REGISTERED NUMBER: 10392438 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

THE PROTEIN PARTNERS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

7

DIRECTORS:

J N Langslow

D Murphy

A D Davies

REGISTERED OFFICE:

Dean Court

85 Adlington Road

Wilmslow

SK9 2BT

REGISTERED NUMBER:

10392438 (England and Wales)

INDEPENDENT AUDITORS:

Allens Accountants Limited

Statutory Auditor and

Chartered Accountants

123 Wellington Road South

Stockport

Cheshire

SK1 3TH

FIXED ASSETS

Tangible assets

4

555,667

620,514

CURRENT ASSETS

Stocks

1,387,466

2,596,312

Debtors

5

788,281

724,980

Cash at bank and in hand

106,442

213,247

2,282,189

3,534,539

CREDITORS

Amounts falling due within one year

6

3,042,158

4,227,187

NET CURRENT LIABILITIES

(759,969

)

(692,648

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(204,302

)

(72,134

)

PROVISIONS FOR LIABILITIES

8

132,911

142,602

NET LIABILITIES

(337,213

)

(214,736

)

CAPITAL AND RESERVES

Called up share capital

9

250,000

250,000

Revaluation reserve

10

95,537

144,328

Retained earnings

(682,750

)

(609,064

)

SHAREHOLDERS' FUNDS

(337,213

)

(214,736

)

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2026 and were signed on its behalf by:

J N Langslow - Director

1.	STATUTORY INFORMATION

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

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

At 31 December 2025 the company had net liabilities of £337,213. The company is dependent on the continued financial support of its parent undertaking, County Milk Products Limited, which has confirmed that it will continue to provide such support, and will not seek repayment of amounts owed to it where this would leave the company unable to meet its other liabilities, for a period of at least twelve months from the date of approval of these financial statements. On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

Related party exemption

The company is a wholly owned subsidiary of County Milk Products Limited. The company has taken advantage of the exemption in Section 33 of FRS 102 not to disclose transactions with other wholly owned members of the group.

Turnover

Turnover represents the amounts receivable for goods sold, excluding value added tax and net of discounts and rebates.

Turnover is recognised when the significant risks and rewards of ownership have passed to the customer, which is determined in accordance with the agreed terms of sale. For UK customers this is generally on delivery, and for overseas customers at the point specified in the contract.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost and 5% to 25% on cost

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company has only basic financial instruments, comprising trade and other debtors, cash, trade and other creditors and amounts owed to group undertakings. These are initially recognised at transaction price and subsequently measured at amortised cost, less any impairment in the case of financial assets. Balances receivable or payable within one year, and amounts owed to group undertakings which are repayable on demand, are measured at the undiscounted amount expected to be received or paid.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax

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

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

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.

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.

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2024 - 42 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

1,364,725

Additions

68,289

Disposals

(2,200

)

At 31 December 2025

1,430,814

DEPRECIATION

At 1 January 2025

744,211

Charge for year

132,879

Eliminated on disposal

(1,943

)

At 31 December 2025

875,147

NET BOOK VALUE

At 31 December 2025

555,667

At 31 December 2024

620,514

Certain tangible fixed assets were revalued on a fair value basis in 2018 by Tallon and Associates, independent valuers, and have since been depreciated over their remaining useful lives. Tangible fixed assets at 31 December 2025 include assets at a valuation of £583,093 (2024: £583,093), with all other assets stated at cost. The net book value of the revalued assets at 31 December 2025 was £124,049 (2024: £176,665), all of which represents the revaluation surplus.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

685,600

569,217

Other debtors

102,681

155,763

788,281

724,980

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

551,279

888,393

Amounts owed to group undertakings

2,362,380

3,181,644

Taxation and social security

89,260

25,898

Other creditors

39,239

131,252

3,042,158

4,227,187

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

7.	LEASING AGREEMENTS

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

2025

2024

£

£

Within one year

84,000

111,000

Between one and five years

218,750

302,750

302,750

413,750

8.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

104,399

106,692

Unutilised tax losses

-

(5,751

)

Revalued assets

28,512

41,661

132,911

142,602

Deferred

tax

£

Balance at 1 January 2025

142,602

Credit to Income Statement during year

(9,691

)

Balance at 31 December 2025

132,911

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

250,000

Ordinary

£1

250,000

250,000

10.

RESERVES

Called up share capital represents the nominal value of shares issued.

The revaluation reserve represents the surplus arising on the revaluation of certain tangible fixed assets, net of deferred tax. Each year an amount equal to the excess depreciation on the revalued assets, net of deferred tax, is transferred to retained earnings. Deferred tax has been provided on the revaluation surplus.

Retained earnings represent cumulative profits and losses, net of any distributions to shareholders and transfers from the revaluation reserve.

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

The Report of the Auditors was unqualified.

Dean McMullan (Senior Statutory Auditor)

for and on behalf of Allens Accountants Limited

12.	CAPITAL COMMITMENTS

There were no capital commitments contracted but not provided for at 31 December 2025 (2024: £nil).

13.	POST BALANCE SHEET EVENTS

There have been no significant events affecting the company since the year end.

14.	PARENT UNDERTAKING

The company's immediate and ultimate parent undertaking is County Milk Products Limited, a company registered in England and Wales (company number 02873177), whose registered office is Dean Court, 85 Adlington Road, Wilmslow, Cheshire, SK9 2BT. County Milk Products Limited prepares group financial statements which include the company, copies of which can be obtained from its registered office.

The ultimate controlling party is Mr J N Langslow, by virtue of his majority of the voting rights in County Milk Products Limited.