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REGISTERED NUMBER: 02222364 (England and Wales)

L.F.I. (U.K.) LTD

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

| L.F.I. (U.K.) LTD (REGISTERED NUMBER: 02222364) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

| Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |  | to |  | 4

| Report of the Independent Auditors | 5 |  | to |  | 7

| Statement of Comprehensive Income | 8 |

| Balance Sheet | 9 |

| Statement of Changes in Equity | 10 |

| Notes to the Financial Statements | 11 |  | to |  | 18

| L.F.I. (U.K.) LTD |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | Vincent Pascal Saingier

| Clare MacLennan

| REGISTERED OFFICE: | Unit 256 Ikon Trading Estate

| Droitwich Road

| Hartlebury

| Kidderminster

| DY10 4EU

| REGISTERED NUMBER: | 02222364 (England and Wales)

| INDEPENDENT AUDITORS: | Forvis Mazars LLP

| Chartered Accountants and

| Statutory Auditor

| 100 Queen Street

| Glasgow

| G1 3DN

| BANKERS: | HSBC

| 37 High Street

| Stourport on Severn

| Worcestershire

| DY13 8BD

| L.F.I. (U.K.) LTD (REGISTERED NUMBER: 02222364) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Fair review of business

During the financial year, the company saw a decrease in volume and turnover primarily due to strategic agreement with a single customer to remove volume by a phased approach over several months. The business has taken a proactive approach, and steps have been implemented to diversify the customer base, explore new market opportunities, and strengthen client relationships.

Financial KPI's

The Company's key performance indicators of sales and operating profit are considered hereunder. As shown in the Company's Statement of Comprehensive Income, sales decreased in 2024, reflecting the aforementioned impact. Operating profit also fell from 2023, reflecting the consequences of decreased revenue and increased administrative costs.

Going Concern

The directors have considered the company's financial position and future prospects given the strategic agreement with a single customer to remove volume during the year. Whilst this has a short-term adverse impact on revenue, the directors remain optimistic about the company's future and its ability to continue as a going concern. The directors carefully assess the company's financial performance on an ongoing basis, including forecasts and projections that incorporate actions to mitigate any impact or loss and further to evaluate internal and external risks and opportunities that may arise. Accordingly, the directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.

PRINCIPAL RISKS AND UNCERTAINTIES

At L.F.I (U.K.) Limited, the health, safety, and wellbeing of our employees, customers, and the communities we serve are our absolute top priorities. We are committed to maintaining a safe and secure working environment across all our operations, whilst delivering to the highest standards of food safety.

Cybersecurity has become a critical priority for our business as we recognise the importance of safeguarding our systems, data and digital assets from ever evolving cyber threats. At L.F.I (U.K.) Limited, we continue to implement our cybersecurity roadmap to protect against unauthorised access, data breaches, and other malicious cyber activities. This includes technology enhancements, robust policies and procedures and education/training for our employees.

More generally, the continued geopolitical climate along with uncertainly due to the continued conflicts in Ukraine, we continually review the impact on commodity pricing and the impact to the local market.

The Company's management continuously monitor the internal and external environments to proactively identify new risks or changes to existing ones. This information is regularly reviewed and discussed at the highest levels of our organization, ensuring that our risk mitigation strategies and controls remain appropriate and effective.

ON BEHALF OF THE BOARD:

Clare MacLennan - Director

10 October 2025

| L.F.I. (U.K.) LTD (REGISTERED NUMBER: 02222364) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of blenders of food ingredients.

DIVIDENDS

The total distribution of interim dividends for the year ended 31 December 2024 was £921,310 (2023 - £1,438,355)

FUTURE DEVELOPMENTS

L.F.I. (U.K.) Ltd is focused on supporting the growth of its major customers. The relationship with our customers, the quality of our products and the logistic service are maintained areas of focus in 2024.

ECONOMIC IMPACT OF GLOBAL EVENTS

Throughout the reporting period, global economic conditions have been shaped by a range of external factors, including geopolitical tensions, inflationary pressures, and ongoing adjustments in global supply chains. These dynamics have influenced UK and Irelands' market demand, operational costs, and consumer confidence across several industries. While our business has demonstrated resilience, the Directors continue to monitor these developments closely as part of their going concern assessment, implementing adaptive strategies to mitigate risks and capitalize on emerging opportunities to ensure sustained growth and value creation.

DIRECTORS

Vincent Pascal Saingier has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

Pierre-Yves Couasnon - resigned 29 April 2024

Clare MacLennan - appointed 2 May 2024

INFORMATION INCLUDED IN THE STRATEGIC REPORT

The Directors have included the Business Review and consideration of the Principal Risks and Uncertainties and the Key Performance Indicators within the Strategic Report on page 2.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 of 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 judgements 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

| L.F.I. (U.K.) LTD (REGISTERED NUMBER: 02222364) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

AUDITORS

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

ON BEHALF OF THE BOARD:

Clare MacLennan - Director

10 October 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

L.F.I. (U.K.) LTD

Opinion

We have audited the financial statements of L.F.I (U.K.) Ltd (the 'Company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, 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; and

- 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

L.F.I. (U.K.) LTD

Responsibilities of Directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 3, 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 the financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements including employment law, health and safety regulation, the Bribery Act and GDPR.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

- Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;

- Inspecting correspondence, if any, with relevant licensing or regulatory authorities;

- Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and

- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.

In addition, we evaluated the Directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance and revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

- making enquiries of the Directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

- gaining an understanding of the internal controls established to mitigate risks related to fraud;

- discussing amongst the engagement team the risks of fraud; and

- addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 the audit 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.

Ryan Crilley (Senior Statutory Auditor)

for and on behalf of Forvis Mazars LLP

Chartered Accountants and

Statutory Auditor

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

L.F.I. (U.K.) LTD

100 Queen Street

Glasgow

G1 3DN

14 October 2025

| L.F.I. (U.K.) LTD (REGISTERED NUMBER: 02222364) |

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 18,419,223 |  | 26,039,357 |  |

Cost of sales | (15,395,132 | ) | (22,020,797 | ) |

GROSS PROFIT | 3,024,091 |  | 4,018,560 |  |

Distribution costs | (727,693 | ) | (712,966 | ) |

Administrative expenses | (2,172,440 | ) | (1,851,343 | ) |

123,958 |  | 1,454,251 |  |

Other operating income | 32,406 |  | 22,000 |  |

OPERATING PROFIT | 4 | 156,364 |  | 1,476,251 |  |

Interest receivable and similar income | 21,686 |  | 14,518 |  |

178,050 |  | 1,490,769 |  |

Interest payable and similar expenses | 5 | (141,918 | ) | (126,556 | ) |

PROFIT BEFORE TAXATION | 36,132 |  | 1,364,213 |  |

Tax on profit | 6 | 63,637 |  | (442,903 | ) |

PROFIT FOR THE FINANCIAL YEAR | 99,769 |  | 921,310 |  |

| L.F.I. (U.K.) LTD (REGISTERED NUMBER: 02222364) |

BALANCE SHEET

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible fixed assets | 8 | 1,296,726 |  | 1,601,905 |  |

Tangible fixed assets | 9 | 875,335 |  | 860,572 |  |

2,172,061 |  | 2,462,477 |  |

CURRENT ASSETS

Stocks | 10 | 2,063,722 |  | 3,612,546 |  |

Debtors | 11 | 3,169,980 |  | 5,218,691 |  |

Cash at bank and in hand | 40,050 |  | 47,210 |  |

5,273,752 |  | 8,878,447 |  |

CREDITORS

Amounts falling due within one year | 12 | 4,534,796 |  | 7,554,890 |  |

NET CURRENT ASSETS | 738,956 |  | 1,323,557 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,911,017 |  | 3,786,034 |  |

PROVISIONS FOR LIABILITIES | 14 | 503,892 |  | 557,368 |  |

NET ASSETS | 2,407,125 |  | 3,228,666 |  |

CAPITAL AND RESERVES

Called up share capital | 15 | 25,111 |  | 25,111 |  |

Retained earnings | 16 | 2,382,014 |  | 3,203,555 |  |

SHAREHOLDERS' FUNDS | 2,407,125 |  | 3,228,666 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2025 and were signed on its behalf by:

Clare MacLennan - Director

| L.F.I. (U.K.) LTD (REGISTERED NUMBER: 02222364) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 25,111 |  | 3,720,600 |  | 3,745,711 |  |

Changes in equity

Dividends | - |  | (1,438,355 | ) | (1,438,355 | ) |

Total comprehensive income | - |  | 921,310 |  | 921,310 |  |

Balance at 31 December 2023 | 25,111 |  | 3,203,555 |  | 3,228,666 |  |

Changes in equity

Dividends | - |  | (921,310 | ) | (921,310 | ) |

Total comprehensive income | - |  | 99,769 |  | 99,769 |  |

Balance at 31 December 2024 | 25,111 |  | 2,382,014 |  | 2,407,125 |  |

| L.F.I. (U.K.) LTD (REGISTERED NUMBER: 02222364) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| L.F.I. (U.K.) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| The directors have considered the company's financial position and future prospects given the strategic agreement with a single customer to remove volume during the year. Whilst this has a short-term adverse impact on revenue, the directors remain optimistic about the company's future and its ability to continue as a going concern. The directors carefully assess the company's financial performance on an ongoing basis, including forecasts and projections that incorporate actions to mitigate any impact or loss and further to evaluate internal and external risks and opportunities that may arise. Accordingly, the directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

| • | the requirement of paragraph 33.7.

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the Company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| In the opinion of the Directors there are no significant judgements or key sources of estimation uncertainty in the year.

| Turnover

| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

| Sale of goods

| Revenue from the sale of blended food ingredients is recognised when all of the following conditions are satisfied:-

| - the Company has transferred the significant risks and rewards of ownership to the buyer;

| - the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

| - the amount of revenue can be measured reliably;

| - it is probable that the Company will receive the consideration due under the transaction; and

| - the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2016, was being amortised evenly over its estimated useful life of 3 years.

| L.F.I. (U.K.) LTD (REGISTERED NUMBER: 02222364) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Intangible fixed assets

| Intangible fixed assets are initially measured at cost. After initial recognition, intangible fixed assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Computer software is being amortised evenly over its estimated useful life of five years.

| Tangible fixed assets

| Depreciation is provided at the following rates in order to write off each asset over its useful life.

|  | 2024 | 2023 |

| Improvement to properties |  | - | 10% or 20% straight line |  | 10% or 20% straight line |

| Plant and machinery |  | - | 5%, 10% or 20% straight line |  | 5%, 10% or 20% straight line |

| Office equipment |  | - | 20% straight line |  | 20% straight line |

| Assets in course of construction |  | - | not provided |  | not provided |

| In 2023, the decision was taken to amend the company's depreciation method across all tangible fixed asset categories from the reducing balance method to the straight line method. In the opinion of the directors, the impact of this change is immaterial.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| The cost of finished goods include labour and attributable overheads.

| Financial instruments

| Classification

| Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

| Recognition and measurement

| All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

| Impairment

| Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

| A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

| For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

| For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

| Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

| L.F.I. (U.K.) LTD (REGISTERED NUMBER: 02222364) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. The new rate of 25% has been applied to corporation and deferred tax calculations.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. At 31 December 2024 this rate is 25%.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| Foreign currencies

| Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

| Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

| Hire purchase and leasing commitments

| Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Cash and cash equivalents

| Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

| Trade debtors

| Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

| Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

| L.F.I. (U.K.) LTD (REGISTERED NUMBER: 02222364) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Trade creditors

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

| Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

| Share capital

| Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

| Dividends

| Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 2,036,754 |  | 1,563,883 |  |

| Social security costs | 183,643 |  | 163,717 |  |

| Other pension costs | 65,511 |  | 52,396 |  |

2,285,908 |  | 1,779,996 |  |

| The average number of employees during the year was as follows:

| 2024 |  | 2023

| Management, selling and administration | 9 |  | 12 |  |

| Production | 39 |  | 35 |  |

48 |  | 47 |  |

| Wages and salaries of £2,285,908 (2023 £1,779,996) are shown after nil (2023 £205,214) has been capitalised in intangible fixed assets on account of SAP Implementation.

| The current directors are remunerated in other group companies.

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | - |  | - |  |

4. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):-

|  | 2024 |  | 2023 |  |

|  | £ |  | £ |  |

| Hire of plant and machinery |  | 46,893 |  | 43,638 |  |

| Depreciation - owned assets |  | 75,969 |  | 66,676 |  |

| Computer software amortisation |  | 327,624 |  | 26,305 |  |

| Auditors' remuneration |  | 29,244 |  | 26,317 |  |

| Operating lease payments |  | 261,755 |  | 257,707 |  |

| The company incurs the auditors' remuneration fee of it's parent undertaking Tollblend Limited. During the year, this amounted to £2,553 (2023: £2,553)

| L.F.I. (U.K.) LTD (REGISTERED NUMBER: 02222364) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Interest on intercompany loans | 141,918 |  | 126,556 |  |

6. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the profit for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 5,421 |  | - |  |

| Prior year reclaim | (15,582 | ) | - |  |

| Total current tax | (10,161 | ) | - |  |

| Deferred tax | (53,476 | ) | 442,903 |  |

| Tax on profit | (63,637 | ) | 442,903 |  |

| Reconciliation of total tax (credit)/charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£ | £ |

| Profit before tax | 36,132 |  | 1,364,213 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%) | 9,033 |  | 320,590 |  |

| Effects of:

| Expenses not deductible for tax purposes | 2,056 |  | - |  |

| Capital allowances in excess of depreciation | - |  | (419,088 | ) |

| Depreciation in excess of capital allowances | 55,448 |  | - |  |

| Utilisation of tax losses | (67,397 | ) | (3,649 | ) |

| Tax losses carried forward | - |  | 102,147 |  |

| R&D reclaim | (15,582 | ) | - |  |

| Deferred tax movement | (53,476 | ) | 442,903 |  |

| Loss on disposal of fixed asset | 6,281 |  | - |  |

| Total tax (credit)/charge | (63,637 | ) | 442,903 |  |

| Factors that may affect future tax charges

| Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The legislation will be effective for the Group's financial year beginning 1 January 2024. The Group has performed an assessment of the Group's potential exposure to Pillar Two income taxes.

| This assessment is based on the most recent information available regarding the financial performance of the constituent entities in the Group. The company has no related current tax exposure for the reporting period as a result of the application of the temporary safe harbour provisions under the legislation. The company applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to Section 29 issued in July 2023.

7. | DIVIDENDS

| 2024 |  | 2023

£ | £ |

| Ordinary shares of £1 each

| Interim | 921,310 |  | 1,438,355 |  |

| L.F.I. (U.K.) LTD (REGISTERED NUMBER: 02222364) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

8. | INTANGIBLE FIXED ASSETS

| Intangible |

| Patents |  | assets |

| and |  | under |  | Computer |

| Goodwill |  | licences |  | construction |  | software |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2024 | 337,607 |  | 32,595 |  | 10,521 |  | 1,629,302 |  | 2,010,025 |  |

| Additions | - |  | - |  | - |  | 32,966 |  | 32,966 |  |

| Disposals | - |  | - |  | (4,711 | ) | - |  | (4,711 | ) |

| Reclassification/transfer | - |  | - |  | (5,810 | ) | - |  | (5,810 | ) |

| At 31 December 2024 | 337,607 |  | 32,595 |  | - |  | 1,662,268 |  | 2,032,470 |  |

| AMORTISATION

| At 1 January 2024 | 337,607 |  | - |  | - |  | 70,513 |  | 408,120 |  |

| Amortisation for year | - |  | 6,519 |  | - |  | 321,105 |  | 327,624 |  |

| At 31 December 2024 | 337,607 |  | 6,519 |  | - |  | 391,618 |  | 735,744 |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  | 26,076 |  | - |  | 1,270,650 |  | 1,296,726 |  |

| At 31 December 2023 | - |  | 32,595 |  | 10,521 |  | 1,558,789 |  | 1,601,905 |  |

9. | TANGIBLE FIXED ASSETS

| Improvements |  | Assets in |

| to |  | Plant and |  | Office |  | course of |

| property |  | machinery |  | equipment |  | const'n |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2024 | 257,344 |  | 2,217,213 |  | 77,465 |  | 222,992 |  | 2,775,014 |  |

| Additions | 15,569 |  | 54,478 |  | - |  | 40,000 |  | 110,047 |  |

| Disposals | - |  | - |  | - |  | (25,124 | ) | (25,124 | ) |

| Reclassification/transfer | 3,892 |  | 60,507 |  | 5,810 |  | (64,399 | ) | 5,810 |  |

| At 31 December 2024 | 276,805 |  | 2,332,198 |  | 83,275 |  | 173,469 |  | 2,865,747 |  |

| DEPRECIATION

| At 1 January 2024 | 187,233 |  | 1,677,756 |  | 49,453 |  | - |  | 1,914,442 |  |

| Charge for year | 11,029 |  | 53,743 |  | 11,198 |  | - |  | 75,970 |  |

| At 31 December 2024 | 198,262 |  | 1,731,499 |  | 60,651 |  | - |  | 1,990,412 |  |

| NET BOOK VALUE

| At 31 December 2024 | 78,543 |  | 600,699 |  | 22,624 |  | 173,469 |  | 875,335 |  |

| At 31 December 2023 | 70,111 |  | 539,457 |  | 28,012 |  | 222,992 |  | 860,572 |  |

10. | STOCKS

|  | 2024 |  | 2023 |  |

|  | £ |  | £ |  |

| Raw materials |  | 1,673,694 |  | 3,076,175 |  |

| Finished goods |  | 171,975 |  | 268,951 |  |

| Packaging |  | 218,053 |  | 267,420 |  |

|  | 2,063,722 |  | 3,612,546 |  |

| L.F.I. (U.K.) LTD (REGISTERED NUMBER: 02222364) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 2,334,656 |  | 4,244,986 |  |

| Amounts owed by group undertakings | 124,825 |  | 406,393 |  |

| Other debtors | 3,014 |  | 1,447 |  |

| Corporation tax | 525,958 |  | 425,787 |  |

| Accrued income | - |  | 12,767 |  |

| Prepayments | 181,527 |  | 127,311 |  |

3,169,980 |  | 5,218,691 |  |

| See note 18 for related party disclosures.

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade creditors | 1,548,257 |  | 3,319,204 |  |

| Amounts owed to group undertakings | 2,583,971 |  | 3,382,374 |  |

| Social security and other taxes | 49,150 |  | 54,284 |  |

| VAT | 122,142 |  | 202,916 |  |

| Net wages | - |  | 12,840 |  |

| Pension control account | 10,359 |  | 9,510 |  |

| Accruals and deferred income | 220,917 |  | 573,762 |  |

4,534,796 |  | 7,554,890 |  |

| See note 18 for related party disclosures.

13. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 | 2023 |

£ | £ |

| Within one year | 226,257 |  | 226,718 |  |

| Between one and five years | 206,052 |  | 158,144 |  |

| In more than five years | 96,192 |  | - |  |

528,501 |  | 384,862 |  |

| These amounts represent the future minimum rentals payable under non-cancellable operating leases.

14. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 503,892 |  | 557,368 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 557,368 |  |

| Unused amounts reversed during year | (53,476 | ) |

| Balance at 31 December 2024 | 503,892 |  |

| The deferred tax provision has been calculated at 25% (2023 25%).

| L.F.I. (U.K.) LTD (REGISTERED NUMBER: 02222364) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

15. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 25,111 | Ordinary | £1 | 25,111 |  | 25,111 |  |

16. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2024 | 3,203,555 |  |

| Profit for the year | 99,769 |  |

| Dividends | (921,310 | ) |

| At 31 December 2024 | 2,382,014 |  |

17. | ULTIMATE PARENT COMPANY

| The company is a wholly owned subsidiary of Tollblend Limited, a company incorporated in the UK and registered in England & Wales (No 3786841)

| The smallest company which prepares group financial statements is Compagnie des Levures Lasaffre SA a company registered in France with a registered office address 137, Rue Gabriel Péri, Marcq-en-Baroeul, 59700, France.

| The directors regard the ultimate parent company to be Lesaffre & Compagnie SA a company registered in France. The registered office is 41, Rue Etienne Marcel, Paris, 75001, France.

| In the opinion of the directors, there is no ultimate controlling party.

18. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of FRS 102 s.33 1A, not to disclose related party transactions with wholly owned subsidiaries within the group.