REGISTERED NUMBER: 07924407 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

FOR

Sectorsure No. 10 Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13

DIRECTORS:

Mr L J P Trevellyan

Mr L D Trevellyan

Mrs S A Bradbury

SECRETARY:

Mr L J P Trevellyan

REGISTERED OFFICE:

Estate Management Office

Greenhills Estate

Tilford Road, Tilford

Farnham

Surrey

GU10 2DZ

REGISTERED NUMBER:

07924407 (England and Wales)

SENIOR STATUTORY AUDITOR:

Paul Laxton FCCA

AUDITORS:

Xeinadin Audit Limited

Level 5 A

Maple House

149 Tottenham Court Road

London

W1T 7NF

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

REVIEW OF BUSINESS

The company operated 8 BP branded petrol stations with 8 associated Londis convenience stores within the period. Our fixed-term supply contract with BP was extended for a further 5 years from 9th April 2023 and the Company entered into a new 3-year shop supply contract with Londis with all 8 sites re-branded between September 2023 and January 2024. Of the 8 sites operated by the company, 6 are held freehold and 2 are leased from the Parent Company under a 15-year term sale and lease back agreement which commenced in May 2023.

RESULTS AND PERFORMANCE

We are pleased to report a 2.74% increase in turnover to £46,288,043 (2024 - £45,057,839) with a 6.9% increase in gross profit to £6,200,866 (2024 - £5,801,476). In the year, the Company continued to invest in its employees by improving on its market leading remuneration packages and incurred additional non-recurring repairs and maintenance expenses. Despite a background of continued economic uncertainty and persistent inflation pressures the Company was able to mitigate the impact of increased expenses in the period and deliver a 3.8% increase in pre-tax profits for the 12-month period of £2,169,946 (2024 - £2,091,173). The Company's operating performance produced a post-tax comprehensive income for the 12-month period of £6,588,478 (2024 £3,717,257) and net worth grew year on year by 18.4% following a restatement of prior year retained earnings.

BUSINESS ENVIRONMENT

Margins continue to face stiff competition from nearby supermarkets and discount retailers and our strategy is to continue to focus on retailing high-quality branded fuels. BP promotes strict guidelines for operating standards, with Health and Safety procedures uppermost.

GOVERNANCE STATEMENT

The Directors of the Company are required, under Section 172 of the Companies Act 2006, to act in a way they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole. In doing so, the Directors have regard, amongst other matters, to:

- the likely consequences of any decision in the long term;

- the interests of the Company's employees;

- the need to foster the Company's business relationships with suppliers, customers and others;

- the impact of the Company's operations on the community and environment;

- the desirability of the Company maintaining a reputation for high standards of business conduct; and

- the need to act fairly between shareholders of the Company.

The Board recognises that effective engagement with shareholders is essential to the long-term success of the business. The Directors regularly consider the interests of employees, customers, suppliers and other stakeholders in key decision-making processes:

- The Directors seek to ensure that employees are informed of matters affecting the Company and are encouraged to provide feedback and contribute to the ongoing development of the business.

- The Directors monitor service standards, payment practices and operational performance to support sustainable and mutually beneficial business relationships.

As reviewed under our environmental impact section, the Directors are mindful of the environmental impact of the Company's activities and seek to operate responsibly and efficiently wherever practicable. The Company also considers its wider responsibilities to the local community in conducting its operations.

During the year, the Directors considered the interests of shareholders when making significant business decisions, including operational planning, investment decisions and financial management activities. The Directors believe that these actions support the long-term success and sustainability of the Company. In the performance of their duties, the Directors are committed to maintaining high standards of integrity and business conduct in all dealings and decision-making activities, in compliance with ongoing legal and regulatory requirements.

CHARITY

Donations and fundraising activity continued throughout the group, with staff organising a number of successful fundraising activities which have benefited both local and international charitable causes alike.

STRATEGY

The Company continues to invest and develop its portfolio and seeks to acquire reasonably-priced petrol stations with solid retail performance prospects and sound, medium-term redevelopment prospects. This strategy is set against the Government's policy of moving towards net-zero with the end of sales of new petrol only and diesel cars from 2030, and hybrid vehicles now extended until 2035. By 2035, the Government's plans to accelerate a greener transport future will see all new cars and vans fully zero emissions at the tailpipe. In response, we intend to roll out on site charge points on selected sites to meet the anticipated demand. Heavy goods vehicles are much harder to electrify. The Governments policy is that there should be no new non-zero emission HGV's under 26 tonnes from 2035 and all new non-zero emission HGV's are to be phased out by 2040.

PRINCIPAL RISKS AND UNCERTAINTIES

The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review. Compliance with regulation and legal and ethical standards, including respect and dignity at work policies, are a very high priority for the Board.

In the petrol retail operation, the most challenging risk category is how to adapt and make ready the provision of services for the EV and possibly hydrogen cell vehicles.

Interest rates have continued to rise from their previous all-time historic lows to their 18 year high achieved last year. The current year has seen interest rates fall in line with inflation expectations moving closer to the Bank of England's 2% target. The board frequently considers interest rate protection measures, modelling cost versus risk in relation to the groups funding criteria and existing banking covenants. We have an interest hedging policy in place and when medium-term rates fall to our 'strike' level, we will act swiftly. At Trevellyan Developments Limited group level we have recently contracted a £10 million 3 year swap at favourable rates.

ON BEHALF OF THE BOARD:

Mr L J P Trevellyan - Director

4 June 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of operation of petrol filling stations and associated convenience retail shop activities.

DIVIDENDS

The total distribution of dividends for the year ended 31 July 2025 will be £3,000,000 (2024: NIL).

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 August 2024 to the date of this report.

Mr L J P Trevellyan

Mr L D Trevellyan

Other changes in directors holding office are as follows:

Mrs S A Bradbury was appointed as a director after 31 July 2025 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

During the year donations were made of £2,560 (2024: £2,500) to charities.

ENVIRONMENTAL IMPACT

Reducing our environmental impact has been an important task for the Company throughout the period. The business is consistently reviewing the energy efficiency of its operating equipment.

The company recognises its responsibility to minimise the environmental impact of its operations and is committed to improving environmental performance where reasonably practicable. The principal environmental impacts of the group arise from energy consumption, business travel, and general operational activities.

The company monitors energy usage and reviews opportunities to improve operational efficiency, reduce waste, and lower greenhouse gas emissions across its activities. The directors are committed to ensuring compliance with applicable environmental legislation and reporting requirements.

In accordance with the Streamlined Energy and Carbon Reporting (SECR) requirements, the company's annual energy consumption and associated greenhouse gas emissions for the period ended 31st July 2025 are set out below:

Electricity consumption

870,311 kWh

Gas consumption

Nil kWh

Travel fuel consumption

28,200 kWh

Total energy consumption

898,511 kWh

Gross Scope 1 emissions

28,200 kWh

Gross Scope 2 emissions

870,311 kWh

Total Gross emissions

898,511 kWh

Total Co2 per employee 10.7 tonnes based on an average number of employees of 84.

The methodology used to calculate emissions is based on the UK Government Environmental Reporting Guidelines and the applicable greenhouse gas conversion factors published by the Department for Energy Security and Net Zero.

Sectorsure No 10 Ltd was a wholly owned subsidiary of the Trevellyan Group during the period. At the group level the director's work to ensure their carbon footprint is offset. Previous initiatives continued during this period include: increasing recycling rates, switching electricity supply contracts to be 100% renewably sourced where possible, upgrading refrigeration to increase consumption efficiencies, upgrading to LED lighting and our company pool car policy favours hybrid or electric vehicles. The group has in the past years subscribed to a tree planting and carbon offsetting scheme to offset the carbon footprint of all employees with a specialist environment and sustainability company, creating our own virtual forest which has funded the planting of over 68,000 trees to date, almost all of which were planted overseas. One further initiative to help us achieve the goal of becoming carbon neutral is to switch tree-planting from overseas to the UK. Tree Huggers Limited, a subsidiary company, has taken control of our own tree planting on land already owned or specifically acquired for this purpose. So far, we have planted just over 790 trees in Surrey and 320 trees in Jersey (Channel Islands) since the move away from overseas planting.

We have continued to improve our EPC grades across the property portfolio. We are continually reviewing solar-generated power on a site-by-site basis as the recent significant increase in energy costs have improved the prospects of viable PV installations. The group now has fourteen fully-operational PV solar panel installations and fifteen EV charge points. At our Greenhills Estate headquarters, our rural conservation activities have increased and the spaces previously set aside for tree planting, wildflower meadow planting and bee colonies are all developing well and as expected, some of which are now operated under the principles of a DEFRA Countryside Stewardship Scheme. We believe our most significant contribution to the environment in this period has been as the majority financier for a short film called Plastic Surgery. This film has been written and directed by Guy Trevellyan and focuses on the proliferation of plastics in everyday use and the dangers of migration of plastic compounds into the human body via the food we eat, liquids we drink and the air we breathe. Guy Trevellyan has recently been appointed a Director of Trevellyan Developments Limited, the parent company. Plastic Surgery has been an international success, winning a Hollywood Film category of Best Thriller at Hollyshorts, the outright winning award for film, Best Narrative Short Film at Cinequest, and other awards such as at CineEco in Portugal and several other key festivals.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr L J P Trevellyan - Director

4 June 2026

Opinion

We have audited the financial statements of Sectorsure No. 10 Limited (the 'company') for the year ended 31 July 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, 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 July 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 five, 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.

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

o Enquiry of management and those charged with governance around actual and potential litigation and claims;

o Reviewing minutes of meetings of those charged with governance;

o Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

o Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, data protection laws, anti-bribery, money laundering, employment law compliance, environmental protection and fuel storage regulations, petroleum licensing requirements, consumer protection, trading standards and fire safety recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

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. This 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 concealment, forgery, collusion, omission or misrepresentation.

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

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.

Paul Laxton FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Level 5 A

Maple House

149 Tottenham Court Road

London

W1T 7NF

4 June 2026

TURNOVER

4

46,288,043

45,057,839

Cost of sales

(40,087,177

)

(39,256,363

)

GROSS PROFIT

6,200,866

5,801,476

Administrative expenses

(3,999,920

)

(3,670,115

)

2,200,946

2,131,361

Other operating income

330,134

360,281

OPERATING PROFIT

6

2,531,080

2,491,642

Interest receivable and similar income

9,414

9,899

2,540,494

2,501,541

Interest payable and similar expenses

7

(370,548

)

(410,368

)

PROFIT BEFORE TAXATION

2,169,946

2,091,173

Tax on profit

8

(375,957

)

(750,523

)

PROFIT FOR THE FINANCIAL YEAR

1,793,989

1,340,650

OTHER COMPREHENSIVE INCOME

Revaluation of fixed assets

6,387,741

3,168,809

Income tax relating to other comprehensive income

(1,593,252

)

(792,202

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

4,794,489

2,376,607

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

6,588,478

3,717,257

FIXED ASSETS

Tangible assets

11

23,356,565

17,157,369

Investments

12

100

100

23,356,665

17,157,469

CURRENT ASSETS

Stocks

13

1,090,518

990,848

Debtors

14

15,931,970

12,617,124

Cash at bank and in hand

873,818

719,056

17,896,306

14,327,028

CREDITORS

Amounts falling due within one year

15

(7,447,580

)

(4,053,482

)

NET CURRENT ASSETS

10,448,726

10,273,546

TOTAL ASSETS LESS CURRENT LIABILITIES

33,805,391

27,431,015

CREDITORS

Amounts falling due after more than one year

16

(6,477,040

)

(5,282,874

)

PROVISIONS FOR LIABILITIES

20

(4,235,067

)

(2,643,335

)

NET ASSETS

23,093,284

19,504,806

CAPITAL AND RESERVES

Called up share capital

21

100

100

Fair value reserve

22

12,546,427

7,751,938

Retained earnings

22

10,546,757

11,752,768

SHAREHOLDERS' FUNDS

23,093,284

19,504,806

The financial statements were approved by the Board of Directors and authorised for issue on 4 June 2026 and were signed on its behalf by:

Mr L J P Trevellyan - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 August 2023

100

10,412,118

5,375,331

15,787,549

Changes in equity

Total comprehensive income

-

1,340,650

2,376,607

3,717,257

Balance at 31 July 2024

100

11,752,768

7,751,938

19,504,806

Changes in equity

Dividends

-

(3,000,000

)

-

(3,000,000

)

Total comprehensive income

-

1,793,989

4,794,489

6,588,478

Balance at 31 July 2025

100

10,546,757

12,546,427

23,093,284

Cash flows from operating activities

Cash generated from operations

28

2,776,684

1,460,031

Interest paid

(370,548

)

(410,368

)

Tax paid

(420,715

)

(197,882

)

Net cash from operating activities

1,985,421

851,781

Cash flows from investing activities

Purchase of tangible fixed assets

(81,030

)

(1,435,791

)

Interest received

9,414

9,899

Net cash from investing activities

(71,616

)

(1,425,892

)

Cash flows from financing activities

New bank loans in year

1,500,000

800,000

Bank loan repayments in year

(259,043

)

(224,525

)

Equity dividends paid

(3,000,000

)

-

Net cash from financing activities

(1,759,043

)

575,475

Increase in cash and cash equivalents

154,762

1,364

Cash and cash equivalents at beginning of year

29

719,056

717,692

Cash and cash equivalents at end of year

29

873,818

719,056

1.	STATUTORY INFORMATION

Sectorsure No 10 Limited is a private company, limited by shares, registered in England and Wales. The principal place of business of the Company is Greenhills Estate Office, Greenhills Estate, Tilford Road, Tilford, Farnham, Surrey, GU10 2DZ. The Company operates a number of petrol filling stations and associated convenience retail outlets across the United Kingdom.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Sectorsure No. 10 Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Trevellyan Developments Limited, .

Significant judgements and estimates

The preparation of the financial statements involves management making judgements and estimates that affect the reported amounts of assets, liabilities, income, and expenses. These estimates are based on historical experience and other factors believed to be reasonable under the circumstances. Actual results may differ from these estimates, and management regularly reviews and updates them as needed.

Property Valuations

As part of these judgements, Freehold property is measured at fair value under the revaluation model. Revaluation gains and losses are recognised in revaluation reserves, except to the extent that they reverse a previous revaluation loss recognised in profit or loss. Fair value is assessed by management with reference to property and agent valuations, market evidence and the current use of the property. Property valuations involve inherent estimation uncertainty due to changes in market conditions.

Turnover

Turnover represents amounts receivable from the sale of motor fuel, convenience retail goods and ancillary forecourt services, net of value added tax, rebates and trade discounts. Revenue is recognised at the point of sale when control of the goods passes to the customer or, in respect of services, in the period in which the services are rendered.

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

-

25% on reducing balance and Straight line over 20 years

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Plant and machinery includes petrol forecourt plant & machinery (pumps, etc) which have been treated as long life plant & machinery assets which are being depreciated over 20 years (equivalent to 5% straight line).

Tangible Fixed Assets Revaluations:

Petrol station freehold properties are measured at fair value, determined from periodic professional valuations, less subsequent depreciation where applicable.

Revaluations are undertaken with sufficient regularity to ensure that the carrying amount does not differ materially from fair value at the reporting date.

Revaluation gains and losses are recognised in accordance with applicable accounting standards.

Other tangible fixed assets are stated at cost less accumulated depreciation and impairment.

Depreciation is charged on a straight-line basis over the estimated useful economic lives of the assets.

Investments in subsidiaries

Investment in subsidiaries are held at fair value with changes recognised in other comprehensive income.

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in, first out basis. Net realisable value represents the estimated selling price. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other creditors, bank loans and loans from related parties, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled or expires.

Operating leases

Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the term of the lease. Lease payments relate primarily to the rental of petrol filling station sites and associated premises used in the Company’s operations.

The Company operates a number of petrol stations across the United Kingdom, including sites leased from third parties. Two stations, Hampstead Service Station and Museum Service Station, are operated from premises owned by Trevellyan Developments Ltd under lease arrangements.

Any lease incentives received are recognised in the profit and loss account over the lease term on a straight-line basis.

4.

TURNOVER

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

Turnover represents amounts receivable from the operation of petrol filling stations and associated convenience retail outlets, net of value added tax, rebates and trade discounts.

Revenue is recognised when control of goods or services is transferred to the customer, the amount of revenue can be measured reliably, and it is probable that the economic benefits will flow to the Company.

Revenue from the sale of motor fuel and retail goods is recognised at the point of sale. Revenue from ancillary forecourt services, including car wash and other customer services, is recognised in the period in which the services are rendered.

An analysis of turnover by class of business is as follows:

2025

2024

Fuel sales

£39,758,304

£38,615,413

Shop sales

£6,221,376

£6,178,822

Car wash and ancillary forecourt income

£275,108

£231,738

Commission income

£33,254

£31,866

Total turnover

£46,288,043

£45,057,839

5.	EMPLOYEES AND DIRECTORS

31.7.25

31.7.24

as restated

£

£

Wages and salaries

1,891,852

1,813,029

Social security costs

178,900

148,341

Other pension costs

39,181

37,053

2,109,933

1,998,423

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

31.7.25

31.7.24

as restated

Directors

2

2

Management

2

2

Clerical

7

7

Retail

73

73

84

84

31.7.25

31.7.24

as restated

£

£

Directors' remuneration

-

-

6.	OPERATING PROFIT

The operating profit is stated after charging:

31.7.25

31.7.24

as restated

£

£

Hire of plant and machinery

5,102

4,961

Depreciation - owned assets

269,575

215,924

Auditors' remuneration

16,400

22,750

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.7.25

31.7.24

as restated

£

£

Bank loan interest

359,382

398,626

Interest payable

11,166

11,742

370,548

410,368

8.

TAXATION

Analysis of the tax charge

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

31.7.25

31.7.24

as restated

£

£

Current tax:

UK corporation tax

377,477

385,447

Deferred tax

(1,520

)

365,076

Tax on profit

375,957

750,523

UK corporation tax has been charged at 25% (2024 - 25%).

Tax effects relating to effects of other comprehensive income

31.7.25

Gross

Tax

Net

£

£

£

Revaluation of fixed assets

6,387,741

(1,593,252

)

4,794,489

31.7.24

Gross

Tax

Net

£

£

£

Revaluation of fixed assets

3,168,809

(792,202

)

2,376,607

9.

DIVIDENDS

31.7.25

31.7.24

as restated

£

£

Final

3,000,000

-

10.	PRIOR YEAR ADJUSTMENT

On 24 May 2023, Sectorsure No. 10 Ltd disposed of its BP-branded freehold petrol station at Cambridge Heath Road, London, to its parent company, Trevellyan Developments Limited.

Following a subsequent review, a prior period adjustment of £12,049,500 has been recognised to reflect the lapse of a previously granted development planning consent and to ensure that the property was recorded on transfer at its appropriate investment value, consistent with the accounting policies applied within Trevellyan Developments Limited.

This adjustment has resulted in a reduction in amounts due from group undertakings and a corresponding reduction in retained earnings.

The adjustment has been treated as a prior period adjustment in accordance with FRS 102.

11.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 August 2024

16,157,660

1,275,764

811,309

131,775

18,376,508

Additions

-

8,555

70,015

2,460

81,030

Revaluations

6,387,741

-

-

-

6,387,741

At 31 July 2025

22,545,401

1,284,319

881,324

134,235

24,845,279

DEPRECIATION

At 1 August 2024

115,513

633,614

391,232

78,780

1,219,139

Charge for year

14,738

118,037

114,533

22,267

269,575

At 31 July 2025

130,251

751,651

505,765

101,047

1,488,714

NET BOOK VALUE

At 31 July 2025

22,415,150

532,668

375,559

33,188

23,356,565

At 31 July 2024

16,042,147

642,150

420,077

52,995

17,157,369

Included in cost or valuation of land and buildings is freehold land of £ 15,420,785 (2024 - £ 15,420,785 ) which is not depreciated.

Cost or valuation at 31 July 2025 is represented by:

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

Valuation in 2025

6,387,741

-

-

-

6,387,741

Cost

16,157,660

1,284,319

881,324

134,235

18,457,538

22,545,401

1,284,319

881,324

134,235

24,845,279

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.7.25

31.7.24

as restated

£

£

Cost

5,914,331

5,914,331

Aggregate depreciation

130,250

115,513

Value of land in freehold land and buildings

5,784,081

5,798,818

The freehold property cost figure of £16,157,660 above includes historical valuation movements and other movements.

Five of the six operating sites were professionally valued by Avison Young (UK) Limited in January 2022. The Rivenhall site was purchased in September 2023 and professionally revalued in August 2025 by Sanderson Weatherall.The Directors have reviewed these professional red book valuations in light of current trading performances, interest rates and specialist agent opinions as to the current market values.Significantly, following the Labour government’s review of the A12 road widening proposals, the scheme was cancelled in July 2025.This scheme directly affected the Rivenhall site and indirectly affected the Bradwell site.

Therefore, any element of impairment previously factored into both of these valuations have been removed.