ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

Registered number: 06317424

S K FUEL LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

S K FUEL LTD

COMPANY INFORMATION

Directors	Suleman Patel
	Khadija Patel


Company secretary	Khadija Patel


Registered number	06317424


Registered office	8A Cavendish Court
	South Parade
	Doncaster
	DN1 2DJ


Independent auditors	Axiom Accountants Ltd
	Association of Chartered Certified Accountants
	42-44 Adelaide Street
	Bradford
	West Yorkshire
	BD5 0EA


Bankers	Lloyds TSB
	75 Commercial Street
	Batley
	WF17 5EQ

S K FUEL LTD

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Statement of comprehensive income	9
Balance sheet	10
Statement of changes in equity	11 - 12
Statement of cash flows	13
Analysis of net debt	14
Notes to the financial statements	15 - 27

S K FUEL LTD

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

Introduction

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

Business review

The company operates five fuel forecourt and retail sites across Yorkshire and Humberside providing fuel alongside convenience retail and other services.

Turnover for the year was £21.61 million (2024: £22.04 million) a slight reduction of 1.9%. Despite the drop in sales the company has had a successful year by controlling its costs resulting in gross profit increasing by 15.3% to £3.42 million (2024: £2.97 million).

Gross profit margins improved from 13.5% to 15.8% which is particularly encouraging given the continued competition within the fuel retail sector and the fluctuations in fuel prices throughout the year.

Over recent years, the company has invested heavily in improving and modernising its sites, as well as developing its retail shops and branded fuel offering. The directors believe this investment has played an important part in attracting and retaining customers and improving the overall profitability of the business.

Following the significant investments made in previous years capital expenditure slowed to £58,231 (2024: £257,046). The main focus during the year has been on maintaining the improvements already made and ensuring that the sites continue to provide good facilities and services for customers.

Operating profit increased by 6.2% to £1.46 million (2024: £1.38 million) and profit before tax increased to £1.45 million (2024: £1.35 million). The directors are pleased with the results especially as they have been achieved against a background of rising operating costs in the economy.

Principal risks and uncertainties

The fuel retailing industry continues to face a challenges many of which are outside the company's control.

One of the main risks remains fluctuation in fuel prices. Changes in wholesale prices can have a significant impact on both turnover and profit margins. The company continues to work closely with Shell (its main fuel supplier) to monitor price movements and manage purchasing costs wherever possible.

Competition mainly stems from supermarkets, large fuel retailers and well developed independent forecourts. Given the increasing levels of inflation and slow down in the economy customers are increasingly conscious of higher fuel prices and the general cost of everyday shopping. The directors believe that maintaining competitive prices and good customer service together with modernised sites is important in retaining existing customers and attracting new ones.

Increasing operating costs such as wages and employers' National Insurance have placed additional pressure cost pressures on the business. The directors continue to review staffing levels and overheads to ensure costs are managed effectively without affecting service provided to customers.

Looking ahead the increasing use of electric vehicles and changes in Government policy towards petrol and diesel vehicles will inevitably affect the fuel retail industry. Although the changes will take place over a number of years the directors recognise the importance of keeping up with these developments and considering how the business may need to adapt.

Financial key performance indicators

The directors regularly monitor the financial performance of the company with particular attention given to turnover, gross profit margins, operating profit and staff costs.

Sales reduced slightly to £21.61 million (2024: £22.04 million) a decrease of 1.9%. Changing fuel prices can have a significant influence on turnover levels so the directors consider profit margins to be an equally important

Page 1

S K FUEL LTD

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

measure of the company's performance. Some of these measures are listed below.

Gross profit increased by £455,050 to £3.42 million (2024: £2.97 million) with the gross profit margin improving to 15.8% (2024: 13.5%). This has been a positive aspect of the year's results, particularly given the slight reduction in turnover.

Operating profit increased to £1.46 million (2024: £1.38 million) resulting in the operating profit margin increasing to 6.8% (2024: 6.2%). Profit after tax also increased to £1.05 million (2024: £1.02 million).

Total wages and employers' National Insurance costs increased to £1.07 million (2024: £779,497) an increase of 36.9%. This was despite average employee numbers reducing from 57 to 53. Staff costs remain one of the company's largest expenses and the directors continue to monitor these costs closely.

The company net asset position has improved with net assets increasing to £7.32 million (2024: £6.44 million). Net current assets also increased to £4.70 million (2024: £3.60 million). Cash at bank and in hand at the year end was £929,581 (2024: £1.26 million). The directors continue to monitor cash flow and working capital requirements.

Other key performance indicators and future outlook

The directors and management team hold regular meetings to review the performance of each site and the business as a whole. These meetings include a review of sales, profit margins, staffing costs and other expenses allowing the directors to identify areas where improvements can be made.

The company also continues to work closely with its main fuel supplier to monitor movements in fuel prices and manage cost of sales.

Going forward the directors remain positive about the company's future. Despite increased competition and rising costs presenting challenges to the business the directors believe the investments made in recent years have positioned the business well with its established modernised sites.

The main priorities going forward will be to maintain improved profit margins, keep operating costs under control and continue providing good facilities and customer service across all sites. In particular the directors will focus on managing cash flows and ensuring the business remains in a good financial position. The directors are satisfied with the company's performance during the year and remain confident in its ability to continue trading successfully.

This report was approved by the board on 27 October 2026 and signed on its behalf.

Suleman Patel

Director

Page 2

S K FUEL LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 JULY 2025

The directors present their report and the financial statements for the year ended 31 July 2025.

Directors' responsibilities statement

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

∙make judgments 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 to 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.

Principal activity

During the year under review the principal activity of the company was the provision of retail sales and automotive fuel.

The directors consider the performance of the business to be satisfactory and future prospects to be reasonable.

Results and dividends

The profit for the year, after taxation, amounted to £1,042,067 (2024 - £1,017,431).

The directors paid dividends of £170,000 (2024: £170,000) during the year.

Directors

The directors who served during the year were:

Suleman Patel

Khadija Patel

Page 3

S K FUEL LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Axiom Accountants Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 October 2026 and signed on its behalf.

Suleman Patel

Director

Page 4

S K FUEL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S K FUEL LTD

Opinion

We have audited the financial statements of S K Fuel Ltd (the 'Company') for the year ended 31 July 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity 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, 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 July 2025 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. 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 course of 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.

Page 5

S K FUEL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S K FUEL LTD (CONTINUED)

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report 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 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, 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 Directors' responsibilities statement set out on page 3, 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 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.

Page 6

S K FUEL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S K FUEL LTD (CONTINUED)

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 an Auditors' 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.

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:

•Review of systems and procedures in place
• Sampling records and
• Analytical review.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures response to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing the risks or material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations we considered the following;
• The nature of the company, the environment in which it operates and the control procedures implemented by management/directors; and
• Our enquiries of management about their identification and assessment of the risks of irregularities.

Based on our understanding of the company and the sector we identified that the principal risks of non compliance with laws and regulations related to, but were not limited to;
• Regulations and legislation pertinent to the company’s operations; We considered the extent to which non-compliance might have a material impact on the financial statements. We also considered those laws and regulations which have a direct impact on the preparation of the financial statements, such as the Companies Act 2006 and Taxation Act. We evaluated management and directors’ incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of management override of controls), and determined that the principal risks were related to posting inappropriate journal entries.

Our procedures to respond to the risks identified included the following;
• Gaining an understanding of the legal and regulatory framework applicable to the company and the sector in which it operates;
• Reviewing 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;
• Enquiring of management concerning actual and potential litigation and claims;
• Reading minutes of meetings of those charged with governance;
• In addressing the risk of fraud as a result of management override of controls, testing the appropriateness of journal entries and other adjustments; evaluating 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.

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including

Page 7

S K FUEL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S K FUEL LTD (CONTINUED)

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 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 Auditors' report.

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 an Auditors' 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.

Jamal Walele (Senior statutory auditor)

for and on behalf of

Axiom Accountants Ltd

Association of Chartered Certified Accountants

42-44 Adelaide Street

Bradford

West Yorkshire

BD5 0EA

27 October 2026

Page 8

S K FUEL LTD

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 JULY 2025

	2025	2024
Note	£	£


Turnover	5	21,608,646	22,036,124
Cost of sales		(18,188,303)	(19,070,831)
Gross profit		3,420,343	2,965,293
Administrative expenses		(2,065,304)	(1,694,919)
Other operating income	6	105,000	105,000
Operating profit	7	1,460,039	1,375,374
Interest receivable and similar income		15	-
Interest payable and similar expenses	10	(6,667)	(25,714)
Profit before tax		1,453,387	1,349,660
Tax on profit	11	(411,320)	(332,229)
Profit for the year		1,042,067	1,017,431

Total comprehensive income for the year

1,042,067

1,017,431

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

Page 9

S K FUEL LTD

REGISTERED NUMBER: 06317424

BALANCE SHEET

AS AT 31 JULY 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	14		2,626,102		2,839,695
			2,626,102		2,839,695
Current assets
Stocks	15	645,479		601,852
Debtors: amounts falling due within one year	16	6,190,483		7,926,805
Cash at bank and in hand	17	929,581		1,256,445
		7,765,543		9,785,102
Creditors: amounts falling due within one year	18	(3,080,133)		(6,185,352)
Net current assets			4,685,410		3,599,750
Total assets less current liabilities			7,311,512		6,439,445

Net assets			7,311,512		6,439,445

Capital and reserves
Called up share capital	20	100	100
Profit and loss account	21	7,311,412	6,439,345
		7,311,512	6,439,445

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 October 2026.

Suleman Patel

Director

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

Page 10

S K FUEL LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 August 2024	100	6,439,345	6,439,445
Comprehensive income for the year
Profit for the year	-	1,042,067	1,042,067
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	1,042,067	1,042,067
Contributions by and distributions to owners
Dividends: Equity capital	-	(170,000)	(170,000)
Total transactions with owners	-	(170,000)	(170,000)
At 31 July 2025	100	7,311,412	7,311,512

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

Page 11

S K FUEL LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 August 2023	100	5,591,914	5,592,014
Comprehensive income for the year
Profit for the year	-	1,017,431	1,017,431
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	1,017,431	1,017,431
Contributions by and distributions to owners
Dividends: Equity capital	-	(170,000)	(170,000)
Total transactions with owners	-	(170,000)	(170,000)
At 31 July 2024	100	6,439,345	6,439,445

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

Page 12

S K FUEL LTD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	1,042,067	1,017,431
Adjustments for:
Depreciation of tangible assets	271,825	253,349
Interest paid	6,667	25,714
Interest received	(15)	-
Taxation charge	411,320	332,229
(Increase) in stocks	(43,627)	(128,641)
Decrease/(increase) in debtors	1,736,318	(2,629,062)
(Decrease)/increase in creditors	(3,230,604)	1,307,089
Corporation tax (paid)	(242,330)	(272,461)
Net cash generated from operating activities	(48,379)	(94,352)

Cash flows from investing activities
Purchase of tangible fixed assets	(58,230)	(257,046)
Interest received	15	-
Net cash from investing activities	(58,215)	(257,046)
Cash flows from financing activities
Dividends paid	(170,000)	(170,000)
Interest paid	(6,667)	(25,714)
Net cash used in financing activities	(176,667)	(195,714)
Net (decrease) in cash and cash equivalents	(283,261)	(547,112)
Cash and cash equivalents at beginning of year	1,212,842	1,759,954
Cash and cash equivalents at the end of year	929,581	1,212,842

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	929,581	1,256,445
Bank overdrafts	-	(43,603)
	929,581	1,212,842

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

Page 13

S K FUEL LTD

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 JULY 2025


At 1 August 2024	Cash flows	At 31 July 2025
£	£	£

Cash at bank and in hand	1,256,445	(326,864)	929,581
Bank overdrafts	(43,603)	43,603	-
	1,212,842	(283,261)	929,581

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

Page 14

S K FUEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1.	General information

S K Fuel Limited is a company domiciled in England & Wales, registration number 06317424. The registered office is 8A Cavendish Court, South Parade, Doncaster, DN1 2DJ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 15

S K FUEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.3

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

S K FUEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.9

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	2%	Straight line
Long-term leasehold property	-	2%	Straight line
Plant and machinery	-	15%	Straight line
Fixtures and fittings	-	15%	Straight line
Computer equipment	-	33%	Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 17

S K FUEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.14

Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit or loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate

Page 18

S K FUEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.14

Financial instruments (continued)

method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

The Company classifies financial liabilities from its supplier finance arrangements as trade creditors as the arrangements have not substantively changed the payment dates and other contractual terms compared to the underlying trade creditors. The related cash flows are included in operating activities in the cash flow statement

Offsetting

Financial assets and liabilities are offset and the net amount presented in the statement of financial position only when the Company has a legally enforceable right to set off the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

4.	Audit information
	Audit report for the year ended 31 July 2025 was unqualified. Senior auditor: Jamal Walele Statutory audit firm: Axiom Accountants Ltd Date of audit report: 27 October 2026

Page 19

S K FUEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Turnover

An analysis of turnover by class of business is as follows:
	2025	2024
	£	£

Sales - cash takings	3,521,484	4,945,850
Sales - credit card	18,052,882	17,028,917
Sales - commission received	34,280	61,357
	21,608,646	22,036,124

All turnover arose within the United Kingdom.

6.	Other operating income
		2025	2024
		£	£

Sundry income	105,000	105,000
	105,000	105,000

Other operating lease rentals

75,000

Fees payable to the Company's auditors for the audit of the Company's financial statements

6,000

Page 20

S K FUEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Wages and salaries	888,033	678,045
Social security costs	179,280	101,452
	1,067,313	779,497

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Retail	42	46
Administration	7	7
Management	4	4

	53	57

10.	Interest payable and similar expenses
		2025	2024
		£	£

	Bank interest payable	6,667	25,714
		6,667	25,714

Corporation tax
Current tax on profits for the year	411,320	332,229
	411,320	332,229

Total current tax	411,320	332,229

Page 21

S K FUEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

11.Taxation (continued)

Profit on ordinary activities before tax

1,453,387

1,349,660

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	363,347	337,415
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	11,870	3,998
Depreciation for year in excess of capital allowances	36,103	(9,184)
Total tax charge for the year	411,320	332,229

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2025	2024
		£	£

	Dividends paid on equity capital	170,000	170,000
		170,000	170,000

Page 22

S K FUEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

13.	Intangible assets

		Goodwill
		£

	At 1 August 2024	568,000
	At 31 July 2025	568,000

	At 1 August 2024	568,000
	At 31 July 2025	568,000
	Net book value
	At 31 July 2025	-
	At 31 July 2024	-

Page 23

S K FUEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

14.	Tangible fixed assets

	Freehold property	Long-term leasehold property	Plant and machinery	Fixtures and fittings	Computer equipment
	£	£	£	£	£
Cost or valuation
At 1 August 2024	1,463,201	471,341	4,104,907	886,905	27,963
Additions	-	-	51,375	4,983	1,873
At 31 July 2025	1,463,201	471,341	4,156,282	891,888	29,836
Depreciation
At 1 August 2024	364,172	111,966	2,741,438	871,298	25,747
Charge for the year on owned assets	29,264	9,427	225,395	4,899	2,840
At 31 July 2025	393,436	121,393	2,966,833	876,197	28,587
Net book value
At 31 July 2025	1,069,765	349,948	1,189,449	15,691	1,249
At 31 July 2024	1,099,029	359,375	1,363,469	15,607	2,215

Page 24

S K FUEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

14.Tangible fixed assets (continued)

		Total
		£
	Cost or valuation
	At 1 August 2024	6,954,317
	Additions	58,231
	At 31 July 2025	7,012,548
	Depreciation
	At 1 August 2024	4,114,621
	Charge for the year on owned assets	271,825
	At 31 July 2025	4,386,446
	Net book value
	At 31 July 2025	2,626,102
	At 31 July 2024	2,839,695

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Freehold	1,069,765	1,099,029
Long leasehold	349,948	359,375
	1,419,713	1,458,404

15.	Stocks
		2025	2024
		£	£

Finished goods and goods for resale	645,479	601,852
	645,479	601,852

Page 25

S K FUEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

16.

Debtors

					2025	2024
					£	£


Trade debtors	18,427	25,045
Other debtors	6,172,056	7,901,760
	6,190,483	7,926,805

17.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	929,581	1,256,445
Less: bank overdrafts	-	(43,603)
	929,581	1,212,842

18.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	-	43,603
Trade creditors	1,319,194	1,295,883
Corporation tax	741,052	572,065
Other taxation and social security	199,540	187,415
Other creditors	802,347	4,068,386
Accruals and deferred income	18,000	18,000
	3,080,133	6,185,352

19.	Financial instruments
		2025	2024
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	929,581	1,256,445

Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.

Page 26

S K FUEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

20.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 (2024 - 100) Ordinary share capital shares of £1.00 each	100	100

21.

Reserves

Profit and loss account

This reserve includes all current and prior period retained profits and losses.

	Later than 5 years	75,000	75,000
		75,000	75,000

23.

Related party transactions

The premises for some of the sites are owned by the directors. The properties are on a long term lease with the company at £75,000/year.

At the balance sheet date other debtors included £643,197 (2024: £643,197) as amounts owed by SKAZ Properties Ltd (a company which is owned by the directors).

During the year the company loaned S K Houses 430 Ltd (a company which is owned by the director Suleman Patel) £841,470 (2024: £1,295,561). At the balance sheet date other debtors included £5,388,815 (2024: £4,547,345) as amounts owed by S K Houses 430 Ltd.

During the year the company repaid £3,281,199 to SKH Fuel Ltd (a company which is owned by the director Suleman Patel). At the balance sheet date other creditors included £770,778 (2024: £4,051,977) as monies owed to SKH Fuel Ltd. The company also rents one of its sites to SKH Fuel Ltd and received rent of £105,000 (2024: £105,000).

The company has provided an unlimited debenture incorporating a fixed and floating charge in relation to personal loans taken out by the directors.

24.	Controlling party

The company is controlled by Mr S Patel.

Page 27