REGISTERED NUMBER: SC622594 (Scotland)

Strategic Report,

Report of the Directors and

Financial Statements

for the Period

1 October 2024 to 25 September 2025

for

CAMPBELL FUEL OILS LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

D G Campbell

A D Campbell

REGISTERED OFFICE:

Campbell Fuel Oils

Denholm Way

Kilmarnock

KA1 3LS

REGISTERED NUMBER:

SC622594 (Scotland)

AUDITORS:

WDM Associates (Statutory Auditors)

Registered Auditors

Chartered Accountants

378 Brandon Street

Motherwell

ML1 1XA

The directors present their strategic report for the period 1 October 2024 to 25 September 2025.

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements. The company's principal activity in the financial year was that of petroleum sales.

The directors deem the success of the business and turnover to be satisfactory.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk and uncertainties affecting the business, together with the company's approach to these are summarised below:-

Market conditions - the directors are satisfied that the strong branding and efficient operation of the company means it occupies a prominent position in the marketplace.

IT risk - the company is dependent on reliable IT systems for operating and managing the business. Policies are in place to protect software, hardware and to protect unauthorised access to systems and to prevent and mitigate the risk of system failure.

Fraud risk - the company operates detailed internal control procedures to ensure that the risk of fraud is minimised. All business transactions are digital and monitored weekly by a director.

ON BEHALF OF THE BOARD:

D G Campbell - Director

23 September 2026

The directors present their report with the financial statements of the company for the period 1 October 2024 to 25 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of petroleum sales.

DIVIDENDS

No dividends will be distributed for the period ended 25 September 2025.

DIRECTORS

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

D G Campbell

A D Campbell

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

AUDITORS

The auditors, WDM Associates (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D G Campbell - Director

23 September 2026

Opinion

We have audited the financial statements of Campbell Fuel Oils Ltd (the 'company') for the period ended 25 September 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 25 September 2025 and of its 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 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. We were appointed as auditors in May 2026 so we were unable to attend the stocktake and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30 September 2025, which are included in the balance sheet at £315,225 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

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 obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations including fraud.

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

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and

potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to

have a direct material effect on the financial statements of the operations of

the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation

to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls,

including testing of journal entries and other adjustments for appropriateness,

evaluating the business rationale of significant transactions outside the normal

course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Graham Bonomy (Senior Statutory Auditor)

for and on behalf of WDM Associates (Statutory Auditors)

Registered Auditors

Chartered Accountants

378 Brandon Street

Motherwell

ML1 1XA

23 September 2026

TURNOVER

31,531,161

34,556,472

Cost of sales

26,598,660

29,828,222

GROSS PROFIT

4,932,501

4,728,250

Administrative expenses

3,665,729

4,111,690

1,266,772

616,560

Other operating income

147,473

554,042

OPERATING PROFIT

4

1,414,245

1,170,602

Interest payable and similar expenses

5

46,717

-

PROFIT BEFORE TAXATION

1,367,528

1,170,602

Tax on profit

6

377,621

468,592

PROFIT FOR THE FINANCIAL PERIOD

989,907

702,010

PROFIT FOR THE PERIOD

989,907

702,010

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

989,907

702,010

FIXED ASSETS

Tangible assets

7

407,374

330,062

CURRENT ASSETS

Stocks

8

315,225

371,581

Debtors

9

5,263,037

6,527,221

Cash at bank and in hand

2,334,217

1,251,342

7,912,479

8,150,144

CREDITORS

Amounts falling due within one year

10

4,459,757

5,633,374

NET CURRENT ASSETS

3,452,722

2,516,770

TOTAL ASSETS LESS CURRENT LIABILITIES

3,860,096

2,846,832

PROVISIONS FOR LIABILITIES

12

83,494

60,137

NET ASSETS

3,776,602

2,786,695

CAPITAL AND RESERVES

Called up share capital

13

1,000

1,000

Retained earnings

14

3,775,602

2,785,695

SHAREHOLDERS' FUNDS

3,776,602

2,786,695

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2026 and were signed on its behalf by:

D G Campbell - Director

A D Campbell - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2023

1,000

2,083,685

2,084,685

Changes in equity

Total comprehensive income

-

702,010

702,010

Balance at 30 September 2024

1,000

2,785,695

2,786,695

Changes in equity

Total comprehensive income

-

989,907

989,907

Balance at 25 September 2025

1,000

3,775,602

3,776,602

Cash flows from operating activities

Cash generated from operations

1

1,803,150

1,706,123

Interest paid

(4,781

)

-

Interest element of hire purchase or finance lease rental payments paid

(41,936

)

-

Tax paid

(275,039

)

(267,872

)

Net cash from operating activities

1,481,394

1,438,251

Cash flows from investing activities

Purchase of tangible fixed assets

(211,728

)

(230,181

)

Sale of tangible fixed assets

-

2,000

Net cash from investing activities

(211,728

)

(228,181

)

Cash flows from financing activities

Amount introduced by directors

-

3,909

Amount withdrawn by directors

(186,791

)

(39,850

)

Net cash from financing activities

(186,791

)

(35,941

)

Increase in cash and cash equivalents

1,082,875

1,174,129

Cash and cash equivalents at beginning of period

2

1,251,342

77,213

Cash and cash equivalents at end of period

2

2,334,217

1,251,342

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

Period

1.10.24

to

Year Ended

25.9.25

30.9.24

£

£

Profit before taxation

1,367,528

1,170,602

Depreciation charges

134,415

44,277

Profit on disposal of fixed assets

-

(2,000

)

Finance costs

46,717

-

1,548,660

1,212,879

Decrease in stocks

56,356

16,361

Decrease/(increase) in trade and other debtors

1,450,976

(2,021,856

)

(Decrease)/increase in trade and other creditors

(1,252,842

)

2,498,739

Cash generated from operations

1,803,150

1,706,123

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 25 September 2025

25.9.25

1.10.24

£

£

Cash and cash equivalents

2,334,217

1,251,342

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

1,251,342

77,213

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.24

Cash flow

At 25.9.25

£

£

£

Net cash

Cash at bank and in hand

1,251,342

1,082,875

2,334,217

1,251,342

1,082,875

2,334,217

Total

1,251,342

1,082,875

2,334,217

1.	STATUTORY INFORMATION

Campbell Fuel Oils Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

In accordance with their responsibilities as director, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

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

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

Period

1.10.24

to

Year Ended

25.9.25

30.9.24

£

£

Wages and salaries

492,642

466,731

Social security costs

60,260

48,502

Other pension costs

8,241

9,871

561,143

525,104

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

Period

1.10.24

to

Year Ended

25.9.25

30.9.24

Tanker Driver

7

7

Director

1

1

Admin

1

1

Maintenance/Mechanic

3

3

12

12

Period

1.10.24

to

Year Ended

25.9.25

30.9.24

£

£

Directors' remuneration

89,402

88,786

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

Money purchase schemes

1

1

4.	OPERATING PROFIT

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

Period

1.10.24

to

Year Ended

25.9.25

30.9.24

£

£

Other operating leases

120,000

120,000

Depreciation - owned assets

134,416

44,276

Profit on disposal of fixed assets

-

(2,000

)

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.10.24

to

Year Ended

25.9.25

30.9.24

£

£

HMRC Interest

4,781

-

Leasing

41,936

-

46,717

-

6.

TAXATION

Analysis of the tax charge

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

Period

1.10.24

to

Year Ended

25.9.25

30.9.24

£

£

Current tax:

UK corporation tax

354,264

257,579

Prior Year undertax Provision

-

150,876

Total current tax

354,264

408,455

Deferred tax

23,357

60,137

Tax on profit

377,621

468,592

Reconciliation of total tax charge included in profit and loss

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

Period

1.10.24

to

Year Ended

25.9.25

30.9.24

£

£

Profit before tax

1,367,528

1,170,602

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

341,882

292,651

Effects of:

Expenses not deductible for tax purposes

15,952

16,817

Income not taxable for tax purposes

-

(500

)

Capital allowances in excess of depreciation

(22,158

)

(51,389

)

Adjustments to tax charge in respect of previous periods

18,588

150,876

Deferred Tax

23,357

60,137

Total tax charge

377,621

468,592

7.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Car wash

machinery

fittings

£

£

£

COST

At 1 October 2024

112,391

182,933

-

Additions

-

1,530

9,265

At 25 September 2025

112,391

184,463

9,265

DEPRECIATION

At 1 October 2024

112,391

181,509

-

Charge for period

-

591

1,853

At 25 September 2025

112,391

182,100

1,853

NET BOOK VALUE

At 25 September 2025

-

2,363

7,412

At 30 September 2024

-

1,424

-