REGISTERED NUMBER: 16036358 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Period 23 October 2024 to 31 July 2025

for

KINCH FUEL OILS HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

R C Kinch

P M Kinch

R I Kinch

A R Kinch

H Hammond

REGISTERED OFFICE:

Redway

Hornbury Hill

Minety

Malmesbury

SN16 9QH

REGISTERED NUMBER:

16036358 (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 of the company and the group for the period 23 October 2024 to 31 July 2025.

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

REVIEW OF BUSINESS

The group's range of products includes the wholesale supply of gasoil, burning oil and ULSD, with 74.92% of this

period's turnover arising from burning oil sales. Within the trading subsidiary, 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 group had a profitable period. The average price incurred by the company on burning oil purchases in 2025 was 47.6 pence per litre.

The group's gross profit for the period was £2,580k. The gross profit margin for the period was 22.05%. Profit before taxation was £1,111k in the period.

PRINCIPAL RISKS AND UNCERTAINTIES

At the period 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 group is in a good position to

deal with any short term adverse trading results, should they arise.

The group 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 group'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:

A R Kinch - Director

28 July 2026

The directors present their report with the financial statements of the company and the group for the period 23 October 2024 to 31 July 2025.

INCORPORATION

The group was incorporated on 23 October 2024 .

PRINCIPAL ACTIVITY

The principal activity of the group in the period under review was that of wholesale liquid fuel supplier to domestic and commercial markets.

The principal activity of the company is that of a holding company which undertakes the administration and management of all group activities.

DIVIDENDS

No dividends will be distributed for the period ended 31 July 2025.

DIRECTORS

The directors who have held office during the period from 23 October 2024 to the date of this report are as follows:

R C Kinch - appointed 29 October 2024

P M Kinch - appointed 29 October 2024

R I Kinch - appointed 23 October 2024

A R Kinch - appointed 23 October 2024

H Hammond - appointed 23 October 2024

All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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:

A R Kinch - Director

28 July 2026

Opinion

We have audited the financial statements of Kinch Fuel Oils Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 July 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 July 2025 and of the group's profit for the period 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 group's and the parent 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 group or the parent 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 J 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

11,702,804

Cost of sales

(9,122,844

)

GROSS PROFIT

2,579,960

Distribution costs

(693,813

)

Administrative expenses

(695,068

)

1,191,079

Other operating income

362

OPERATING PROFIT

7

1,191,441

Interest receivable and similar income

41,793

1,233,234

Interest payable and similar expenses

8

(121,444

)

PROFIT BEFORE TAXATION

1,111,790

Tax on profit

9

(326,363

)

PROFIT FOR THE FINANCIAL PERIOD

785,427

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

785,427

Profit attributable to:

Owners of the parent

785,427

Total comprehensive income attributable to:

Owners of the parent

785,427

FIXED ASSETS

Intangible assets

11

2,537,395

Tangible assets

12

948,624

Investments

13

357,031

3,843,050

CURRENT ASSETS

Stocks

14

485,242

Debtors

15

745,182

Cash at bank

3,389,942

4,620,366

CREDITORS

Amounts falling due within one year

16

(2,640,059

)

NET CURRENT ASSETS

1,980,307

TOTAL ASSETS LESS CURRENT LIABILITIES

5,823,357

CREDITORS

Amounts falling due after more than one year

17

(2,155,000

)

PROVISIONS FOR LIABILITIES

20

(202,630

)

NET ASSETS

3,465,727

CAPITAL AND RESERVES

Called up share capital

21

500

Share premium

22

2,679,800

Retained earnings

22

785,427

SHAREHOLDERS' FUNDS

3,465,727

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:

A R Kinch - Director

FIXED ASSETS

Intangible assets

11

-

Tangible assets

12

-

Investments

13

6,700,000

6,700,000

CURRENT ASSETS

Debtors

15

904

CREDITORS

Amounts falling due within one year

16

(1,005,000

)

NET CURRENT LIABILITIES

(1,004,096

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,695,904

CREDITORS

Amounts falling due after more than one year

17

(2,155,000

)

NET ASSETS

3,540,904

CAPITAL AND RESERVES

Called up share capital

21

500

Share premium

2,679,800

Retained earnings

860,604

SHAREHOLDERS' FUNDS

3,540,904

Company's profit for the financial year

860,604

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

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:

A R Kinch - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Changes in equity

Profit for the period

-

785,427

-

785,427

Total comprehensive income

-

785,427

-

785,427

Increase in share capital

500

-

2,679,800

2,680,300

Balance at 31 July 2025

500

785,427

2,679,800

3,465,727

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Changes in equity

Profit for the period

-

860,604

-

860,604

Total comprehensive income

-

860,604

-

860,604

Increase in share capital

500

-

2,679,800

2,680,300

Balance at 31 July 2025

500

860,604

2,679,800

3,540,904

Cash flows from operating activities

Cash generated from operations

1

1,337,871

Interest paid

(121,444

)

Tax paid

(423,861

)

Net cash from operating activities

792,566

Cash flows from investing activities

Purchase of tangible fixed assets

(161,720

)

Sale of tangible fixed assets

51,000

Sale of fixed asset investments

3,975,750

Acq of subsidiary (net of cash acquired)

(684,768

)

Interest received

41,793

Net cash from investing activities

3,222,055

Cash flows from financing activities

Loan note repayments in year

(860,000

)

Amount introduced by directors

243,250

Amount withdrawn by directors

(8,229

)

Share issue

300

Net cash from financing activities

(624,679

)

Increase in cash and cash equivalents

3,389,942

Cash and cash equivalents at beginning of period

2

-

Cash and cash equivalents at end of period

2

3,389,942

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

£

Profit before taxation

1,111,790

Depreciation charges

375,121

Profit on disposal of fixed assets

(43,078

)

Finance costs

121,444

Finance income

(41,793

)

1,523,484

Increase in stocks

(84,554

)

Increase in trade and other debtors

(261,966

)

Increase in trade and other creditors

160,907

Cash generated from operations

1,337,871

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 July 2025

31.7.25

23.10.24

£

£

Cash and cash equivalents

3,389,942

-

3.	ANALYSIS OF CHANGES IN NET DEBT

At 23.10.24

Cash flow

At 31.7.25

£

£

£

Net cash

Cash at bank

-

3,389,942

3,389,942

-

3,389,942

3,389,942

Debt

Debts falling due within 1 year

-

(1,005,000

)

(1,005,000

)

Debts falling due after 1 year

-

(2,155,000

)

(2,155,000

)

-

(3,160,000

)

(3,160,000

)

Total

-

229,942

229,942

1.	COMPANY INFORMATION

Kinch Fuel Oils Holdings 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 General 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. The principal accounting policies adopted are set out below.

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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.

Goodwill arising on the acquisition of a business in 2024 represents the excess of the cost of acquisition over the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date. Goodwill is being amortised evenly over its estimated useful life of ten years.

Goodwill is reviewed at each reporting date for indicators of impairment. Where such indicators exist, or where circumstances suggest that the carrying value may not be recoverable, an impairment review is performed. Any impairment loss identified is recognised immediately in the profit and loss account.

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

Basic financial assets, which include trade and other debtors, amounts due from group undertakings 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

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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 period comprises current and deferred tax. Tax is recognised in the Consolidated 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 period 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 group operates a defined contribution pension scheme. Contributions payable to the group'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 group.

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

£

Sale of goods

11,702,804

11,702,804

An analysis of turnover by geographical market is given below:

£

United Kingdom

11,702,804

11,702,804

5.	EMPLOYEES AND DIRECTORS

£

Wages and salaries

579,547

Social security costs

69,915

Other pension costs

9,482

658,944

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

Administration (inc. directors)

7

Drivers

10

17

The average number of employees by undertakings that were proportionately consolidated during the period was 17 .

6.	DIRECTORS' EMOLUMENTS

£

Directors' remuneration

212,613

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

Money purchase schemes

1

Information regarding the highest paid director is as follows:

£

Emoluments etc

75,868

7.	OPERATING PROFIT

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

£

Depreciation - owned assets

167,557

Profit on disposal of fixed assets

(43,078

)

Goodwill amortisation

207,564

Auditors' remuneration

18,000

Auditors' remuneration for non audit work

28,509

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

£

HMRC interest paid

293

Loan

121,151

121,444