REGISTERED NUMBER: 01492318 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 July 2025

for

KINCH FUEL OILS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

R C Kinch

P M Kinch

R I Kinch

SECRETARY:

H Hammond

REGISTERED OFFICE:

Redway

Hornbury Hill

Minety

Malmesbury

Wiltshire

SN16 9QH

REGISTERED NUMBER:

01492318 (England and Wales)

AUDITORS:

Gravita Audit Western Limited

Chartered Accountants & Registered Auditors

2nd Floor, South

One Castle Park

Tower Hill

Bristol

BS2 0JA

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

REVIEW OF BUSINESS

The company's range of products includes the wholesale supply of gasoil, burning oil and ULSD, with 74.92% of this year's turnover arising from burning oil sales. Year on year the volumes sold of each product are generally similar, however turnover will be dependent on weather patterns, the changing price of oil and legislation on the permitted use of gasoil.

The company had another profitable year. Turnover dropped 7.75% in comparison to 2024 primarily due to decreases in wholesale oil prices, the total volume in litres of products sold in the year increased by 4.18%.

The average price incurred by the company on burning oil purchases in 2025 was 47.6 pence per litre (2024: 59.9 pence per litre).

The company's gross profit increased 15.1% on the previous year to £3,204k (2024: £2,784k). The gross profit margin for the year increased to 21.4%, compared to 17.2% in the previous year. Profit before taxation decreased by 12.7% to £1,997k (2024: £2,285k).

On 28th October 2024 the shares of Kinch Fuel Oils Limted were purchased by Kinch Fuel Oils Holdings Limited as part of a management buy out. The transaction was undertaken to align ownership with the team responsible for delivering the company's long term strategy and to support the next phase of growth. It also enabled a stable succession plan for the business, enabling the existing directors to retire while ensuring continuity of leadership. No changes were made to the company's principal activities as a result of the buyout.

PRINCIPAL RISKS AND UNCERTAINTIES

At the year end the company had a strong balance sheet with significant cash deposits at its disposal. The fuel industry is set to decline over the long term as customers switch to more environmentally friendly heating solutions, however, demand currently remains high and future profitability is expected. The company is in a good position to deal with any short term adverse trading results, should they arise.

The company deals with its principal risk of fluctuating fuel prices by actively managing its sales prices on a daily basis.

Given the straightforward nature of the business, the company's directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the entity.

ON BEHALF OF THE BOARD:

R I Kinch - Director

28 July 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 a wholesale liquid fuel supplier to domestic and commercial markets.

DIVIDENDS

The total distribution of dividends, to Kinch Fuel Oils Holdings Limited, for the year ended 31 July 2025 was £17,095,255.

FUTURE DEVELOPMENTS

There have been no major events since the balance sheet date that will affect the future performance of the company. The company hopes to increase sales and improve gross profit to maintain profitability. This will largely be dependent on future fuel prices and climate over the forthcoming periods. The company does not undertake any research or development activities.

DIRECTORS

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

R C Kinch

P M Kinch

Other changes in directors holding office are as follows:

R I Kinch - appointed 29 October 2024

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). 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, Gravita Audit Western Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R I Kinch - Director

28 July 2026

Opinion

We have audited the financial statements of Kinch Fuel Oils Limited (the 'company') for the year ended 31 July 2025 which comprise the Statement of 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 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 three, 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:

We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which they operate. We determined that the following laws and regulations were most significant: The Companies Act 2006, UK GAAP, Health and Safety and the Data protection Act.

We obtained an understanding of how the Company is complying with those legal and regulatory frameworks and made enquiries to the management of known or suspected instances of fraud and non-compliance with laws and regulations.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:

o Identifying and assessing the controls management has in place to prevent and detect fraud;

o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

o Challenging assumptions and judgments made by management in its significant accounting estimates and

judgments, in particular in relation to: deferred income, the estimates surrounding income accruals and depreciation;

o Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and

o Assessing the extent of compliance with the relevant laws and regulations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

Matthew Bracher BSc FCA (Senior Statutory Auditor)

for and on behalf of Gravita Audit Western Limited

Chartered Accountants & Registered Auditors

2nd Floor, South

One Castle Park

Tower Hill

Bristol

BS2 0JA

28 July 2026

TURNOVER

4

14,966,041

16,223,613

Cost of sales

(11,762,314

)

(13,439,843

)

GROSS PROFIT

3,203,727

2,783,770

Distribution costs

(802,829

)

(765,959

)

Administrative expenses

(737,758

)

(457,645

)

1,663,140

1,560,166

Other operating income

140,382

4,985

Gain/loss on revaluation of investments

-

218,038

OPERATING PROFIT

7

1,803,522

1,783,189

Income from fixed asset investments

8

33,114

41,247

Interest receivable and similar income

160,488

461,056

1,997,124

2,285,492

Interest payable and similar expenses

9

(293

)

-

PROFIT BEFORE TAXATION

1,996,831

2,285,492

Tax on profit

10

(461,122

)

(544,395

)

PROFIT FOR THE FINANCIAL YEAR

1,535,709

1,741,097

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,535,709

1,741,097

FIXED ASSETS

Tangible assets

12

948,625

996,227

Investments

13

357,031

4,302,394

1,305,656

5,298,621

CURRENT ASSETS

Stocks

14

485,242

566,842

Debtors

15

744,278

1,081,401

Cash at bank

3,389,942

14,658,824

4,619,462

16,307,067

CREDITORS

Amounts falling due within one year

16

(1,635,060

)

(1,695,376

)

NET CURRENT ASSETS

2,984,402

14,611,691

TOTAL ASSETS LESS CURRENT LIABILITIES

4,290,058

19,910,312

PROVISIONS FOR LIABILITIES

18

(202,630

)

(263,338

)

NET ASSETS

4,087,428

19,646,974

CAPITAL AND RESERVES

Called up share capital

19

50,000

50,000

Retained earnings

4,037,428

19,596,974

SHAREHOLDERS' FUNDS

4,087,428

19,646,974

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2026 and were signed on its behalf by:

R C Kinch - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 August 2023

50,000

17,856,877

17,906,877

Changes in equity

Profit for the year

-

1,741,097

1,741,097

Total comprehensive income

-

1,741,097

1,741,097

Dividends

-

(1,000

)

(1,000

)

Balance at 31 July 2024

50,000

19,596,974

19,646,974

Changes in equity

Profit for the year

-

1,535,709

1,535,709

Total comprehensive income

-

1,535,709

1,535,709

Dividends

-

(17,095,255

)

(17,095,255

)

Balance at 31 July 2025

50,000

4,037,428

4,087,428

1.	COMPANY INFORMATION

Kinch Fuel Oils 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 activities and nature of its operations are disclosed in the Directors' Report.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention as modified by the revaluation of fixed asset investments. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company's ultimate parent undertaking, Kinch Fuel Oils Holdings Limited includes the Company in its consolidated financial statements. The consolidated financial statements of Kinch Fuel Oils Holdings Limited are prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102") and the Companies Act 2006. The consolidated financial statements of Kinch Fuel Oils Holdings Limited are available to the public from Companies House, Crown Way, Cardiff. In these financial statements, the Company is considered to be a qualifying entity and has applied the exemptions available under FRS 102 in respect of the following disclosures:

- Cash Flow Statement and related notes; and

- Key Management Personnel compensation.

Turnover

Turnover represents net invoiced sales of fuel oil, excluding value added tax. Revenue is recognised once goods have been delivered to customers.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Buildings - Straight line over 50 years

Fixtures and fittings - 15% on reducing balance

Motor vehicles - 25% on reducing balance

Computer Equipment - 33% on cost

Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

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 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.

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.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit and loss if the shares are publicly traded or their fair value can otherwise be measured reliably, unless the difference between cost and fair value is not material.

3.	CRITICAL 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Impairment of debtors

On a periodic basis management makes an estimation of the recoverability of debtors. Management makes such estimations based on the credit rating of debtors, the ageing profile, and historical experience.

Tangible fixed assets

Tangible fixed assets are depreciated over their estimated useful lives. The actual lives of the assets are assessed annually by the directors and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

4.

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 goods

14,966,041

16,223,613

14,966,041

16,223,613

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

14,966,041

16,223,613

14,966,041

16,223,613

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

716,220

497,070

Social security costs

73,632

44,640

Other pension costs

13,599

12,479

803,451

554,189

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

2025

2024

Administration (inc. directors)

7

5

Drivers

10

10

17

15

6.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Directors' remuneration

205,173

4,548

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

2

Information regarding the highest paid director for the year ended 31 July 2025 is as follows:

2025

£

Emoluments etc

85,333

7.	OPERATING PROFIT

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

2025

2024

£

£

Depreciation - owned assets

221,262

205,938

Profit on disposal of fixed assets

(192,573

)

(38,765

)

Auditors' remuneration

12,350

11,550

Auditors' remuneration for non audit work

28,509

39,150

8.

INCOME FROM FIXED ASSET INVESTMENTS

2025

2024

£

£

Investment Portfolio Earnings

33,114

41,247

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

HMRC interest paid

293

-

10.

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

521,830

461,468

Deferred tax

(60,708

)

82,927

Tax on profit

461,122

544,395

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

1,996,831

2,285,492

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

499,208

571,373

Effects of:

Expenses not deductible for tax purposes

2,925

4,114

Income not taxable for tax purposes

(611

)

(10,311

)

Capital allowances in excess of depreciation

-

(50,206

)

Depreciation in excess of capital allowances

11,900

-

Movement in deferred tax

(60,708

)

82,927

Realised gain on disposal of investments

73,541

1,008

Unrealised gains on investments

(34,845

)

(54,510

)

Group relief claim

(30,288

)

-

Total tax charge

461,122

544,395

Movements on deferred tax arise from the origination and reversal of tax timing differences.

11.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

17,095,255

1,000

12.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

Buildings

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 August 2024

267,803

663,979

2,197,377

77,272

3,206,431

Additions

-

-

188,719

-

188,719

Disposals

-

-

(136,946

)

-

(136,946

)

At 31 July 2025

267,803

663,979

2,249,150

77,272

3,258,204

DEPRECIATION

At 1 August 2024

124,344

559,513

1,449,075

77,272

2,210,204

Charge for year

5,356

15,670

200,236

-

221,262

Eliminated on disposal

-

-

(121,887

)

-

(121,887

)

At 31 July 2025

129,700

575,183

1,527,424

77,272

2,309,579

NET BOOK VALUE

At 31 July 2025

138,103

88,796

721,726

-

948,625

At 31 July 2024

143,459

104,466

748,302

-

996,227

The company trades from land owned by the directors. No rent is charged to the company. The company owns and maintains the buildings from which it operates.

13.	FIXED ASSET INVESTMENTS

Listed

investments

£

COST

At 1 August 2024

4,302,394

Additions

373,409

Disposals

(4,318,772

)

At 31 July 2025

357,031

NET BOOK VALUE

At 31 July 2025

357,031

At 31 July 2024

4,302,394