Lincoln Proteins Limited Company accounts

COMPANY REGISTRATION NUMBER: 03389773

LINCOLN PROTEINS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2024

LINCOLN PROTEINS 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

LINCOLN PROTEINS LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

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

Company secretary	J Hancock

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

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

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

LINCOLN PROTEINS 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 Lincoln Proteins Limited is a wholly owned subsidiary of Lincoln Protein Holdings Ltd. Its revenue is derived from the collection of material and the sale of tallow and meat and bonemeal. BUSINESS REVIEW The company has reported an increase in revenue to £5,836,380 (2023 - £5,995,984). Operating profit amounted to £1,290,036 (2023 - £1,280,149). The results reflect a reduction in volumes as these are processed through the group's other rendering facilities, and a corresponding reduction in the associated costs. During the period shareholder's funds increased to £25,639,128 (2023 - £24,541,967). Capital expenditure during the period was £467,184 reflecting ongoing investment in increasing capacity. The company's key performance indicators are 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 The company faces a number of risks and the directors continue to mitigate these as far as possible. A summary of the key risks are as follows. 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. 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

NG23 5JR

LINCOLN PROTEINS 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
P Walsh
N Browne

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

NG23 5JR

LINCOLN PROTEINS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBER OF LINCOLN PROTEINS LIMITED

YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of Lincoln Proteins 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 then 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, reading the minutes of meetings of those charged with governance, reviewing correspondence with HMRC and relevant regulators and the company's legal advisors. 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

Notts

NG23 5JR

24 September 2025

LINCOLN PROTEINS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 DECEMBER 2024

		2024	2023
Note		£	£
TURNOVER	4	5,836,380	5,995,984

Cost of sales	( 4,405,254)	( 4,736,884)
	------------	------------
GROSS PROFIT	1,431,126	1,259,100

Administrative expenses		( 1,197,922)	( 1,097,296)
Other operating income	5	1,056,832	1,118,345
		------------	------------
OPERATING PROFIT	6	1,290,036	1,280,149

Other interest receivable and similar income	10	394	893
Interest payable and similar expenses	11	( 16,341)	–
		------------	------------
PROFIT BEFORE TAXATION		1,274,089	1,281,042

Tax on profit	12	( 176,928)	( 261,647)
		------------	------------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME		1,097,161	1,019,395
		------------	------------

RETAINED EARNINGS AT THE START OF THE YEAR	24,541,867	23,522,472
	-------------	-------------
RETAINED EARNINGS AT THE END OF THE YEAR	25,639,028	24,541,867
	-------------	-------------

All the activities of the company are from continuing operations.

LINCOLN PROTEINS LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£

FIXED ASSETS

Tangible assets	13	7,084,959	7,750,598
Investments	14	1	1
		------------	------------
		7,084,960	7,750,599

CURRENT ASSETS

Debtors	15	28,133,736	21,046,732
Cash at bank and in hand		283,953	527,296
		-------------	-------------
		28,417,689	21,574,028

CREDITORS: amounts falling due within one year	16	( 2,617,215)		( 3,439,064)
		-------------		-------------
NET CURRENT ASSETS			25,800,474	18,134,964
			-------------	-------------
TOTAL ASSETS LESS CURRENT LIABILITIES			32,885,434	25,885,563

CREDITORS: amounts falling due after more than one year	17		( 6,016,267)	–

PROVISIONS

Deferred taxation	18	( 1,230,039)	( 1,343,596)
		-------------	-------------
NET ASSETS		25,639,128	24,541,967
		-------------	-------------

CAPITAL AND RESERVES

Called up share capital	21	100	100
Profit and loss account	22	25,639,028	24,541,867
		-------------	-------------
SHAREHOLDER FUNDS		25,639,128	24,541,967
		-------------	-------------

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: 03389773

LINCOLN PROTEINS 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.

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

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

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.

Consolidation

The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of the United Kingdom.

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. 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: - Useful economic lives of tangible assets - The annual charge for depreciation charge for tangible assets is sensitive to changes in the useful economic lives of the assets. The useful economic lives are re-assessed annually and obsolete items written off accordingly based upon the physical condition of the assets. See note 13 for the carrying amount of the property plant and equipment, and the associated accounting policy for the useful economic lives for each asset class.

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

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

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:

Land and buildings	-	1% reducing balance
Plant and machinery	-	Various rates over 5 to 20 years
Motor vehicles	-	15-25% reducing balance

Investments

Investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	208,312	173,446
Rendering of services	5,628,068	5,822,538
	------------	------------
	5,836,380	5,995,984
	------------	------------

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
	£	£
Rental income	502,500	502,500
Management charges receivable	554,332	615,845
	------------	------------
	1,056,832	1,118,345
	------------	------------

6. Operating profit

Operating profit or loss is stated after charging:

	2024	2023
	£	£
Depreciation of tangible assets	952,113	995,721
Loss on disposal of tangible assets	66,169	33,694
Impairment of trade debtors	–	7,878
Foreign exchange differences	–	3
	---------	---------

7. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	37,000	39,000
	--------	--------

8. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Production staff	37	53
Administrative staff	14	15
Management staff	2	2
	----	----
	53	70
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	2,988,459	3,333,367
Social security costs	295,774	313,473
Other pension costs	67,613	76,138
	------------	------------
	3,351,846	3,722,978
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	177,272	175,691
	---------	---------

10. Other interest receivable and similar income

	2024	2023
	£	£
Interest on cash and cash equivalents	394	893
	----	----

11. Interest payable and similar expenses

	2024	2023
	£	£
Other interest payable and similar charges	16,341	–
	--------	----

12. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	290,485	331,525
Adjustments in respect of prior periods	–	( 34,404)
	---------	---------
Total current tax	290,485	297,121
	---------	---------

Deferred tax:

Origination and reversal of timing differences	( 113,557)	( 35,474)
	---------	---------
Tax on profit	176,928	261,647
	---------	---------

Reconciliation of tax expense

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

	2024	2023
	£	£
Profit on ordinary activities before taxation	1,274,089	1,281,042
	------------	------------
Profit on ordinary activities by rate of tax	318,522	301,308
Adjustment to tax charge in respect of prior periods	–	( 34,404)
Effect of expenses not deductible for tax purposes	1,386	832
Effect of capital allowances and depreciation	156	( 3,957)
Effect of different UK tax rates on some earnings	–	(2,132)
Group relief surrendered/(claimed)	( 143,136)	–
	------------	------------
Tax on profit	176,928	261,647
	------------	------------

13. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	1,702,100	9,300,087	171,723	11,173,910
Additions	–	440,547	26,637	467,184
Disposals	–	( 330,776)	( 14,000)	( 344,776)
	------------	------------	---------	-------------
At 31 December 2024	1,702,100	9,409,858	184,360	11,296,318
	------------	------------	---------	-------------
Depreciation
At 1 January 2024	493	3,359,537	63,282	3,423,312
Charge for the year	624	922,903	28,586	952,113
Disposals	–	( 159,838)	( 4,228)	( 164,066)
	------------	------------	---------	-------------
At 31 December 2024	1,117	4,122,602	87,640	4,211,359
	------------	------------	---------	-------------
Carrying amount
At 31 December 2024	1,700,983	5,287,256	96,720	7,084,959
	------------	------------	---------	-------------
At 31 December 2023	1,701,607	5,940,550	108,441	7,750,598
	------------	------------	---------	-------------

14. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	1
	----
Impairment
At 1 January 2024 and 31 December 2024	–
	----

Carrying amount
At 31 December 2024	1
	----
At 31 December 2023	1
	----

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
A Hughes & Son (Skellingthorpe) Limited	Ordinary	100

15. Debtors

	2024	2023
	£	£
Trade debtors	688,489	322,094
Amounts owed by group undertakings	27,199,543	20,527,085
Prepayments and accrued income	245,356	197,205
Other debtors	348	348
	-------------	-------------
	28,133,736	21,046,732
	-------------	-------------

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

16. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	2,003,672	2,058,939
Accruals and deferred income	141,854	206,216
Corporation tax	8,349	293,669
Social security and other taxes	456,143	869,962
Other creditors	7,197	10,278
	------------	------------
	2,617,215	3,439,064
	------------	------------

17. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	6,016,267	–
	------------	----

The creditors over one year relate to two loans from the parent company shareholders which will not be redeemed before 31 December 2025. The first loan for £1,000,000 is interest free. The second loan for £5,000,000 bears interest at 1.5% over base rate and the interest incurred is accruing on the loan balance at the year end.

18. Provisions

	Deferred tax (note 19)
	£
At 1 January 2024	1,343,596
Charge against provision	( 113,557)
	------------
At 31 December 2024	1,230,039
	------------

19. Deferred tax

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

	2024	2023
	£	£
Included in provisions (note 18)	1,230,039	1,343,596
	------------	------------

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

	2024	2023
	£	£
Accelerated capital allowances	1,231,839	1,343,596
Deferred tax - other short term timing differences	( 1,800)	–
	------------	------------
	1,230,039	1,343,596
	------------	------------

20. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 67,613 (2023: £ 76,138 ).

21. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

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

22. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

23. Related party transactions

During the year, the company received an unsecured loan of £6m from Dawn Holdings, a company under the control of one of the Joint Venture partners in the parent company of this group. Interest has been charged in the period totalling £16,267. At the year end £6,016,267 remained outstanding. The directors have taken advantage of the exemption in FRS 102 from disclosing related party transactions with group companies 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 company is included are publicly available.

24. Controlling party

The immediate and 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.