Bangor Fuels Limited iXBRL

Company Registration Number: NI620330

Bangor Fuels Limited

Reports and Financial Statements

for the financial year ended 31 October 2025

Bangor Fuels Limited

DIRECTORS AND OTHER INFORMATION


Directors	Mr Damian Fusco
	Mr Denise Fusco
	Mr Johnathan Fusco (Appointed 1 November 2024)


Company Secretary	Mr Damian Fusco


Company Registration Number	NI620330


Registered Office	5 Balloo Way
	Bangor
	BT19 7QZ
	Northern Ireland


Business Address	5 Balloo Way
	Bangor
	BT19 7QZ


Independent Auditors	Azets Audit Services Ireland Limited
	16 Mount Charles
	Belfast
	BT7 1NZ


Bankers	Ulster Bank
	Unit 28 Springhill Shopping Centre
	Killeen Avenue
	BT19 1ND


	Barclays Bank PLC
	Donegall House
	Donegall Square East
	Belfast
	BT1 5HL


Solicitors	Bigger & Strahan Solicitors
	40 Hamilton Road
	Bangor
	BT20 4LE

Bangor Fuels Limited

STRATEGIC REPORT

for the financial year ended 31 October 2025

The directors present their strategic report on the company for the financial year ended 31 October 2025.

Review of the Company's Business

Both the level of business and the period end financial position were considered satisfactory and the directors expect that the current level of activity will be sustained for the forseeable future.

The results for the year are set out in the profit and loss account on page 10 and in the related notes.

Principal Risks and Uncertanties

Performance in the sector is effected by general economic conditions. The directors carry out regular strategic reviews including reviewing competitor activity, fuel commodity price and market trends.

Development and Performance

The company will continue to seek every opportunity to increase profitable turnover both by organic growth and acquisitions.

Financial Risk Management

The company has various financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations and is exposed to a variety of financial risks which includes liquidity risk, credit risk, price risk and interest rate risk.

Liquidity Risk

The company manages its cash requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Credit Risk

The company is exposed to credit due to the nature of its operations. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary. The company manages risk by implementing credit control procedures.

Price Risk

The company is exposed to commodity price risk as a result of its operations. However, given the size of the operations, the cost of managing exposure exceed any potential benefits. The company has no exposure to equity security price risk as it holds no listed or other equity investments.

Interest Rate Risk

The company has both interest bearing assets and interest bearing liabilities. Interest bearing assets include only cash balances and interest bearing liabilities include loans. Both the asset and liability earn or are charged interest at variable rates. Interest rate risk is managed by the company on an ongoing basis with the primary objective of limiting the extent to which net interest expense could be affected by an adverse movement in interest rates.

Key Perfomance Indicators

The Key Perfomance Indicators during the financial year were as follows:


	2025	2024
	£	£
Turnover	35,998,095	40,089,545
Gross profit	3,860,957	4,797,432
Gross Profit Margin (%)	11	12


On behalf of the board




___________________________
Mr Damian Fusco
Director

17 July 2026

Bangor Fuels Limited

DIRECTORS' REPORT

for the financial year ended 31 October 2025

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

Principal Activity

The principal activity of Bangor Fuels Limited is that of the supply and distribution of coal, oil and gas; the sale of cars and lawnmowers, gardening and home improvement services.

Results and Dividends

The (loss)/profit for the financial year after providing for depreciation and taxation amounted to £(904,698) (2024 - £304,342).

The directors have paid an interim dividend amounting to £152,750 and they do not recommend payment of a final dividend.

Directors

The directors who served during the financial year are as follows:

Mr Damian Fusco

Mr Denise Fusco

Mr Johnathan Fusco (Appointed 1 November 2024)

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 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 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.

Disclosure of Information to Auditor

Each persons who are directors at the date of approval of this report confirms that:

In so far as the directors are aware:

-there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and

-the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditors

The auditors, Azets Audit Services Ireland Limited have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

Matters included in the Strategic Report

Under section 414 of Companies Act 2006 all matters not disclosed in the Directors’ Report have been included in the Strategic Report.

On behalf of the board

___________________________

Mr Damian Fusco

Director

17 July 2026

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of Bangor Fuels Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Bangor Fuels Limited ('the company') for the financial year ended 31 October 2025 which comprise the Profit and Loss Account, the Balance Sheet, the Reconciliation of Shareholders' Funds and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 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 October 2025 and of its loss for the financial year then ended;

-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other Information

The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 course of 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.

Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any 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

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 for the financial statements

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 they 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 has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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:

While the specific response and tailored audit proedures planned will vary on each engagement, relative to the specific risks identified, this may include the following:

- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims;

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

- Reviewing minutes of meetings of those charged with governance;

- Reviewing internal audit reports;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

-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.

A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.

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.

__________________________________

Mr Robert Barr (Senior Statutory Auditor)

for and on behalf of

AZETS AUDIT SERVICES IRELAND LIMITED

Statutory Auditor

16 Mount Charles

Belfast

BT7 1NZ

17 July 2026

Bangor Fuels Limited

APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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.

Bangor Fuels Limited

PROFIT AND LOSS ACCOUNT

for the financial year ended 31 October 2025

	2025	2024
Notes	£	£

Turnover	4	35,998,095	40,089,545

Cost of sales		(32,137,138)	(35,292,113)
		─────────	─────────
Gross profit		3,860,957	4,797,432

Administrative expenses		(4,961,583)	(4,271,169)
		─────────	─────────
Operating (loss)/profit	5	(1,100,626)	526,263

Interest receivable and similar income	6	-	6,185
Interest payable and similar expenses	7	(103,781)	(68,381)
		─────────	─────────
(Loss)/profit before taxation		(1,204,407)	464,067

Tax on (loss)/profit	9	299,709	(159,725)
		─────────	─────────
(Loss)/profit for the financial year		(904,698)	304,342
		─────────	─────────
Total comprehensive income		(904,698)	304,342
		═════════	═════════

Bangor Fuels Limited

Company Registration Number: NI620330

BALANCE SHEET

as at 31 October 2025

		2025	2024
	Notes	£	£

Fixed Assets

Tangible assets

3,909,382

3,492,084

─────────

Current Assets

Stocks

2,972,177

3,541,952

Debtors

- amounts falling due after more than one year

3,008,667

- amounts falling due within one year

855,149

3,676,633

Cash and cash equivalents

1,012

─────────

6,835,993

7,219,597

─────────

Creditors: amounts falling due within one year

(7,675,716)

(6,471,015)

─────────

Net Current (Liabilities)/Assets

(839,723)

748,582

─────────

Total Assets less Current Liabilities

3,069,659

4,240,666

Creditors:

amounts falling due after more than one year

(738,510)

(552,360)

Provisions for liabilities

(134,270)

(433,979)

─────────

Net Assets

2,196,879

3,254,327

═════════

Capital and Reserves

Called up share capital

200,000

200,000

Retained earnings

1,996,879

3,054,327

─────────

Equity attributable to owners of the company

2,196,879

3,254,327

═════════

Approved by the Board and authorised for issue on 17 July 2026 and signed on its behalf by




________________________________
Mr Damian Fusco
Director

Bangor Fuels Limited

RECONCILIATION OF SHAREHOLDERS' FUNDS

as at 31 October 2025

	Called up	Retained	Total
	share	earnings
	capital
	£	£	£

At 1 November 2023	200,000	2,808,485	3,008,485
	─────────	─────────	─────────
Profit for the financial year	-	304,342	304,342
	─────────	─────────	─────────
Payment of dividends	-	(58,500)	(58,500)
	─────────	─────────	─────────
At 31 October 2024	200,000	3,054,327	3,254,327
	─────────	─────────	─────────
Loss for the financial year	-	(904,698)	(904,698)
	─────────	─────────	─────────
Payment of dividends	-	(152,750)	(152,750)
	─────────	─────────	─────────
At 31 October 2025	200,000	1,996,879	2,196,879
	═════════	═════════	═════════

Bangor Fuels Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 October 2025

General Information

Bangor Fuels Limited is a private company limited by shares incorporated in Northern Ireland. The registered office of the company is 5 Balloo Way, Bangor, BT19 7QZ, Northern Ireland which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company. The company registeration number is NI620330.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the year ended 31 October 2025 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Cash flow statement

The company has availed of the exemption in FRS 102 from the requirement to prepare a Cash Flow Statement because it is a subsidiary undertaking for which the consolidated financial statements are publicly available.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. Turnover is recocognised upon customer receipt.

Goodwill

Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Tangible assets and depreciation

Tangible assets are stated at cost, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Land and buildings freehold

2% Straight line

Long leasehold property

2% Straight line

Fixtures, fittings and equipment

12.5% Reducing Balance

Motor vehicles

25% Reducing Balance

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Leasing and hire purchases

Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.

Stocks

Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Borrowing costs

Borrowing costs are recognised in profit or loss in the period in which they are incurred.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Employee 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.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Significant accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

The turnover for the financial year is analysed as follows:

2025

2024

By Category:

Sale of goods

35,848,211

39,974,237

Rental income

37,032

44,292

Other Sales

112,852

71,016

─────────

35,998,095

40,089,545

═════════

The whole of the company's turnover is attributable to its market in the United Kingdom.


5.	Operating (loss)/profit	2025	2024
		£	£
	Operating (loss)/profit is stated after charging/(crediting):
	Depreciation of tangible assets	359,911	264,873
	(Profit)/loss on disposal of tangible assets	(9,623)	25,072
	Auditor's remuneration
	- audit services	3,500	3,500
		═════════	═════════


6.	Interest receivable and similar income	2025	2024
		£	£

	Other interest	-	6,185
		═════════	═════════


7.	Interest payable and similar expenses	2025	2024
		£	£

	On bank loans and overdrafts	57,499	44,985
	Hire purchase interest	46,282	23,396
		─────────	─────────
		103,781	68,381
		═════════	═════════

Employees and remuneration

Number of employees

The average number of persons employed (including executive directors) during the financial year was as follows:

2025

2024

Number

Number

Administration

Directors

General staff

─────────

═════════

The staff costs (inclusive of directors' salaries) comprise:

2025

2024

Wages and salaries

2,423,981

2,011,784

Social security costs

288,945

206,761

Pension costs

54,611

46,730

─────────

2,767,537

2,265,275

═════════

Tax on (loss)/profit

2025

2024

(a) Analysis of charge in the financial year

Current tax:

Corporation tax at 25.00% (2024 - 25.00%) (Note 9 (b))

─────────

Deferred tax:

Origination and reversal of timing differences

(299,709)

159,725

─────────

Total deferred tax

(299,709)

159,725

═════════

(b) Factors affecting tax charge for the financial year

The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 25.00% (2024 - 25.00%). The differences are explained below:

2025

2024

(Loss)/profit taxable at 25.00%

(1,204,407)

464,067

═════════

(Loss)/profit before tax

multiplied by the standard rate of corporation tax

in the United Kingdom at 25.00% (2024 - 25.00%)

(301,102)

116,017

Effects of:

Expenses not deductible for tax purposes

1,364

2,119

Capital allowances for period in excess of depreciation

(95,617)

(68,024)

Utilisation of tax losses

395,355

Deferred tax

(299,709)

159,725

Group Relief

(50,112)

─────────

Total tax charge for the financial year (Note 9 (a))

(299,709)

159,725

═════════

No charge to tax arises due to tax losses incurred.


10.	Dividends	2025	2024
		£	£
	Dividends on equity shares:

	Ordinary A - Interim paid	71,000	23,750
	Ordinary B - Interim paid	81,750	34,750
		─────────	─────────
		152,750	58,500
		═════════	═════════


11.	Intangible assets

		Goodwill	Total
		£	£
	Cost
	At 1 November 2024	870,000	870,000
		─────────	─────────

	At 31 October 2025	870,000	870,000
		─────────	─────────
	Amortisation

	At 31 October 2025	870,000	870,000
		─────────	─────────
	Net book value
	At 31 October 2025	-	-
		═════════	═════════


12.	Tangible assets
		Land and	Long	Fixtures,	Motor	Total
		buildings	leasehold	fittings and	vehicles
		freehold	property	equipment
		£	£	£	£	£
	Cost
	At 1 November 2024	1,564,452	567,630	2,567,739	214,616	4,914,437
	Additions	-	-	634,976	164,961	799,937
	Disposals	-	-	(59,000)	(18,829)	(77,829)
		─────────	─────────	─────────	─────────	─────────
	At 31 October 2025	1,564,452	567,630	3,143,715	360,748	5,636,545
		─────────	─────────	─────────	─────────	─────────
	Depreciation
	At 1 November 2024	340,628	66,780	911,718	103,227	1,422,353
	Charge for the financial year	29,406	11,353	275,459	43,695	359,913
	On disposals	-	-	(38,235)	(16,868)	(55,103)
		─────────	─────────	─────────	─────────	─────────
	At 31 October 2025	370,034	78,133	1,148,942	130,054	1,727,163
		─────────	─────────	─────────	─────────	─────────
	Net book value
	At 31 October 2025	1,194,418	489,497	1,994,773	230,694	3,909,382
		═════════	═════════	═════════	═════════	═════════
	At 31 October 2024	1,223,824	500,850	1,656,021	111,389	3,492,084
		═════════	═════════	═════════	═════════	═════════


13.	Stocks	2025	2024
		£	£

	Finished goods and goods for resale	2,972,177	3,541,952
		═════════	═════════


14.	Debtors	2025	2024
		£	£

	Trade debtors	33,521	50,051
	Amounts owed by group undertakings	3,358,667	2,819,205
	Directors' current accounts (Note 20)	-	258,493
	Taxation (Note 17)	300,722	361,849
	Prepayments and accrued income	170,906	187,035
		─────────	─────────
		3,863,816	3,676,633
		═════════	═════════


Amounts falling due after more than one year and included in debtors are:

	2025	2024
	£	£

Amounts owed by group undertakings	3,008,667	-
	═════════	═════════

15.

Creditors

2025

2024

Amounts falling due within one year

Bank overdrafts

2,254,044

1,335,249

Bank loan

22,019

20,277

Net obligations under finance leases

and hire purchase contracts

274,906

184,486

Trade creditors

4,654,870

4,587,398

Taxation (Note 17)

47,191

39,033

Directors' current accounts (Note 20)

23,405

Other creditors

129,955

109,673

Accruals

269,326

194,899

─────────

7,675,716

6,471,015

═════════

The bank loan and overdraft are secured by a fixed and floating charge over the assets of the company, a charge over the land and buildings and a personal guarantee from the director.


16.	Creditors	2025	2024
	Amounts falling due after more than one year	£	£

	Bank loan	199,174	221,637
	Finance leases and hire purchase contracts	539,336	330,723
		─────────	─────────
		738,510	552,360
		═════════	═════════

	Loans
	Repayable in one year or less, or on demand (Note 15)	2,276,063	1,355,526
	Repayable between one and two years	22,019	221,637
	Repayable between two and five years	177,155	-
		─────────	─────────
		2,475,237	1,577,163
		═════════	═════════


	Net obligations under finance leases
	and hire purchase contracts
	Repayable within one year	274,906	184,486
	Repayable between one and five years	539,336	330,723
		─────────	─────────
		814,242	515,209
		═════════	═════════


17.	Taxation	2025	2024
		£	£

	Debtors:
	VAT	265,021	323,467
	Corporation tax	35,701	38,382
		─────────	─────────
		300,722	361,849
		═════════	═════════
	Creditors:
	PAYE / NI	47,191	39,033
		═════════	═════════

18.

Provisions for liabilities

The amounts provided for deferred taxation are analysed below:

Capital

Total

allowances

2025

2024

At financial year start

433,979

274,254

Charged to profit and loss

(299,709)

159,725

─────────

At financial year end

134,270

433,979

═════════


19.	Share capital			2025	2024
				£	£
	Description	Number of shares	Value of units

	Allotted, called up and fully paid
	Ordinary A	100,000	£1.00 each	100,000	100,000
	Ordinary B	100,000	£1.00 each	100,000	100,000

				─────────	─────────
				200,000	200,000
				═════════	═════════

20.

Directors' remuneration and transactions

2025

2024

Directors' remuneration

Remuneration

23,162

21,840

═════════

Key management personnel are the directors.

The following advances were made to the directors:

Balance at

Movement

Balance at

Maximum

31/10/25

in year

31/10/24

in year

Mr Damian Fusco

(258,493)

258,493

258,493

═════════

The following amounts are repayable to the directors:

2025

2024

Mr Damian Fusco

23,405

═════════

Net balances with the directors:

2025

2024

Mr Damian Fusco

(23,405)

258,493

═════════

21.

Related party transactions

The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with group undertakings.

22.

Parent company

The company regards Angel Holdings (N.I.) Limited as its parent company as it holds 100% of the Companys equity share capital. The smallest group of undertakings for which group accounts are drawn up and of which the company is a member is Angel Holdings (N.I.) Ltd, a company incorporated in Northern Ireland. The registered office of the parent company is 5 Balloo Way, Bangor, BT19 7QZ. The group accounts are available from Companies House.

23.

Post-Balance Sheet Events

Subsequent to the year end, a fire occurred at one of the Company’s premises which resulted in the destruction of the building. The incident took place after the reporting date and therefore no adjustment has been made to the amounts recognised in the financial statements. Following the incident, the Company relocated its operations to an alternative premises and continues to trade as normal. Management does not expect the event to have a material impact on the Company’s ability to continue as a going concern. Any financial effects arising from the incident will be recognised in the financial statements for the subsequent reporting period. The insurance claim was settled in full in June 2026.