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Registered number: 07803669 VENCOMATIC POULTRY UK LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
VENCOMATIC POULTRY UK LIMITED COMPANY INFORMATION
Directors | J Moore
| B T McGill
| D M Johnstone
| L J F Van De Ven
Registered number | 07803669
Registered office | Avian House
| Thirsk Industrial Park
| Thirsk
| YO7 3BX
Independent auditors | Armstrong Watson Audit Limited
| Chartered Accountants & Statutory Auditors
| Number 3
| Acorn Business Park
| Airedale Business Centre
| Skipton
| North Yorkshire
| BD23 2UE
VENCOMATIC POULTRY UK LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' 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 - 24
VENCOMATIC POULTRY UK LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The Directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the Company continues to be the design and distribution of specialised poultry equipment. We remain committed to providing innovative solutions that enhance biosecurity, operational efficiency, and animal welfare within the UK and Ireland poultry sectors.
Business review
The Company has navigated a complex operating environment throughout 2025. Demand for high-welfare, automated poultry nests and egg-handling equipment remained resilient, driven by a global shift towards enhanced efficiency in egg production. Turnover for the year was £23,368,830, representing a 69.7% increase from the previous year. The Company reported a profit before tax of £713,346, representing a 107.3% increase year on year.
Principal risks and uncertainties
The Company's principal categories of risk include: Avian Influenza (HPAI) and Biosecurity The persistent threat of Highly Pathogenic Avian Influenza (HPAI) continues to disrupt the global poultry supply chain. Outbreaks in key markets often lead to culling and temporary halts in capital expenditure by producers. Mitigation To neutralise this risk, we have implemented a rigorous vehicle biosecurity programme. All service vans and delivery vehicles are equipped with onboard disinfection equipment. Our "Clean-In, Clean-Out" policy mandates full exterior and wheel-arch decontamination before entering or exiting any farm perimeter. We have also introduced a formal Isolation Protocol for field technicians and staff members who have had contact with a confirmed or suspected HPAI zone. Global Logistics and Rising Energy Costs Increasing oil prices have significantly impacted transportation and freight costs. Volatility in energy markets – driven by geopolitical tensions in 2025 and early 2026 – has placed upward pressure on distribution margins. Mitigation Wherever possible, the Company has sought to consolidate shipments rather than utilising more frequent, smaller deliveries. We also closely monitor vehicle fuel prices via integrated fuel cards to manage and reduce expenditure. Volatility in Exchange Rates As a company with significant international trade and a primary concentration in European markets, we are exposed to fluctuations in the Euro (EUR). Recent volatility in the GBP/EUR exchange rate has the potential to impact both our competitive pricing and the translation of export revenues. Mitigation The Company employs a robust hedging strategy, utilising forward exchange contracts to lock in rates for major transactions. We also maintain a "natural hedge" by balancing currency-based expenses with revenues in the same denominations where feasible. Page 1
VENCOMATIC POULTRY UK LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
The Directors monitor performance using a range of financial performance measures including revenue and underlying profitability.
| 2025 | 2024
| £ | £
Turnover | 23,368,830 | 13,763,328
Gross profit | 2,777,331 | 2,118,536
Profit before tax | 713,346 | 344,084
Future developments
Looking ahead to late 2026 and 2027, the Company intends to focus on research and development. We believe that technological superiority is the most effective long-term hedge against sector-wide risks. This report was approved by the board and signed on its behalf.
................................................ L J F Van De Ven Director
Date: 1 June 2026
Page 2
VENCOMATIC POULTRY UK LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with 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 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 for the Company's financial statements and then apply them consistently; ∙make judgements 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 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 to 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.
Results and dividends
The profit for the year, after taxation, amounted to £599,777 (2024 - £344,084). The Directors do not recommend a final dividend (2024 - £Nil).
Directors
The Directors who served during the year were:
J Moore
B T McGill
D M Johnstone
L J F Van De Ven
Matters covered in the Strategic Report
The Company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Company's Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors' Report. It has done so in respect of principal risks and uncertainties and future developments. Page 3
VENCOMATIC POULTRY UK LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditors
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the Director 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 auditors are aware of that information.
Auditors
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
................................................ L J F Van De Ven Director
Date: 1 June 2026
Page 4
VENCOMATIC POULTRY UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENCOMATIC POULTRY UK LIMITED
Opinion
We have audited the financial statements of Vencomatic Poultry UK Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 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 Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. Page 5
VENCOMATIC POULTRY UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENCOMATIC POULTRY UK LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement 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. Page 6
VENCOMATIC POULTRY UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENCOMATIC POULTRY UK LIMITED (CONTINUED)
Auditors' 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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙We obtained an understanding of laws and regulations that affect the Company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment legislation. ∙We enquired of the Directors, reviewed correspondence with HMRC and reviewed Directors meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the Directors have in place to ensure compliance. ∙We gained an understanding of the controls that the Directors have in place to prevent and detect fraud. We enquired of the Directors about any incidences of fraud that had taken place during the accounting period. ∙The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. ∙We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above. ∙We enquired of the Directors about actual and potential litigation and claims. ∙We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. ∙In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditors' Report. Page 7
VENCOMATIC POULTRY UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENCOMATIC POULTRY UK LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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. Rohan Day (Senior Statutory Auditor) for and on behalf of Armstrong Watson Audit Limited Chartered Accountants & Statutory Auditors Skipton 1 June 2026 Page 8
VENCOMATIC POULTRY UK LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 23,368,830 | 13,763,328
Cost of sales |  | (20,591,499) | (11,644,792)
Gross profit |  | 2,777,331 | 2,118,536
Administrative expenses |  | (2,063,985) | (1,773,274)
Operating profit |  | 713,346 | 345,262
Interest payable and similar expenses | 8 | - | (1,178)
Profit before tax |  | 713,346 | 344,084
Tax on profit | 9 | (113,569) | -
Profit for the financial year |  | 599,777 | 344,084
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 12 to 24 form part of these financial statements.
Page 9
VENCOMATIC POULTRY UK LIMITED REGISTERED NUMBER: 07803669 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 10 |  | 110,912 |  | 125,981
|  |  | 110,912 |  | 125,981
Current assets |  |  |  |  |
Stocks | 11 | 699,425 |  | 614,088 |
Debtors: amounts falling due within one year | 12 | 9,808,041 |  | 7,357,599 |
Cash at bank and in hand | 13 | 1,023,522 |  | 1,022,325 |
|  | 11,530,988 |  | 8,994,012 |
Creditors: amounts falling due within one year | 14 | (10,867,851) |  | (8,945,721) |
Net current assets |  |  | 663,137 |  | 48,291
Total assets less current liabilities |  |  | 774,049 |  | 174,272
Net assets |  |  | 774,049 |  | 174,272
Capital and reserves |  |  |  |  |
Called up share capital | 16 |  | 1,215 |  | 1,215
Share premium account | 17 |  | 4,430 |  | 4,430
Profit and loss account | 17 |  | 768,404 |  | 168,627
|  |  | 774,049 |  | 174,272
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ L J F Van De Ven
Director
Date: 1 June 2026
The notes on pages 12 to 24 form part of these financial statements. Page 10
VENCOMATIC POULTRY UK LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 1,215 | 4,430 | (175,457) | (169,812)
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 344,084 | 344,084
At 1 January 2025 | 1,215 | 4,430 | 168,627 | 174,272
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 599,777 | 599,777
At 31 December 2025 | 1,215 | 4,430 | 768,404 | 774,049
| The notes on pages 12 to 24 form part of these financial statements.
Page 11
VENCOMATIC POULTRY UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
The Company is a private company limited by shares, incorporated and domiciled in the United Kingdom. The Company is a tax resident in the United Kingdom. It trades from its registered office address at Avian House, Thirsk Industrial Park, Thirsk, Y07 3BX. The principal activity of the Company is sales of equipment and spares to the poultry industry. 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 requirements and the Companies Act 2006. The disclosure requirements of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. 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). This information is included in the consolidated financial statements of Van De Ven Beheer B.V. as at 31 December 2025 and these financial statements may be obtained from https://www.datocapital .nl.
| 2.3 | Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. In reaching their conclusion, the directors have considered their cash flow for a period of 12 months from the date of signing the financial statements. After consideration of all factors the Directors continue to adopt the going concern basis in preparing the financial statements. A letter of support has been provided from the parent company in relation to the Vencomatic Poultry UK Limited and the Directors have assessed the support will be forthcoming.
| 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. Page 12
VENCOMATIC POULTRY UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 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. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard on 1 January 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 13
VENCOMATIC POULTRY UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | 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.
| 2.9 | Taxation
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.
| 2.10 | 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, depending on the class. Depreciation is provided on the following basis:
|  |  |  | Plant and equipment | - | 25% | Reducing Balance Basis
|  |  |  | Motor vehicles | - | 25% | Reducing Balance Basis
|  |  |  | Office equipment | - | 33% | Straight Line Basis
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.
| 2.11 | 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. Work in progress and finished goods include labour and attributable overheads. 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. Page 14
VENCOMATIC POULTRY UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | 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.
| 2.14 | Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Page 15
VENCOMATIC POULTRY UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Impairment of financial assets 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 profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Page 16
VENCOMATIC POULTRY UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key estimations that management have made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Recoverability of trade debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade debtors, management considers factors including the credit rating of the debtors, the ageing profile of the debtors and historical experience. Impairment of stock The company sells products in a market that is subject to technological developments. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When considering the impairment of stocks, management considers the nature and condition of the stock. Page 17
VENCOMATIC POULTRY UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sale of goods | 3,226,085 | 2,714,812
| Installation sales | 19,745,277 | 10,312,152
| Commissions receivable | 397,468 | 732,251
| Other sales | - | 4,113
|  | 23,368,830 | 13,763,328
| All turnover arose within the United Kingdom.
5. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 19,000 | 19,000
6. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,537,259 | 1,233,581
| Social security costs | 199,142 | 137,917
| Cost of defined contribution scheme | 51,506 | 36,787
|  | 1,787,907 | 1,408,285
| The average monthly number of employees, including directors, during the year was 30 (2024 - 26).
Page 18
VENCOMATIC POULTRY UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 268,799 | 330,036
| Directors national insurance | 34,670 | 37,720
| Company contributions to defined contribution pension schemes | 7,693 | 9,621
|  | 311,162 | 377,377
| During the year retirement benefits were accruing to 3 Directors (2024 - 4) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £102,965 (2024 - £99,876).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £2,910 (2024 - £2,828).
8. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | - | 1,178
|  | - | 1,178
Page 19
VENCOMATIC POULTRY UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 120,950 | -
|  | 120,950 | -
| Total current tax | 120,950 | -
| Deferred tax |  |
| Origination and reversal of timing differences | (7,381) | -
| Total deferred tax | (7,381) | -
| Tax on profit | 113,569 | -
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 713,346 | 344,084
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 178,337 | 86,021
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 1,292 | 4,343
| Movement in deferred tax not recognised | (43,306) | (90,364)
| Group relief | (22,754) | -
| Total tax charge for the year | 113,569 | -
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 20
VENCOMATIC POULTRY UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Office equipment | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2025 | 19,387 | 144,878 | 74,976 | 239,241
| Additions | 8,747 | 11,995 | 3,943 | 24,685
| Disposals | - | (19,370) | - | (19,370)
| At 31 December 2025 | 28,134 | 137,503 | 78,919 | 244,556
| Depreciation |  |  |  |
| At 1 January 2025 | 15,138 | 39,770 | 58,352 | 113,260
| Charge for the year on owned assets | 1,505 | 28,903 | 7,851 | 38,259
| Disposals | - | (17,875) | - | (17,875)
| At 31 December 2025 | 16,643 | 50,798 | 66,203 | 133,644
| Net book value |  |  |  |
| At 31 December 2025 | 11,491 | 86,705 | 12,716 | 110,912
| At 31 December 2024 | 4,249 | 105,108 | 16,624 | 125,981
11. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 699,425 | 614,088
|  | 699,425 | 614,088
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VENCOMATIC POULTRY UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 7,215,286 | 4,694,071
| Amounts owed by group undertakings | 185,419 | 193,985
| Other debtors | 24,381 | 18,071
| Prepayments and accrued income | 2,382,955 | 2,451,472
|  | 9,808,041 | 7,357,599
13. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,023,522 | 1,022,325
|  | 1,023,522 | 1,022,325
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 325,843 | 427,347
| Amounts owed to group undertakings | 2,812,674 | 2,312,604
| Corporation tax | 120,950 | -
| Other taxation and social security | 344,461 | 479,883
| Other creditors | 7,280 | 6,653
| Accruals and deferred income | 7,256,643 | 5,719,234
|  | 10,867,851 | 8,945,721
| Amounts owed to group undertakings are interest free and repayable on demand.
Page 22
VENCOMATIC POULTRY UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Deferred taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| At beginning of year | - | -
| Charged to profit or loss | 7,381 | -
| At end of year | 7,381 | -
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | 5,761 | -
| Short term timing differencces | 1,620 | -
|  | 7,381 | -
16. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2024 - 1,000) A Ordinary shares of £1.00 each | 1,000 | 1,000
|  | 170 (2024 - 170) B Ordinary shares of £1.00 each | 170 | 170
|  | 45 (2024 - 45) C Ordinary shares of £1.00 each | 45 | 45
|  |  | 1,215 | 1,215
| All classes of shares carry full voting, dividend and capital distribution rights (including on winding up). They do not confer any rights of redemption.
17. | Reserves
Share premium account This reserve represents the surplus amount received over the par value of any shares issued. Profit and loss account This reserve represents the cumulative profits and losses, net of dividends paid, available for distribution to shareholders. Page 23
VENCOMATIC POULTRY UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £51,506 (2024 - £36,787). Contributions totalling £7,280 (2024 - £6,654) were payable to the fund at the reporting date and are included in creditors.
19. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 234,654 | 180,787
| Later than 1 year and not later than 5 years | 517,374 | 482,318
| Later than 5 years | 416,667 | 1,000,000
|  | 1,168,695 | 1,663,105
20. | Related party transactions
| The Company has taken advantage of the exemption contained in Section 33 of FRS 102 "Related Party Disclosures" from disclosing transactions with related parties which are on an arms length basis.
21. | Controlling party
The ultimate controlling party of Vencomatic Poultry UK Limited are the directors of the Company's ultimate parent, Van De Ven Beheer B.V, incorporated in the Netherlands.
Page 24