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REGISTERED NUMBER: 11864029 (England and Wales)

| LAPWING FINE FOODS LIMITED |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MAY 2025 |

LAPWING FINE FOODS LIMITED (REGISTERED NUMBER: 11864029)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

| Page |

Company Information | 1 |

Statement of Financial Position | 2 |

Notes to the Financial Statements | 3 |  | to |  | 6

LAPWING FINE FOODS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MAY 2025

| DIRECTORS: | J F S Brown

| Mrs K V Brown

| REGISTERED OFFICE: | Everton Carr Farm

| Claybank Lane

| Everton

| Doncaster

| South Yorkshire

| DN10 5BZ

| REGISTERED NUMBER: | 11864029 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Mike Argyle BSc ACA

| AUDITORS: | Duncan & Toplis Audit Limited, Statutory Auditor

| 3 Castlegate

| Grantham

| Lincolnshire

| NG31 6SF

| BANKERS: | HSBC Bank Plc

| 26 Market Place

| Sleaford

| Lincolnshire

| NG34 7SB

| SOLICITORS: | Mossop & Bowser

| 10 Spalding Road

| Holbeach

| Lincolnshire

| PE12 7LP

LAPWING FINE FOODS LIMITED (REGISTERED NUMBER: 11864029)

STATEMENT OF FINANCIAL POSITION

31 MAY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Property, plant and equipment | 4 | 72,026 |  | 148,373 |  |

CURRENT ASSETS

Inventories | 7,325 |  | 5,248 |  |

Debtors | 5 | 170,636 |  | 87,329 |  |

Cash at bank | 18,534 |  | 12,761 |  |

196,495 |  | 105,338 |  |

CREDITORS

Amounts falling due within one year | 6 | 1,434,881 |  | 1,255,878 |  |

NET CURRENT LIABILITIES | (1,238,386 | ) | (1,150,540 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (1,166,360 | ) | (1,002,167 | ) |

PROVISIONS FOR LIABILITIES | 10,417 |  | - |  |

NET LIABILITIES | (1,176,777 | ) | (1,002,167 | ) |

CAPITAL AND RESERVES

Called up share capital | 7 | 1 |  | 1 |  |

Retained earnings | (1,176,778 | ) | (1,002,168 | ) |

SHAREHOLDERS' FUNDS | (1,176,777 | ) | (1,002,167 | ) |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2025 and were signed on its behalf by:

J F S Brown - Director

LAPWING FINE FOODS LIMITED (REGISTERED NUMBER: 11864029)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

1. | STATUTORY INFORMATION

| Lapwing Fine Foods Limited 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Companies Act 2006. The financial statements have been prepared under the historical cost convention and on the assumption that the company is a going concern.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Revenue

| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Property, plant and equipment

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

| Plant and machinery etc | - | 33% on cost and 20% on cost

| Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is any indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in the income statement.

| If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in the income statement.

| Inventories

| Inventories are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

| Financial instruments

| The company has chosen to adopt the FRS 102A in respect of financial instruments.

| Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

| At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

LAPWING FINE FOODS LIMITED (REGISTERED NUMBER: 11864029)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

| 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.

| Going concern

| The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The directors believe that this basis is appropriate because the company's parent company, The Lapwing Estate Limited, has stated that it will provide financial support for the foreseeable future.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 8 (2024 - 8 ) .

4. | PROPERTY, PLANT AND EQUIPMENT

| Improvements |  | Fixtures

| to |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 June 2024 | 188,365 |  | 18,924 |  | 242,575 |  |

| Additions | 8,950 |  | - |  | - |  |

| Disposals | - |  | - |  | - |  |

| At 31 May 2025 | 197,315 |  | 18,924 |  | 242,575 |  |

| DEPRECIATION

| At 1 June 2024 | 130,260 |  | 14,425 |  | 166,173 |  |

| Charge for year | 39,163 |  | 3,783 |  | 48,080 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 31 May 2025 | 169,423 |  | 18,208 |  | 214,253 |  |

| NET BOOK VALUE

| At 31 May 2025 | 27,892 |  | 716 |  | 28,322 |  |

| At 31 May 2024 | 58,105 |  | 4,499 |  | 76,402 |  |

LAPWING FINE FOODS LIMITED (REGISTERED NUMBER: 11864029)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

4. | PROPERTY, PLANT AND EQUIPMENT - continued

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 June 2024 | 19,200 |  | 1,687 |  | 470,751 |  |

| Additions | 15,441 |  | 1,585 |  | 25,976 |  |

| Disposals | (12,500 | ) | - |  | (12,500 | ) |

| At 31 May 2025 | 22,141 |  | 3,272 |  | 484,227 |  |

| DEPRECIATION

| At 1 June 2024 | 10,171 |  | 1,349 |  | 322,378 |  |

| Charge for year | 3,190 |  | 468 |  | 94,684 |  |

| Eliminated on disposal | (4,861 | ) | - |  | (4,861 | ) |

| At 31 May 2025 | 8,500 |  | 1,817 |  | 412,201 |  |

| NET BOOK VALUE

| At 31 May 2025 | 13,641 |  | 1,455 |  | 72,026 |  |

| At 31 May 2024 | 9,029 |  | 338 |  | 148,373 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | - |  | 1,120 |  |

| Amounts owed by group undertakings | 166,212 |  | 82,304 |  |

| Other debtors | 4,424 |  | 3,905 |  |

170,636 |  | 87,329 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 4,987 |  | 6,927 |  |

| Amounts owed to group undertakings | 1,414,685 |  | 1,246,668 |  |

| VAT | 5,709 |  | 283 |  |

| Accruals and deferred income | 9,500 |  | 2,000 |  |

1,434,881 |  | 1,255,878 |  |

7. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 1 | Ordinary | £1 | 1 |  | 1 |  |

8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Mike Argyle BSc ACA (Senior Statutory Auditor)

| for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

LAPWING FINE FOODS LIMITED (REGISTERED NUMBER: 11864029)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

9. | OTHER FINANCIAL COMMITMENTS

| The company had total guarantees and commitments at the financial reporting date of £11,505 (2024 - £9,998).

10. | ULTIMATE CONTROLLING PARTY

| The company's immediate parent company is The Lapwing Estate Limited.

| Until 11 June 2024, the ultimate parent company was The Lapwing Estate Limited, incorporated in England and Wales.

| From 11 June 2024, the ultimate parent company was Vanellus Limited, incorporated in England and Wales.

| Vanellus Limited is the smallest group in which the results of the company are consolidated.

| The consolidated financial statements of Vanellus Limited are available from the registered office.

| The registered office is located at:

| Everton Carr Farm

| Claybank Lane

| Everton

| Doncaster

| South Yorkshire

| DN10 5BZ