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REGISTERED NUMBER: 10392438 (England and Wales)


















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

THE PROTEIN PARTNERS LTD

THE PROTEIN PARTNERS LTD (REGISTERED NUMBER: 10392438)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 7


THE PROTEIN PARTNERS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2024







DIRECTORS: J N Langslow
D Murphy
A D Davies



REGISTERED OFFICE: Dean Court
85 Adlington Road
Wilmslow
SK9 2BT



REGISTERED NUMBER: 10392438 (England and Wales)



SENIOR STATUTORY AUDITOR: Benjamin Furness



AUDITORS: Allens Accountants Limited
Statutory Auditor and
Chartered Accountants
123 Wellington Road South
Stockport
Cheshire
SK1 3TH

THE PROTEIN PARTNERS LTD (REGISTERED NUMBER: 10392438)

BALANCE SHEET
31ST DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 620,514 492,024
620,514 492,024

CURRENT ASSETS
Stocks 2,596,312 2,308,684
Debtors 6 724,980 1,339,730
Cash at bank and in hand 213,247 84,684
3,534,539 3,733,098
CREDITORS
Amounts falling due within one year 7 4,227,187 4,244,946
NET CURRENT LIABILITIES (692,648 ) (511,848 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(72,134

)

(19,824

)

PROVISIONS FOR LIABILITIES 9 142,602 109,087
NET LIABILITIES (214,736 ) (128,911 )

CAPITAL AND RESERVES
Called up share capital 10 250,000 250,000
Revaluation reserve 11 144,328 173,238
Retained earnings (609,064 ) (552,149 )
SHAREHOLDERS' FUNDS (214,736 ) (128,911 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17th July 2025 and were signed on its behalf by:





J N Langslow - Director


THE PROTEIN PARTNERS LTD (REGISTERED NUMBER: 10392438)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024

1. STATUTORY INFORMATION

The Protein Partners Ltd 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence to the end of its performance contract. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

i) the Company has transferred the significant risks and rewards of ownership to the buyer;
ii) the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
iii) the amount of turnover can be measured reliably;
iv) 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of one 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.
Plant and machinery etc - 33% on cost and 5% to 25% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


THE PROTEIN PARTNERS LTD (REGISTERED NUMBER: 10392438)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 39 ) .

THE PROTEIN PARTNERS LTD (REGISTERED NUMBER: 10392438)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st January 2024
and 31st December 2024 (450,000 )
AMORTISATION
At 1st January 2024
and 31st December 2024 (450,000 )
NET BOOK VALUE
At 31st December 2024 -
At 31st December 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST OR VALUATION
At 1st January 2024 1,124,083
Additions 248,159
Disposals (7,517 )
At 31st December 2024 1,364,725
DEPRECIATION
At 1st January 2024 632,059
Charge for year 117,226
Eliminated on disposal (5,074 )
At 31st December 2024 744,211
NET BOOK VALUE
At 31st December 2024 620,514
At 31st December 2023 492,024

Cost or valuation at 31st December 2024 is represented by:

Plant and
machinery
etc
£   
Valuation in 2017 583,317
Cost 781,408
1,364,725

THE PROTEIN PARTNERS LTD (REGISTERED NUMBER: 10392438)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

5. TANGIBLE FIXED ASSETS - continued

If Plant and equipment etc had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 286,959 286,959
Aggregate depreciation 117,944 117,944

Plant and equipment etc were valued on Fair value basis on 27th March 2018 by Tallon & Associates .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 569,217 1,237,080
Other debtors 155,763 102,650
724,980 1,339,730

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 888,393 520,811
Amounts owed to group undertakings 3,181,644 3,407,161
Taxation and social security 25,898 80,358
Other creditors 131,252 236,616
4,227,187 4,244,946

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 111,000 111,733
Between one and five years 302,750 345,000
In more than five years - 68,750
413,750 525,483

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 106,692 60,254
Tax losses carried forward (5,751 ) (5,579 )
Asset revaluation 41,661 54,412
142,602 109,087

THE PROTEIN PARTNERS LTD (REGISTERED NUMBER: 10392438)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st January 2024 109,087
Provided during year 46,266
Amount charged to OCI (12,751 )
Balance at 31st December 2024 142,602

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
250,000 Ordinary £1 250,000 250,000

11. RESERVES
Revaluation
reserve
£   
At 1st January 2024 173,238
Deferred tax on revaluation 12,751
Revaluation transfer (41,661 )

At 31st December 2024 144,328

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Benjamin Furness (Senior Statutory Auditor)
for and on behalf of Allens Accountants Limited

13. ULTIMATE CONTROLLING PARTY



The company's ultimate parent undertaking is County Milk Products Limited a company registered in England & Wales, registered office 85 Adlington Road, Wilmslow, Cheshire, SK9 2BT company number 02873177 for which group accounts are prepared .