REGISTERED NUMBER: 13306086 (England and Wales)

Portland Fuel Trading Limited

Financial Statements for the Year Ended 31 August 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S R Irwin

P Smith

J N L Spencer

J S Tuohy

SECRETARY:

J M Spencer

REGISTERED OFFICE:

1 Toft Green

York

YO1 6JT

REGISTERED NUMBER:

13306086 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

CURRENT ASSETS

Debtors

4

528,952

1

Cash at bank

495,739

-

1,024,691

1

CREDITORS

Amounts falling due within one year

5

(789,127

)

-

NET CURRENT ASSETS

235,564

1

TOTAL ASSETS LESS CURRENT LIABILITIES

235,564

1

CAPITAL AND RESERVES

Called up share capital

6

1

1

Retained earnings

235,563

-

SHAREHOLDERS' FUNDS

235,564

1

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2025 and were signed on its behalf by:

J N L Spencer - Director

1.	STATUTORY INFORMATION

Portland Fuel Trading Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

Critical accounting judgements and key sources of estimation uncertainty

The valuation of open trade positions with counterparties are estimated based upon observable market data. The resulting assets and liabilities are recorded on the statement of financial position. Factors including the underlying price of oil are taken into account.

Turnover

Turnover primarily comprises of margin achieved on back to back fuel hedging activities on behalf of group entities, including vanilla swap contracts and contracts for differences.

Open positions are carried at fair value, gains and losses arising on valuation are recognised in revenue as well as gains and losses realised on positions that have closed. The policies and methodologies associated with the determination of fair value have been discussed below under Financial Instruments. Turnover disclosed on the face of the statement of comprehensive income and in the notes to the financial statement, represents trading revenue from financial instruments carried at fair value through profit and loss.

Financial instruments

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method.

The company enters into derivative financial instruments on behalf of group undertakings to manage exposures to fuel price risk, including exposures arising from forecast transactions and unrecognised firm commitments.

Derivative financial assets and liabilities are measured at fair value. Fair values is measured using observable market data. Movements in fair value are recorded in profit and loss. Hedge accounting is used when certain criteria is met as detailed below.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Derecognition of financial assets and liabilities

A financial asset or liability is generally derecognised when the contract that gives rise to it is settled, sold, cancelled, or expires.

Financial Assets

A financial asset is derecognised where the rights to receive cash flows from the asset have expired, the company retains the right to receive cash flows from the asset but assumes an obligation to pay them in full without material delay to a third party under a 'pass-through' arrangement, or the company has transferred its right to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

Where the company has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the company's continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the company could be required to repay.

Financial liabilities

A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, such that the difference in the respective carrying amounts, together with any costs or fees incurred, are recognised in the statement of comprehensive income.

Hedge accounting

When an unrecognised firm commitment or highly probably forecast transaction is designated as a hedged item with a corresponding hedging instrument in place, hedge accounting is used to recognise the fair value gain or loss on the hedged item. The cumulative hedging gain or loss is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss. Fair value is measured using observable market data.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs.

Trade debtors represent positions closed out with customers and counterparties resulting in amounts due to the company.

Fuel trade position assets result from open trades.These derivatives are carried at fair value at the reporting date.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Trade creditors represent balances with counterparties and clients where cash owed on closed out positions, result in an amount payable.

Fuel trade position liabilities result from open trades. These derivatives are carried at fair value at the reporting date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - NIL ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

21,094

-

Other debtors

507,858

1

528,952

1

Other debtors includes £507,821 of derivative financial assets representing the fair value of open fuel price swap positions with customers and counterparties. This includes open hedging positions with group entities with a fair value of £278,960.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

24,619

-

Amounts owed to group undertakings

685,987

-

Taxation and social security

78,521

-

789,127

-

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

Ordinary

£1

1

1

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jamie Chilcott ACA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9.	ULTIMATE PARENT UNDERTAKING

The company's parent company and largest and smallest group in which the results of the company are consolidated is that headed by Portland Fuel Holdings Limited. The registered office of this company is 1 Toft Green, York, England, YO1 6JT.

The consolidated financial statements of the Group can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

The Group was controlled by Mr James Spencer being the Managing Director and majority shareholder of the company.