REGISTERED NUMBER: 08147391 (England and Wales)

Healan Ingredients Limited

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 30 September 2025

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTOR:

M Lapi

REGISTERED OFFICE:

Sands Top

North Newbald

York

YO43 4SW

REGISTERED NUMBER:

08147391 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

The director presents his strategic report for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activities of the company in the year under review were that of the processing and sale of gelatine and vegetarian gelling agents.

REVIEW OF BUSINESS

During the year, the company delivered a satisfactory performance and generated a healthy profit, notwithstanding a reduction in sales revenue. Margins remained under pressure in a competitive trading environment, while operating costs continued to be elevated. Interest payable reduced during the year, reflecting lower interest rates and the ongoing repayment of borrowings.

We would like to place on record our appreciation of the company's dedicated workforce. Their commitment and professionalism throughout the year were instrumental in ensuring continued service to our customers, the retention of our Halal Accreditation and the maintenance of our AA grade rating for BRCGS.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks facing the company remain those associated with fluctuations in raw material prices and currency volatility. Although inflation is expected to stabilise, the cost increases already experienced are likely to remain, and operating costs are not expected to reduce materiality in the near term. The company's ability to recover such increases from its principal customers, many of whom operate in price-sensitive sectors and require long-term price certainty, remains uncertain, particularly in the context of a slowing economy. The company will continue to work closely with both customers and suppliers in managing these risks.

The key uncertainties identified are:

-

Unexpected fluctuations in demand and product availability.

-

Potential price volatility.

-

Disruption to the workforce and changes in working practices.

-

Exchange rate volatility.

The company believes that, through the measures adopted, including maintaining an international supplier base and holding substantial stock levels in its UK warehouse, it has put in place a robust framework to mitigate downside risk.

KEY PERFORMANCE INDICATORS

The director monitors performance through regular review of volumes, turnover, gross and net margins and cash headroom. With the exception of volumes, these measures are reflected in the financial statements.

FUTURE DEVELOPMENTS OUR COMMITMENT TO RESEARCH AND DEVELOPMENT

The company will continue its focus on ensuring the safety and quality of its products, while also seeking to expand its range and capacity through investment in new production lines over the coming year. It will further develop its systems to enhance product safety, quality, and traceability, and will continue to invest in order to maintain its AA grade accreditation under the BRC Global Standard for Food Safety. In order to achieve these objectives, the company will continue to rely on the support of its staff and remains committed to their ongoing development.

ON BEHALF OF THE BOARD:

M Lapi - Director

2 June 2026

The director presents his report with the financial statements of the company for the year ended 30 September 2025.

DIVIDENDS

Interim dividends of £682,594 (2024 £449,950) were paid during the year. No final dividend will be distributed.

DIRECTOR

M Lapi held office during the whole of the period from 1 October 2024 to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with s414(C) (11) of the Companies Act, included in the Strategic Report is information relating to the events occurring in the period and future developments which would otherwise be required by Schedule 7 of the 'large and medium sized companies and groups (accounts and reports) regulation 2008' to be contained in a Director's Report. I also include information on the financial risk management policies within the Strategic Report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Smailes Goldie, will be deemed to be re-appointed under s487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

M Lapi - Director

2 June 2026

Opinion

We have audited the financial statements of Healan Ingredients Limited (the 'company') for the year ended 30 September 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 30 September 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director 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 Report of the Director.

We have nothing to report in respect of the following matters where 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.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director 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 the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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 a Report of the Auditors 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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities,

including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, the Food Safety Act 1990 and applicable food standards, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including

obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were

indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed

procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

Due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Stephen Bramall BSc FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

2 June 2026

TURNOVER

10,633,201

14,156,683

Cost of sales

9,762,544

12,858,051

GROSS PROFIT

870,657

1,298,632

Administrative expenses

440,034

483,590

430,623

815,042

Other operating income

-

20,000

OPERATING PROFIT

5

430,623

835,042

Interest receivable and similar income

6,047

-

436,670

835,042

Interest payable and similar expenses

6

56,244

94,405

PROFIT BEFORE TAXATION

380,426

740,637

Tax on profit

7

104,299

185,174

PROFIT FOR THE FINANCIAL YEAR

276,127

555,463

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

276,127

555,463

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

1,657,969

1,737,352

1,657,969

1,737,352

CURRENT ASSETS

Stocks

11

3,882,789

3,076,119

Debtors

12

2,283,075

2,181,756

Cash at bank

452,865

1,108,379

6,618,729

6,366,254

CREDITORS

Amounts falling due within one year

13

2,891,618

2,222,728

NET CURRENT ASSETS

3,727,111

4,143,526

TOTAL ASSETS LESS CURRENT LIABILITIES

5,385,080

5,880,878

CREDITORS

Amounts falling due after more than one year

14

(633,362

)

(716,735

)

PROVISIONS FOR LIABILITIES

18

(134,882

)

(140,840

)

NET ASSETS

4,616,836

5,023,303

CAPITAL AND RESERVES

Called up share capital

19

355,555

355,555

Retained earnings

20

4,261,281

4,667,748

SHAREHOLDERS' FUNDS

4,616,836

5,023,303

The financial statements were approved by the director and authorised for issue on 2 June 2026 and were signed by:

M Lapi - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2023

355,555

4,562,235

4,917,790

Changes in equity

Dividends

-

(449,950

)

(449,950

)

Total comprehensive income

-

555,463

555,463

Balance at 30 September 2024

355,555

4,667,748

5,023,303

Changes in equity

Dividends

-

(682,594

)

(682,594

)

Total comprehensive income

-

276,127

276,127

Balance at 30 September 2025

355,555

4,261,281

4,616,836

Cash flows from operating activities

Cash generated from operations

1

336,413

3,904,585

Interest paid

(56,244

)

(94,405

)

Tax paid

(185,925

)

(297,324

)

Net cash from operating activities

94,244

3,512,856

Cash flows from investing activities

Purchase of tangible fixed assets

(29,127

)

(85,821

)

Interest received

6,047

-

Net cash from investing activities

(23,080

)

(85,821

)

Cash flows from financing activities

Loan repayments in year

(33,579

)

(205,434

)

Movement in other credit facilities

-

(1,797,103

)

Capital repayments in year

(6,441

)

(5,861

)

Net amount repaid/withdrawn by director

(4,064

)

11,181

Equity dividends paid

(682,594

)

(449,950

)

Net cash from financing activities

(726,678

)

(2,447,167

)

(Decrease)/increase in cash and cash equivalents

(655,514

)

979,868

Cash and cash equivalents at beginning of year

2

1,108,379

128,511

Cash and cash equivalents at end of year

2

452,865

1,108,379

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

380,426

740,637

Depreciation charges

108,510

98,752

Loss on disposal of fixed assets

-

19

Finance costs

56,244

94,405

Finance income

(6,047

)

-

539,133

933,813

(Increase)/decrease in stocks

(806,670

)

2,616,911

(Increase)/decrease in trade and other debtors

(101,319

)

1,383,620

Increase/(decrease) in trade and other creditors

705,269

(1,029,759

)

Cash generated from operations

336,413

3,904,585

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

452,865

1,108,379

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

1,108,379

128,511

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.10.24

Cash flow

At 30.9.25

£

£

£

Net cash

Cash at bank

1,108,379

(655,514

)

452,865

1,108,379

(655,514

)

452,865

Debt

Finance leases

(47,199

)

6,441

(40,758

)

Debts falling due within 1 year

(29,636

)

(9,036

)

(38,672

)

Debts falling due after 1 year

(675,977

)

42,615

(633,362

)

(752,812

)

40,020

(712,792

)

Total

355,567

(615,494

)

(259,927

)

1.	STATUTORY INFORMATION

Healan Ingredients Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The director, having considered the available information, has a reasonable expectation that the company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements and therefore has prepared the financial statements on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, has been amortised evenly over its estimated useful life of five years.

Intangible assets

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

Tangible fixed assets

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

Freehold property - 2% on cost

Plant and machinery - 10% - 20% straight line

Fixtures and fittings - 10% - 20% straight line

Motor vehicles - 33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tax

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

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

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

Research and development

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Employee benefits

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

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

688,164

762,406

Social security costs

71,783

66,957

Other pension costs

54,560

54,467

814,507

883,830

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

2025

2024

Production

12

13

Quality control

5

6

Sales and logistics

6

5

Management and administration

5

6

28

30

4.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Director's remuneration

-

7,580

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

108,510

98,752

Loss on disposal of fixed assets

-

19

Auditors' remuneration - for audit services

10,850

10,075

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

4,198

4,800

Bank loan interest

-

665

Mortgage interest

51,476

59,158

Loan interest

-

1,534

Other interest

570

28,248

56,244

94,405

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

110,258

185,926

Prior year over provision

-

(163

)

Total current tax

110,258

185,763

Deferred tax:

Deferred tax:

Origination and reversal of

timing differences

(10,871

)

(589

)

Prior year under provision

4,912

-

Total deferred tax

(5,959

)

(589

)

Tax on profit

104,299

185,174

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

380,426

740,637

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

95,107

185,159

Effects of:

Expenses not deductible for tax purposes

696

1,431

Income not taxable for tax purposes

-

(5,000

)

Depreciation on non qualifying assets

3,585

3,747

Prior year under/(over) provision

4,911

(163

)

Total tax charge

104,299

185,174

UK corporation tax has been charged at 25% (2024 25%).

The expected net reversal of deferred tax liabilities in the next financial year is £3,232. This is due to the reversal of accelerated capital allowances.

8.

DIVIDENDS

2025

2024

£

£

Ordinary A shares of £1 each

Interim

605,052

398,103

Ordinary B shares of £1 each

Interim

77,542

51,847

682,594

449,950

9.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2024

and 30 September 2025

325,870

AMORTISATION

At 1 October 2024

and 30 September 2025

325,870

NET BOOK VALUE

At 30 September 2025

-

At 30 September 2024

-