REGISTERED NUMBER: 00206334 (England and Wales)

Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

for the Year Ended 31 December 2025

for

Armstrong Richardson & Co Limited

and Subsidiary Company

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Statement of Comprehensive Income

7

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

16

DIRECTORS:

N E M Jones

C B M Jones

Mrs S E Harriman

Miss C L Jones

Miss E A Jones

REGISTERED OFFICE:

Union Mill

1D Leven Mews

Stokesley

North Yorkshire

TS9 5FJ

REGISTERED NUMBER:

00206334 (England and Wales)

AUDITORS:

Anderson Barrowcliff Limited

Statutory Auditor

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

During the year, AR Fuels Ltd, a subsidiary of the Group, was sold in October 2025. Following this disposal, continuing turnover decreased slightly from £10,913,255 to £9,909,274. Gross margin increased from 26.5% to 30.5%.

These results are considered satisfactory by the directors.

PRINCIPAL RISKS AND UNCERTAINTIES

The group continues to diversify its operations and is no longer solely dependent upon the UK agriculture industry. As a result the directors feel that there is no single customer or supplier, the loss of which would seriously affect the business.

KEY PERFORMANCE INDICATORS

Given the straightforward nature of the business, the group's directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the entity, and that all relevant financial information has been disclosed within the financial statements.

ON BEHALF OF THE BOARD:

N E M Jones - Director

30 September 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of retailing, fuel distribution and haulage.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

FUTURE DEVELOPMENTS

The Directors have plans in progress to grow the Group's customer base, increase turnover and expand its current offerings.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

N E M Jones

C B M Jones

Mrs S E Harriman

Miss C L Jones

Miss E A Jones

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, Anderson Barrowcliff Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N E M Jones - Director

30 September 2026

Opinion

We have audited the financial statements of Armstrong Richardson & Co Limited and Subsidiary Company (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 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 December 2025 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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the company's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered 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 the posting of inappropriate manual journal entries to manipulate financial performance, management bias in significant accounting estimates and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Auditors' responsibilities for the audit of the financial statements (continued)

Audit procedures performed by the engagement team included:

-

Enquiry of management, those charged with governance around actual and potential litigation and claims.

-

Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.

-

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

-

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

-

Challenging estimates and judgements made by management in their significant accounting estimates.

-

Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and accuracy of revenue and also to ensure revenue has been recognised in the correct period.

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. The 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Helen Wilson FCA (Senior Statutory Auditor)

for and on behalf of Anderson Barrowcliff Limited

Statutory Auditor

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

30 September 2026

TURNOVER

2

9,909,274

14,733,971

24,643,245

Cost of sales

(6,886,794

)

(14,262,871

)

(21,149,665

)

GROSS PROFIT

3,022,480

471,100

3,493,580

Administrative expenses

(3,261,715

)

(381,471

)

(3,643,186

)

(239,235

)

89,629

(149,606

)

Other operating income

3

171,806

-

171,806

OPERATING (LOSS)/PROFIT

(67,429

)

89,629

22,200

Profit/loss on sale of invest

5

780,159

-

780,159

712,730

89,629

802,359

Interest receivable and similar income

4,300

-

4,300

Interest payable and similar expenses

6

(111,861

)

(11,914

)

(123,775

)

PROFIT BEFORE TAXATION

7

605,169

77,715

682,884

Tax on profit

8

4,500

12,716

17,216

PROFIT FOR THE FINANCIAL YEAR

609,669

90,431

700,100

OTHER COMPREHENSIVE INCOME

Deferred tax movement property

19,000

Income tax relating to other comprehensive income

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

19,000

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

719,100

Profit attributable to:

Owners of the parent

700,100

Total comprehensive income attributable to:

Owners of the parent

719,100

TURNOVER

2

10,913,255

19,297,746

30,211,001

Cost of sales

(8,016,507

)

(18,603,368

)

(26,619,875

)

GROSS PROFIT

2,896,748

694,378

3,591,126

Administrative expenses

(3,251,677

)

(460,699

)

(3,712,376

)

(354,929

)

233,679

(121,250

)

Other operating income

3

143,547

-

143,547

OPERATING (LOSS)/PROFIT

(211,382

)

233,679

22,297

Interest receivable and similar income

1,023

-

1,023

Interest payable and similar expenses

6

(127,499

)

(17,948

)

(145,447

)

(LOSS)/PROFIT BEFORE TAXATION

7

(337,858

)

215,731

(122,127

)

Tax on (loss)/profit

8

11,991

(9,000

)

2,991

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(325,867

)

206,731

(119,136

)

OTHER COMPREHENSIVE INCOME

Deferred tax movement property

(28,000

)

Income tax relating to other comprehensive income

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

62,431

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(56,705

)

(Loss)/profit attributable to:

Owners of the parent

(119,136

)

Total comprehensive income attributable to:

Owners of the parent

(56,705

)

FIXED ASSETS

Intangible assets

10

136,527

154,935

Tangible assets

11

4,884,083

4,837,928

Investments

12

50

50

Investment property

13

1,602,214

852,214

6,622,874

5,845,127

CURRENT ASSETS

Stocks

14

1,768,782

1,827,778

Debtors

15

637,508

1,285,283

Cash at bank and in hand

671,413

1,904,899

3,077,703

5,017,960

CREDITORS

Amounts falling due within one year

16

1,385,047

3,506,850

NET CURRENT ASSETS

1,692,656

1,511,110

TOTAL ASSETS LESS CURRENT LIABILITIES

8,315,530

7,356,237

CREDITORS

Amounts falling due after more than one year

17

(1,814,440

)

(1,459,747

)

PROVISIONS FOR LIABILITIES

21

(290,500

)

(405,000

)

NET ASSETS

6,210,590

5,491,490

CAPITAL AND RESERVES

Called up share capital

22

18,000

18,000

Revaluation reserve

23

802,266

783,266

Other reserves

23

20,821

20,821

Non-distributable reserve

23

448,329

429,618

Retained earnings

23

4,921,174

4,239,785

SHAREHOLDERS' FUNDS

6,210,590

5,491,490

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2026 and were signed on its behalf by:

N E M Jones - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

2,135,422

1,740,653

Investments

12

510

511

Investment property

13

1,602,214

852,214

3,738,146

2,593,378

CURRENT ASSETS

Stocks

14

155,489

112,669

Debtors

15

3,248,705

3,315,558

Cash at bank

70,709

69,868

3,474,903

3,498,095

CREDITORS

Amounts falling due within one year

16

441,882

1,125,781

NET CURRENT ASSETS

3,033,021

2,372,314

TOTAL ASSETS LESS CURRENT LIABILITIES

6,771,167

4,965,692

CREDITORS

Amounts falling due after more than one year

17

(649,162

)

(66,836

)

PROVISIONS FOR LIABILITIES

21

(271,000

)

(290,000

)

NET ASSETS

5,851,005

4,608,856

CAPITAL AND RESERVES

Called up share capital

22

18,000

18,000

Revaluation reserve

23

802,266

783,266

Other reserves

23

20,821

20,821

Non-distributable reserve

23

448,329

429,618

Retained earnings

23

4,561,589

3,357,151

SHAREHOLDERS' FUNDS

5,851,005

4,608,856

Company's profit/(loss) for the financial year

1,223,149

(5,638

)

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2026 and were signed on its behalf by:

N E M Jones - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 January 2024

18,000

4,520,675

649,512

Changes in equity

Total comprehensive income

-

(280,890

)

133,754

Balance at 31 December 2024

18,000

4,239,785

783,266

Changes in equity

Total comprehensive income

-

681,389

19,000

Balance at 31 December 2025

18,000

4,921,174

802,266

Other

Non-distributable

Total

reserves

reserve

equity

£

£

£

Balance at 1 January 2024

20,821

429,618

5,638,626

Changes in equity

Total comprehensive income

-

-

(147,136

)

Balance at 31 December 2024

20,821

429,618

5,491,490

Changes in equity

Total comprehensive income

-

18,711

719,100

Balance at 31 December 2025

20,821

448,329

6,210,590

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 January 2024

18,000

3,524,543

649,512

Changes in equity

Total comprehensive income

-

(167,392

)

133,754

Balance at 31 December 2024

18,000

3,357,151

783,266

Changes in equity

Total comprehensive income

-

1,204,438

19,000

Balance at 31 December 2025

18,000

4,561,589

802,266

Other

Non-distributable

Total

reserves

reserve

equity

£

£

£

Balance at 1 January 2024

20,821

429,618

4,642,494

Changes in equity

Total comprehensive income

-

-

(33,638

)

Balance at 31 December 2024

20,821

429,618

4,608,856

Changes in equity

Total comprehensive income

-

18,711

1,242,149

Balance at 31 December 2025

20,821

448,329

5,851,005

Cash flows from operating activities

Cash generated from operations

1

(156,545

)

(12,498

)

Interest paid

(107,466

)

(111,589

)

Finance costs paid

(16,309

)

(33,858

)

Tax paid

-

15,585

Net cash from operating activities

(280,320

)

(142,360

)

Cash flows from investing activities

Purchase of tangible fixed assets

(716,933

)

(314,328

)

Purchase of investment property

(686,365

)

(15,186

)

Sale of tangible fixed assets

166,300

1,050,000

Sale of investment property

-

70,000

Proceeds from disposal of subsidiary

804,700

-

Government grants received

22,141

-

Interest received

4,300

1,023

Net cash from investing activities

(405,857

)

791,509

Cash flows from financing activities

New loans in year

700,000

320,000

Loan repayments in year

(39,520

)

(88,086

)

New HP loans in year

-

134,276

Capital repayments in year

(174,918

)

(192,636

)

Amount introduced by directors

-

1,465

Amount withdrawn by directors

(72,300

)

-

Related party financing

(102,062

)

(470,273

)

Net cash from financing activities

311,200

(295,254

)

(Decrease)/increase in cash and cash equivalents

(374,977

)

353,895

Cash and cash equivalents at beginning of year

2

1,046,390

692,495

Cash and cash equivalents at end of year

2

671,413

1,046,390