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REGISTERED NUMBER: 06323031 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

SU-BRIDGE PET SUPPLIES LIMITED

SU-BRIDGE PET SUPPLIES LIMITED (REGISTERED NUMBER: 06323031)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 6

Balance Sheet 7

Statement of Changes in Equity 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11


SU-BRIDGE PET SUPPLIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: Mr B R W Manning
Mr I R Manning


SECRETARY: Mr I R Manning


REGISTERED OFFICE: Cressingham Road
Saham Toney
Thetford
Norfolk
IP25 7AA


REGISTERED NUMBER: 06323031 (England and Wales)


SENIOR STATUTORY AUDITOR: Anthony Brain


AUDITORS: CG LEE Limited
Chartered Certified Accountants
Statutory Auditors
Ingram House
Meridian Way
Norwich
Norfolk
NR7 0TA


BANKERS: National Westminster Bank plc
Ground Floor Amsterdam Place
Amsterdam Way
Norwich
Norfolk
NR6 6JA

SU-BRIDGE PET SUPPLIES LIMITED (REGISTERED NUMBER: 06323031)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their strategic report for the year ended 31 December 2021.

REVIEW OF BUSINESS
During the year the company continued to wholesale pet food and related pet products to retailers in the UK.

The financial year saw the continuation of the Covid-19 pandemic and various commercial challenges arising from Brexit. These challenges were met positively by management and staff ensuring safety of our customers, colleagues and staff whilst ensuring full continuity of supply throughout. Strong progress was made in market penetrations as evidenced by the financial analytics:
" Turnover up £36.1M to £44.3M - rise of 22.7%
" Profit before tax up £1.85M to £3.19M - rise of 72.4%
" Net Assets improved to £7.68M - 2020 £5.28M

In 2022 a £3.0m spend on a new warehouse and IT systems will come online enabling the business to stock a wider range of products to increase the efficiency within the logistics function

FUTURE OUTLOOK
The directors have renewed their five year business plan and consider that the trend in improved sales & profitability will continue.

COVID-19 PANDEMIC
The outbreak of the coronavirus disease Covid-19 in March 2020 has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of self-imposed quarantine periods, social distancing and travel bans, have caused material disruption to business globally resulting in an economic slowdown.

The duration and full impact of the Covid-19 outbreak is unknown at this time, as is the efficacy of the UK government and fiscal interventions designed to stabilise economic conditions. As a result it is not possible to reliably estimate the length and severity of these developments nor the impact on the financial position and results of the company in future periods.

Management has reviewed business projections and performed sensitivity analysis to review the potential impact of Covid-19 on the business and as a result the directors are as confident as they can be at this time that the company is well placed to meet its liabilities as they fall due and that the company will continue to operate as a going concern.

PRINCIPAL RISKS AND UNCERTAINTIES
The company monitors cash flow as part of its day to day control procedures. Regular consideration of the company's future cash flows ensures that the company operates within funding available to it. The company maintains a very proactive credit control policy supported by credit insurance to mitigate financial loss.

Covid 19 & Brexit have significantly impacted supply chains and to mitigate adverse effects there has been a significant diversification amongst our supply partners.

Warehouse & Logistics staff have continued working throughout the year, whilst office staff worked from home wherever possible. Our field sales team were furloughed during the initial lockdown but have been fully engaged since and continue to build and develop existing and new relationships.

ON BEHALF OF THE BOARD:





Mr I R Manning - Director


15 August 2022

SU-BRIDGE PET SUPPLIES LIMITED (REGISTERED NUMBER: 06323031)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their report with the financial statements of the company for the year ended 31 December 2021.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the wholesale supply of pet food and animal products.

DIVIDENDS
The company paid dividends of £182,750 during the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report.

Mr B R W Manning
Mr I R Manning

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 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 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are 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 each director 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
Under section 487 of the Companies Act 2006, CG LEE 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.

ON BEHALF OF THE BOARD:





Mr I R Manning - Director


15 August 2022

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SU-BRIDGE PET SUPPLIES LIMITED

Opinion
We have audited the financial statements of Su-Bridge Pet Supplies Limited (the 'company') for the year ended 31 December 2021 which comprise the Income Statement, 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 31 December 2021 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors 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 Directors.

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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SU-BRIDGE PET SUPPLIES LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

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.

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.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and tax legislation, 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 financial statements such as the Companies Act 2006. 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 revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

- discussions with management including consideration of known or suspected instances of non-compliance with
laws and regulation;
- evaluating management's controls designed to prevent and detect irregularities;
- identifying and testing of journal entries for appropriateness and evaluating the business rationale of significant
transactions outside the normal course of business; and
- reviewing significant accounting estimates for management bias.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.




Anthony Brain (Senior Statutory Auditor)
for and on behalf of CG LEE Limited
Chartered Certified Accountants
Statutory Auditors
Ingram House
Meridian Way
Norwich
Norfolk
NR7 0TA

15 August 2022

SU-BRIDGE PET SUPPLIES LIMITED (REGISTERED NUMBER: 06323031)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
Notes £    £    £    £   

TURNOVER 44,321,083 36,084,927

Cost of sales 34,210,926 28,205,691
GROSS PROFIT 10,110,157 7,879,236

Distribution costs 4,008,840 3,419,208
Administrative expenses 2,846,952 2,534,848
6,855,792 5,954,056
3,254,365 1,925,180

Other operating income 7,469 40,794
OPERATING PROFIT 4 3,261,834 1,965,974

Interest receivable and similar income - 12,301
3,261,834 1,978,275

Interest payable and similar expenses 5 72,620 121,874
PROFIT BEFORE TAXATION 3,189,214 1,856,401

Tax on profit 6 617,371 339,562
PROFIT FOR THE FINANCIAL YEAR 2,571,843 1,516,839

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,571,843

1,516,839

SU-BRIDGE PET SUPPLIES LIMITED (REGISTERED NUMBER: 06323031)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 3,577,244 2,071,046
3,577,244 2,071,046

CURRENT ASSETS
Stocks 10 3,485,369 2,429,563
Debtors 11 7,347,946 6,004,596
Cash at bank and in hand 1,004,832 832,873
11,838,147 9,267,032
CREDITORS
Amounts falling due within one year 12 7,144,712 5,349,735
NET CURRENT ASSETS 4,693,435 3,917,297
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,270,679

5,988,343

CREDITORS
Amounts falling due after more than one
year

13

(515,466

)

(631,568

)

PROVISIONS FOR LIABILITIES 17 (77,293 ) (67,948 )
NET ASSETS 7,677,920 5,288,827

CAPITAL AND RESERVES
Called up share capital 18 150,000 150,000
Retained earnings 19 7,527,920 5,138,827
SHAREHOLDERS' FUNDS 7,677,920 5,288,827

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2022 and were signed on its behalf by:





Mr I R Manning - Director


SU-BRIDGE PET SUPPLIES LIMITED (REGISTERED NUMBER: 06323031)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 January 2020 150,000 3,819,738 3,969,738

Changes in equity
Dividends - (197,750 ) (197,750 )
Total comprehensive income - 1,516,839 1,516,839
Balance at 31 December 2020 150,000 5,138,827 5,288,827

Changes in equity
Dividends - (182,750 ) (182,750 )
Total comprehensive income - 2,571,843 2,571,843
Balance at 31 December 2021 150,000 7,527,920 7,677,920

SU-BRIDGE PET SUPPLIES LIMITED (REGISTERED NUMBER: 06323031)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,669,626 871,765
Interest paid (69,621 ) (119,319 )
Interest element of hire purchase payments
paid

(2,999

)

(2,555

)
Tax paid (416,107 ) (169,137 )
Net cash from operating activities 2,180,899 580,754

Cash flows from investing activities
Purchase of tangible fixed assets (1,775,348 ) (469,308 )
Sale of tangible fixed assets 44,010 81,835
Interest received - 12,301
Net cash from investing activities (1,731,338 ) (375,172 )

Cash flows from financing activities
New loans in year - 250,000
Loan repayments in year (127,102 ) (73,093 )
New HP contracts in year 43,167 -
Capital repayments in year (28,758 ) (24,466 )
Amount introduced by directors 8,767 31,123
Amount withdrawn by directors 9,074 (1,783 )
Equity dividends paid (182,750 ) (197,750 )
Net cash from financing activities (277,602 ) (15,969 )

Increase in cash and cash equivalents 171,959 189,613
Cash and cash equivalents at beginning
of year

2

832,873

643,260

Cash and cash equivalents at end of year 2 1,004,832 832,873

SU-BRIDGE PET SUPPLIES LIMITED (REGISTERED NUMBER: 06323031)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2021 2020
£    £   
Profit before taxation 3,189,214 1,856,401
Depreciation charges 230,483 174,716
Profit on disposal of fixed assets (5,343 ) (9,342 )
Finance costs 72,620 121,874
Finance income - (12,301 )
3,486,974 2,131,348
Increase in stocks (1,055,806 ) (847,406 )
Increase in trade and other debtors (1,343,350 ) (1,133,373 )
Increase in trade and other creditors 1,581,808 721,196
Cash generated from operations 2,669,626 871,765

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 31 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 1,004,832 832,873
Year ended 31 December 2020
31.12.20 1.1.20
£    £   
Cash and cash equivalents 832,873 643,260


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.21 Cash flow At 31.12.21
£    £    £   
Net cash
Cash at bank and in hand 832,873 171,959 1,004,832
832,873 171,959 1,004,832
Debt
Finance leases (55,953 ) (14,410 ) (70,363 )
Debts falling due within 1 year (77,699 ) 882 (76,817 )
Debts falling due after 1 year (600,081 ) 126,220 (473,861 )
(733,733 ) 112,692 (621,041 )
Total 99,140 284,651 383,791

SU-BRIDGE PET SUPPLIES LIMITED (REGISTERED NUMBER: 06323031)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Su-Bridge Pet Supplies 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.

Turnover
Turnover represents the net value of goods sold and services provided in the period, excluding value added tax.

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

Patents and licences are being amortised evenly over their estimated useful lives of 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 25% on cost, Straight line over 7 years and Straight line over 5 years
Motor vehicles - Straight line over 3 years
Computer equipment - 100% on cost and 50% on cost

No depreciation is provided on the freehold land.

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

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.

SU-BRIDGE PET SUPPLIES LIMITED (REGISTERED NUMBER: 06323031)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Invoice discounting
The company assigns debts to an invoice discounting company and these debts are included in debtors in the balance sheet and the proceeds received from the invoice discounter are included in creditors. The interest element of the discounter's charges and other discounting costs are charged to the profit and loss account as incurred.

3. EMPLOYEES AND DIRECTORS
2021 2020
£    £   
Wages and salaries 3,168,906 2,688,512
Other pension costs 116,079 53,069
3,284,985 2,741,581

The average number of employees during the year was as follows:
2021 2020

Directors 2 2
Sales and Administration 34 38
Warehousing and Distribution 59 45
95 85

2021 2020
£    £   
Directors' remuneration 30,880 12,680

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2021 2020
£    £   
Depreciation - owned assets 204,541 156,774
Depreciation - assets on hire purchase contracts 25,942 17,942
Profit on disposal of fixed assets (5,343 ) (9,342 )
Auditors' remuneration 15,925 12,000

SU-BRIDGE PET SUPPLIES LIMITED (REGISTERED NUMBER: 06323031)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2021 2020
£    £   
Bank loan interest 8,028 10,222
Bad debts (9,067 ) 1,107
Bank charges 23,410 60,312
Other loan interest - 208
Invoice discounting charges 47,250 47,470
Hire purchase 2,999 2,555
72,620 121,874

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2021 2020
£    £   
Current tax:
UK corporation tax 608,026 364,636
Tax - prior year - (48,531 )
Total current tax 608,026 316,105

Deferred tax 9,345 23,457
Tax on profit 617,371 339,562

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:

2021 2020
£    £   
Profit before tax 3,189,214 1,856,401
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2020 - 19%)

605,951

352,716

Effects of:
Expenses not deductible for tax purposes 7,196 24,953
Income not taxable for tax purposes (1,015 ) 1,768
Capital allowances in excess of depreciation (4,106 ) (14,801 )
Adjustments to tax charge in respect of previous periods - (48,531 )

Deferred tax movement 9,345 23,457
Total tax charge 617,371 339,562

7. DIVIDENDS
2021 2020
£    £   
Ordinary A shares of £1 each
Interim 93,750 112,500
Ordinary B shares of £1 each
Interim 50,000 50,000
Ordinary C shares of £1 each
Interim 39,000 35,250
182,750 197,750

SU-BRIDGE PET SUPPLIES LIMITED (REGISTERED NUMBER: 06323031)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

8. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2021
and 31 December 2021 500,000 340 500,340
AMORTISATION
At 1 January 2021
and 31 December 2021 500,000 340 500,340
NET BOOK VALUE
At 31 December 2021 - - -
At 31 December 2020 - - -

9. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2021 1,828,055 878,676 295,067 174,606 3,176,404
Additions 1,480,228 131,572 163,548 - 1,775,348
Disposals - (25,595 ) (54,104 ) - (79,699 )
At 31 December 2021 3,308,283 984,653 404,511 174,606 4,872,053
DEPRECIATION
At 1 January 2021 183,231 589,583 157,938 174,606 1,105,358
Charge for year 58,308 90,279 81,896 - 230,483
Eliminated on disposal - (5,332 ) (35,700 ) - (41,032 )
At 31 December 2021 241,539 674,530 204,134 174,606 1,294,809
NET BOOK VALUE
At 31 December 2021 3,066,744 310,123 200,377 - 3,577,244
At 31 December 2020 1,644,824 289,093 137,129 - 2,071,046

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2021 136,059 - 136,059
Additions - 68,957 68,957
At 31 December 2021 136,059 68,957 205,016
DEPRECIATION
At 1 January 2021 52,804 - 52,804
Charge for year 17,942 8,000 25,942
At 31 December 2021 70,746 8,000 78,746
NET BOOK VALUE
At 31 December 2021 65,313 60,957 126,270
At 31 December 2020 83,255 - 83,255

SU-BRIDGE PET SUPPLIES LIMITED (REGISTERED NUMBER: 06323031)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

10. STOCKS
2021 2020
£    £   
Stocks 3,485,369 2,429,563

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 5,590,309 4,557,210
Amount due from connected party 813,508 751,440
Prepayments 944,129 695,946
7,347,946 6,004,596

£2,882,483 (2020 - £1,966,799) of trade debtors are subject to invoice discounting.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts (see note 14) 76,817 77,699
Hire purchase contracts (see note 15) 28,758 24,466
Invoice discounting advances 2,882,483 1,966,799
Trade creditors 2,239,723 2,168,943
Tax 507,722 315,803
Social security and other taxes 78,542 56,968
VAT 273,820 280,654
Directors' current accounts 18,893 1,052
Accrued expenses 1,037,954 457,351
7,144,712 5,349,735

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Bank loans (see note 14) 473,861 600,081
Hire purchase contracts (see note 15) 41,605 31,487
515,466 631,568

14. LOANS

An analysis of the maturity of loans is given below:

2021 2020
£    £   
Amounts falling due within one year or on demand:
Bank loans 76,817 77,699

Amounts falling due between one and two years:
Bank loans - 1-2 years 79,394 87,292

Amounts falling due between two and five years:
Bank loans - 2-5 years 248,426 271,648

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 146,041 241,141

SU-BRIDGE PET SUPPLIES LIMITED (REGISTERED NUMBER: 06323031)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

14. LOANS - continued

The bank loans are secured against properties owned by the directors as well as a £785k guarantee provided by the directors.

The company has a loan with National Westminster Bank plc of £382,972. The loan is repayable over the period to February 2028. The interest rate on the loan is Bank of England Base Rate + 1.85%.

The company has a loan with National Westminster Bank plc of £167,706. The loan is repayable over the period to April 2030. The interest rate on the loan is Bank of England Base Rate + 1.85%.

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2021 2020
£    £   
Net obligations repayable:
Within one year 28,758 24,466
Between one and five years 41,605 31,487
70,363 55,953

16. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank loans 550,678 677,780
Hire purchase contracts 70,363 55,953
Invoice discounting advances 2,882,483 1,966,799
3,503,524 2,700,532

17. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax 77,293 67,948

Deferred
tax
£   
Balance at 1 January 2021 67,948
Charge to Income Statement during year 9,345
Balance at 31 December 2021 77,293

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
125,000 Ordinary A £1 125,000 125,000
10,000 Ordinary B £1 10,000 10,000
15,000 Ordinary C £1 15,000 15,000
150,000 150,000

19. RESERVES

Retained earnings includes all current and prior period retained profits and losses.

SU-BRIDGE PET SUPPLIES LIMITED (REGISTERED NUMBER: 06323031)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

20. CAPITAL COMMITMENTS
2021 2020
£    £   
Contracted but not provided for in the
financial statements 600,000 -

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

2021 2020
£    £   
Mr B R W Manning
Balance outstanding at start of year (227 ) (2,010 )
Amounts advanced 136,052 338,683
Amounts repaid (145,340 ) (336,900 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (9,515 ) (227 )

Mr I R Manning
Balance outstanding at start of year (825 ) 30,298
Amounts advanced 165,015 138,329
Amounts repaid (173,568 ) (169,452 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (9,378 ) (825 )

Interest of £NIL (2020 - £2,977) has been charged on the overdrawn amount.

22. RELATED PARTY DISCLOSURES

Key management personnel

During the year the company was charged £129,284 (2020 - £108,825) by key management personnel for accountancy and management services.

Other Related Parties

1) A partnership between the directors of Su-Bridge Pet Supplies Limited.

Included within debtors due within one year is £553,416 (2020 - £526,189) owing from this related party. During the year the company made sales of £348,081 (2020 - £237,801) to the related party and expenses of £405,000 (2020 - £590,500) were recharged from the related party to the company.

2) Companies in which the Su-Bridge Pet Supplies Limited directors and shareholders, are mutual directors and 100% shareholders.

During the year the company invoiced these related parties for sales and recharges totalling £453,850 (2020 - £462,625), and made purchases of £1,679,974 (2020 - £1,647,658) from them. Included within debtors due within one year is £260,092 (2020 - £225,251) due from these related parties.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the directors, who own the entire issued share capital.