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REGISTERED NUMBER: 01019480 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2021

for

ANCOL PET PRODUCTS LIMITED

ANCOL PET PRODUCTS LIMITED (REGISTERED NUMBER: 01019480)

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 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


ANCOL PET PRODUCTS LIMITED

Company Information
for the Year Ended 31 December 2021







DIRECTORS: C. Lane
Mrs A.M. Lane
S.C. Lane
Ms S.L. Lane
J.P. Lane





SECRETARY: J.P. Lane





REGISTERED OFFICE: Ancol House
Leamore Lane
Bloxwich
Walsall
West Midlands
WS2 7DA





REGISTERED NUMBER: 01019480 (England and Wales)





AUDITORS: Haslehursts Limited
Statutory Auditor
88 Hill Village Road
Sutton Coldfield
West Midlands
B75 5BE

ANCOL PET PRODUCTS LIMITED (REGISTERED NUMBER: 01019480)

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
Principal activity
The principal activity of the company continued to be the manufacture and sale of pet products.

Overview
We aim to present a brief but comprehensive review of the performance of our business. Our review is consistent with the size and non-complex nature of our business.

As the brand leader in our industry for pet accessories and non-food, we have experienced the intrinsic value of the "Ancol" brand. Continued investment in the presentation of the brand has proved even more justified with the ever-growing threat of own label products being made available to consumers.

During 2021, the Covid 19 Pandemic continued to put pressure on the business in various ways. The Asian supply chain network from China has been negatively affected due to factory worker shortages, container driver and trucking shortages along with port staff shortages. The shipping lines have strictly controlled the efficiencies of the container traffic and finally the UK ports have experienced staff shortages and container vessel congestion in all ports.

The increase in the cost of shipping containers from Asia has hopefully peaked by September 2021 but we have been advised that the rates will remain high during the whole of 2022.

This has resulted in extreme delivery lead times and unprecedented out of stocks in our UK warehouse. Never in the history of our business have we been under so much pressure to supply goods.

We owe our sincerest gratitude to our wonderful team and excellent supply chain who made the extra effort to work diligently through these most difficult times.

On a positive note, Ancol achieved its 50th year of trading and successfully had its largest turnover in the company's history. Although the supply chain challenges were unprecedented, Ancol still managed to maintain healthy supplier receipts and satisfied 75% of customer orders. We expect these pressures to ease during the second quarter of 2022.

Pet bedding became uneconomic to import due to freight costs, so a decision was made early in 2021 to remedy this by investing in a new purpose built bed filling plant which came online in October 2021 and is proving very successful with our customers. We are striving to increase the quality of our pet bedding range during 2022 with higher quality materials and designs.

Risks and uncertainties
The major risks faced by the company continue to be exposure to currency fluctuations and the UK's slow recovery from recession.The company continues to attempt to reduce potential negative exchange effects by forward contracting for currency as and when required.

Financial key performance indicators
The directors of the company monitor key performance indicators on an ongoing basis, particularly in relation to sales levels and margins to ensure that the company maximises its profit potential.

ON BEHALF OF THE BOARD:





C. Lane - Director


7 March 2022

ANCOL PET PRODUCTS LIMITED (REGISTERED NUMBER: 01019480)

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.

DIVIDENDS
Total dividends paid in the year £725,000.

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

C. Lane
Mrs A.M. Lane
S.C. Lane
Ms S.L. Lane
J.P. Lane

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ANCOL PET PRODUCTS LIMITED (REGISTERED NUMBER: 01019480)

Report of the Directors
for the Year Ended 31 December 2021


AUDITORS
The auditors, Haslehursts Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C. Lane - Director


7 March 2022

Report of the Independent Auditors to the Members of
Ancol Pet Products Limited


Opinion
We have audited the financial statements of Ancol Pet Products Limited (the 'company') for the year ended 31 December 2021 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 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.

Report of the Independent Auditors to the Members of
Ancol Pet Products Limited


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.

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.

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

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Ancol Pet Products Limited


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.




T W Haslehurst (Senior Statutory Auditor)
for and on behalf of Haslehursts Limited
Statutory Auditor
88 Hill Village Road
Sutton Coldfield
West Midlands
B75 5BE

7 March 2022

ANCOL PET PRODUCTS LIMITED (REGISTERED NUMBER: 01019480)

Statement of Comprehensive Income
for the Year Ended 31 December 2021

2021 2020
Notes £    £   

TURNOVER 4 11,898,366 9,269,869

Cost of sales (6,916,162 ) (5,402,016 )
GROSS PROFIT 4,982,204 3,867,853

Administrative expenses (3,723,678 ) (2,944,936 )
1,258,526 922,917

Other operating income 30,095 176,628
OPERATING PROFIT 6 1,288,621 1,099,545

Interest receivable and similar income 7 - 1,611
1,288,621 1,101,156

Interest payable and similar expenses 8 (220,340 ) (230,815 )
PROFIT BEFORE TAXATION 1,068,281 870,341

Tax on profit 9 (116,035 ) 68,747
PROFIT FOR THE FINANCIAL YEAR 952,246 939,088

OTHER COMPREHENSIVE INCOME
Revaluation reserve 1,191,661 -
Income tax relating to other
comprehensive income

(144,000

)

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

1,047,661

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,999,907

939,088

ANCOL PET PRODUCTS LIMITED (REGISTERED NUMBER: 01019480)

Balance Sheet
31 December 2021

2021 2020
Notes £    £   
FIXED ASSETS
Tangible assets 11 2,580,084 1,427,655

CURRENT ASSETS
Stocks 12 2,385,357 1,530,640
Debtors 13 2,011,559 1,578,978
Cash at bank 1,467,353 2,536,400
5,864,269 5,646,018
CREDITORS
Amounts falling due within one year 14 (3,645,925 ) (3,709,152 )
NET CURRENT ASSETS 2,218,344 1,936,866
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,798,428

3,364,521

PROVISIONS FOR LIABILITIES 16 (213,500 ) (54,500 )
NET ASSETS 4,584,928 3,310,021

CAPITAL AND RESERVES
Called up share capital 17 1,000 1,000
Revaluation reserve 18 1,429,553 404,680
Retained earnings 18 3,154,375 2,904,341
SHAREHOLDERS' FUNDS 4,584,928 3,310,021

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2022 and were signed on its behalf by:





C. Lane - Director


ANCOL PET PRODUCTS LIMITED (REGISTERED NUMBER: 01019480)

Statement of Changes in Equity
for the Year Ended 31 December 2021

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 January 2020 1,000 3,172,903 418,470 3,592,373

Changes in equity
Dividends - (1,221,440 ) - (1,221,440 )
Total comprehensive income - 939,088 - 939,088
Movement on reserves - 13,790 (13,790 ) -
Balance at 31 December 2020 1,000 2,904,341 404,680 3,310,021

Changes in equity
Dividends - (725,000 ) - (725,000 )
Total comprehensive income - 952,246 1,047,661 1,999,907
Movement on reserves - 22,788 (22,788 ) -
Balance at 31 December 2021 1,000 3,154,375 1,429,553 4,584,928

ANCOL PET PRODUCTS LIMITED (REGISTERED NUMBER: 01019480)

Cash Flow Statement
for the Year Ended 31 December 2021

2021 2020
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 33,845 2,342,722
Interest paid (220,340 ) (230,815 )
Tax paid (75,449 ) 52,168
Net cash from operating activities (261,944 ) 2,164,075

Cash flows from investing activities
Purchase of tangible fixed assets (152,869 ) (207,947 )
Sale of tangible fixed assets 40,871 84,051
Interest received - 1,611
Grants received 29,895 176,429
Net cash from investing activities (82,103 ) 54,144

Cash flows from financing activities
Capital repayments in year - (6,948 )
Equity dividends paid (725,000 ) (1,221,440 )
Net cash from financing activities (725,000 ) (1,228,388 )

(Decrease)/increase in cash and cash equivalents (1,069,047 ) 989,831
Cash and cash equivalents at
beginning of year

2

2,536,400

1,546,569

Cash and cash equivalents at end of
year

2

1,467,353

2,536,400

ANCOL PET PRODUCTS LIMITED (REGISTERED NUMBER: 01019480)

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 1,068,281 870,341
Depreciation charges 143,737 136,856
Loss on disposal of fixed assets 7,493 16,908
Government grants (29,895 ) (176,428 )
Finance costs 220,340 230,815
Finance income - (1,611 )
1,409,956 1,076,881
(Increase)/decrease in stocks (854,717 ) 951,411
Increase in trade and other debtors (432,581 ) (177,957 )
(Decrease)/increase in trade and other creditors (88,813 ) 492,387
Cash generated from operations 33,845 2,342,722

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 1,467,353 2,536,400
Year ended 31 December 2020
31/12/20 1/1/20
£    £   
Cash and cash equivalents 2,536,400 1,546,569


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/21 Cash flow At 31/12/21
£    £    £   
Net cash
Cash at bank 2,536,400 (1,069,047 ) 1,467,353
2,536,400 (1,069,047 ) 1,467,353
Total 2,536,400 (1,069,047 ) 1,467,353

ANCOL PET PRODUCTS LIMITED (REGISTERED NUMBER: 01019480)

Notes to the Financial Statements
for the Year Ended 31 December 2021


1. STATUTORY INFORMATION

Ancol Pet Products 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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% cost on buildings only
Plant and machinery - 10% on cost
Fixtures and fittings - Fixtures, fittings & equipment 10 - 20%
Motor vehicles - 25% on cost and 20% on reducing balance

The part of the annual depreciation charge on revalued assets which relates to the revaluation surplus is transferred from the revaluation reserve to the profit and loss account.

Government grants
The company receives government grants in respect of furlough claims. These grants are recognised when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model.

Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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.


ANCOL PET PRODUCTS LIMITED (REGISTERED NUMBER: 01019480)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


3. ACCOUNTING POLICIES - continued
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.

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.

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

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.

Revaluation of tangible fixed assets
Freehold property is stated at valuation less accumulated depreciation. The directors consider the carrying value on an annual basis and undertake a revaluation should there be any indication that the fair value is materially different to the carrying value.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2021 2020
£    £   
United Kingdom 11,611,791 8,984,054
Rest of European Union 172,996 211,635
Rest of World 113,579 74,180
11,898,366 9,269,869

ANCOL PET PRODUCTS LIMITED (REGISTERED NUMBER: 01019480)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


5. EMPLOYEES AND DIRECTORS
2021 2020
£    £   
Wages and salaries 1,883,139 1,504,767
Social security costs 192,882 146,307
Other pension costs 35,712 39,818
2,111,733 1,690,892

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

Production 33 31
Admin and sales 23 21
Directors 5 5
61 57

2021 2020
£    £   
Directors' remuneration 492,831 319,579

Information regarding the highest paid director is as follows:
2021 2020
£    £   
Emoluments etc 166,018 78,351

6. OPERATING PROFIT

The operating profit is stated after charging:

2021 2020
£    £   
Other operating leases - 3,921
Depreciation - owned assets 143,737 132,833
Depreciation - assets on hire purchase contracts or finance leases - 4,024
Loss on disposal of fixed assets 7,493 16,908
Auditors remuneration 8,385 7,175

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2021 2020
£    £   
Bank interest received - 1,181
Interest on tax refund - 430
- 1,611

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2021 2020
£    £   
Other interest 220,340 230,815

ANCOL PET PRODUCTS LIMITED (REGISTERED NUMBER: 01019480)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


9. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2021 2020
£    £   
Current tax:
UK corporation tax 202,851 177,265
Prior year adjustment (101,816 ) (233,612 )
Total current tax 101,035 (56,347 )

Deferred tax 15,000 (12,400 )
Tax on profit 116,035 (68,747 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2021 2020
£    £   
Profit before tax 1,068,281 870,341
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2020 - 19%)

202,973

165,365

Effects of:
Capital allowances in excess of depreciation (10,622 ) -
Depreciation in excess of capital allowances - 12,506
Adjustments to tax charge in respect of previous periods (101,816 ) (233,612 )
Other tax adjustments 10,500 (606 )

Deferred tax movement 15,000 (12,400 )
Total tax charge/(credit) 116,035 (68,747 )

Tax effects relating to effects of other comprehensive income

2021
Gross Tax Net
£    £    £   
Revaluation reserve 1,191,661 (144,000 ) 1,047,661

10. DIVIDENDS
2021 2020
£    £   
Ordinary shares of £1 each
Interim 725,000 1,221,440

ANCOL PET PRODUCTS LIMITED (REGISTERED NUMBER: 01019480)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


11. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2021 1,280,194 1,122,525 581,524 296,581 3,280,824
Additions - 104,381 12,583 35,905 152,869
Disposals - (6,845 ) (6,095 ) (71,579 ) (84,519 )
Revaluations 819,806 - - - 819,806
At 31 December 2021 2,100,000 1,220,061 588,012 260,907 4,168,980
DEPRECIATION
At 1 January 2021 371,854 947,458 473,343 60,514 1,853,169
Charge for year 35,440 45,326 19,820 43,151 143,737
Eliminated on disposal - (6,112 ) (6,095 ) (23,948 ) (36,155 )
Revaluation adjustments (371,855 ) - - - (371,855 )
At 31 December 2021 35,439 986,672 487,068 79,717 1,588,896
NET BOOK VALUE
At 31 December 2021 2,064,561 233,389 100,944 181,190 2,580,084
At 31 December 2020 908,340 175,067 108,181 236,067 1,427,655

Included in cost or valuation of land and buildings is freehold land of £ 328,000 (2020 - £ 200,000 ) which is not depreciated.

Cost or valuation at 31 December 2021 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 1989 627,476 - - - 627,476
Valuation in 2021 819,806 - - - 819,806
Cost 652,718 1,220,061 588,012 260,907 2,721,698
2,100,000 1,220,061 588,012 260,907 4,168,980

Freehold land and buildings were valued on an open market existing basis on 29 July 2021 by Bulleys, Chartered Surveyors .

ANCOL PET PRODUCTS LIMITED (REGISTERED NUMBER: 01019480)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


11. TANGIBLE FIXED ASSETS - continued

Comparable historical cost for the land and buildings included at valuation:

£   
Cost

At 1 January 2021 & 31 December 2021652,718

Depreciation based on cost

At 1 January 2021257,332

Charge for the year12,652

269,984
Net book value
At 31 December 2021382,734

At 31 December 2020395,386





12. STOCKS
2021 2020
£    £   
Stocks 2,385,357 1,530,640

20212020
£   £   
Raw materials and consumables387,502287,042
Finished goods and goods for resale1,997,8551,243,598

2,385,3571,530,640

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 1,959,765 1,521,590
Bad debt provision (3,001 ) (1,222 )
Prepayments 54,795 58,610
2,011,559 1,578,978

ANCOL PET PRODUCTS LIMITED (REGISTERED NUMBER: 01019480)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 353,092 236,273
Corporation tax 202,851 177,265
Social security and other taxes 55,044 48,174
VAT 28,748 129,228
Other creditors 2,687,698 2,947,096
Accrued expenses 318,492 171,116
3,645,925 3,709,152

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2020
£    £   
Within one year 50,916 50,916
Between one and five years 149,550 200,466
200,466 251,382

16. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax
Gain on revaluation 153,000 9,000
Accelerated capital allowances 60,500 45,500
213,500 54,500

Deferred
tax
£   
Balance at 1 January 2021 54,500
Charge to Statement of Comprehensive Income during year 159,000
Balance at 31 December 2021 213,500

17. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
1,000 Ordinary £1 1,000 1,000

The 100 "A" ordinary shares and the 900 "B" ordinary shares shall rank pari passu in all respects except that the directors may at any time resolve to declare dividends on one class of share and not the other or as to differing amounts on each class.

ANCOL PET PRODUCTS LIMITED (REGISTERED NUMBER: 01019480)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


18. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2021 2,904,341 404,680 3,309,021
Profit for the year 952,246 952,246
Dividends (725,000 ) (725,000 )
Movmt of revaluation reserve - 1,191,661 1,191,661
Deferred tax - (144,000 ) (144,000 )
Movement on reserves 22,788 (22,788 ) -
At 31 December 2021 3,154,375 1,429,553 4,583,928

19. RELATED PARTY DISCLOSURES

Related party transactions:

Rent to related party £49,936 (2020:£43,693).

During the year interest on directors loans of £220,340 (2020:£230,815) was charged to the company.

During the year dividends of £725,000 (2020:£1,221,440) were paid to the directors.

Amount due to related parties at the balance sheet date:£nil (2020:£nil).

The cost of key management personnel is disclosed in the directors remuneration charge in the financial statements.

20. ULTIMATE CONTROLLING PARTY

The directors of the company are the ultimate controlling party.