REGISTERED NUMBER: 03133504 (England and Wales)

Williams Tanker Services Limited

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

14

Notes to the Financial Statements

15

DIRECTORS:

Mr M A Crossland

Mr P L Beadle

SECRETARY:

Oakwood Corporate Secretary Limited

REGISTERED OFFICE:

3rd Floor

1 Ashley Road

Altrincham

Cheshire

WA14 2DT

REGISTERED NUMBER:

03133504 (England and Wales)

AUDITORS:

SMH Jolliffe Cork Audit Ltd

Accountants & Statutory Auditors

33 George Street

Wakefield

West Yorkshire

WF1 1LX

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

REVIEW OF BUSINESS

During 2025, the Company continued to sell new and second hand assets and repair & test road tankers.

The TIP Group strategy is to expand the business in both selling tankers and maintenance and repair services.

The result for the Company shows a pre-tax profit of £0.83 million (2024: profit £2.11 million) for the year and turnover of £27.70 million (2024: £32.98 million).

The Company has net assets of £3.64 million (2024: £3.02 million).

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the Company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the Company are considered to relate to competition from UK and overseas manufacturers and asset sales companies, the current economic uncertainty leading to delays in investment decisions from customers. A comprehensive product offering, highest levels of service, a broad network of support services, and a wide range of products and industry-leading IT are the key elements enabling us to differentiate ourselves. The financial gearing ratio (dividing total debt by total equity plus total debt) is 79%. Credit risk impacts are mitigated using a number of resources to evaluate customers, including local credit rating agencies.

The Company is exposed to market risk, credit risk, and liquidity risk. Market risk consists of interest rate risk and foreign currency risk. Foreign currency has low impact as this is managed through borrowing in local currency and interest rate risk is managed with interest rate swaps, in which the Company agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed notional principal amount.

We have concluded that risks arising from conflict areas such as Ukraine and the Middle East do not have a material impact on our business, as we have no operational presence in Ukraine, Russia or the Middle East.

Following the US Presidential elections in November 2024, we are carefully analysing the impact of changing policies on global trade, including tariffs, which might increase certain risks. TIP's Executive Management Team (EMT) is ready to take appropriate measures to mitigate those risks.

We are also closely monitoring developments related to market conditions, including the global material shortage, inflationary pressures and logistics development. Robust financial modelling allows us to maintain visibility and take the necessary actions to continue navigating through this situation.

A general slowdown in consumer spending and industrial production in 2025 resulted in lower freight volumes, with the reduced demand for trucks and trailers partially limiting our performance. Nevertheless we treat the remaining months of 2026 cautiously and are ready to flex both our capex and acquisition investments depending upon market developments. We stay confident in our industry, its structural growth drivers and the strength of our position in the industry with a growing, profitable business model, while becoming more sustainable and innovative than ever before.

KEY PERFORMANCE INDICATORS

According to the higher utilisation rate and gross margins as compared to the prior year, we continue to see good demand for tanker sales in the uncertain economic environment. We finish 2025 cautiously positive but ready to flex both our capex and acquisition investments to any sudden economic and market shifts in the remaining months of 2026. Overall, we anticipate that investment in road freight equipment will remain solid, benefiting our repair and sales business.

Our key performance indicators during the year are set out in the table below:

Indicator

2025

2024

Change

Turnover

£27.70m

£32.98m

£(5.28m

)

Gross margin

9.34%

7.88%

1.46%

RESEARCH AND DEVELOPMENT

The Company continues to cooperate with the TIP Group which works on modern fleet rental units. The directors of TIP Group regard the investment in research and development as integral to the continuing success of the business including the Company.

There are no research and development costs in the Company.

FUTURE OUTLOOK

The external commercial environment is expected to remain challenging in 2026. However, with our additional innovative product offerings and high-quality service levels, we are confident that we will be in a strong position to improve performance.

ON BEHALF OF THE BOARD:

Mr M A Crossland - Director

12 May 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of selling new and used road tankers and also repairing and testing of road trailers.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1 January 2025 to the date of this report.

The directors shown below were in office at 31 December 2025 but did not hold any interest in the Ordinary shares of £1 each at 1 January 2025 or 31 December 2025.

Mr M A Crossland

Mr P L Beadle

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, SMH Jolliffe Cork Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M A Crossland - Director

12 May 2026

Opinion

We have audited the financial statements of Williams Tanker Services Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

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 four, 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 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.

Auditors' 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 a Report of the Auditors 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:

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with the Directors and other informed management which we considered may have a direct material effect on the financial statements or the operations of the company and thereafter, the audit team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and;

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

-

in assessing the effectiveness of the control environment, we also reviewed significant correspondence between the company and UK regulatory bodies, reviewed minutes of meetings and gained an understanding of the company's approach to governance.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

enquiring of management as to actual and potential litigation and claims and reviewing correspondence with HMRC.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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 a Report of the Auditors 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.

Claire Lawton FCA DChA (Senior Statutory Auditor)

for and on behalf of SMH Jolliffe Cork Audit Ltd

Accountants & Statutory Auditors

33 George Street

Wakefield

West Yorkshire

WF1 1LX

12 May 2026

TURNOVER

3

27,704,652

32,977,329

Cost of sales

25,117,598

30,378,960

GROSS PROFIT

2,587,054

2,598,369

Administrative expenses

1,298,377

312,885

1,288,677

2,285,484

Other operating income

-

(12,726

)

OPERATING PROFIT

5

1,288,677

2,272,758

Interest receivable and similar income

4,640

-

1,293,317

2,272,758

Interest payable and similar expenses

6

462,634

164,906

PROFIT BEFORE TAXATION

830,683

2,107,852

Tax on profit

7

215,541

534,934

PROFIT FOR THE FINANCIAL YEAR

615,142

1,572,918

PROFIT FOR THE YEAR

615,142

1,572,918

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

615,142

1,572,918

FIXED ASSETS

Tangible assets

9

1,286,443

1,299,002

CURRENT ASSETS

Stocks

10

14,740,008

9,552,663

Debtors

11

1,506,719

1,291,850

Cash at bank

464,889

-

16,711,616

10,844,513

CREDITORS

Amounts falling due within one year

12

14,307,978

9,070,953

NET CURRENT ASSETS

2,403,638

1,773,560

TOTAL ASSETS LESS CURRENT LIABILITIES

3,690,081

3,072,562

PROVISIONS FOR LIABILITIES

14

52,766

50,389

NET ASSETS

3,637,315

3,022,173

CAPITAL AND RESERVES

Called up share capital

15

1,000

1,000

Retained earnings

16

3,636,315

3,021,173

SHAREHOLDERS' FUNDS

3,637,315

3,022,173

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2026 and were signed on its behalf by:

Mr M A Crossland - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

1,000

5,948,255

5,949,255

Changes in equity

Dividends

-

(4,500,000

)

(4,500,000

)

Total comprehensive income

-

1,572,918

1,572,918

Balance at 31 December 2024

1,000

3,021,173

3,022,173

Changes in equity

Total comprehensive income

-

615,142

615,142

Balance at 31 December 2025

1,000

3,636,315

3,637,315

1.	STATUTORY INFORMATION

Williams Tanker Services 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 company's principal place of business is Howley Park Road East, Morley, Leeds, West Yorkshire, LS27 0SW.

The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

-

the requirements of Section 7 Statement of Cash Flows;

-

the requirements of Section 33 Related Party Disclosures paragraph 33.7.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. Estimates and Judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statements where these judgements and estimates have been made include:

(i) Useful economic lives of tangible assets

The annual amortisation and depreciation charges for intangible and tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(ii) Stock provisions

When calculating the stock provisions, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability.

Turnover

Turnover represents net invoiced sale of goods and services, excluding value added tax. Maintenance work is invoiced and recognised as a sale when all works are completed. Tanker sales are invoiced and recognised as a sale when two of the following criteria are met; the tanker has been delivered to/collected by the customer or paid for in full by the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on cost and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Fixed assets are initially recorded at cost.

Freehold property includes land which is not depreciated.

Stocks

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

The company has no 'Other financial assets'.

Financial assets are derecognised when (a) the contractual rights to the cashflow from the asset expire or are settled or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other creditors and hire purchase contracts, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

The company has no 'Other financial liabilities'.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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 or matching forward contract rate where relevant. 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.

Pension costs and other post-retirement benefits

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. The amount charged to the Income Statement represents the contributions payable to the scheme in respect of the accounting period.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Sale of tankers

24,150,264

29,668,259

Service income

3,554,388

3,309,070

27,704,652

32,977,329

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

27,323,502

32,548,572

Europe

381,150

428,757

27,704,652

32,977,329

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,381,643

1,334,099

Social security costs

170,308

140,359

Other pension costs

47,229

46,118

1,599,180

1,520,576

The average number of employees during the year was as follows:

2025

2024

Production staff

25

26

Administrative staff

4

4

29

30

2025

2024

£

£

Directors' remuneration

-

-

The directors are remunerated by other TIP group companies for services provided to the Company and other group undertakings.

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Hire of plant and machinery

10,425

11,335

Depreciation - owned assets

87,438

86,204

(Profit)/loss on disposal of fixed assets

(2,379

)

18,072

Auditors' remuneration

18,950

14,950

Foreign exchange differences

556,790

(327,291

)

In addition to remuneration for the audit, the auditors have also levied the following fees:

2025

2024

£

£

Services relating to taxation

2,200

2,000

2,000

1,900

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

7,681

16,603

Intercompany interest

454,938

147,696

Interest payable to corporation tax

-

607

Interest payable on VAT

15

-

462,634

164,906

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

213,767

523,071

Over/under provision in

prior year

(603

)

-

Total current tax

213,164

523,071

Deferred tax

2,377

11,863

Tax on profit

215,541

534,934

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

830,683

2,107,852

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

207,671

526,963

Effects of:

Expenses not deductible for tax purposes

1,308

714

Depreciation in excess of capital allowances

7,165

6,967

Adjustments to tax charge in respect of previous periods

(603

)

-

Deferred tax adjustment - prior period

-

290

Total tax charge

215,541

534,934

8.

DIVIDENDS

2025

2024

£

£

Interim

-

4,500,000

9.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2025

1,575,068

495,895

127,388

143,575

2,341,926

Additions

-

7,500

-

68,500

76,000

Disposals

-

-

-

(4,250

)

(4,250

)

At 31 December 2025

1,575,068

503,395

127,388

207,825

2,413,676

DEPRECIATION

At 1 January 2025

608,431

256,136

80,850

97,507

1,042,924

Charge for year

26,972

37,375

8,197

14,894

87,438

Eliminated on disposal

-

-

-

(3,129

)

(3,129

)

At 31 December 2025

635,403

293,511

89,047

109,272

1,127,233

NET BOOK VALUE

At 31 December 2025

939,665

209,884

38,341

98,553

1,286,443

At 31 December 2024

966,637

239,759

46,538

46,068

1,299,002

10.

STOCKS

2025

2024

£

£

Work-in-progress

626,835

478,203

Parts

1,056,392

992,500

Tanker stock

13,056,781

8,081,960

14,740,008

9,552,663

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,421,460

1,208,208

Tax

40,851

56,326

Prepayments and accrued income

44,408

27,316

1,506,719

1,291,850