Caseware UK (AP4) 2023.0.135 2023.0.135 The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the 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 Section 3 Financial Statement Presentation paragraph 3.17(d); the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; the requirements of Section 33 Related Party Disclosures paragraph 33.7.Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.false true true true true false true 2024-01-31 The principal activity of the company during the year was the wholesale of meat and meat products.6 0 true false 15457728 2024-01-30 15457728 2024-01-31 2025-06-30 15457728 2023-01-31 2024-01-30 15457728 2025-06-30 15457728 1 2024-01-31 2025-06-30 15457728 d:Director1 2024-01-31 2025-06-30 15457728 d:Director1 2025-06-30 15457728 d:RegisteredOffice 2024-01-31 2025-06-30 15457728 d:Agent1 2024-01-31 2025-06-30 15457728 d:Agent2 2024-01-31 2025-06-30 15457728 c:Buildings 2024-01-31 2025-06-30 15457728 c:Buildings 2025-06-30 15457728 c:Buildings c:OwnedOrFreeholdAssets 2024-01-31 2025-06-30 15457728 c:MotorVehicles 2024-01-31 2025-06-30 15457728 c:MotorVehicles 2025-06-30 15457728 c:MotorVehicles c:OwnedOrFreeholdAssets 2024-01-31 2025-06-30 15457728 c:OwnedOrFreeholdAssets 2024-01-31 2025-06-30 15457728 c:CurrentFinancialInstruments 2024-01-31 2025-06-30 15457728 c:CurrentFinancialInstruments 2025-06-30 15457728 c:UKTax 2024-01-31 2025-06-30 15457728 c:ShareCapital 2024-01-31 2025-06-30 15457728 c:ShareCapital 2025-06-30 15457728 c:RetainedEarningsAccumulatedLosses 2024-01-31 2025-06-30 15457728 c:RetainedEarningsAccumulatedLosses 2025-06-30 15457728 c:AcceleratedTaxDepreciationDeferredTax 2025-06-30 15457728 d:OrdinaryShareClass1 2024-01-31 2025-06-30 15457728 d:OrdinaryShareClass1 2025-06-30 15457728 d:FRS102 2024-01-31 2025-06-30 15457728 d:Audited 2024-01-31 2025-06-30 15457728 d:FullAccounts 2024-01-31 2025-06-30 15457728 d:PrivateLimitedCompanyLtd 2024-01-31 2025-06-30 15457728 c:LeasedAssetsHeldAsLessee 2025-06-30 15457728 e:PoundSterling 2024-01-31 2025-06-30 xbrli:shares iso4217:GBP xbrli:pure

Financial Statements Euro Quality Lambs Limited For the period from the date of incorporation to 30 June 2025 Registered number: 15457728
Euro Quality Lambs Limited
Company Information
Director | R M Khalid (appointed 31 January 2024)
Registered number | 15457728
Registered office | Euro House
| Dale Street
| Craven Arms
| Shropshire
| United Kingdom
| SY7 9PA
Independent auditor | Grant Thornton
| Chartered Accountants & Statutory Auditors
| 13-18 City Quay
| Dublin 2
| Ireland
Bankers | Barclays Bank PLC
| Leicester
| United Kingdom
| LE87 2BB
| Lloyds Bank PLC
| Birmingham
| United Kingdom
| BX11LT
Solicitors | Private Client Solicitors
| Centurion House
| 129 Deansgate
| Manchester
| United Kingdom
| M3 3WR
Euro Quality Lambs Limited
Contents
| Page
Strategic report | 1 - 2
Director's report | 3
Director's responsibilities statement | 4
Independent auditor's report | 5 - 8
Statement of comprehensive income | 9
Statement of financial position | 10
Statement of changes in equity | 11
Notes to the financial statements | 12 - 23
Euro Quality Lambs Limited
Strategic report For the period ended 30 June 2025
Principal activities
The principal activities of the Company during the period was the wholesale and marketing of meat and meat products. The financial statements cover the 17 months period from incorporation on 31 January 2024 to 30 June 2025.
Business review and future developments
The results for the Company show a pre-tax profit of £11,529,000 for the period. The directors consider the results for the financial year to be satisfactory, especially in the current economic environment. As a result of the group reorganisation, Corvedale Fresh Limited proposed to transfer all of its interests and assets relating to the Meat & Livestock Business to Euro Quality Lambs Limited.
Principal risks and uncertainties
The management of the business and the execution of the Company's strategy are subject to a number of risks. The key business risks affecting the Company during the period are considered to relate to volatile lamb prices, high energy costs, competition from major industry players. The security of product supply is monitored by the directors continually, with supplier financial strength, product quality and service levels regularly reviewed. The Company’s operations also expose it to a variety of financial risks that include the effects of price, credit and foreign exchange risk. It has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Company by monitoring its exposure to each of these areas of risk. Price risk The Company is exposed to price risk on the purchase and sale of lamb and lamb products. Credit risk The Company has implemented policies that require appropriate credit checks on potential customers before sales are made, and has a policy that there will be no undue amount of exposure to any individual customer. Foreign exchange risk The Company sells lamb primarily in the Europe region and is consequently exposed to foreign exchange risk with respect to the Euro. It buys forward contracts to manage such risks. Food safety Management’s top priority is food safety. As part of the Food Standard Agency’s Hazard Analysis and Critical Control Point (HACCP) plan, the Company is committed to ensuring that best available practices are used to monitor the traceability of lamb products in addition employees undertake regular refresher training to emphasise the importance of food hygiene within the organisation. The Company works to a high standard and has BRC (British Retail Consortium) and RTFA (Red Tractor Farm Assurance) certification. Health and safety The Company is dedicated to achieving the highest practicable standards in health and safety management and strives to make all sites and offices safe environments for employees and stakeholders alike. Environment The Company recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors’ continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible. Page 1
Euro Quality Lambs Limited
Strategic report (continued) For the period ended 30 June 2025 Principal risks and uncertainties (continued) Key performance measures The Company enjoys an excellent relationship with creditors and operates stringent procedures to ensure payments are made within the agreed terms. The directors continually monitor the Company’s liquidity and profitability, including, volume and price of lamb products to ensure the Company can comfortably meet its obligations. S172(1) of the Companies Act 2006 The Board of Directors of Euro Quality Lambs Limited consider, both individually and collectively, that they acted in ways that they believe in good faith to be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and other matters set out in S172(1) of the Act) in the decisions made during the period ended 30 June 2025. The Directors recognise their colleagues as their most important assets and aim to be a responsible employer in their approach to pay and benefits their employees receive. The health, safety and wellbeing of their colleagues are of the highest importance and ensuring these is one of their primary considerations in the way they do business. The Directors also aim to act responsibly and fairly in their engagement with suppliers, regulators, bankers and insurers. All suppliers are paid in accordance with their agreed terms. The Directors respond quickly and fully to queries from regulators, bankers and insurers as required. The Directors always intend to behave responsibly and to ensure that the business operates in a responsible manner, adhering to high standards of business conduct and good governance. The Directors recognised that the maintenance of their good reputation, founded on responsible behaviour is fundamental to their continuing ability to achieve profitable growth for the benefit of all their stakeholders in the future. This report was approved by the board and signed on its behalf.
R M Khalid Director
Date: 17 December 2025
Page 2
Euro Quality Lambs Limited
Director's report For the period ended 30 June 2025 The director presents his annual report and the audited financial statements for the period ended 30 June 2025.
Results and dividends
The profit for the period, after taxation, amounted to £11,249,000. The company have recommended dividends amounting to £100,000 during the period.
Director
The director who served during the period was:
R M Khalid (appointed 31 January 2024)
Charitable and political contributions
The Company made no charitable donations during the period. The Company did not make donations for political purposes during the period.
Energy and carbon reporting
The company has not included energy and carbon information in this report as it qualifies for exemption under the Streamlined Energy and Carbon Reporting (SECR) regulations. The company consumed less than 40,000 kWh of energy in the United Kingdom during the reporting period and therefore is not required to disclose such information.
Disclosure of information to auditor
The director at the time when this Director's report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the period end.
Auditor
Grant Thornton, Chartered Accountants were appointed as auditors in the period in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
R M Khalid Director
Date: 17 December 2025
Page 3
Euro Quality Lambs Limited
Directors' responsibilities statement For the period ended 30 June 2025 The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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. For and on behalf of the board: R M Khalid Director Date: 17 December 2025 Page 4
Independent auditor's report to the members of Euro Quality Lambs Limited
Opinion
We have audited the financial statements of Euro Quality Lambs Limited (the "Company"), which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the period ended 30 June 2025, and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in the preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion, Euro Quality Lambs Limited's financial statements: ∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 30 June 2025 and of its financial performance for the period then ended; 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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 director's 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 the date when the financial statements are authorised for issue. Our responsibilities, and the responsibilities of the director, with respect to going concern are described in the relevant sections of this report. Page 5
Independent auditor's report to the members of Euro Quality Lambs Limited (continued)
Other information
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Director's report and the Strategic Report. The director is responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, 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 Director's Report and the Strategic Report for the period for which the financial statements are prepared is consistent with the financial statements, and ∙the Director's report and the Strategic 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 we have obtained in the course of the audit, we have not identified material misstatements in the Director's Report and the Strategic 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 director's remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 6
Independent auditor's report to the members of Euro Quality Lambs Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the director 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor 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 their 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. A further description of an auditor's 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. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection, Health and Safety Regulations for both humans, animals and animal products in the UK, employment and environmental regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated 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 were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. Page 7
Independent auditor's report to the members of Euro Quality Lambs Limited (continued) Responsibilities of the auditor for the audit of the financial statements (continued) We apply professional scepticism through the audit to consider potential deliberate omission or concealment significant transactions, or incomplete/inaccurate disclosures in the financial statements. In response to these principal risks, our audit procedures included but were not limited to: ∙enquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; ∙inspection of the Company's regulatory and legal correspondence and review of minutes of directors’ meetings during the financial year to corroborate inquiries made; ∙gaining an understanding of the entity’s current activities, the scope of authorisation and the effectiveness of its control environment to mitigate risks related to fraud; ∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; ∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; ∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; ∙challenging assumptions and judgements made by management in their significant accounting estimates, including estimated useful lives of tangible assets, valuation of investment properties, impairment of debtor balances and determining the fair value of financial instruments and; ∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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. Jason Crawford (Senior statutory auditor) for and on behalf of Grant Thornton Chartered Accountants & Statutory Auditors Dublin 2 Date: 17 December 2025 Page 8
Euro Quality Lambs Limited
Statement of comprehensive income For the period ended 30 June 2025
| 17 months ended 30 June
| 2025
Note | £'000
Turnover | 4 | 91,240
Cost of sales |  | (89,366)
Gross profit |  | 1,874
Distribution costs |  | (890)
Administrative expenses |  | (23)
Other operating income | 5 | 10,568
Profit before tax |  | 11,529
Tax on profit | 10 | (280)
Profit for the period |  | 11,249
All amounts relate to continuing operations. There was no other comprehensive income for 2025.
The notes on pages 12 to 23 form part of these financial statements.
Page 9
Euro Quality Lambs Limited Registered number:15457728
Statement of financial position As at 30 June 2025
|  | 2025
Note |  | £'000
Fixed assets |  |  |
Tangible assets | 12 |  | 1,909
|  |  | 1,909
Current assets |  |  |
Stocks | 13 | 374 |
Debtors: amounts falling due within one year | 14 | 6,782 |
Cash at bank and in hand | 15 | 5,115 |
|  | 12,271 |
Current liabilities |  |  |
Creditors: amounts falling due within one year | 16 | (2,907) |
Net current assets |  |  | 9,364
Total assets less current liabilities |  |  | 11,273
Deferred tax | 17 | (24) |
|  |  | (24)
Net assets |  |  | 11,249
Capital and reserves |  |  |
Called up share capital | 18 |  | 100
Profit and loss account | 19 |  | 11,149
Shareholders' funds |  |  | 11,249
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 December 2025.
R M Khalid
Director
The notes on pages 12 to 23 form part of these financial statements. Page 10
Euro Quality Lambs Limited
Statement of changes in equity For the period ended 30 June 2025
| Called up share capital | Profit and loss account | Total equity
| £'000 | £'000 | £'000
Comprehensive income for the period |  |  |
Profit for the period | - | 11,249 | 11,249
Dividends: Equity capital | - | (100) | (100)
Shares issued during the period | 100 | - | 100
At 30 June 2025 | 100 | 11,149 | 11,249
| The notes on pages 12 to 23 form part of these financial statements.
Page 11
Euro Quality Lambs Limited
Notes to the financial statements For the period ended 30 June 2025
1. | General information
Euro Quality Lamb is a private Company limited by shares and is incorporated and domiciled in England and Wales, within the United Kingdom. The address of the registered office is Euro House, Dale Street, Craven Arms, Shropshire, SY7 9PA. The principal activity of the company during the period was the wholesale of meat and meat products. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | 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 the 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 Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Ihsan Ltd as at 30 June 2025 and these financial statements may be obtained from the directors.
| 2.3 | Going concern
After reviewing the Company’s forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. Page 12
Euro Quality Lambs Limited
Notes to the financial statements For the period ended 30 June 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.5 | Revenue
Revenue 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. Revenue 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 goods 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. Page 13
Euro Quality Lambs Limited
Notes to the financial statements For the period ended 30 June 2025 2.Accounting policies (continued)
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.7 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 14
Euro Quality Lambs Limited
Notes to the financial statements For the period ended 30 June 2025 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% straight line
|  |  |  | Motor vehicles | - | 10% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.10 | Impairment of non-financial assets
At each reporting date fixed assets are reviewed to determine whether there is an indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying value is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. 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 loss is recognised immediately in profit or loss.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 15
Euro Quality Lambs Limited
Notes to the financial statements For the period ended 30 June 2025 2.Accounting policies (continued)
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | Financial 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, trade creditors and loans to related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that arepayable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right shortterm loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small Company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
| 2.15 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 16
Euro Quality Lambs Limited
Notes to the financial statements For the period ended 30 June 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimating useful lives of tangible assets The Company estimates the useful lives of tangible assets based on the period over which the assets are expected to be available for use. The estimated useful lives of tangible assets are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the assets. In addition, estimation of the useful lives of tangible assets is based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however, may vary due to changes in estimates brought about by changes in factors earlier mentioned. Impairment of debtors Provisions are made for specific and groups of accounts, where objective evidence of impairment exists. The Company evaluates these accounts based on available facts and circumstances, including, but not limited to, the length of the Company’s relationship with the customers, the customers’ current credit status based on known market forces, average age of accounts, collection experience and historical loss experience.
4. | Turnover
No analysis of turnover is provided as the directors consider that such disclosure would be seriously prejudicial to the interest of the Company.
5. | Other operating income
|  |  |  |  | 17 months ended 30 June
|  |  |  |  | 2025
|  |  |  |  | £'000
| Dividends received | 10,568
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 17 months ended 30 June
|  |  |  |  | 2025
|  |  |  |  | £'000
| Differences on foreign exchange | (459)
| Loss on sale of tangible asset | 3
| Depreciation of tangible fixed assets | 40
Page 17
Euro Quality Lambs Limited
Notes to the financial statements For the period ended 30 June 2025
7. | Auditor's remuneration
| During the period, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 17 months ended 30 June
|  |  |  |  | 2025
|  |  |  |  | £'000
| Fees payable to the Company's auditor | 52
| Fees payable to the Company's auditor for tax services was £4,500.
8. | Employees
| Staff costs, including director's remuneration, were as follows:
|  |  |  |  | 17 months ended 30 June
|  |  |  |  | 2025
|  |  |  |  | £'000
| Wages and salaries | 180
| Social security costs | 19
| Cost of defined contribution scheme | 4
|  | 203
| The average monthly number of employees, including the director, during the period was as follows:
|  |  | 17 months ended 30 June
|  |  | 2025
|  |  | No.
|  | Administrative | 6
Page 18
Euro Quality Lambs Limited
Notes to the financial statements For the period ended 30 June 2025
9. | Director's remuneration
|  |  |  |  | 17 months ended 30 June
|  |  |  |  | 2025
|  |  |  |  | £000
| Director's emoluments | 58
| Company contributions to defined contribution pension schemes | 2
|  | 60
| During the period retirement benefits were accruing to one director in respect of defined contribution pension schemes.
10. | Taxation
|  |  |  |  | 17 months ended 30 June
|  |  |  |  | 2025
|  |  |  |  | £'000
| Corporation tax |
| Current tax on profits for the year | 256
| Total current tax | 256
| Deferred tax |
| Accelerated capital allowances and other timing differences | 24
| Total deferred tax | 24
| Tax on profit | 280
Page 19
Euro Quality Lambs Limited
Notes to the financial statements For the period ended 30 June 2025 10.Taxation (continued)
| Factors affecting tax charge for the period
| The tax assessed for the period is the same as the standard rate of corporation tax in the UK of 25% as set out below:
|  |  |  |  | 17 months ended 30 June
|  |  |  |  | 2025
|  |  |  |  | £'000
| Profit on ordinary activities before tax | 11,529
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% | 2,882
| Effects of: |
| Expenses not deductible for tax purposes | 16
| Accelerated capital allowances and other timing differences | 24
| Income not taxable | (2,642)
| Total tax charge for the period | 280
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
11. | Dividends
|  |  |  |  | 2025
|  |  |  |  | £000
| Dividends | 100
Page 20
Euro Quality Lambs Limited
Notes to the financial statements For the period ended 30 June 2025
12. | Tangible fixed assets
|  | Land and buildings | Motor vehicles | Total
|  | £'000 | £'000 | £'000
| Cost or valuation |  |  |
| Additions | 1,755 | 194 | 1,949
| At 30 June 2025 | 1,755 | 194 | 1,949
| Depreciation |  |  |
| Charge for the period | 18 | 22 | 40
| At 30 June 2025 | 18 | 22 | 40
| Net book value |  |  |
| At 30 June 2025 | 1,737 | 172 | 1,909
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025
|  |  |  |  | £'000
| Land | 950
| Building | 787
|  | 1,737
13. | Stocks
|  |  |  |  | 2025
|  |  |  |  | £'000
| Finished goods and goods for resale | 374
14. | Debtors
|  |  |  |  | 2025
|  |  |  |  | £'000
| Trade debtors | 2,097
| Amounts owed by group undertakings | 4,661
| Other debtors | 24
|  | 6,782
Page 21
Euro Quality Lambs Limited
Notes to the financial statements For the period ended 30 June 2025 14.Debtors (continued)
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
15. | Cash at bank and in hand
|  |  |  |  | 2025
|  |  |  |  | £'000
| Cash at bank and in hand | 5,115
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025
|  |  |  |  | £'000
| Trade creditors | 2,567
| Corporation tax | 256
| Other taxation and social security | 6
| Other creditors | 1
| Accruals | 77
|  | 2,907
17. | Deferred taxation
|  | 2025
|  | £000
| Charged to profit or loss | 24
| At end of year | 24
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025
|  |  |  |  | £000
| Accelerated capital allowances | 24
|  | 24
Page 22
Euro Quality Lambs Limited
Notes to the financial statements For the period ended 30 June 2025
18. | Share capital
|  |  |  |  | 2025
|  |  |  |  | £'000
|  | Allotted, called up and fully paid |
|  | 100,000 Ordinary shares of £1.00 each | 100
| During the period the company issued 100,000 ordinary shares at par.
19. | Reserves
Profit and loss account Includes all current and prior period retained profits and losses attributable to owners of the Company.
20. | Related party transactions
| The Company has taken advantage of the exemption within FRS 102 not to disclose intra-group related party transactions between subsidiary undertakings where both parties to the transaction are wholly owned by a member of the group.
21. | Post balance sheet events
There have been no significant events affecting the Company since the period end.
22. | Controlling party
The smallest and largest group to consolidate these financial statements is Ihsan Ltd. The directors regard lhsan Ltd, a Company incorporated on 21 January 2024 in Isle of Man, to be its ultimate parent Company. Ihsan Ltd is under the control of SM Khalid and his close family members.
Page 23