County Oil Holdings Limited

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—8
Consolidated Statement of Comprehensive Income	9
Consolidated Statement of Financial Position	10
Company Statement of Financial Position	11
Consolidated Statement of Changes in Equity	12
Company Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14
Notes to the Consolidated Statement of Cash Flows	15
Notes to the Financial Statements	16—27

The directors present their strategic report for the year ended 30 April 2026.

Principal Activity

The principal activity of the group is the wholesale distribution of commercial and domestic fuel, oils and lubricants.

The principal activity of the company is that of a holding company.

Review of the Business

The directors are satisfied with the results for the year, the group has traded very profitably and has achieved targets set by the board at the beginning of the year. We have long term supply contracts in place, aiding stability and forecasting and we continue to prioritise our long term loyal customer base with commercial customers at the core of our business activities. The core values of the group are based on a quality service, the group has prioritised its existing customer base whilst taking advantage of short term opportunities. Key performance indicators are described further on in this report.

Principal Risks and Uncertainties

Liquidity Risk

The group continues to hold a significant cash balance which is invested safely and profitably. There is no intention to change this policy.

Credit Risk

The group operates a strict credit control policy, with credit limits set and monitored regularly by management, taking into consideration a combination of, payment history, 3rd party credit references and commercial credit insurance availability. The majority of higher value accounts are debt insured.

Competition

Fuel oil and lubricant distribution remains a highly competitive market. There are enough competitors in the market for it to be self-regulating. We are able to operate competitively utilising our experienced sales team, wet depot storage, terminal collect facilities and our owned fleet of evolving vehicles.

Major Disruption

The group’s disaster recovery plan utilises the two owned wet depots available and the network of fuel terminals available in the northwest of England and beyond. This policy is reviewed regularly.

Environmental and Regulatory Risk

The group is exposed to environmental risks due to the nature of the products that it stores, transports and delivers. The group operates in a highly regulated industry which ensures that it complies with all relevant laws and standards and has procedures and policies in place to manage this. The group operates a Quality and Environmental framework to ISO level which is annually audited and certified, this is also subject to monthly internal audits. Insurance policies are also in place to mitigate the risk of any unforeseen events.

Employee Engagement Statement

The directors positively engage with all staff involved in the business. We have developed a culture of safety that invests in our staff and provides information on matters that concerns them. Employee involvement in the group is encouraged, as an awareness of the financial and economic factors affecting the group play a significant part in its performance.

Statement of Engagement with Suppliers, Customers and Others in a Business Relationship with the Group

High level customer service remains key to our core beliefs and our success in this competitive market place. We supply quality products in a timely manner that meets or surpasses our customers' expectations. This is re-enforced by our knowledgeable sales, support and delivery teams.

We actively engage with suppliers of all our products, ensuring that strong relationships are maintained. Through our management systems we ensure that high standards are maintained. Compliance is ensured with modern slavery policy, anti-bribery policy, diversity and inclusion via our supply chain.

Carbon and energy

The group utilises a combination of ISO Management systems and the EcoVadis management system to monitor and amend its carbon and energy usage. In an effort to mitigate the group’s carbon emissions and use resources more responsibly the group has implemented or committed to the following initiatives:

• All offices and depots supplied by carbon neutral electricity supplier

• Investment in a clean, modern delivery fleet for maximum efficiency

• Supplying an increasing number of customers with HVO (hydrotreated vegetable oil) where market conditions allow

• Recycling of waste oil, metal, computer and electrical equipment

• Installation of LED lighting throughout offices and depots

...CONTINUED

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County Oil Holdings Limited

Strategic Report (continued)

For The Year Ended 30 April 2026

Carbon and energy - continued

• On truck computers to minimise miles travelled and paper used

• Reduce the amount of paper used during the day to day running of the business

• Electronic storage of relevant statutory HMRC requirements

• Recycle bulk product containers

Developments and future outlook

The group has continued its aim of strengthening both its infrastructure and staff resource throughout the year and will continue to do so into the future. Further appointments will be made in a range of specific roles. This is a process that will continue with the organic growth of the group in future years.

The board accepts that the sector with innovative alternative products in which it trades, is considered a polluting but necessary one. Efforts have been made to help reduce this impact. The group has continued investment into the supply and use of renewable and sustainable fuels to meet legislated change, more specifically hydrotreated vegetable oil (HVO). The board appreciates the considerable environmental benefits with a significant reduction of greenhouse gas emissions and reduced NOx, PM and CO emissions.

Key Performance Indicators

The group has made good progress throughout the year in relation to key elements of its strategy. The board monitors the progress of the company using the following Key Performance Indicators:

• Number of orders taken

• Quantity of product delivered by location

• Debtor days and debtors ageing profile

• Creditor days and creditor ageing profile

• Gross and net profit margin per product line

• Overall balance sheet strength

Performance is measured against prior month, quarter and year for each of these measures and has been good for the current year. Management continues to monitor these KPIs on a monthly basis and any significant variance is acted upon promptly.

A summary of certain KPIs are shown below:

	2026	2025
Debtor days (annual basis)	43	38
Creditor days (annual basis)	58	62
Gross profit percentage	10.83%	12.64%
Net profit percentage	4.39%	5.98%
Net assets	11,050,188	8,799,495

On behalf of the board

Mr Neil Musgrave

Director

17th September 2026

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County Oil Holdings Limited

Company No. 11064535

Directors' Report For The Year Ended 30 April 2026

Directors' Report

The directors present their report and the financial statements for the year ended 30 April 2026.

Dividends

The total distribution of dividends for the year ended 30 April 2026 will be £782,791 (2025: £1,139,322).

Directors

The directors who held office during the year were as follows:

Mr Neil Musgrave

Mrs Margaret Musgrave

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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 and 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

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County Oil Holdings Limited

Directors' Report (continued)

For The Year Ended 30 April 2026

Independent Auditors

The auditors, Ascendis Audit Limited, are recommended for reappointment under section 485 of Companies Act 2006.

On behalf of the board

Mr Neil Musgrave

Director

17th September 2026

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Independent Auditor's Report

to the Members of

County Oil Holdings Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of County Oil Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 30 April 2026 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 30 April 2026 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group and parent company's ability to continue as a going concern for a period of at least 12 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 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. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

County Oil Holdings Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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 or 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 Directors' Responsibilities Statement set out on page 4, 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 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 group and 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.

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Independent Auditor's Report (continued)

to the Members of

County Oil Holdings Limited

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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.

Based on our understanding of the group and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but was not limited to, the Control of Substances Hazardous to Health Regulations 2002, The Dangerous Substances and Explosive Regulations 2002, the Health & Safety at Work etc Act 1974, and the Employment Act 2022, and we considered the extent to which non-compliance might have a material effect on the financial statements.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as FRS102 and the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and in fraudulent revenue recognition.

Our procedures to respond to risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• assessing the extent of compliance, or lack of, with relevant laws and regulations, in particular those that are central to the ability to continue in operation;

• enquiring of management about actual and potential litigation and claims;

• performing sample testing of all sales categories and sales cut off testing;

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

• addressing the risk of fraud through management override of controls: testing the appropriateness of journal entries;

assessing whether the accounting estimates, judgements and decisions made by management are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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Independent Auditor's Report (continued)

to the Members of

County Oil Holdings Limited

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 that 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.

Paul Byrne (Senior Statutory Auditor)

for and on behalf of Ascendis Audit Limited , Statutory Auditor

21st September 2026

Ascendis Audit Limited

First Floor East Wing, Sandfield House

Kings Court, Water Lane

Wilmslow

SK9 5AR

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County Oil Holdings Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 30 April 2026

Consolidated Statement of Comprehensive Income

		2026	2025
	Notes	£	£
TURNOVER	3	50,324,806	35,494,046
Cost of sales		(44,873,818 )	(31,007,782 )

GROSS PROFIT		5,450,988	4,486,264

Distribution costs		(550,460 )	(371,230 )
Administrative expenses		(2,109,086 )	(1,587,300 )

OPERATING PROFIT	4	2,791,442	2,527,734
Profit on revaluation of investment property		-	-
Income from other fixed asset investments		-	-
(Loss)/profit on disposal of fixed assets		(28,705 )	2,587
Other interest receivable and similar income	9	272,732	325,180
Interest payable and similar charges	10	(33,994 )	(1 )

PROFIT BEFORE TAXATION		3,001,475	2,855,500
Tax on Profit	11	(791,788 )	(731,953 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		2,209,687	2,123,547
OTHER COMPREHENSIVE INCOME:
Gain on revaluation of property, plant and equipment		823,797	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		3,033,484	2,123,547

The notes on pages 15 to 27 form part of these financial statements.

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County Oil Holdings Limited

Consolidated Statement of Financial Position

As At 30 April 2026

Consolidated Statement of Financial Position

Registered number: 11064535

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		2,429,352		1,495,071

			2,429,352		1,495,071
CURRENT ASSETS
Stocks	14	625,807		339,261
Debtors	15	7,289,867		4,880,413
Investments	16	5,309,496		5,138,091
Cash at bank and in hand		3,824,181		3,030,898

		17,049,351		13,388,663
Creditors: Amounts Falling Due Within One Year	17	(8,046,820 )		(5,890,853 )

NET CURRENT ASSETS (LIABILITIES)			9,002,531		7,497,810

TOTAL ASSETS LESS CURRENT LIABILITIES			11,431,883		8,992,881

PROVISIONS FOR LIABILITIES
Deferred Taxation	18		(381,695 )		(193,386 )

NET ASSETS			11,050,188		8,799,495

CAPITAL AND RESERVES
Called up share capital	20		38		38
Share premium account			7,492		7,492
Revaluation reserve	24		823,797		-
Consolidation reserve			2,318,345		2,318,345
Income Statement			7,900,516		6,473,620

SHAREHOLDERS' FUNDS			11,050,188		8,799,495

On behalf of the board

Mr Neil Musgrave

Director

17th September 2026

The notes on pages 15 to 27 form part of these financial statements.

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County Oil Holdings Limited

Company Statement of Financial Position

As At 30 April 2026

Company Statement of Financial Position

Registered number: 11064535

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		1,745,000		681,044
Investments	13		30		30

			1,745,030		681,074
CURRENT ASSETS
Debtors	15	151		-
Investments	16	5,309,496		5,138,091
Cash at bank and in hand		125,356		18,598

		5,435,003		5,156,689
Creditors: Amounts Falling Due Within One Year	17	(466,060 )		(466,570 )

NET CURRENT ASSETS (LIABILITIES)			4,968,943		4,690,119

TOTAL ASSETS LESS CURRENT LIABILITIES			6,713,973		5,371,193

PROVISIONS FOR LIABILITIES
Deferred Taxation	18		(240,160 )		-

NET ASSETS			6,473,813		5,371,193

CAPITAL AND RESERVES
Called up share capital	20		38		38
Share premium account			7,492		7,492
Revaluation reserve	24		823,797		-
Income Statement			5,642,486		5,363,663

SHAREHOLDERS' FUNDS			6,473,813		5,371,193

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 1,061,614 (2025: £ 3,546,105 profit).

On behalf of the board

Mr Neil Musgrave

Director

17th September 2026

The notes on pages 15 to 27 form part of these financial statements.

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County Oil Holdings Limited

Consolidated Statement of Changes in Equity

For The Year Ended 30 April 2026

Consolidated Statement of Changes in Equity

	Share Capital	Share Premium	Revaluation reserve	Consolidation reserve
	£	£	£	£
As at 1 May 2024	38	7,492	-	2,318,345
Profit for the year and total comprehensive income	-	-	-	-

Dividends paid	-	-	-	-

As at 30 April 2025 and 1 May 2025	38	7,492	-	2,318,345


Profit for year	-	-	-	-

Surplus on revaluation	-	-	823,797	-

Other comprehensive income for the year	-	-	823,797	-

Total comprehensive income for the year	-	-	823,797	-

Dividends paid	-	-	-	-

As at 30 April 2026	38	7,492	823,797	2,318,345

	Income Statement	Total
	£	£
As at 1 May 2024	5,489,395	7,815,270
Profit for the year and total comprehensive income	2,123,547	2,123,547

Dividends paid	(1,139,322)	(1,139,322)

As at 30 April 2025 and 1 May 2025	6,473,620	8,799,495


Profit for year	2,209,687	2,209,687

Surplus on revaluation	-	823,797

Other comprehensive income for the year	-	823,797

Total comprehensive income for the year	2,209,687	3,033,484

Dividends paid	(782,791)	(782,791)

As at 30 April 2026	7,900,516	11,050,188

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County Oil Holdings Limited

Company Statement of Changes in Equity

For The Year Ended 30 April 2026

Company Statement of Changes in Equity

	Share Capital	Share Premium	Revaluation reserve	Income Statement	Total
	£	£	£	£	£
As at 1 May 2024	38	7,492	-	2,956,880	2,964,410
Profit for the year and total comprehensive income	-	-	-	3,546,105	3,546,105

Dividends paid	-	-	-	(1,139,322)	(1,139,322)

As at 30 April 2025 and 1 May 2025	38	7,492	-	5,363,663	5,371,193


Profit for year	-	-	-	1,061,614	1,061,614

Surplus on revaluation	-	-	823,797	-	823,797

Other comprehensive income for the year	-	-	823,797	-	823,797

Total comprehensive income for the year	-	-	823,797	1,061,614	1,885,411

Dividends paid	-	-	-	(782,791)	(782,791)

As at 30 April 2026	38	7,492	823,797	5,642,486	6,473,813

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County Oil Holdings Limited

Consolidated Statement of Cash Flows

For The Year Ended 30 April 2026

Consolidated Statement of Cash Flows

		2026	2025
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	2,515,825	2,404,724
Interest paid		(33,994 )	(1 )
Tax paid		(916,747 )	(370,442 )

Net cash generated from operating activities		1,565,084	2,034,281

Cash flows from investing activities
Purchase of tangible assets		(90,337 )	(197,859 )
Proceeds from disposal of tangible assets		-	3,000
Purchase of current asset investments		(171,405 )	(3,108,786 )
Interest received		272,732	325,181
Loan repaid by/made to associated company		-	401,000

Net cash generated from/(used in) investing activities		10,990	(2,577,464 )

Cash flows from financing activities
Equity dividends paid		(782,791 )	(1,139,322 )



Increase/(decrease) in cash and cash equivalents		793,283	(1,682,505 )
Cash and cash equivalents at beginning of year	2	3,030,898	4,713,403

Cash and cash equivalents at end of year	2	3,824,181	3,030,898

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County Oil Holdings Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 30 April 2026

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2026	2025
	£	£
Profit for the financial year	2,209,687	2,123,547
Adjustments for:
Tax on profit	791,788	731,953
Interest expense	33,994	1
Interest income	(272,732 )	(325,180 )
Depreciation of tangible assets	191,307	213,273
Loss/(profit) on disposal of tangible assets	28,705	(2,587)
Movements in working capital:
Increase in stocks	(286,546 )	(89,785 )
Increase in trade and other debtors	(2,409,454 )	(1,203,974 )
Increase in trade and other creditors	2,229,076	957,476

Net cash generated from operations	2,515,825	2,404,724

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2026	2025
	£	£
Cash at bank and in hand	3,824,181	3,030,898

3. Analysis of changes in net funds

	As at 1 May 2025	Cash flows	As at 30 April 2026
	£	£	£
Cash at bank and in hand	3,030,898	793,283	3,824,181

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County Oil Holdings Limited

Notes to the Financial Statements

For The Year Ended 30 April 2026

Notes to the Financial Statements

1. General Information

County Oil Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11064535 . The registered office is Beca House Ashville Way, Sutton Weaver, Runcorn, WA7 3EZ. The group has no single principal place of business.

The presentational currency of the financial statements is Pound Sterling (£).

Amounts in these financial statements are rounded to the nearest £.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of freehold and leasehold land and buildings which are stated at their revalued amounts, and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together made up to 30 April 2026.

Subsidiary undertakings acquired are accounted for under the acquisition method and their results are included from the acquisition date.

2.3. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.

2.4. Significant judgements and estimations

In the application of the group's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

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:-

Estimating the useful economic life of an asset and the anticipated residual value are considered key in calculating an appropriate depreciation charge.

2.5. Turnover

Turnover represents the aggregate of the fair value of goods, net of value added tax, rebates and discounts. Turnover from the sale of goods is recognised when the customer collects or the group has delivered goods to the customer and collection of the related receivables is anticipated.

2.6. Research and Development

Expenditure on research and development is written off in the year in which it is incurred

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

2.7. Tangible Fixed Assets and Depreciation

Freehold land and buildings and leasehold land and buildings have been been included at a revalued amount (previously cost less accumulated depreciation) in the current year being a change in accounting policy. The comparative figures have not been restated.

Other tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% per annum on a straight line basis
Leasehold	2% per annum on a straight line basis
Plant & Machinery	10% per annum on a reducing balance basis
Motor Vehicles	25% per annum on a reducing balance basis
Property Improvements	10% per annum on a reducing balance basis

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

2.8. Investments

Listed investments are measured at market value.

Investments in subsidiaries are measured at cost less impairment.

2.9. Leasing and Hire Purchase Contracts

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Statement of Comprehensive Income as incurred.

2.10. Stocks and Work in Progress

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

Net realisable value is estimated selling price less costs to complete and sell.

The cost comprises of actual purchase price.

2.11. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.12. Financial Instruments

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilites such as trade and other accounts receivable and payable and related party loans.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, any impairment loss is recognised in the Statement of Comprehensive Income.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Listed investments are measured at market value.

2.13. Interest Receivable

Interest receivable is accounted for on an accruals basis.

Page 17

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

2.14. Taxation

Income tax expense represents the sum of corporation tax and deferred tax.

Corporation tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in the Statement of Comprehensive Income, except when they relate to items that are recognised directly in equity, in which case, the current and deferred tax is also recognised directly in equity respectively.

2.15. Pensions

The group operates a defined pension contribution scheme. Contributions are charged to the Statement of Comprehensive Income as they become payable in accordance with the rules of the scheme.

2.16. Dividends

Equity dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

3. Turnover

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

All turnover has been generated within the United Kingdom.

	2026	2025
	£	£
Sales of fuels and lubricants	50,324,806	35,494,046

4. Operating Profit

The operating profit is stated after charging:

	2026	2025
	£	£
Bad debts	(971)	7,584
Depreciation of tangible fixed assets	191,307	213,273

Page 18

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

5. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2026	2025
	£	£
Audit Services
Audit of the group and company's financial statements	15,750	15,000

All audit fees are invoiced to the subsidiary undertaking, County Oil Group Limited.

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2026	2025
	£	£
Wages and salaries	1,339,750	873,398
Social security costs	202,439	97,435
Other pension costs	119,668	156,008

	1,661,857	1,126,841

7. Average Number of Employees

Group

Average number of employees, including directors, during the year was as follows:

	2026	2025
Directors	3	3
Drivers	9	7
Administrative	7	10

	19	20

Company

Average number of employees, including directors, during the year was: NIL (2025: NIL)

8. Directors' remuneration

	2026	2025
	£	£
Emoluments	20,556	10,356

9. Interest Receivable and Similar Income

	2026	2025
	£	£
Bank interest receivable	270,306	319,150
Other interest receivable from HMRC	2,254	6,030
Other interest receivable	172	-

	272,732	325,180

Page 19

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

10. Interest Payable and Similar Charges

	2026	2025
	£	£
Late payment tax charges	12,021	-
Other finance charges	21,973	1

	33,994	1

11. Tax on Profit

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

	Tax Rate		2026	2025
	2026	2025	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	843,639	730,916
Deferred Tax
Deferred taxation			(51,851 )	1,037


Total tax charge for the period			791,788	731,953

The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

	2026	2025
	£	£
Profit before tax	3,001,475	2,855,500

Tax on profit at 25% (UK standard rate)	750,369	713,875
Goodwill/depreciation not allowed for tax	55,003	52,672
Expenses not deductible for tax purposes	40,951	14,155
Capital allowances	(3,884 )	(50,081 )
Short term timing differences	1,200	295
Deferred tax from unrecognised tax loss or credit	(51,851 )	1,037

Total tax charge for the period	791,788	731,953

Page 20

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

12. Tangible Assets

Group

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles
	£	£	£	£
Cost or Valuation
As at 1 May 2025	458,566	325,796	646,060	1,630,241
Additions	-	-	12,115	-
Disposals	-	-	(15,172 )	(179,099 )
Revaluation	656,434	304,204	-	-

As at 30 April 2026	1,115,000	630,000	643,003	1,451,142

Depreciation
As at 1 May 2025	57,709	45,609	531,759	930,515
Provided during the period	-	-	12,642	174,932
Disposals	-	-	(6,586 )	(158,980 )
On revaluations	(57,709 )	(45,609 )	-	-

As at 30 April 2026	-	-	537,815	946,467

Net Book Value
As at 30 April 2026	1,115,000	630,000	105,188	504,675

As at 1 May 2025	400,857	280,187	114,301	699,726


	Property Improvements	Total
	£	£
Cost or Valuation
As at 1 May 2025	-	3,060,663
Additions	78,222	90,337
Disposals	-	(194,271 )
Revaluation	-	960,638

As at 30 April 2026	78,222	3,917,367

Depreciation
As at 1 May 2025	-	1,565,592
Provided during the period	3,733	191,307
Disposals	-	(165,566 )
On revaluations	-	(103,318 )

As at 30 April 2026	3,733	1,488,015

Net Book Value
As at 30 April 2026	74,489	2,429,352

As at 1 May 2025	-	1,495,071

Page 21

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

Cost or valuation as at 30 April 2026 represented by:

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles
	£	£	£	£
At cost	400,857	280,187	643,003	1,451,142
At valuation	714,143	349,813	-	-

	1,115,000	630,000	643,003	1,451,142


	Property Improvements	Total
	£	£
At cost	78,222	2,853,411
At valuation	-	1,063,956

	78,222	3,917,367

The leasehold property and freehold property were revalued to £1,745,000 on 28 August 2025 by Fairhurst Buckley Chartered Surveyors. The independent valuation was undertaken in accordance with VPGA1 of the Royal Institution of Chartered Surveyors RICS Valuation - Global Standards at fair value.

If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:

	Land & Property
	Freehold	Leasehold	Total
	£	£	£
Cost	458,566	325,796	784,362
Accumulated depreciation and impairment	66,880	52,125	119,005

Carrying amount	391,686	273,671	665,357

Company

	Land & Property
	Freehold	Leasehold	Total
	£	£	£
Cost or Valuation
As at 1 May 2025	458,566	325,796	784,362
Revaluation	656,434	304,204	960,638

As at 30 April 2026	1,115,000	630,000	1,745,000

Depreciation
As at 1 May 2025	57,709	45,609	103,318
On revaluations	(57,709 )	(45,609 )	(103,318 )

As at 30 April 2026	-	-	-

Net Book Value
As at 30 April 2026	1,115,000	630,000	1,745,000

As at 1 May 2025	400,857	280,187	681,044

Page 22

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

Cost or valuation as at 30 April 2026 represented by:

	Land & Property
	Freehold	Leasehold	Total
	£	£	£
At cost	458,566	325,796	784,362
At valuation	656,434	304,204	960,638

	1,115,000	630,000	1,745,000

If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:

	Land & Property
	Freehold	Leasehold	Total
	£	£	£
Cost	458,566	325,796	784,362
Accumulated depreciation and impairment	66,880	52,125	119,005

Carrying amount	391,686	273,671	665,357

13. Investments

Company

	Subsidiaries
	£
Cost
As at 1 May 2025	30

As at 30 April 2026	30

Provision
As at 1 May 2025	-

As at 30 April 2026	-

Net Book Value
As at 30 April 2026	30

As at 1 May 2025	30

Page 23

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

Subsidiaries

Details of the group's subsidiaries as at 30 April 2026 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
County Oil Group Limited	Beca House, Ashville Way, Sutton Weaver, Runcorn, Cheshire, WA7 3EZ	Ordinary	100.00%	-
County Fuels Limited	Beca House, Ashville Way, Sutton Weaver, Runcorn, Cheshire, WA7 3EZ	Ordinary	100.00%	-

The principal activity of County Oil Group is the wholesale distribution of commercial and domestic fuel, oils and lubricants.

County Fuels Limited has not traded during the year.

14. Stocks

	2026	2025
	£	£
Stock	625,807	339,261

There were no stock provisions at either 30 April 2026 or 30 April 2025.

15. Debtors

	Group		Company
	2026	2025	2026	2025
	£	£	£	£
Due within one year
Trade debtors	5,900,873	3,683,215	-	-
Prepayments and accrued income	571,221	854,862	151	-
Other debtors	52,686	-	-	-
VAT	765,087	342,336	-	-

	7,289,867	4,880,413	151	-

There were no bad debt provisions at either 30 April 2026 or 30 April 2025. Bad debts (recovered)/written off in the year are shown in note 4.

16. Current Asset Investments

	Group		Company
	2026	2025	2026	2025
	£	£	£	£
Unlisted investments	5,309,496	5,138,091	5,309,496	5,138,091

Page 24

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

17. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2026	2025	2026	2025
	£	£	£	£
Trade creditors	7,107,837	5,248,286	-	-
Amounts owed to group undertakings	-	-	433,245	433,245
Other creditors	109,341	94,448	-	-
Corporation tax	419,721	492,829	32,815	33,325
Taxation and social security	21,115	19,584	-	-
Accruals and deferred income	388,806	35,706	-	-

	8,046,820	5,890,853	466,060	466,570

18. Deferred Taxation

The provision for deferred tax is made up as follows:

	Group		Company
	2026	2025	2026	2025
	£	£	£	£
Other timing differences	381,695	193,386	240,160	-

19. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 May 2025	193,386	193,386
Additions	188,309	188,309

Balance at 30 April 2026	381,695	381,695

The analysis of deferred tax is shown below:

	2026	2025
	£	£
Accelerated capital allowances	142,735	193,854
Short term timing differences	(1,200)	(468)
Revaluation	240,160	-
Total	381,695	193,386

Page 25

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

20. Share Capital

	2026	2025
Allotted, called up and fully paid	£	£
584 Ordinary Shares of £ 0.01 each	6	19
1,274 Ordinary A shares of £ 0.01 each	13	3
752 Ordinary B shares of £ 0.01 each	8	8
750 Ordinary C shares of £ 0.01 each	7	8
390 Ordinary D shares of £ 0.01 each	4	-

	38	38

Rights of Shares

Each share category has the right to a dividend but the company can direct this to be paid to one or more class, or all classes, of shares. The amount per share can vary between share category by ordinary resolution.

On the winding up of the company and if closing proceeds for distribution are under £5,005,000, then the order of repayment to the shareholders will be nominal capital only to the C Ordinary shareholders, then nominal capital only to the B ordinary shareholders, then the balance of assets equally between the Ordinary and A Ordinary shareholders pari passu.

On the winding up of the company and if closing proceeds for distribution are over £5,005,000 then the order of repayment to the shareholders will be nominal capital only to the B Ordinary shareholders, then the balance up to and including £5,005,000 to the Ordinary shareholders and A Ordinary shareholders pari passu, then the balance in excess of £5,005,000 to the Ordinary shareholders, A Ordinary shareholders and C Ordinary shareholders pro rata to their shares held.

Only the Ordinary and A Ordinary shares have voting rights.

During the year 1,364 Ordinary £0.01 shares were redesignated as 974 Ordinary A £0.01 shares and 390 Ordinary D £0.01 shares.

21. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2026	2025
	£	£
Not later than one year	42,690	16,462
Later than one year and not later than five years	-	660

	42,690	17,122

22. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the income statement in respect of defined contribution schemes was £119,668 (2025: £156,008).

At the statement of financial position date contributions of £6,672 (2025: £8,369) were due to the fund and are included in creditors.

23. Dividends

	2026	2025
	£	£
On equity shares:
Interim dividend paid	782,791	1,139,322

Page 26

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County Oil Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

24. Reserves

Share premium account - this reserve represents the excess of consideration received above the nominal value of shares issued.

Consolidation reserve - this reserve represents the non-distributable reserve arising on revaluation of assets to fair value on acquisition and consolidation of the subsidiary undertakings.

Income statement - this reserve represents the accumulated profits and losses, less distributions, of the group.

Share premium account - this reserve represents the excess of consideration received above the nominal value of shares issued.

Revaluation reserve - this reserve represents the accumulated surplus arising from the revaluation of assets to their fair value net of any related deferred tax.

25. Related Party Disclosures

The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

During the year dividends of £349,985 (2025: £456,525) were paid to the directors.

Included within trade debtors is an amount of £145 (2025: £nil) due from the directors of County Oil Group Limited in respect of fuel purchased.

During the year dividends of £nil (2025: £538,134) were paid to County Oil Investments Limited.

26. Controlling Parties

The directors consider that the ultimate controlling parties are Neil Musgrave and Margaret Musgrave by virtue of their shareholding in the company.

Page 27