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REGISTERED NUMBER: NI618810 (Northern Ireland)















CP ANIMAL FEEDS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022






CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


CP ANIMAL FEEDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2022







DIRECTOR: C W Purdy



SECRETARY: Mrs G C Purdy



REGISTERED OFFICE: 122 Marlacoo Road
Portadown
Co. Armagh
BT62 3BT



REGISTERED NUMBER: NI618810 (Northern Ireland)



AUDITORS: McAleer Jackson Ltd
Chartered Accountants & Statutory Auditors
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE



BANKERS: Ulster Bank Limited
7 Upper English Street
ARMAGH
BT61 7BL



SOLICITORS: Worthingtons Solicitors
24-38 Gordon Street
BELFAST
BT1 2LG

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2022

The director presents his strategic report of the company and the group for the year ended 31 October 2022.

REVIEW OF BUSINESS
The director considers the results during the year to be satisfactory given the conditions within the agricultural sector at present and in particular the volatility in the cost of raw materials. The results for the year are set out in the statement of comprehensive income, showing an increase in turnover and profitability. The year end financial position is set out on the balance sheet and is considered satisfactory.

The group has invested in people and product development along with a major investment in facilities during the year and will continue to do so in order to ensure ongoing business growth and improved effectiveness.

The director views the outlook for the group with confidence.

PRINCIPAL RISKS AND UNCERTAINTIES
Financial Risk Management
The group's operations expose it to a variety of financial risks that include price risk, liquidity risk and interest rate risk. Given the size of the group the financial risk management is controlled by the director and the main risks associated with the financial assets and liabilities are set out below.

Price Risk
The group is exposed to commodity price risk due to movements and the volatility of commodity prices. The group seeks to mitigate this risk thorough the policy of entering into forward contracts for a proportion of it's raw materials.

Credit Risk
Credit risk arises on third party derived revenues. The group carries out appropriate checks on potential customers before sales are made to any new customers. The majority of sales are made to long standing customers with whom a good relationship has been built. Individual exposures are monitored on an ongoing bases to ensure that the group's exposure to bad debts is not significant.

Liquidity Risk
The group's liquidity risk is managed by the group's director through daily assessment of required cash levels and resultant utilisation of available facilities from the group's banks.

Interest Rate Risk
The group has external borrowings with its bank and the debt is maintained at variable rates of interest. The group is satisfied with this arrangement and will review this policy as the group's operations may change in the future. The director does not believe that the group has significant exposure arising from interest rate changes.

ENVIRONMENT
The group recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The director's continual aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible. Opportunities to improve the sustainability of the group's operations are actively pursued by the director.

HEALTH AND SAFETY
The group is committed to achieving the highest possible standard in health and safety management and continues to invest in its facilities to ensure a safe environment for employees and customers alike.

HUMAN RESOURCES
The group regards people as one of its most important resources. Retention of key staff is critical and the director is pleased with the relatively low turnover of personnel.


CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2022

KEY PERFORMANCE INDICATORS (KPIS)
Given the nature of the business, the group's director view the principle KPIs of the business to be growth in turnover and gross profit.

The key performance indicators of the group are set out below:


2022 2021
Turnover £49.2m £35.8m
Gross profit £9.1m £6.4m
Profit for the year £3.7m £1.6m

ON BEHALF OF THE BOARD:





C W Purdy - Director


2 May 2023

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 OCTOBER 2022

The director presents his report with the financial statements of the company and the group for the year ended 31 October 2022.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of manufacture of prepared feeds for farm animals.

DIVIDENDS
The directors have recommended a dividend of £115,000. (2021 - £110,000)

DIRECTOR
C W Purdy held office during the whole of the period from 1 November 2021 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
The company made charitable donations amounting to £20,300 during the year (2021: £10,000). No donations for political purposes were made during the year.

RESULTS
The profit for the year, after taxation, amounts to £3,736,703 (2021- £1,566,015)

FUTURE DEVELOPMENTS
The director does not foresee any future developments in the forthcoming year outside of normal trading.

POST BALANCE SHEET EVENTS
There have been no significant events affecting the group since the year end.

DIRECTOR'S RESPONSIBILITIES STATEMENT
The director is responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 OCTOBER 2022


AUDITORS
The auditors, McAleer Jackson Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C W Purdy - Director


2 May 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CP ANIMAL FEEDS LIMITED

Opinion
We have audited the financial statements of CP Animal Feeds Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2022 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 October 2022 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CP ANIMAL FEEDS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Director's Responsibilities Statement set out on page four, 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 group's and the parent 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 group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CP ANIMAL FEEDS LIMITED


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.

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. We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance including the Group's remuneration policies, and performance targets;
- results of our enquiries of management and other key persons about the Group's own identification and assessment of the risks of irregularities, including those that may occur either as a result of fraud or error, and matters we identified from our review of the Group's policies, procedures and internal controls; and
- the matters discussed among the audit engagement team regarding potential indicators of fraud and where it might occur in the financial statements.

We also obtained an understanding of the legal and regulatory framework that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions and tax legislation, health and safety regulations, food standard requirements together with provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the Group's ability to operate or to avoid a material penalty.

From the above procedures, and in common with all audits under ISAs (UK), we identified the disclosure of adjusting items as a key audit matter with respect to potential risk of fraud, particularly in areas where management is required to exercise significant judgement.

We tailored our response to those identified risks to include enquiring of management and external legal advisors concerning actual and potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, and reviewing correspondence with HMRC and other regulatory bodies.

In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

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
CP ANIMAL FEEDS 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.




Michael Barnett (Senior Statutory Auditor)
for and on behalf of McAleer Jackson Ltd
Chartered Accountants & Statutory Auditors
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE

2 May 2023

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 OCTOBER 2022

2022 2021
Notes £    £   

TURNOVER 4 49,246,892 35,755,982

Cost of sales 40,106,785 29,403,617
GROSS PROFIT 9,140,107 6,352,365

Administrative expenses 4,545,301 4,478,362
4,594,806 1,874,003

Other operating income - 27,000
OPERATING PROFIT 6 4,594,806 1,901,003

Interest receivable and similar income 6,453 981
4,601,259 1,901,984

Interest payable and similar expenses 7 74,058 62,639
PROFIT BEFORE TAXATION 4,527,201 1,839,345

Tax on profit 8 790,498 273,330
PROFIT FOR THE FINANCIAL YEAR 3,736,703 1,566,015

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,736,703

1,566,015

Profit attributable to:
Owners of the parent 3,736,703 1,566,015

Total comprehensive income attributable to:
Owners of the parent 3,736,703 1,566,015

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

CONSOLIDATED BALANCE SHEET
31 OCTOBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 3,052,304 3,338,698
Investments 13 - -
3,052,304 3,338,698

CURRENT ASSETS
Stocks 14 1,541,157 1,574,981
Debtors 15 8,707,992 6,307,851
Cash at bank and in hand 5,451,152 2,843,630
15,700,301 10,726,462
CREDITORS
Amounts falling due within one year 16 5,223,198 3,908,692
NET CURRENT ASSETS 10,477,103 6,817,770
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,529,407

10,156,468

CREDITORS
Amounts falling due after more than one
year

17

(720,959

)

(939,701

)

PROVISIONS FOR LIABILITIES 22 (336,349 ) (366,371 )
NET ASSETS 12,472,099 8,850,396

CAPITAL AND RESERVES
Called up share capital 23 100 100
Retained earnings 24 12,471,999 8,850,296
SHAREHOLDERS' FUNDS 12,472,099 8,850,396

The financial statements were approved by the director and authorised for issue on 2 May 2023 and were signed by:





C W Purdy - Director


CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

COMPANY BALANCE SHEET
31 OCTOBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 1,492,113 1,492,113
1,492,113 1,492,113

CURRENT ASSETS
Debtors 15 4,730,346 1,944,490
Cash at bank 5,050,901 2,300,947
9,781,247 4,245,437
CREDITORS
Amounts falling due within one year 16 1,191,952 287,304
NET CURRENT ASSETS 8,589,295 3,958,133
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,081,408

5,450,246

CAPITAL AND RESERVES
Called up share capital 23 100 100
Retained earnings 10,081,308 5,450,146
SHAREHOLDERS' FUNDS 10,081,408 5,450,246

Company's profit for the financial year 4,746,162 1,250,013

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

The financial statements were approved by the director and authorised for issue on 2 May 2023 and were signed by:





C W Purdy - Director


CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 November 2020 100 7,394,281 7,394,381

Changes in equity
Dividends - (110,000 ) (110,000 )
Total comprehensive income - 1,566,015 1,566,015
Balance at 31 October 2021 100 8,850,296 8,850,396

Changes in equity
Dividends - (115,000 ) (115,000 )
Total comprehensive income - 3,736,703 3,736,703
Balance at 31 October 2022 100 12,471,999 12,472,099

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 November 2020 100 4,310,133 4,310,233

Changes in equity
Total comprehensive income - 1,250,013 1,250,013
Dividends - (110,000 ) (110,000 )
Balance at 31 October 2021 100 5,450,146 5,450,246

Changes in equity
Total comprehensive income - 4,746,162 4,746,162
Dividends - (115,000 ) (115,000 )
Balance at 31 October 2022 100 10,081,308 10,081,408

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,233,739 1,289,202
Interest paid (11,610 ) (11,494 )
Interest element of hire purchase payments
paid

(2,771

)

(3,475

)
Finance costs paid (59,677 ) (47,670 )
Tax paid (337,612 ) (30,827 )
Net cash from operating activities 2,822,069 1,195,736

Cash flows from investing activities
Purchase of tangible fixed assets (678,283 ) (695,585 )
Sale of tangible fixed assets 65,448 21,500
Interest received 6,453 981
Net cash from investing activities (606,382 ) (673,104 )

Cash flows from financing activities
Loan repayments in year (178,580 ) (178,580 )
HP loans/(repayments) in year (74,766 ) 34,310
Amount introduced by directors 15,841 29,797
Equity dividends paid (115,000 ) (110,000 )
Net cash from financing activities (352,505 ) (224,473 )

Increase in cash and cash equivalents 1,863,182 298,159
Cash and cash equivalents at beginning of
year

2

2,074,205

1,776,046

Cash and cash equivalents at end of year 2 3,937,387 2,074,205

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2022 2021
£    £   
Profit before taxation 4,527,201 1,839,345
Depreciation charges 905,224 843,194
Profit on disposal of fixed assets (5,997 ) (21,500 )
Loss on revaluation of fixed assets - 305,784
Finance costs 74,058 62,639
Finance income (6,453 ) (981 )
5,494,033 3,028,481
Decrease/(increase) in stocks 33,824 (805,173 )
Increase in trade and other debtors (2,400,141 ) (904,095 )
Increase/(decrease) in trade and other creditors 106,023 (30,011 )
Cash generated from operations 3,233,739 1,289,202

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 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 5,451,152 2,843,630
Bank overdrafts (1,513,765 ) (769,425 )
3,937,387 2,074,205
Year ended 31 October 2021
31.10.21 1.11.20
£    £   
Cash and cash equivalents 2,843,630 2,358,222
Bank overdrafts (769,425 ) (582,176 )
2,074,205 1,776,046


CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2022

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.21 Cash flow At 31.10.22
£    £    £   
Net cash
Cash at bank and in hand 2,843,630 2,607,522 5,451,152
Bank overdrafts (769,425 ) (744,340 ) (1,513,765 )
2,074,205 1,863,182 3,937,387
Debt
Finance leases (191,177 ) 74,766 (116,411 )
Debts falling due within 1 year (178,850 ) - (178,850 )
Debts falling due after 1 year (847,925 ) 178,580 (669,345 )
(1,217,952 ) 253,346 (964,606 )
Total 856,253 2,116,528 2,972,781

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

1. STATUTORY INFORMATION

CP Animal Feeds Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the General 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 as modified by the revaluation of certain assets.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements are shown in sterling which in the financial currency of the group.

The group financial statements consolidate the financial statements of CP Animal Feeds Limited and all its subsidiary undertakings drawn up to 31 October each year.

Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ('the Group') as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognized at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date in which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS102, being 01 November 2015.

Valuation of investments
Investment in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognized in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shared are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

2. ACCOUNTING POLICIES - continued

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

Sale of goods
Revenue from the sale of good is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Goodwill
Goodwill is recognised at cost initially, being amortised evenly over its estimated useful life of no more than 10 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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 5% straight line
Plant & machinery - 15% straight line
Fixtures & fittings - 25% straight line
Motor vehicles - 15% straight line

The assets' residual values, useful life and depreciation methods are reviewed, and adjusted prospectively if appropriate, or it there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Income Statement.

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

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

Cost is defined as the expenditure which has been incurred in the normal course of business in bridging the product to its present location and condition. Net realisable value is the actual or estimated selling price less all further costs to completion and all costs to be incurred in marketing, selling and distributing

Interest income
Interest income is recognised in the Consolidated Income Statement using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

2. 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.

Finance costs
Finance costs are charged to the Consolidated Income Statement over the term of the debt using the effective interest method so that the amount changed is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Dividends
Equity dividends are recognised when they become legally payable. Interm equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

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 the Consolidated Income Statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the Consolidated Income Statement on a straight line basis over the period of the lease.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.

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 transactional price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each Balance Sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

3. CRITICAL ACCOUNTING JUDGEMENTS & AREAS OF ESTIMATION UNCERTAINTY

When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant management judgements in applying the accounting policies of the group that have the most significant effect on the financial statements.

Allowance for impairment of trade debtors

The group estimated the allowance for doubtful trade debtors based on assessment of specific accounts where the group has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgment used was based on the best available facts and circumstances included but not limited to, the length of the relationship.

Useful lives of depreciable assets

The annual depreciation charge depends primarily on the estimated lives of each type of asset, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined, and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on individual changes in assets and the classes of asset impacted.

4. TURNOVER

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

An analysis of turnover by class of business is given below:

2022 2021
£    £   
Sale of goods 49,246,892 35,755,982
49,246,892 35,755,982

An analysis of turnover by geographical market is given below:

2022 2021
£    £   
United Kingdom 49,246,892 35,755,982
49,246,892 35,755,982

5. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 1,602,683 1,262,751
Social security costs 160,588 129,761
Other pension costs 107,266 137,821
1,870,537 1,530,333

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2022 2021

Management 2 2
Sales & Administration 16 14
Production & Distribution 25 25
Cleaning 2 -
45 41

2022 2021
£ £
Director's remuneration 30,000 30,000
Director's pension 38,900 37,900
68,900 67,900


6. OPERATING PROFIT

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

2022 2021
£    £   
Depreciation - owned assets 873,894 756,913
Depreciation - assets on hire purchase contracts 31,332 86,280
Profit on disposal of fixed assets (5,997 ) (21,500 )
Auditors' remuneration 13,200 12,600

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Loan interest 11,610 11,494
Hire purchase interest 2,771 3,475
Factoring charges & interest 59,677 47,670
74,058 62,639

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 820,520 273,918

Deferred tax (30,022 ) (588 )
Tax on profit 790,498 273,330

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

8. TAXATION - continued

Reconciliation of total tax charge 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:

2022 2021
£    £   
Profit before tax 4,527,201 1,839,345
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2021 - 19 %)

860,168

349,476

Effects of:
Expenses not deductible for tax purposes 295 -
Capital allowances in excess of depreciation - (14,282 )
Depreciation in excess of capital allowances 540 -
Adjustments to tax charge in respect of previous periods (45,197 ) -
Deferred tax - (588 )
Enhanced tax relief on qualifying expenditure (25,308 ) (61,276 )
Total tax charge 790,498 273,330

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

The profit after tax of the parent Company for the year was £4,746,162 (2021 - £1,250,013).

10. DIVIDENDS
2022 2021
£    £   
Interim 115,000 110,000

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 November 2021
and 31 October 2022 127,500
AMORTISATION
At 1 November 2021
and 31 October 2022 127,500
NET BOOK VALUE
At 31 October 2022 -
At 31 October 2021 -

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

12. TANGIBLE FIXED ASSETS

Group
Freehold Plant & Fixtures Motor
property machinery & fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 November 2021 731,571 6,117,388 95,859 536,239 7,481,057
Additions 19,779 533,368 4,381 120,755 678,283
Disposals - (50,750 ) - (57,830 ) (108,580 )
At 31 October 2022 751,350 6,600,006 100,240 599,164 8,050,760
DEPRECIATION
At 1 November 2021 274,195 3,437,594 69,952 360,618 4,142,359
Charge for year 37,592 802,044 13,399 52,191 905,226
Eliminated on disposal - (22,838 ) - (26,291 ) (49,129 )
At 31 October 2022 311,787 4,216,800 83,351 386,518 4,998,456
NET BOOK VALUE
At 31 October 2022 439,563 2,383,206 16,889 212,646 3,052,304
At 31 October 2021 457,376 2,679,794 25,907 175,621 3,338,698

Cost or valuation at 31 October 2022 is represented by:

Freehold Plant & Fixtures Motor
property machinery & fittings vehicles Totals
£    £    £    £    £   
Valuation in 2021 (487,971 ) - - - (487,971 )
Cost 1,239,321 6,600,006 100,240 599,164 8,538,731
751,350 6,600,006 100,240 599,164 8,050,760

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

12. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant & Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 November 2021 603,202 135,000 738,202
Disposals (50,750 ) - (50,750 )
Transfer to ownership (343,575 ) (135,000 ) (478,575 )
At 31 October 2022 208,877 - 208,877
DEPRECIATION
At 1 November 2021 224,400 115,660 340,060
Charge for year 31,332 - 31,332
Eliminated on disposal (22,838 ) - (22,838 )
Transfer to ownership (167,958 ) (115,660 ) (283,618 )
At 31 October 2022 64,936 - 64,936
NET BOOK VALUE
At 31 October 2022 143,941 - 143,941
At 31 October 2021 378,802 19,340 398,142

13. FIXED ASSET INVESTMENTS

Company
Other
investments
£   
COST
At 1 November 2021
and 31 October 2022 1,492,113
NET BOOK VALUE
At 31 October 2022 1,492,113
At 31 October 2021 1,492,113

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Mason's Animal Feeds Limited
Registered office:
Nature of business: Manufacture of prepared feeds for farm animals
%
Class of shares: holding
Ordinary 100.00


CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

14. STOCKS

Group
2022 2021
£    £   
Raw materials and goods for
resale 1,541,157 1,574,981
1,541,157 1,574,981

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Trade debtors 7,902,767 5,561,341 - -
Amounts owed by group undertakings - - 4,394,227 1,697,629
Other debtors 344,907 314,161 336,119 246,861
VAT 372,741 357,116 - -
Prepayments and accrued income 87,577 75,233 - -
8,707,992 6,307,851 4,730,346 1,944,490

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans and overdrafts (see note 18) 1,692,615 948,275 - -
Hire purchase contracts (see note 19) 64,797 99,401 - -
Trade creditors 2,419,029 2,336,391 - -
Corporation tax 865,717 382,809 633,560 188,347
Social security and other taxes 57,548 24,931 - -
VAT - - 512,754 69,160
Directors' current accounts 45,638 29,797 45,638 29,797
Accruals 77,854 87,088 - -
5,223,198 3,908,692 1,191,952 287,304

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2022 2021
£    £   
Bank loans (see note 18) 669,345 847,925
Hire purchase contracts (see note 19) 51,614 91,776
720,959 939,701

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

18. LOANS

An analysis of the maturity of loans is given below:

Group
2022 2021
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,513,765 769,425
Bank loans 178,850 178,850
1,692,615 948,275
Amounts falling due between one and two years:
Bank loans - 1-2 years 178,850 178,850
Amounts falling due between two and five years:
Bank loans - 2-5 years 490,495 669,075

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 64,797 99,401
Between one and five years 51,614 91,776
116,411 191,177

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2022 2021
£    £   
Bank overdrafts 1,513,765 769,425
Bank loans 848,195 1,026,775
2,361,960 1,796,200

Bank Loans and overdrafts are secured by legal charges over the group's premises and book debts, together with a charge over keyman insurance policy and a guarantee from the group's director, and a cross company guarantee.

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

21. FINANCIAL INSTRUMENTS

Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors & cash and cash equivalents.

Financial liabilities measured at amortised cost comprise trade creditors, accruals, bank overdrafts & bank loans.

22. PROVISIONS FOR LIABILITIES

Group
2022 2021
£    £   
Deferred tax 336,349 366,371

Group
Deferred
tax
£   
Balance at 1 November 2021 366,371
Movement during year (30,022 )
Balance at 31 October 2022 336,349

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100

24. RESERVES

Group
Retained
earnings
£   

At 1 November 2021 8,850,296
Profit for the year 3,736,703
Dividends (115,000 )
At 31 October 2022 12,471,999


25. RELATED PARTY DISCLOSURES

The group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

25. RELATED PARTY DISCLOSURES - continued

FRS102 Section 33.6 required the group to disclose remuneration of all key personnel. Total remuneration to key personnel during the year totalled £68,900 (2021: £67,900).

26. CONTINGENT LIABILITIES

The director confirms that neither the group nor the company has no contingent liabilities at the year end. (2021: £NIL)

27. CAPITAL COMMITMENTS

At 31 October 2022 the group had capital commitments of £NIL (2021: £NIL) in respect of ongoing office improvements.

28. PENSION COMMITMENTS

The group operates a defined contribution pension scheme for all employees. The assets of the schemes are held separately from those of the group. The total cost for the group for the year was £107,266 (2021: £103,821).

29. CONTROLLING PARTY

CP Animal Feeds Limited is under the ultimate control of Mr C Purdy & Mrs G Purdy.