Inztec Limited Company accounts

COMPANY REGISTRATION NUMBER: 04353930

INZTEC LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2024

INZTEC 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

INZTEC LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	G Hancock
	P M Walsh
	V P Thornton

Registered office	Duck Nest Farm
	Cliffe Lane
	Holme-On-Spalding-Moor
	York
	East Yorkshire
	YO43 4EB

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

INZTEC 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 Inztec Limited is a wholly owned subsidiary of Lincoln Protein Holdings Ltd. The company 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 reduction in revenue to £22,220,316 (2023 - £23,700,813). Operating profit amounted to £1,355,521 (2023 - £689,788). The results reflect reduced volumes processed through its rendering facilities, with tightening margins. There was a significant increase in overhead costs from £1,696,850 to £1,988,543. There was exceptional income of £356,340 during the year relating to amounts owed to group companies being formally waived. During the period shareholder's funds increased to £7,136,290 (2023 - £5,723,863). 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:

Duck Nest Farm

Cliffe Lane

Holme-On-Spalding-Moor

York

East Yorkshire

YO43 4EB

INZTEC 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
P M Walsh
V P Thornton

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:

Duck Nest Farm

Cliffe Lane

Holme-On-Spalding-Moor

York

East Yorkshire

YO43 4EB

INZTEC LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBER OF INZTEC LIMITED

YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of Inztec 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 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 and reviewing correspondence with HMRC. 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

INZTEC LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 DECEMBER 2024

		2024	2023
Note		£	£
Turnover	4	22,220,316	23,700,813

Cost of sales	( 19,239,246)	( 21,319,633)
	-------------	-------------
Gross profit	2,981,070	2,381,180

Administrative expenses		( 1,988,543)	( 1,696,850)
Other operating income	5	6,654	5,458
Exceptional item		356,340	–
		------------	------------
Operating profit	6	1,355,521	689,788

Other interest receivable and similar income	9	51,311	5,430
Interest payable and similar expenses	10	( 696)	( 1,759)
		------------	------------
Profit before taxation		1,406,136	693,459

Tax on profit	11	6,291	( 179,131)
		------------	---------
Profit for the financial year and total comprehensive income		1,412,427	514,328
		------------	---------

Retained earnings at the start of the year	5,723,862	5,209,534
	------------	------------
Retained earnings at the end of the year	7,136,289	5,723,862
	------------	------------

All the activities of the company are from continuing operations.

INZTEC LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	12		13,572,113	13,274,255

Current assets

Stocks	13	787,983	563,978
Debtors	14	6,743,391	10,035,543
Cash at bank and in hand		1,324,165	752,236
		------------	-------------
		8,855,539	11,351,757

Creditors: amounts falling due within one year	15	( 14,198,307)		( 17,789,483)
		-------------		-------------
Net current liabilities			( 5,342,768)	( 6,437,726)
			-------------	-------------
Total assets less current liabilities			8,229,345	6,836,529

Creditors: amounts falling due after more than one year	16		( 55,898)	( 20,051)

Provisions	18	( 1,037,157)	( 1,092,615)
		------------	------------
Net assets		7,136,290	5,723,863
		------------	------------

Capital and reserves

Called up share capital	22	1	1
Profit and loss account		7,136,289	5,723,862
		------------	------------
Shareholder funds		7,136,290	5,723,863
		------------	------------

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: 04353930

INZTEC 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 Duck Nest Farm, Cliffe Lane, Holme-On-Spalding-Moor, York, East Yorkshire, YO43 4EB.

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.

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: - Fixed Assets The company has capitalised payroll costs on the construction of an asset. These costs are allocated on a timesheet basis. - 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 tallow and MBM (meat and bonemeal), estimated cost is arrived at by reducing the estimated sales value by the production margins. This method involves judgement in determining appropriate sales price and margin.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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 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.

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 initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Assets under construction are transferred to the individual class once the plant has been commissioned. Deprecation commences from the date of transfer.

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:

Freehold property	-	5% straight line
Plant and machinery	-	25% reducing balance to 33% straight line

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.

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 MBM (meat and bonemeal) are valued using the retail method to approximate cost.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

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 amortised cost. 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. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

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	22,220,316	23,700,813
	-------------	-------------

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	–	570
Government grant income	6,654	4,888
	-------	-------
	6,654	5,458
	-------	-------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Depreciation of tangible assets	1,302,586	1,121,291
Loss/(gains) on disposal of tangible assets	2,265	( 2,739)
	------------	------------

7. 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	21	20
Administrative staff	1	2
Management staff	1	1
	----	----
	23	23
	----	----

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

	2024	2023
	£	£
Wages and salaries	1,416,728	1,229,207
Social security costs	51,556	47,166
Other pension costs	32,492	28,081
	------------	------------
	1,500,776	1,304,454
	------------	------------

8. Directors' remuneration

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

	2024	2023
	£	£
Remuneration	41,642	41,907
Company contributions to defined contribution pension plans	1,683	1,633
	--------	--------
	43,325	43,540
	--------	--------

9. Other interest receivable and similar income

	2024	2023
	£	£
Interest on cash and cash equivalents	51,311	5,430
	--------	-------

10. Interest payable and similar expenses

	2024	2023
	£	£
Interest on obligations under finance leases and hire purchase contracts	696	1,615
Other interest payable and similar charges	–	144
	----	-------
	696	1,759
	----	-------

11. Tax on profit

Major components of tax (income)/expense

	2024	2023
	£	£

Current tax:

UK current tax expense	313,196	43,625
Adjustments in respect of prior periods	( 264,029)	–
	---------	--------
Total current tax	49,167	43,625
	---------	--------

Deferred tax:

Origination and reversal of timing differences	( 55,458)	135,506
	--------	---------
Tax on profit	( 6,291)	179,131
	--------	---------

Reconciliation of tax (income)/expense

The tax assessed on the profit on ordinary activities for the year is lower 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	1,406,136	693,459
	------------	---------
Profit on ordinary activities by rate of tax	351,534	163,105
Adjustment to tax charge in respect of prior periods	( 264,029)	–
Effect of expenses not deductible for tax purposes	( 88,312)	441
Effect of capital allowances and depreciation	–	7,455
Effect of different UK tax rates on some earnings	(5,484)	8,130
	------------	---------
Tax on profit	( 6,291)	179,131
	------------	---------

12. Tangible assets

	Freehold property	Plant and machinery	Assets under construction	Total
	£	£	£	£
Cost
At 1 January 2024	3,555,725	9,434,968	2,485,194	15,475,887
Additions	949,511	714,350	42,959	1,706,820
Disposals	–	( 174,434)	–	( 174,434)
Transfers	577,422	786,737	( 1,364,159)	–
	------------	-------------	------------	-------------
At 31 December 2024	5,082,658	10,761,621	1,163,994	17,008,273
	------------	-------------	------------	-------------
Depreciation
At 1 January 2024	379,742	1,821,890	–	2,201,632
Charge for the year	216,182	1,086,404	–	1,302,586
Disposals	–	( 68,058)	–	( 68,058)
	------------	-------------	------------	-------------
At 31 December 2024	595,924	2,840,236	–	3,436,160
	------------	-------------	------------	-------------
Carrying amount
At 31 December 2024	4,486,734	7,921,385	1,163,994	13,572,113
	------------	-------------	------------	-------------
At 31 December 2023	3,175,983	7,613,078	2,485,194	13,274,255
	------------	-------------	------------	-------------

Included within additions are assets at a value of £57,119 (2023 - £24,700) transferred from another group company. Assets under construction which were fully commissioned during the year were transferred to the relevant asset class.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery
	£
At 31 December 2024	150,572
	---------
At 31 December 2023	90,522
	---------

13. Stocks

	2024	2023
	£	£
Raw materials and consumables	20,551	20,782
Finished goods and goods for resale	767,432	543,196
	---------	---------
	787,983	563,978
	---------	---------

14. Debtors

	2024	2023
	£	£
Trade debtors	877,176	663,586
Amounts owed by group undertakings	5,392,775	9,285,333
Prepayments and accrued income	223,923	86,624
Other debtors	249,517	–
	------------	-------------
	6,743,391	10,035,543
	------------	-------------

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

15. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	361,801	821,173
Amounts owed to group undertakings	13,317,898	16,420,165
Accruals and deferred income	312,897	163,156
Corporation tax	156,994	292,388
Social security and other taxes	18,665	61,441
Obligations under finance leases and hire purchase contracts	25,799	29,467
Other creditors	4,253	1,693
	-------------	-------------
	14,198,307	17,789,483
	-------------	-------------

Hire purchase liabilities are secured on the assets to which the agreements relate.

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

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

	2024	2023
	£	£
Obligations under finance leases and hire purchase contracts	55,898	20,051
	--------	--------

Hire purchase liabilities are secured on the assets to which the agreements relate.

17. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2024	2023
	£	£
Not later than 1 year	25,799	29,467
Later than 1 year and not later than 5 years	55,898	20,051
	--------	--------
	81,697	49,518
	--------	--------

18. Provisions

	Deferred tax (note 19)
	£
At 1 January 2024	1,092,615
Charge against provision	( 55,458)
	------------
At 31 December 2024	1,037,157
	------------

19. Deferred tax

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

	2024	2023
	£	£
Included in provisions (note 18)	1,037,157	1,092,615
	------------	------------

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

	2024	2023
	£	£
Accelerated capital allowances	1,032,046	1,092,615
Deferred tax - other short term timing differences	5,111	–
	------------	------------
	1,037,157	1,092,615
	------------	------------

20. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 30,809 (2023: £ 26,448 ).

21. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2024	2023
	£	£

Recognised in other operating income:

Government grants recognised directly in income	6,654	4,888
	-------	-------

22. Called up share capital

Issued, called up and fully paid

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

23. Capital commitments

Capital expenditure contracted for but not provided for in the financial statements is as follows:

	2024	2023
	£	£
Tangible assets	52,000	101,900
	--------	---------

24. Charges on assets

Group debt is secured by a fixed and floating charge over the company assets and a debenture and cross guarantee dated 10 June 2021.

25. Related party transactions

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.

26. Controlling party

LPH Limited was the immediate parent undertaking until 31 December 2024 when the shares in the subsidiaries of LPH Limited were transferred to be owned directly by Lincoln Protein Holdings Ltd . 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.