REGISTERED NUMBER: 01403530 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 January 2026

for

RON PERRY & SON LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

7

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

Directors:

R C Perry

L A Perry

R D Perry

A M R Cowan

Secretary:

L A Perry

Registered office:

A19 Test and Tune

Elwick

Hartlepool

Cleveland

TS27 3HH

Registered number:

01403530 (England and Wales)

Senior statutory auditor:

Simon Davies MMath FCA

Auditors:

Mitchell Gordon LLP

Accountants and Statutory Auditor

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

The directors present their strategic report for the year ended 31 January 2026.

Review of business

The Company's principal activities continue to comprise the operation of two independent roadside service areas on the A19 at Elwick, Hartlepool, incorporating Shell forecourts, convenience retailing, food-to-go operations and associated roadside customer services.

Despite continued economic uncertainty, increasing employment costs, inflationary pressures and ongoing legislative change, the Company has continued to demonstrate resilience through effective financial management, operational efficiency and continued strategic investment. Throughout the year, the Directors have remained focused on strengthening existing revenue streams whilst investing in long-term infrastructure projects that will support sustainable growth for many years to come.

Financial Performance and Key Performance Indicators

The Directors monitor the performance of the business using a range of financial and operational Key Performance Indicators ("KPIs"), enabling informed decision making and long-term strategic planning.

The principal KPIs monitored include:

- Turnover

- Gross Profit

- Gross Profit Margin

- Fuel Margin per Litre

- Retail Sales Performance

- Food-to-Go Sales

- Operating Cost Control

- Labour Efficiency

During the financial year, turnover remained broadly consistent with the previous year (£12.0m vs £12.4m), reflecting the resilience of the Company's customer base despite challenging trading conditions across both the fuel and retail sectors.

Gross profit stayed at a similar level compared with the previous year (£1.3m vs £1.4m), resulting in an improvement in gross profit margin (11.17% vs 10.99%). This improvement was driven primarily by continued growth in higher margin related categories, the expansion of the Company's food-to-go offering, careful supplier negotiations, disciplined pricing strategies and effective operational cost control.

The Directors consider these results particularly encouraging given the significant increases in National Minimum Wage, changes to Employer National Insurance contributions, continued inflationary pressures and increased operating costs experienced throughout the period.

The Company's strategy continues to focus on increasing the contribution from higher-margin business activities whilst maintaining strong fuel volumes and delivering excellent customer service. The Directors believe this balanced approach continues to strengthen the long-term financial resilience of the business.

Operational Performance

Fuel sales remained resilient throughout the year. Relative stability within global energy markets, together with the Company's long-standing partnership with Shell, enabled fuel volumes to remain robust and margins to be carefully managed throughout the period.

Temporary disruption to bunkering volumes during August 2025, arising from technical issues relating to the Shell Go+ loyalty platform, adversely affected sales for a short period. Following resolution of these issues in October 2025, volumes recovered strongly and demonstrated positive momentum during the remainder of the financial year.

Food-to-go continued to represent one of the Company's strongest growth areas.

Building upon previous investment, Ron Perry & Son Limited became one of the first trial locations for Country Choice's new Go Global range, introducing an expanded selection of wraps, burgers, ready meals and premium convenience products. These additions complemented the already successful Bake & Bite, Stone Baked Pizza and Rollover ranges, whilst further product innovation including premium chicken tender baguettes, a foray into vegan options and boneless chicken products broadened customer choice and increased higher-margin sales.

The Directors continue to view food-to-go as a strategically important area of future growth, alongside traditional fuel income whilst increasing average customer basket spend.

The Company's long-established fresh sandwich operation has continued to perform consistently, demonstrating that both traditional and branded food offerings can successfully coexist and enhance the overall customer proposition.

Retail performance remained resilient despite challenging market conditions.

Consumer purchasing behaviour continued to evolve during the year, with increased demand for value-led promotions, meal deals and recognised brands. Londis own-brand products showed encouraging growth, whilst established national brands continued to perform strongly.

Disposable vape legislation significantly affected vape sales during the period, demonstrating the need for continued agility in responding to changing regulatory and consumer trends.

Lottery income experienced a significant reduction following the national transition from Camelot to Allwyn. Prolonged hardware failures, particularly at the Southbound site, resulted in lottery sales being unavailable for approximately five months. The Directors consider this reduction to be an external operational issue with the Camelot to Allwyn transition rather than an indicator of underlying customer demand.

Strategic Investment and Development

A significant strategic priority during the year has been the continued progression of the Company's HGV Parking and Driver Welfare development at both Northbound and Southbound sites.

Following the award of Department for Transport HGV Parking and Driver Welfare Grant funding in previous financial years, management's focus during 2025-2026 shifted towards satisfying increasingly complex planning and infrastructure requirements necessary to progress the scheme.

Working closely with Dynamic Transport Planning, National Highways and the relevant Local Planning Authorities, the Company has successfully navigated numerous additional requirements including Biodiversity Net Gain, Nutrient Neutrality obligations and future highway improvement proposals.

Whilst these additional requirements have extended project timescales, the Directors remain fully committed to delivering a modern secure HGV parking facility that will significantly enhance driver welfare whilst creating an important long-term revenue stream for the business.

Alongside the HGV development, feasibility work has progressed on several complementary customer service initiatives including the installation of a new jet wash facility, vehicle vacuum and fragrance stations operating on a profit-share basis, together with the evaluation of parcel locker facilities through providers including Amazon and Royal Mail.

The Directors believe these investments will further strengthen the Company's position as a comprehensive roadside destination whilst generating additional non-fuel revenue streams.

A new and exciting replacement operator has now been identified for the departing tenant in the OK Diner, ensuring continuity of some form of sit down and eat food provision whilst supporting future rental income and adding to the overall image of the site.

Technology, Security and Sustainability

Technology continues to play an increasingly important role within the Company's operations.

Previous investment in VARS Automatic Number Plate Recognition, Facewatch facial recognition technology and an upgraded CCTV infrastructure has continued to deliver significant operational benefits through improved prevention and recovery of drive-offs, no means of payment incidents and retail theft.

Whilst theft remains an ongoing challenge throughout the retail sector nationwide, the Directors believe these investments continue to provide a significant competitive advantage in protecting Company assets and adding to staff safety and security.

The Company has also continued to evaluate future energy infrastructure.

Although electricity network constraints and associated wayleave costs continue to delay commercial EV charging opportunities, discussions with infrastructure providers remain active.

Current HGV development proposals incorporate future-proofed ducting and utility infrastructure capable of supporting future electric vehicle and electric HGV charging should commercial demand increase.

The Directors continue to investigate battery storage technologies and additional solar generation opportunities as part of the Company's longer-term sustainability strategy.

Employees

The Directors recognise that the Company's continued success depends upon the commitment, experience and professionalism of its employees.

Throughout the year the Company has continued to invest in staff development, recruitment, training and retention despite significant increases in statutory employment costs.

Following substantial increases to National Minimum Wage and Employer National Insurance contributions, the Company undertook a comprehensive review of remuneration structures to ensure continued competitiveness within the local employment market whilst maintaining long-term financial sustainability.

The Directors remain committed to creating a positive working environment, recognising that experienced and motivated employees remain central to delivering high standards of customer service and operational excellence.

Principal risks and uncertainties

The Directors continually review the principal risks affecting the business.

Key risks include:

- fluctuations within fuel markets;

- potential geopolitical disruptions to the wider fuel sector;

- inflationary pressure on operating costs;

- increases in statutory employment costs;

- changes in consumer spending behaviour;

- planning and infrastructure delays affecting major capital projects;

- electricity network capacity constraints;

- regulatory change within the forecourt sector;

- retail crime and associated losses.

These risks are actively managed through prudent financial control, diversified revenue streams, long-term supplier relationships, continued investment in technology and infrastructure, careful cost management and ongoing strategic planning.

The Directors believe the Company's diversified business model significantly reduces dependence upon any single income stream and enhances long-term resilience.

Future outlook

Looking ahead, the Directors remain confident in the Company's long-term prospects.

The progression of the HGV Parking and Driver Welfare development represents the most significant ongoing strategic opportunity for the business and has the potential to transform the Company's future operating model.

Alongside this, continued expansion of food-to-go, further investment in roadside customer services, the introduction of new ancillary revenue streams, and the planned occupation of the restaurant premises by a new tenant will continue to strengthen the Company's commercial offering.

Whilst wider economic uncertainty, inflation and legislative changes are expected to remain challenging, the Directors believe that Ron Perry & Son Limited is exceptionally well positioned to capitalise on future opportunities through its strong financial management, diversified income streams, ongoing investment programme and long-established reputation for quality and customer service.

Conclusion

The financial year ended 31 January 2026 has been one of measured progress, operational resilience and continued strategic investment.

The Company's financial performance remained robust despite a challenging economic backdrop, with improvements in profitability supported by disciplined cost control, growth in higher-margin revenue streams and continued investment in operational efficiency.

The Directors remain committed to delivering sustainable long-term growth through prudent financial management, investment in infrastructure, continuous improvement of customer services and the development of new commercial opportunities.

Accordingly, the Directors believe Ron Perry & Son Limited remains well positioned to continue its evolution as one of the North East's leading independent roadside service operators, providing a resilient platform for future growth and long-term value creation.

On behalf of the board:

R C Perry - Director

19 October 2026

The directors present their report with the financial statements of the company for the year ended 31 January 2026.

Principal activities

The principal activities of the company in the year under review were those of the operation of petrol stations and the provision of associated services, such as; convenience store, off licence and HGV facilities.

Dividends

The total distribution of dividends for the year ended 31 January 2026 will be £316,000.

Directors

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

R C Perry

L A Perry

R D Perry

A M R Cowan

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;

-	state whether applicable accounting standards 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's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board:

R C Perry - Director

19 October 2026

Opinion

We have audited the financial statements of Ron Perry & Son Limited (the 'company') for the year ended 31 January 2026 which comprise the Statement of 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 31 January 2026 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sectors in which the company operates;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection compliance, anti-bribery, employment, environmental and health and safety legislation;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

These procedures did not identify any potentially material actual or suspected non-compliance.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

reviewed material journal entries to identify unusual transactions or posting by unusual users;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

enquiring of management as to actual and potential litigation and claims;

-

reviewing correspondence with HMRC and the company's legal advisors.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance of fraud and cannot be expected to detect non-compliance with all laws & regulations.

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.

Simon Davies MMath FCA (Senior Statutory Auditor)

for and on behalf of Mitchell Gordon LLP

Accountants and Statutory Auditor

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

20 October 2026

Turnover

3

12,033,447

12,411,245

Cost of sales

10,689,457

11,046,949

Gross profit

1,343,990

1,364,296

Administrative expenses

876,390

801,063

467,600

563,233

Other operating income

242,157

222,681

Operating profit

5

709,757

785,914

Interest receivable and similar income

1,243

3,606

711,000

789,520

Interest payable and similar expenses

6

127,015

151,631

Profit before taxation

583,985

637,889

Tax on profit

7

142,238

165,022

Profit for the financial year

441,747

472,867

Other comprehensive income

Revaluation reserve

(22,185

)

17,298

Equity distribution

(28,806

)

(200,991

)

Income tax relating to components of other comprehensive income

-

-

Other comprehensive income for the year, net of income tax

(50,991

)

(183,693

)

Total comprehensive income for the year

390,756

289,174

Fixed assets

Tangible assets

10

10,538,152

10,130,701

Investments

11

30,000

30,000

10,568,152

10,160,701

Current assets

Stocks

12

217,763

241,390

Debtors

13

2,536,979

1,211,775

Cash at bank and in hand

249,427

368,279

3,004,169

1,821,444

Creditors

Amounts falling due within one year

14

3,139,124

1,457,136

Net current (liabilities)/assets

(134,955

)

364,308

Total assets less current liabilities

10,433,197

10,525,009

Creditors

Amounts falling due after more than one year

15

(1,673,470

)

(1,842,343

)

Provisions for liabilities

19

(1,685,936

)

(1,683,631

)

Net assets

7,073,791

6,999,035

Capital and reserves

Called up share capital

20

100

100

Revaluation reserve

21

5,260,686

5,282,871

Retained earnings

21

1,813,005

1,716,064

Shareholders' funds

7,073,791

6,999,035

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2026 and were signed on its behalf by:

R C Perry - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 February 2024

100

1,585,364

5,265,573

6,851,037

Changes in equity

Dividends

-

(141,176

)

-

(141,176

)

Total comprehensive income

-

271,876

17,298

289,174

Balance at 31 January 2025

100

1,716,064

5,282,871

6,999,035

Changes in equity

Dividends

-

(316,000

)

-

(316,000

)

Total comprehensive income

-

412,941

(22,185

)

390,756

Balance at 31 January 2026

100

1,813,005

5,260,686

7,073,791

Cash flows from operating activities

Cash generated from operations

1

426,919

1,088,958

Interest paid

(107,689

)

(122,407

)

Interest element of hire purchase payments paid

(19,181

)

(29,150

)

Tax paid

(172,091

)

(120,838

)

Net cash from operating activities

127,958

816,563

Cash flows from investing activities

Purchase of tangible fixed assets

(558,062

)

(99,565

)

Capital grants received

630,000

-

Interest received

1,243

3,606

Net cash from investing activities

73,181

(95,959

)

Cash flows from financing activities

Loan repayments in year

(129,153

)

(124,303

)

Movement on associated company balance

41,776

22,441

Movement of staff loans

1,852

-

Capital repayments in year

(97,175

)

(98,642

)

Amount introduced by directors

178,709

-

Amount withdrawn by directors

-

(178,481

)

Equity dividends paid

(316,000

)

(141,176

)

Net cash from financing activities

(319,991

)

(520,161

)

(Decrease)/increase in cash and cash equivalents

(118,852

)

200,443

Cash and cash equivalents at beginning of year

2

368,279

167,836

Cash and cash equivalents at end of year

2

249,427

368,279

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

31/1/26

31/1/25

£

£

Profit before taxation

583,985

637,889

Depreciation charges

150,611

145,438

Finance costs

127,015

151,631

Finance income

(1,243

)

(3,606

)

860,368

931,352

Decrease in stocks

23,627

93,970

Increase in trade and other debtors

(1,573,426

)

(45,261

)

Increase in trade and other creditors

1,116,350

108,897

Cash generated from operations

426,919

1,088,958

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:

Year ended 31 January 2026

31/1/26

1/2/25

£

£

Cash and cash equivalents

249,427

368,279

Year ended 31 January 2025

31/1/25

1/2/24

£

£

Cash and cash equivalents

368,279

167,836

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/2/25

Cash flow

At 31/1/26

£

£

£

Net cash

Cash at bank and in hand

368,279

(118,852

)

249,427

368,279

(118,852

)

249,427

Debt

Finance leases

(262,433

)

97,176

(165,257

)

Debts falling due within 1 year

(191,196

)

51,329

(139,867

)

Debts falling due after 1 year

(1,679,653

)

77,823

(1,601,830

)

(2,133,282

)

226,328

(1,906,954

)

Total

(1,765,003

)

107,476

(1,657,527

)

1.	STATUTORY INFORMATION

Ron Perry & Son Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The 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 as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis and in accordance with applicable Accounting Standards, as the directors have a reasonable expectation that the company will remain in business for the foreseeable future.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.

Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Land and buildings are stated at fair value based on the valuation performed by an independent professional valuer Colliers with recent experience in the location and category of property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset. However, the rise in interest rates and inflation has caused significant disruption and uncertainty in the UK property market which has inevitably increased the degree of judgement involved in the property valuation.

Turnover

Turnover represents the value of goods sold during the year, excluding value added tax.

Turnover from the sale of fuel and dry goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the dispensing of the fuel for wet stock and the point of payment for dry goods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

33% on cost, 20% on cost, 20% on reducing balance, Straight line over 20 years and Straight line over 10 years

Motor vehicles

-

25% on reducing balance

Freehold property is held under the revaluation model. The revalued amounts equate to the fair value at the date of the valuation. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the balance sheet. Any fair value adjustments are credited/debited to the revaluation reserve. No depreciation is therefore charged on freehold property,

Stocks

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

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measure at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.