| REGISTERED NUMBER: |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| FOR |
| THE PROTEIN PARTNERS LTD |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| 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 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 9 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Revaluation reserve | 11 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| 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 |
| Plant and machinery etc | - |
| 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 |
| 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 | ( |
) |
| AMORTISATION |
| At 1st January 2024 |
| and 31st December 2024 | ( |
) |
| 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 |
| Additions |
| Disposals | ( |
) |
| At 31st December 2024 |
| DEPRECIATION |
| At 1st January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31st December 2024 |
| NET BOOK VALUE |
| At 31st December 2024 |
| At 31st December 2023 |
| 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 |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 9. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Tax losses carried forward | ( |
) | ( |
) |
| 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 |
| Provided during year |
| Amount charged to OCI | (12,751 | ) |
| Balance at 31st December 2024 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 250,000 | 250,000 |
| 11. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1st January 2024 |
| Deferred tax on revaluation | 12,751 |
| Revaluation transfer | (41,661 | ) |
| At 31st December 2024 |
| 12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 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 . |