 $
Wages and salaries | 547,516 | 441,423
Social security costs | 48,463 | 38,206
Pension costs, defined contribution scheme | 56,509 | 46,825
| 652,488 | 526,454

The average number of persons employed by the Company (including Directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Administration and support | 4 | 5
Sales | 7 | 4
| 11 | 9

9 | Auditors' remuneration

| 2025 $ | 2024 $
Audit of the financial statements | 17,724 | 12,054
Other fees to auditors |  |
All other non-audit services | 12,391 | 9,658

10 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 $ | 2024 $
Current taxation |  |
UK corporation tax | (127,263) | 73,569
Deferred taxation |  |
Arising from origination and reversal of timing differences | 6,980 | (10,962)
Tax (receipt)/expense in the income statement | (120,283) | 62,607

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (31 December 2025 - higher than the standard rate of corporation tax in the UK) of 25% ( 31 December 2024- 25%).
The differences are reconciled below:

| 2025 $ | 2024 $
Profit before tax | 13,361 | 232,105
Corporation tax at standard rate | 3,340 | 58,026
Effect of expense not deductible in determining taxable profit (tax loss) | 3,676 | 4,722
Deferred tax credit relating to changes in tax rates or laws | (36) | (141)
Tax decrease from effect of adjustment in research and development tax credit | (127,263) | -
Total tax (credit)/charge | (120,283) | 62,607

Deferred tax

Deferred tax assets and liabilities

2025 | Asset $ | Liability $
Difference between accumulated depreciation and amortisation and capital allowances | 2,641 | -
| 2,641 | -

2024 | Asset $ | Liability $
Difference between accumulated depreciation and amortisation and capital allowances | 9,621 | -
| 9,621 | -

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

11 | Intangible assets

| Internally generated software development costs $ | Total $
Cost or valuation
At 1 January 2025 | 777,338 | 777,338
Additions internally developed | 395,742 | 395,742
At 31 December 2025 | 1,173,080 | 1,173,080
Amortisation
At 1 January 2025 | 205,536 | 205,536
At 31 December 2025 | 205,536 | 205,536
Carrying amount
At 31 December 2025 | 967,544 | 967,544
At 31 December 2024 | 571,802 | 571,802

12 | Tangible assets

| Furniture, fittings and equipment $ | Total $
Cost or valuation
At 1 January 2025 | 45,573 | 45,573
Additions | 4,075 | 4,075
At 31 December 2025 | 49,648 | 49,648
Depreciation
At 1 January 2025 | 38,759 | 38,759
Charge for the year | 4,108 | 4,108
At 31 December 2025 | 42,867 | 42,867
Carrying amount
At 31 December 2025 | 6,781 | 6,781
At 31 December 2024 | 6,814 | 6,814

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

13 | Investments

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Propeller Fuels Greece Single Member PC | Greece | Ordinary | 100% | 100%

14 | Debtors

| Note | 2025 $ | 2024 $
Trade debtors |  | 24,095,259 | 25,602,078
Other debtors |  | 317,451 | 710,603
Prepayments |  | 334,903 | 481,599
Deferred tax assets | 10 | 2,641 | 9,621
Income tax asset | 10 | 53,694 | -
|  | 24,803,948 | 26,803,901

15 | Creditors

| Note | 2025 $ | 2024 $
Due within one year |  |  |
Loans and borrowings | 19 | 12,070,940 | 13,718,159
Trade creditors |  | 10,122,377 | 7,440,391
Amounts due to related parties | 22 | 1,544,524 | 2,069,276
Social security and other taxes |  | 11,688 | 19,779
Outstanding defined contribution pension costs |  | - | 665
Other payables |  | 9,504 | 14,969
Accruals |  | 1,215,251 | 2,409,252
Corporation tax liability | 10 | - | 73,569
|  | 24,974,284 | 25,746,060

16 | Pension and other schemes

Defined contribution pension scheme

The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to $56,509 (2024 - $46,825).

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

17 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | $ | No. | $
Ordinary shares of £0.00 each | 9,377,272 | 1,159 | 9,377,272 | 1,159
Ordinary B shares of £0.00 each | 1,041,919 | 129 | 1,041,919 | 129
| 10,419,191 | 1,288 | 10,419,191 | 1,288

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions: - each ordinary share shall carry one vote; - the distributable profits of the company which are resolved to be distributed shall be distributed amongst the holder(s) of the ordinary shares and the B shares so that a dividend or dividends may be declared on one or more class(es) of share but not the other class(es) of share and different level of dividend may be declared and payable on each class of share; - on a return of assets on liquidation or capital reduction or otherwise, the assets of the company remaining after payment of its liabilities shall be distributed amongst the holder of the ordinary shares and the B shares in proportion to the number of shares held by them respectively as if the shares constituted one class of share.
Ordinary B shares have the following rights, preferences and restrictions: - each B share shall carry one vote; - the distributable profits of the company which are resolved to be distributed shall be distributed amongst the holder(s) of the B shares and the ordinary shares so that a dividend or dividends may be declared on one or more class(es) of share but not the other class(es) of share and different level of dividend may be declared and payable on each class of share; - on a return of assets on liquidation or capital reduction or otherwise, the assets of the company remaining after payment of its liabilities shall be distributed amongst the holder of the B shares and the ordinary shares in proportion to the number of shares held by them respectively as if the shares constituted one class of share.

18 | Reserves

Called up share capital

Share capital comprises of the value of issued share capital at par.

Retained earnings

Retained earnings consists of profits made by the company.

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve into which amounts were paid following a purchase of own shares.

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

19 | Loans and borrowings

Current loans and borrowings

| 2025 $ | 2024 $
Other borrowings | 12,070,940 | 13,718,159

Secured creditors
Included within loans and borrowings are invoice finance liabilities of $12,070,940 (2024: $13,718,159) which are secured by way of a fixed and floating charge over the assets of the entity.

20 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 $ | 2024 $
Not later than one year | 33,084 | 32,357
Later than one year and not later than five years | 44,672 | 76,038
| 77,756 | 108,395

21 | Analysis of changes in net debt

| At 1 January 2025 $ | Financing cash flows $ | At 31 December 2025 $
Cash and cash equivalents |  |  |
Cash | (326,377) | (966,112) | (1,292,489)
Borrowings |  |  |
Short term borrowings | 13,718,159 | (1,647,219) | 12,070,940
| 13,391,782 | (2,613,331) | 10,778,451

22 | Related party transactions

Key management remuneration

Salaries and other short term employee benefits to key management personnel totalled $102,677 (2024: $157,673).

Summary of transactions with entities with joint control or significant interest

Income and receivables from related parties

2025 | Entities with joint control or significant influence $ | Total
Amounts receivable from related party | 107,444 | 107,444

Propeller Fuels Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Expenditure with and payables to related parties

2025 | Entities with joint control or significant influence $ | Total $
Purchase of goods | 281,874 | 281,874
Transfer pricing | 3,526,849 | 3,526,849
| 3,808,723 | 3,808,723

2024 | Entities with joint control or significant influence $ | Total $
Purchase of goods | 186,741 | 186,741
Transfer pricing | 3,934,620 | 3,934,620
| 4,121,361 | 4,121,361
Amounts payable to related party | 33,961 | 33,961

Loans from related parties

2025 | Entities with joint control or significant influence $ | Total $
At start of period | 1,858,452 | 1,858,452
Advanced | 12,502,033 | 12,502,033
Repaid | (13,089,536) | (13,089,536)
At end of period | 1,270,949 | 1,270,949

2024 | Entities with joint control or significant influence $ | Total $
At start of period | 1,847,806 | 1,847,806
Advanced | 4,112,170 | 4,112,170
Repaid | (4,101,524) | (4,101,524)
At end of period | 1,858,452 | 1,858,452