A.Hughes and Son (Skellingthorpe) Limited Company accounts

COMPANY REGISTRATION NUMBER: 00549113

A.HUGHES AND SON (SKELLINGTHORPE) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2024

A.HUGHES AND SON (SKELLINGTHORPE) LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the member	6

Statement of income and retained earnings	10

Statement of financial position	11

Notes to the financial statements	12

A.HUGHES AND SON (SKELLINGTHORPE) LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	G Hancock
	J Hancock
	N Browne
	P M Walsh

Company secretary	G Hancock

Registered office	Windsor House
	A1 Business Park at
	Long Bennington
	Notts
	England
	NG23 5JR

Auditor	Streets Audit LLP
	Chartered accountants & statutory auditor
	Windsor House
	A1 Business Park at
	Long Bennington
	Lincs
	NG23 5JR

Bankers	Barclays Bank Plc
	Sheffield City 2
	Leicester
	Leicestershire
	LE87 2BB

A.HUGHES AND SON (SKELLINGTHORPE) LIMITED

STRATEGIC REPORT

YEAR ENDED 31 DECEMBER 2024

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face. PRINCIPAL ACTIVITY A Hughes and Son (Skellingthorpe) Limited is a wholly owned subsidiary of Lincoln Protein Holdings Ltd. The group is engaged in the rendering of material from the food processing and agricultural sectors into meat and bonemeal and tallow. Its revenue is derived from the collection of material and the sale of tallow and meat and bonemeal. BUSINESS REVIEW The company has reported a significant reduction in revenue to £28,406,603 (2023 - £50,247,622). Operating profit amounted to £254,864 (2023 - £268,923). The results reflect reduced volumes processed through the group's rendering facilities, with tightening margins. During the period shareholder's funds increased to £2,665,910 (2023 - £2,490,287). The company's key performance indicators are production costs per tonne and these are principally driven by labour, energy and transport costs, relative to throughput. The company's aim is to further build its supply base and improve performance through increased throughput and operational performance. RISK MANAGEMENT POLICIES Energy risk The conflict in Ukraine continues to evolve as military activity proceeds and sanctions imposed on Russia. The economic ramifications have lead to increases in energy prices, rising inflation and interest rates and fluctuations in foreign exchange rates. The company manages energy costs through forward contracts to mitigate against sudden increases in price for electricity and gas and explores options around alternative energy sources. Interest rate risk The company's exposure to market risk for the changes in interest rates relates primarily to its bank and finance lease borrowings. The company seeks to manage this risk by the use of a combination of variable and fixed rates. Liquidity risk The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short-term flexibility is achieved by overdraft facilities. Inflation risk The company is exposed to the impact of inflation on its costs and every effort is made to mitigate this. As for many businesses of our size, the business environment in which we operate continues to be challenging. Nevertheless with these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.

This report was approved by the board of directors on 23 September 2025 and signed on behalf of the board by:

G Hancock

Director

Registered office:

Windsor House

A1 Business Park at

Long Bennington

Notts

England

NG23 5JR

A.HUGHES AND SON (SKELLINGTHORPE) LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 DECEMBER 2024

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

Directors

The directors who served the company during the year were as follows:

G Hancock
J Hancock
N Browne
P M Walsh

Dividends

The directors do not recommend the payment of a dividend.

Disclosure of information in the strategic report

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, 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 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 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 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 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 23 September 2025 and signed on behalf of the board by:

G Hancock

Director

Registered office:

Windsor House

A1 Business Park at

Long Bennington

Notts

England

NG23 5JR

A.HUGHES AND SON (SKELLINGTHORPE) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBER OF A.HUGHES AND SON (SKELLINGTHORPE) LIMITED

YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of A.Hughes and Son (Skellingthorpe) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position 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 FRS 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 December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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, 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.

Auditor's 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 auditor’s 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was that we identified the material laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of the company. We then assessed the extent of compliance with these laws and regulations through making enquiries of management. 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, 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 tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and we investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to agreeing financial statement disclosures to underlying supporting documentation and reviewing correspondence with relevant regulators. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations 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 to 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 our auditor’s report. Use of our report

This report is made solely to the company's member, 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 member those matters we are required to state to them in an auditor's 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 member as a body, for our audit work, for this report, or for the opinions we have formed.

MARK BRADSHAW

(Senior Statutory Auditor)

For and on behalf of

Streets Audit LLP

Chartered accountants & statutory auditor

Windsor House

A1 Business Park at

Long Bennington

Lincs

NG23 5JR

24 September 2025

A.HUGHES AND SON (SKELLINGTHORPE) LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 DECEMBER 2024

		2024	2023
Note		£	£
TURNOVER	4	28,406,603	50,247,622

Cost of sales	( 26,612,677)	( 48,315,483)
	-------------	-------------
GROSS PROFIT	1,793,926	1,932,139

Administrative expenses		( 1,541,169)	( 1,663,479)
Other operating income	5	2,107	263
		------------	------------
OPERATING PROFIT	6	254,864	268,923

Other interest receivable and similar income	8	334	170
Interest payable and similar expenses	9	( 3,249)	–
		------------	------------
PROFIT BEFORE TAXATION		251,949	269,093

Tax on profit	10	( 76,326)	( 72,306)
		---------	---------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME		175,623	196,787
		---------	---------

RETAINED EARNINGS AT THE START OF THE YEAR	2,456,909	2,260,122
	------------	------------
RETAINED EARNINGS AT THE END OF THE YEAR	2,632,532	2,456,909
	------------	------------

All the activities of the company are from continuing operations.

A.HUGHES AND SON (SKELLINGTHORPE) LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£

FIXED ASSETS

Tangible assets	11		456,877	473,554

CURRENT ASSETS

Stocks	12	2,820,833	1,942,125
Debtors	13	4,334,304	6,976,486
Cash at bank and in hand		1,197,377	1,429,893
		------------	-------------
		8,352,514	10,348,504

CREDITORS: amounts falling due within one year	14	( 6,075,224)		( 8,265,741)
		------------		-------------
NET CURRENT ASSETS			2,277,290	2,082,763
			------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES			2,734,167	2,556,317

PROVISIONS

Taxation including deferred tax	15	( 68,257)	( 66,030)
		------------	------------
NET ASSETS		2,665,910	2,490,287
		------------	------------

CAPITAL AND RESERVES

Called up share capital	17	30,600	30,600
Capital redemption reserve	18	2,778	2,778
Profit and loss account	18	2,632,532	2,456,909
		------------	------------
SHAREHOLDER FUNDS		2,665,910	2,490,287
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 23 September 2025 , and are signed on behalf of the board by:

G Hancock

Director

Company registration number: 00549113

A.HUGHES AND SON (SKELLINGTHORPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Windsor House, A1 Business Park at, Long Bennington, Notts, NG23 5JR, England.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis and in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis. In making this assessment, the directors have considered the company's trading and cash flow forecasts for the period of at least 12 months from the date of approval of these financial statements. While these forecasts show a requirement for continued financial support, the directors have received an undertaking of support from the parent company's shareholders. The parent company's shareholders have confirmed their intention to continue to make available such funds as are necessary to enable the company to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly the financial statements have been prepared on a going concern basis.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Lincoln Protein Holdings Ltd which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Significant judgements We do not consider there to be any significant judgements in the financial statements for disclosure. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - Stocks Stocks are required to be stated at the lower of cost and net realisable value. Due to the difficulty in arriving at the production cost of meat and bonemeal and tallow, estimated cost is arrived at by reducing the the estimated sales value by the production margins. This method involves judgement in determining appropriate sales price and margin.

Revenue recognition

The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Monetary 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 the transaction. Exchange differences are taken into account in arriving at the operating profit.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Buildings on rented land	-	over the period of the lease

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Stocks of Tallow and Bone Meal (MBM) are valued using the retail method to approximate cost.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	26,237,979	48,084,623
Rendering of services	2,168,624	2,162,999
	-------------	-------------
	28,406,603	50,247,622
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2024	2023
	£	£
Other operating income	2,107	263
	-------	----

6. Operating profit

Operating profit or loss is stated after charging:

	2024	2023
	£	£
Depreciation of tangible assets	27,627	27,018
Foreign exchange differences	22,977	174,100
	--------	---------

7. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	16,000	15,000
	--------	--------

8. Other interest receivable and similar income

	2024	2023
	£	£
Interest on cash and cash equivalents	334	170
	----	----

9. Interest payable and similar expenses

	2024	2023
	£	£
Other interest payable and similar charges	3,249	–
	-------	----

10. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	74,099	71,475

Deferred tax:

Origination and reversal of timing differences	2,227	831
	--------	--------
Tax on profit	76,326	72,306
	--------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 23.50 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	251,949	269,093
	---------	---------
Profit on ordinary activities by rate of tax	62,987	63,292
Effect of expenses not deductible for tax purposes	12,860	8,760
Effect of capital allowances and depreciation	479	205
Effect of different UK tax rates on some earnings	–	49
	---------	---------
Tax on profit	76,326	72,306
	---------	---------

11. Tangible assets

	Buildings
	£
Cost
At 1 January 2024	1,775,323
Additions	10,950
	------------
At 31 December 2024	1,786,273
	------------
Depreciation
At 1 January 2024	1,301,769
Charge for the year	27,627
	------------
At 31 December 2024	1,329,396
	------------
Carrying amount
At 31 December 2024	456,877
	------------
At 31 December 2023	473,554
	------------

12. Stocks

	2024	2023
	£	£
Finished goods and goods for resale	2,820,833	1,942,125
	------------	------------

13. Debtors

	2024	2023
	£	£
Trade debtors	1,256,934	2,355,320
Amounts owed by group undertakings	2,956,625	2,768,718
Prepayments and accrued income	120,185	60,879
Amounts owed by group undertakings	–	1,000,000
Other debtors	560	791,569
	------------	------------
	4,334,304	6,976,486
	------------	------------

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

14. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	2,504,521	1,747,810
Amounts owed to group undertakings	2,730,143	6,108,489
Accruals and deferred income	606,906	337,967
Corporation tax	73,782	71,475
Social security and other taxes	159,872	–
	------------	------------
	6,075,224	8,265,741
	------------	------------

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

15. Provisions

	Deferred tax (note 16)
	£
At 1 January 2024	66,030
Additions	2,227
	--------
At 31 December 2024	68,257
	--------

16. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 15)	68,257	66,030
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	68,257	66,030
	--------	--------

17. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	30,600	30,600	30,600	30,600
	--------	--------	--------	--------

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

18. Reserves

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

19. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	110,000	110,000
Later than 1 year and not later than 5 years	440,000	440,000
Later than 5 years	1,237,500	1,347,500
	------------	------------
	1,787,500	1,897,500
	------------	------------

20. Related party transactions

The directors have taken advantage of the exemption in FRS 102 from disclosing related party transactions with its parent company on the grounds that the company is a subsidiary undertaking where 100% of the voting rights are controlled within the group, and the consolidated financial statements in which the subsidiary undertaking is included are publicly available.

21. Controlling party

Lincoln Proteins Limited is the immediate parent undertaking. The ultimate parent undertaking, and the smallest and largest group to consolidate these financial statements, is Lincoln Protein Holdings Ltd . Copies of the Lincoln Protein Holdings Ltd consolidated financial statements can be obtained from the Company Secretary at Windsor House, A1 Business Park, Long Bennington, Notts, NG23 5JR.