REGISTERED NUMBER: 03676766 (England and Wales)

COURSE HILL FUEL DEPOT LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other 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:

Mr K P Thomas

Mrs S J C Thomas

Mr D R Thomas

SECRETARY:

Mrs S J C Thomas

REGISTERED OFFICE:

Course Hill Fuel Depot

Upper Carne Road

Templeton

Pembrokeshire

SA67 8SR

REGISTERED NUMBER:

03676766 (England and Wales)

SENIOR STATUTORY AUDITOR:

Colin John FCA FCCA

AUDITORS:

Llewelyn Davies

Chartered Accountants / Statutory Auditors

Yelverton House

St John Street

Whitland

Carmarthenshire

SA34 0AW

The company is a family run owner managed company and its principal activity is the distribution and supply of fuel, oil and associated products throughout South West Wales. It aims to supply its products to the local market at a competitive price, with first class customer service.

REVIEW OF BUSINESS

The business has experienced a another strong trading period for the year ended 31st March 2025. Revenues fell this year due to an decrease in fuel prices, but the gross profit margin improved this year by 1.8% due to less volatility in the wholesale fuel market. The company continues to have a strong net asset position as shown in the annexed financial statements.

The directors consider the results for the year to be satisfactory and in line with the company policies and they will continue to review operations to maintain and improve efficiency and profitability. In addition the directors will concentrate their efforts on achieving growth in the company's existing market segments through the continued focus on customer satisfaction and offering products and services at a competitive price.

The directors are of the opinion that due to the relatively straight forward nature of the company's business, analysis using key performance indicators (KPIs) is not necessary for an understanding of the performance of the business.

The key financial highlights are as follows:

2025

2024

2023

2022

2021

Turnover growth

(3.25)%

(19.98)%

15.72%

45.39%

(15.94)%

Operating profit

£1,772,394

£1,662,480

£2,197,205

£2,482,107

£2,079,176

Gross assets

£15,547,785

£15,233,236

£14,250,901

£13,843,267

£11,644,220

The company operates to the highest industry standards for the fuel and oil industry and is committed to equal opportunities for all with continuous training provided to its employees to meet these standards and commitments.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the company for the foreseeable future are driven in the main by climatic conditions, supply disruptions, issues in respect of health and safety and technology and increasing competition in the marketplace. These principal risks and uncertainties are constantly monitored and reviewed by the directors with a view to minimising them to the fullest extent possible and ensuring that appropriate and relevant contingency plans are in place.

ON BEHALF OF THE BOARD:

Mrs S J C Thomas - Director

14 November 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the distribution and supply of fuel, oil and associated products throughout South West Wales.

DIVIDENDS

The total dividend distribution for the year ended 31 March 2025 will be £758,000.

FUTURE DEVELOPMENTS

The directors consider the results for the year to be satisfactory and in line with company policies. The directors will continue to review operations to maintain and improve efficiency and profitability.

DIRECTORS

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

Mr K P Thomas

Mrs S J C Thomas

Mr D R Thomas

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances, trade debtors and creditors and directors loans. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility.

In respect of loans, these comprise loans from the directors, which are interest free.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit risk.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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.

AUDITORS

The auditors, Llewelyn Davies, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs S J C Thomas - Director

14 November 2025

Opinion

We have audited the financial statements of Course Hill Fuel Depot Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 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 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 pages three and four, 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:

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the company that were contrary to these laws and regulations, including fraud.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of meetings held and correspondence between the company and its solicitors.

Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.

We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

Colin John FCA FCCA (Senior Statutory Auditor)

for and on behalf of Llewelyn Davies

Chartered Accountants / Statutory Auditors

Yelverton House

St John Street

Whitland

Carmarthenshire

SA34 0AW

14 November 2025

TURNOVER

20,250,771

20,931,004

Cost of sales

16,385,278

17,347,959

GROSS PROFIT

3,865,493

3,583,045

Administrative expenses

2,093,099

1,920,565

OPERATING PROFIT

4

1,772,394

1,662,480

Interest receivable and similar income

572,899

511,646

2,345,293

2,174,126

Gain/loss on revaluation of tangible assets

(159,244

)

-

PROFIT BEFORE TAXATION

2,186,049

2,174,126

Tax on profit

5

581,348

613,910

PROFIT FOR THE FINANCIAL YEAR

1,604,701

1,560,216

PROFIT FOR THE YEAR

1,604,701

1,560,216

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,604,701

1,560,216

FIXED ASSETS

Intangible assets

7

-

-

Tangible assets

8

1,057,901

1,253,291

1,057,901

1,253,291

CURRENT ASSETS

Stocks

9

374,883

215,626

Debtors

10

1,822,142

1,958,069

Cash at bank

12,292,859

11,806,249

14,489,884

13,979,944

CREDITORS

Amounts falling due within one year

11

2,224,338

2,744,358

NET CURRENT ASSETS

12,265,546

11,235,586

TOTAL ASSETS LESS CURRENT LIABILITIES

13,323,447

12,488,877

PROVISIONS FOR LIABILITIES

12

162,729

175,157

NET ASSETS

13,160,718

12,313,720

CAPITAL AND RESERVES

Called up share capital

13

300

3

Retained earnings

14

13,160,418

12,313,717

SHAREHOLDERS' FUNDS

13,160,718

12,313,720

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2025 and were signed on its behalf by:

Mrs S J C Thomas - Director

Mr K P Thomas - Director

Mr D R Thomas - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

3

11,142,501

11,142,504

Changes in equity

Dividends

-

(389,000

)

(389,000

)

Total comprehensive income

-

1,560,216

1,560,216

Balance at 31 March 2024

3

12,313,717

12,313,720

Changes in equity

Issue of share capital

297

-

297

Dividends

-

(758,000

)

(758,000

)

Total comprehensive income

-

1,604,701

1,604,701

Balance at 31 March 2025

300

13,160,418

13,160,718

Cash flows from operating activities

Cash generated from operations

1

1,733,129

1,999,058

Tax paid

(902,409

)

(502,240

)

Net cash from operating activities

830,720

1,496,818

Cash flows from investing activities

Purchase of tangible fixed assets

(163,480

)

-

Interest received

578,525

476,169

Net cash from investing activities

415,045

476,169

Cash flows from financing activities

Amount introduced by directors

758,000

389,000

Amount withdrawn by directors

(759,452

)

(388,534

)

Share issue

297

-

Equity dividends paid

(758,000

)

(389,000

)

Net cash from financing activities

(759,155

)

(388,534

)

Increase in cash and cash equivalents

486,610

1,584,453

Cash and cash equivalents at beginning of year

2

11,806,249

10,221,796

Cash and cash equivalents at end of year

2

12,292,859

11,806,249

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

2025

2024

£

£

Profit before taxation

2,186,049

2,174,126

Depreciation charges

199,625

240,024

Loss on revaluation of fixed assets

159,244

-

Finance income

(572,899

)

(511,646

)

1,972,019

1,902,504

(Increase)/decrease in stocks

(159,257

)

32,857

Decrease in trade and other debtors

130,302

364,715

Decrease in trade and other creditors

(209,935

)

(301,018

)

Cash generated from operations

1,733,129

1,999,058

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 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

12,292,859

11,806,249

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

11,806,249

10,221,796

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

11,806,249

486,610

12,292,859

11,806,249

486,610

12,292,859

Total

11,806,249

486,610

12,292,859

1.	STATUTORY INFORMATION

Course Hill Fuel Depot 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.

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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Freehold property

-

2% on cost and not provided

Plant and machinery

-

25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

878,051

897,310

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

2025

2024

Administration

7

7

Operational

17

18

24

25

2025

2024

£

£

Directors' remuneration

37,716

37,716

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

199,626

186,689

Goodwill amortisation

-

53,334

Auditors' remuneration

3,850

3,500

Auditors' remuneration for non audit work

15,396

12,371

5.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

593,776

601,606

Deferred tax

(12,428

)

12,304

Tax on profit

581,348

613,910

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

2,186,049

2,174,126

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

546,512

543,532

Effects of:

Depreciation in excess of capital allowances

7,453

58,074

asset

corporation tax

Deferred taxation charge for year

(12,428

)

12,304

asset

Loss on revaluation of asset

39,811

-

Total tax charge

581,348

613,910

6.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Final

758,000

389,000

7.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

800,000

AMORTISATION

At 1 April 2024

and 31 March 2025

800,000

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

8.	TANGIBLE FIXED ASSETS

Freehold

Tenants

Plant and

property

improvements

machinery

£

£

£

COST

At 1 April 2024

384,244

160,376

2,710,418

Additions

-

-

163,480

Disposals

-

-

(3,189

)

Impairments

(159,244

)

-

-

At 31 March 2025

225,000

160,376

2,870,709

DEPRECIATION

At 1 April 2024

-

5,966

2,008,100

Charge for year

-

1,285

193,637

Eliminated on disposal

-

-

(3,189

)

At 31 March 2025

-

7,251

2,198,548

NET BOOK VALUE

At 31 March 2025

225,000

153,125

672,161

At 31 March 2024

384,244

154,410

702,318

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2024

49,786

60,705

3,365,529

Additions

-

-

163,480

Disposals

-

-

(3,189

)

Impairments

-

-

(159,244

)

At 31 March 2025

49,786

60,705

3,366,576

DEPRECIATION

At 1 April 2024

46,302

51,870

2,112,238

Charge for year

1,320

3,384

199,626

Eliminated on disposal

-

-

(3,189

)

At 31 March 2025

47,622

55,254

2,308,675

NET BOOK VALUE

At 31 March 2025

2,164

5,451

1,057,901

At 31 March 2024

3,484

8,835

1,253,291

9.

STOCKS

2025

2024

£

£

Fuel, tanks & consumables

374,883

215,626