REGISTERED NUMBER: 00457634 (England and Wales)

Page

Company Information  

1

Strategic Report  

2

Report of the Directors  

4

Report of the Independent Auditors  

6

Income Statement  

9

Other Comprehensive Income  

11

Balance Sheet  

12

Statement of Changes in Equity  

13

Notes to the Financial Statements

14

DIRECTORS:

R Poskitt

T B Versterre

B O Jeewooth

SECRETARY:

B O Jeewooth

REGISTERED OFFICE:

Ings Road

Doncaster

South Yorkshire

DN5 9TL

REGISTERED NUMBER:

00457634 (England and Wales)

SENIOR STATUTORY AUDITOR:

Ian Parsons FCA

AUDITORS:

Paylings

Unit 2 Silkwood Park

Fryers Way

Ossett

West Yorkshire

WF5 9TJ

BANKERS:

HSBC plc

City Office

33 Park Row

Leeds

West Yorkshire

LS1 1LD

SOLICITORS:

Ramsdens Solicitors

7 King Street

Mirfield

West Yorkshire

WF14 8AW

Business Overview

SECANIM Limited (SECANIM) is a wholly owned subsidiary of SARIA Limited (SARIA); SARIA operates in a wide range of sectors associated with the food chain, renewable energy, and recycling.

SECANIM operates the collection and processing of fallen stock and other 'high-risk' by-products from farms, abattoirs, and other livestock operations for SARIA.

Business Area

Company Details

Location(s)

Renewable Energy Generation

SECANIM Limited

Widnes

High Risk Animal By-Product

Processing

SECANIM Limited

Widnes

Frome Vale (division of SECANIM Limited)

Dorchester

Clutton Fallen Stock (division of SECANIM Limited)

Wrexham

FD Statton & Son Limited

Camelford

The company's objective is to provide a secure disposal service for the collection of high-risk animal by-products from the livestock production and processing sector; customers include livestock farmers, poultry producers, abattoirs, zoos, local authorities, and central Government.

The company holds Contingency Contracts with the UK Government to securely dispose of animal by-products generated during a national disease outbreak.

Bovine and Ovine provide the primary feedstock/customer base for SECANIM's collection and processing operations, and the locations enable the company to provide disposal services to the local markets.  The processing plants recover meat & bone meal and tallow from the high-risk animal by-products.

During the year, directors made a decision to close the Renewable Energy Generation Division at Widnes as a result of its unsustainable economic performance.

Key Performance Indicators (KPIs)

The company's core business area of providing a secure collection and processing service for high-risk animal by-products continues to be affected by adverse market conditions.

In addition to the local market conditions, the company has also been impacted by the global fall in fat values which has coincided with an increase in the costs of production due to rising energy costs.

With market conditions continuing to be challenging, the directors have made a further impairment in SARIA Limited in respect of SECANIM Limited. This is a provision against the inter-company loan owing to SARIA by SECANIM. As this is only a provision and not a write off, there is no corresponding entry in the books of SECANIM Ltd.

As shown in the company's income statement on page 9, the company's loss was (£24,043,992) compared to a loss of (£17,211,685) in the previous year. At the year end the shareholder's funds were (£51,771,112) (2023 - (£27,727,120)).

SARIA manages its operations on a divisional basis. For this reason, the company's directors believe that further key performance indicators for the company are not necessary or appropriate for an understanding of the development, performance, or position of the business.

Risk

With businesses active across a wide variety of sectors and operating large-scale processing operations always entails risk. Beside market developments, we are also affected by global events such as commodity market price changes driven by weather patterns; such events entail risks but also present us with new opportunities.

The Group is faced with challenges when conducting analyses and making decisions. If we do not incorporate market developments or if we evaluate them incorrectly, they may pose serious business risks. The risks affecting SECANIM are largely dealt with on a group basis, apart from the ones highlighted below:

Business Unit / Area

Risk

Mitigation Factor

Increasing market costs for energy

Increased market price for electricity and/or gas.

Increase in-house generation of

energy from AD and Biomass

Power Generation plants to

benefit from rise in market price

and offset cost impact on other

elements of the business.

Legislative changes to animal

by-product categorisation

High risk moves to low risk.

Operate category 3 rendering

plants to benefit from switch

from Category 1 (high risk).

Low risk moves to edible co-product.

Operate edible co-product

production/trading businesses to

benefit from switch from animal

by-product to food status.

Health & Safety

Health & safety incidents could result in harm to

the company's employees, contractors or local

communities. Ensuring safety and wellbeing is an

ethical obligation for the company. Poor safety

records or serious accidents could have a serious

impact on the company's production and

reputation.

The company focuses on

identifying, mitigating and

managing the safety risks

inherent across its operations.

The company's objective is to

create a safety culture through

regular training and awareness

campaigns for employees and

contractors. The company

operates a 'best practice' system

of in-house training to develop

an embedded health & safety

culture.

Employees

Details of the number of employees can be found in note 4 to the financial statements on page 17.

The company participates in the group's policies and practices about Health and Safety at work, pension and health care schemes.

Future developments

The directors anticipate that they will continue to develop the company's established activities and will continue to invest in plant modernisation to deliver reduced operating costs with enhanced environmental performance. The company is also diversifying its activities to enhance the value of raw material used within the facility. During 2023 the company commissioned a new processing plant for Category 2 animal by-products at Widnes. The plant is unique in the UK and produces organic feedstock for the ReFood operation alongside organic fertilisers and recovered oils for bio-fuel production.

ON BEHALF OF THE BOARD:

B O Jeewooth - Director

10 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors who have held office during the period from 1 January 2024 to the date of this report are as follows:

R V Ratcliffe - resigned 7 June 2024

A R Smith - resigned 31 July 2024

J G Braide - resigned 31 December 2024

R Poskitt - appointed 10 June 2024

T B Versterre - appointed 3 October 2024

B O Jeewooth was appointed as a director after 31 December 2024 but prior to the date of this report.

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

AUDITORS

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

ON BEHALF OF THE BOARD:

B O Jeewooth - Director

10 September 2025

Opinion

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-

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

-

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

Matters on which we are required to report by exception

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

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

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

  visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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 Auditor's that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the 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.

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.

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

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to

  identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussions with directors and other management, and

  from our commercial knowledge and experience of the industry;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements

  or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery,

  employment and health and safety legislation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management

  and inspecting legal correspondence; and

- We remained alert to instances of non-compliance throughout the audit.

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

- Making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual,

  suspected and alleged fraud; and

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

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

-   Performed analytical procedures to identify any unusual or unexpected relationships;

-   Tested journal entries to identify unusual transactions;

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

     and

-   Investigated the rationale behind significant or unusual transactions.

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

-   Agreeing financial statements disclosures to underlying supporting documentation;

-   Reading the minutes of meetings of those charged with governance;

-   Enquiring of management as to actual and potential litigation and claims; and

-   Reviewing correspondence with HMRC, relevant regulators and the Company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulation s are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 your Report of the Auditor's.

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.

Ian Parsons FCA (Senior Statutory Auditor)

for and on behalf of Paylings

Unit 2 Silkwood Park

Fryers Way

Ossett

West Yorkshire

WF5 9TJ

10 September 2025

TURNOVER

3

7,969,690

1,809,942

9,779,632

Changes in stocks of finished goods and work in

progress

40,481

(159,068

)

(118,587

)

8,010,171

1,650,874

9,661,045

Other operating income

239,754

85,684

325,438

8,249,925

1,736,558

9,986,483

Raw materials and consumables

(4,103,103

)

(1,180,207

)

(5,283,310

)

Other external expenses

(461,743

)

-

(461,743

)

3,685,079

556,351

4,241,430

Staff costs

(4,326,210

)

(1,692,157

)

(6,018,367

)

Depreciation

(2,592,464

)

(451,137

)

(3,043,601

)

Other operating expenses

(7,939,451

)

(2,886,088

)

(10,825,539

)

OPERATING LOSS

5

(11,173,046

)

(4,473,031

)

(15,646,077

)

Interest payable and similar expenses

8

(5,513,283

)

(427,525

)

(5,940,808

)

LOSS BEFORE TAXATION

(16,686,329

)

(4,900,556

)

(21,586,885

)

Tax on loss

9

(2,457,107

)

-

(2,457,107

)

LOSS FOR THE FINANCIAL YEAR

(19,143,436

)

(4,900,556

)

(24,043,992

)

TURNOVER

3

7,830,287

1,486,823

9,317,110

Changes in stocks of finished goods and work in

progress

(118,748

)

111,270

(7,478

)

7,711,539

1,598,093

9,309,632

Other operating income

287,834

13,216

301,050

7,999,373

1,611,309

9,610,682

Raw materials and consumables

(5,079,944

)

(1,387,833

)

(6,467,777

)

Other external expenses

(650,371

)

-

(650,371

)

2,269,058

223,476

2,492,534

Staff costs

(3,912,858

)

(1,522,583

)

(5,435,441

)

Depreciation

(2,110,608

)

(576,468

)

(2,687,076

)

Other operating expenses

(7,593,924

)

(1,611,770

)

(9,205,694

)

OPERATING LOSS

5

(11,348,332

)

(3,487,345

)

(14,835,677

)

Interest receivable and similar income

7

3,431

-

3,431

Interest payable and similar expenses

8

(4,063,152

)

(304,125

)

(4,367,277

)

LOSS BEFORE TAXATION

(15,408,053

)

(3,791,470

)

(19,199,523

)

Tax on loss

9

1,987,838

-

1,987,838

LOSS FOR THE FINANCIAL YEAR

(13,420,215

)

(3,791,470

)

(17,211,685

)

LOSS FOR THE YEAR

(24,043,992

)

(17,211,685

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

(24,043,992

)

(17,211,685

)

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

27,715,535

31,471,107

27,715,535

31,471,107

CURRENT ASSETS

Stocks

12

297,419

453,158

Debtors

13

2,178,211

4,319,411

Cash at bank and in hand

56,598

8,192

2,532,228

4,780,761

CREDITORS

Amounts falling due within one year

14

82,014,275

63,971,992

NET CURRENT LIABILITIES

(79,482,047

)

(59,191,231

)

TOTAL ASSETS LESS CURRENT

LIABILITIES

(51,766,512

)

(27,720,124

)

CREDITORS

Amounts falling due after more than one year

15

4,600

6,996

NET LIABILITIES

(51,771,112

)

(27,727,120

)

CAPITAL AND RESERVES

Called up share capital

20

1,150

1,150

Share premium

21

618,233

618,233

Revaluation reserve

21

5,421,231

5,554,502

Capital redemption reserve

21

400

400

Retained earnings

21