Dundas Chemical Company (Mosspark) Limited Company accounts

COMPANY REGISTRATION NUMBER: SC033544

DUNDAS CHEMICAL COMPANY (MOSSPARK) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2024

DUNDAS CHEMICAL COMPANY (MOSSPARK) 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 members	6

Statement of income and retained earnings	10

Statement of financial position	11

Notes to the financial statements	12

DUNDAS CHEMICAL COMPANY (MOSSPARK) LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	D C Bogie (Resigned 24 July 2024)
	F A Bogie (Resigned 24 July 2024)
	S J Bogie (Resigned 24 July 2024)
	P M Walsh
	G Hancock
	J D T Bogie

Registered office	Mosspark
	Brasswell
	Dumfries
	Scotland
	DG1 4PH

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

Bankers	Royal Bank of Scotland
	151 High Street
	Dumfries
	DG1 2RA

DUNDAS CHEMICAL COMPANY (MOSSPARK) LIMITED

STRATEGIC REPORT

YEAR ENDED 31 DECEMBER 2024

We aim to present a balanced and comprehensive review of the development and performance of the group during the year and its position at the year end. Our review is consistent with the size and nature of the group and is written in the context of the risks and uncertainties we face. Principal activity Dundas Chemical Company (Mosspark) Limited is a wholly owned subsidiary of Lincoln Protein Holdings Ltd. Its revenue is derived from the removal and processing of abattoir and food industry by products; as well as on farm fallen stock throughout the United Kingdom, producing a wide range of proteins, fats and oils which are used in the oleochemical, fuel and feed industries. Business review The company has reported a reduction in revenue to £29,270,210 (2023 - £38,598,281). Operating loss amounted to £2,078,671 (2023 - £5,501,709). The results continue to reflect a combination of high energy price costs derived from the ongoing Ukraine conflict and global economic instability, as well as the remnants of the legislation changes in Asia in August 2023 where overseas market for MBM ceased. During the period the company received dividends from a subsidiary of £2,000,000 (2023 - £nil), which despite the losses for the year, enabled shareholder's funds to increase to £1,737,853 (2023 - £1,345,920 as restated). Capital expenditure during the period was £293,175 reflecting ongoing investment in increasing capacity and attempt to improve performance. After the company came under the full control of the Lincoln Protein Holdings Ltd Group in July 2024, the directors adopted the accounting policies of the Group which included changing from the revaluation to the cost model for recognition of Freehold Property. This resulted in a reduction in the shareholder funds at 31 December 2023 of £7,040,575. The company's key performance indicators are production costs per tonne and these 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 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. Future developments The same pressures are still present into 2025 however, with the successful change in ownership that completed in July 2024, and the synergies this brings being part of a larger group we expect to see increased performance in the coming years.

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:

Mosspark

Brasswell

Dumfries

Scotland

DG1 4PH

DUNDAS CHEMICAL COMPANY (MOSSPARK) 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:

P M Walsh
G Hancock
J D T Bogie
D C Bogie	(Resigned 24 July 2024)
F A Bogie	(Resigned 24 July 2024)
S J Bogie	(Resigned 24 July 2024)

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:

Mosspark

Brasswell

Dumfries

Scotland

DG1 4PH

DUNDAS CHEMICAL COMPANY (MOSSPARK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUNDAS CHEMICAL COMPANY (MOSSPARK) LIMITED

YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of Dundas Chemical Company (Mosspark) 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 members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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 members 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

DUNDAS CHEMICAL COMPANY (MOSSPARK) LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 DECEMBER 2024

		2024	2023
			(restated)
Note		£	£
Turnover	4	29,270,210	38,598,281

Cost of sales	( 28,291,697)	( 40,911,264)
	-------------	-------------
Gross profit/(loss)	978,513	( 2,312,983)

Administrative expenses		( 3,134,440)	( 3,286,872)
Other operating income	5	77,256	98,146
		------------	------------
Operating loss	6	( 2,078,671)	( 5,501,709)

Income from shares in group undertakings	10	2,000,000	–
Other interest receivable and similar income	11	4,549	18,953
Interest payable and similar expenses	12	( 17,533)	( 17,265)
		------------	------------
Loss before taxation		( 91,655)	( 5,500,021)

Tax on loss	13	483,588	1,515,857
		---------	------------
Profit/(loss) for the financial year and total comprehensive income		391,933	( 3,984,164)
		---------	------------

Retained earnings at the start of the year	1,315,920	5,300,084
	------------	------------
Retained earnings at the end of the year	1,707,853	1,315,920
	------------	------------

All the activities of the company are from continuing operations.

DUNDAS CHEMICAL COMPANY (MOSSPARK) LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024	2023
		(restated)
Note	£	£

Fixed assets

Intangible assets	14	52,500	59,500
Tangible assets	15	6,386,555	6,830,526
Investments	16	560,001	560,001
		------------	------------
		6,999,056	7,450,027

Current assets

Stocks	17	1,929,978	637,540
Debtors	18	5,081,680	2,384,231
Cash at bank and in hand		–	2,116,939
		------------	------------
		7,011,658	5,138,710

Creditors: amounts falling due within one year	19	( 12,004,133)	( 10,902,565)
		-------------	-------------
Net current liabilities		( 4,992,475)	( 5,763,855)
		------------	------------
Total assets less current liabilities		2,006,581	1,686,172

Creditors: amounts falling due after more than one year	20	( 18,728)	( 90,252)

Provisions	22	( 250,000)	( 250,000)
		------------	------------
Net assets		1,737,853	1,345,920
		------------	------------

Capital and reserves

Called up share capital	27	13,500	13,500
Capital redemption reserve	28	16,500	16,500
Profit and loss account	28	1,707,853	1,315,920
		------------	------------
Shareholders funds		1,737,853	1,345,920
		------------	------------

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: SC033544

DUNDAS CHEMICAL COMPANY (MOSSPARK) 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 Mosspark, Brasswell, Dumfries, DG1 4PH, Scotland.

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.

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 the registered office. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) 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 402 of the Companies Act 2006 on the basis that its subsidiaries are excluded from consolidation on the grounds that their inclusion is not material for the purpose of giving a true and fair view.

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. There are no significant judgements to disclose. 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 14 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 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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Freehold property	-	2% straight line
Plant and machinery	-	15% reducing balance
Motor vehicles	-	25-30% reducing balance

Land is not subject to depreciation .

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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 measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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 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
		(restated)
	£	£
Sale of goods	29,138,748	38,568,909
Rendering of services	131,462	29,372
	-------------	-------------
	29,270,210	38,598,281
	-------------	-------------

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2024	2023
		(restated)
	£	£
United Kingdom	29,199,265	33,827,105
Overseas sales	70,945	4,771,176
	-------------	-------------
	29,270,210	38,598,281
	-------------	-------------

5. Other operating income

	2024	2023
		(restated)
	£	£
Rental income	32,929	45,996
Government grant income	44,327	52,150
	--------	--------
	77,256	98,146
	--------	--------

6. Operating loss

Operating profit or loss is stated after charging/crediting:

	2024	2023
		(restated)
	£	£
Amortisation of intangible assets	7,000	7,000
Depreciation of tangible assets	781,778	770,011
Gains on disposal of tangible assets	( 20,292)	–
Impairment of trade debtors	(1,674)	63,943
Foreign exchange differences	( 5,407)	327,892
	---------	---------

7. Auditor's remuneration

	2024	2023
		(restated)
	£	£
Fees payable for the audit of the financial statements	14,800	11,100
	--------	--------

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	92	98
Management staff	27	29
	----	----
	119	127
	----	----

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

	2024	2023
		(restated)
	£	£
Wages and salaries	4,118,555	4,434,218
Social security costs	287,413	302,377
Other pension costs	153,038	133,367
	------------	------------
	4,559,006	4,869,962
	------------	------------

9. Directors' remuneration

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

	2024	2023
		(restated)
	£	£
Remuneration	217,688	207,650
	---------	---------

10. Income from shares in group undertakings

	2024	2023
		(restated)
	£	£
Income from group undertakings	2,000,000	–
	------------	----

11. Other interest receivable and similar income

	2024	2023
		(restated)
	£	£
Interest on cash and cash equivalents	4,549	8,774
Other interest receivable and similar income	–	10,179
	-------	--------
	4,549	18,953
	-------	--------

12. Interest payable and similar expenses

	2024	2023
		(restated)
	£	£
Interest on banks loans and overdrafts	1,252	3,701
Interest on obligations under finance leases and hire purchase contracts	16,281	10,204
Other interest payable and similar charges	–	3,360
	--------	--------
	17,533	17,265
	--------	--------

13. Tax on loss

Major components of tax income

	2024	2023
		(restated)
	£	£

Current tax:

Adjustments in respect of prior periods	–	( 299,656)

Deferred tax:

Origination and reversal of timing differences	( 483,588)	( 1,216,201)
	---------	------------
Tax on loss	( 483,588)	( 1,515,857)
	---------	------------

Reconciliation of tax income

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

	2024	2023
		(restated)
	£	£
Loss on ordinary activities before taxation	( 91,655)	( 5,500,021)
	--------	------------
Loss on ordinary activities by rate of tax	( 22,914)	–
Adjustment to tax charge in respect of prior periods	–	( 299,656)
Effect of expenses not deductible for tax purposes	513	–
Effect of capital allowances and depreciation	16,705	( 56,442)
Effect of revenue exempt from tax	( 500,000)	–
Unused tax losses	–	( 1,159,759)
Other tax adjustments, reliefs and transfers	22,108	–
	---------	------------
Tax on loss	( 483,588)	( 1,515,857)
	---------	------------

14. Intangible assets

	Goodwill
	£
Cost
At 1 January 2024 (as restated) and 31 December 2024	70,000
	--------
Amortisation
At 1 January 2024	10,500
Charge for the year	7,000
	--------
At 31 December 2024	17,500
	--------
Carrying amount
At 31 December 2024	52,500
	--------
At 31 December 2023	59,500
	--------

15. Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024 (as restated)	2,361,331	20,836,309	316,897	23,514,537
Additions	–	149,674	143,501	293,175
Disposals	–	( 74,219)	( 140,921)	( 215,140)
Acquisitions through business combinations	–	224,265	–	224,265
Transfers	–	( 323,750)	323,750	–
	------------	-------------	---------	-------------
At 31 December 2024	2,361,331	20,812,279	643,227	23,816,837
	------------	-------------	---------	-------------
Depreciation
At 1 January 2024	–	16,495,542	188,469	16,684,011
Charge for the year	55,162	635,670	90,946	781,778
Disposals	–	( 46,123)	( 125,218)	( 171,341)
Transfers	–	( 173,657)	173,657	–
Depreciation on acquisitions through business combinations	–	135,834	–	135,834
	------------	-------------	---------	-------------
At 31 December 2024	55,162	17,047,266	327,854	17,430,282
	------------	-------------	---------	-------------
Carrying amount
At 31 December 2024	2,306,169	3,765,013	315,373	6,386,555
	------------	-------------	---------	-------------
At 31 December 2023	2,361,331	4,340,767	128,428	6,830,526
	------------	-------------	---------	-------------

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	Motor vehicles	Total
	£	£	£
At 31 December 2024	144,000	185,391	329,391
	---------	---------	---------
At 31 December 2023	218,107	49,844	267,951
	---------	---------	---------

16. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024 as restated and 31 December 2024	560,001
	---------
Impairment
At 1 January 2024 as restated and 31 December 2024	–
	---------

Carrying amount
At 31 December 2024	560,001
	---------
At 31 December 2023	560,001
	---------

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
Caledonian Petfoods Limited	Ordinary	100
Northern Fallen Stock Limited	Ordinary	100
North East Fallen Stock Limited (dormant)	Ordinary	100
Caledonian Hides Limited (dormant)	Ordinary	100

17. Stocks

	2024	2023
		(restated)
	£	£
Finished goods and goods for resale	1,929,978	637,540
	------------	---------

18. Debtors

	2024	2023
		(restated)
	£	£
Trade debtors	3,573,946	1,806,264
Amounts owed by group undertakings	–	40,000
Deferred tax asset	583,576	42,460
Prepayments and accrued income	368,343	44,326
Other debtors	555,815	451,181
	------------	------------
	5,081,680	2,384,231
	------------	------------

19. Creditors: amounts falling due within one year

	2024	2023
		(restated)
	£	£
Bank loans and overdrafts	309,249	46,724
Trade creditors	4,298,323	4,771,039
Amounts owed to group undertakings	5,266,728	4,344,834
Accruals and deferred income	827,359	1,162,243
Social security and other taxes	566,384	332,165
Obligations under finance leases and hire purchase contracts	150,252	94,865
Other creditors	585,838	150,695
	-------------	-------------
	12,004,133	10,902,565
	-------------	-------------

Bank loans and overdrafts totalling £309,249 (2023 - £46,724) are secured by a floating charge over all the property or undertaking of the company. Hire purchase liabilities are secured on the assets financed.

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

	2024	2023
		(restated)
	£	£
Obligations under finance leases and hire purchase contracts	18,728	90,252
	--------	--------

Hire purchase liabilities are secured on the assets financed.

21. Finance leases and hire purchase contracts

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

	2024	2023
		(restated)
	£	£
Not later than 1 year	150,252	94,865
Later than 1 year and not later than 5 years	18,728	90,252
	---------	---------
	168,980	185,117
	---------	---------

22. Provisions

	Other provisions
	£
At 1 January 2024 and 31 December 2024 (as restated)	250,000
	---------

Other provisions relates to penalties following an ongoing HSE investigation.

23. Deferred tax

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

	2024	2023
		(restated)
	£	£
Included in debtors (note 18)	583,576	42,460
	---------	--------

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

	2024	2023
		(restated)
	£	£
Accelerated capital allowances	( 1,005,733)	( 1,117,299)
Unused tax losses	1,584,654	1,159,759
Pension plan obligations	4,655	–
	------------	------------
	583,576	42,460
	------------	------------

24. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 153,038 (2023: £ 133,367 ).

25. Government grants

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

	2024	2023
		(restated)
	£	£

Recognised in creditors:

Deferred government grants due within one year	251,188	295,516
	---------	---------

Recognised in other operating income:

Government grants recognised directly in income	44,327	52,150
	--------	--------

26. Prior period adjustment

After the company came under the full control of the Lincoln Protein Holdings Ltd Group in July 2024, the directors adopted the accounting policies of the Group which included changing from the revaluation to the cost model for recognition of Freehold Property. This resulted in a reduction in the shareholder funds at 31 December 2023 of £7,040,575. There was no effect on the profit and loss account for the previous period.

27. Called up share capital

Issued, called up and fully paid

	2024		2023
			(restated)
	No.	£	No.	£
Ordinary shares of £ 1 each	13,500	13,500	13,500	13,500
	--------	--------	--------	--------

28. 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.

29. 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.

30. Controlling party

The company was a subsidiary of Dundas Rendering Limited, a company jointly owned by Lincoln Protein Holdings Ltd and members of the Bogie family until 31 July 2024 when Lincoln Protein Holdings Ltd acquired full ownership of Dundas Rendering Limited. On 31 December 2024 the shares in the subsidiaries of Dundas Rendering Limited were transferred to be owned directly by Lincoln Protein Holdings Ltd. Lincoln Protein Holdings Ltd is the ultimate parent undertaking, and the smallest and largest group to consolidate these financial statements. Copies of the consolidated financial statements can be be obtained from the Company Secretary at Windsor House, A1 Business Park, Long Bennington, Notts, NG23 5JR.