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REGISTERED NUMBER: 06323031 (England and Wales)















STRATEGIC REPORT, DIRECTORS' REPORT AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023




Page

Company Information 1

Strategic Report 2

Directors' Report 3

Independent Auditors' Report 4

Income Statement 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


SU-BRIDGE PET SUPPLIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr B R W Manning
Mr I R Manning
Mr O J McDonagh
Mrs L Hopwood


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 2023

The directors present their strategic report for the year ended 31 December 2023.

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

Financial Highlights:
- Turnover increased from £37.6m to £41.2m. An increase of 9.6%
- Gross Margin decreased from 24.54% to 24.11%.
- Profit before tax decreased from £1.4m to £1.1m.
- Net Assets increased to £9.09m (2022- £8.47m).

Investment in our core brands continue at pace with double digits growth achieved in 2023

FUTURE OUTLOOK
The directors continue to review their future business plan and adjust to meet current trading challenges. Despite all of this the company expect to record sales and profit growth in 2024.

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.

ON BEHALF OF THE BOARD:





Mr I R Manning - Director


25 September 2024

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

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

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 £237,500 during the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr B R W Manning
Mr I R Manning

Other changes in directors holding office are as follows:

Mr O J McDonagh and Mrs L Hopwood were appointed as directors after 31 December 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Directors' Report 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.

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


25 September 2024

INDEPENDENT AUDITORS' REPORT 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 2023 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 2023 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 Directors' Report, but does not include the financial statements and our Auditors' Report 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report 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 Directors' Report.

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.

INDEPENDENT AUDITORS' REPORT 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 an Auditors' Report 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:

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 Auditors' Report.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
SU-BRIDGE PET SUPPLIES 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 an Auditors' Report 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

25 September 2024

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

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 41,229,973 37,615,777

Cost of sales (31,290,231 ) (28,383,325 )
GROSS PROFIT 9,939,742 9,232,452

Distribution costs (4,465,139 ) (4,506,744 )
Administrative expenses (3,963,577 ) (3,153,815 )
OPERATING PROFIT 4 1,511,026 1,571,893


Interest payable and similar expenses 5 (371,939 ) (169,458 )
PROFIT BEFORE TAXATION 1,139,087 1,402,435

Tax on profit 6 (284,648 ) (301,234 )
PROFIT FOR THE FINANCIAL YEAR 854,439 1,101,201

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

854,439

1,101,201

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

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 4,639,987 4,544,889
4,639,987 4,544,889

CURRENT ASSETS
Stocks 10 4,374,978 4,344,705
Debtors 11 7,487,015 6,511,100
Cash at bank and in hand 872,500 782,547
12,734,493 11,638,352
CREDITORS
Amounts falling due within one year 12 6,836,652 6,220,619
NET CURRENT ASSETS 5,897,841 5,417,733
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,537,828

9,962,622

CREDITORS
Amounts falling due after more than one
year

13

(1,191,995

)

(1,289,248

)

PROVISIONS FOR LIABILITIES 17 (254,773 ) (199,253 )
NET ASSETS 9,091,060 8,474,121

CAPITAL AND RESERVES
Called up share capital 18 150,000 150,000
Retained earnings 19 8,941,060 8,324,121
SHAREHOLDERS' FUNDS 9,091,060 8,474,121

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 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 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 150,000 7,527,920 7,677,920

Changes in equity
Dividends - (305,000 ) (305,000 )
Total comprehensive income - 1,101,201 1,101,201
Balance at 31 December 2022 150,000 8,324,121 8,474,121

Changes in equity
Dividends - (237,500 ) (237,500 )
Total comprehensive income - 854,439 854,439
Balance at 31 December 2023 150,000 8,941,060 9,091,060

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

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,309,388 1,144,757
Interest paid (370,206 ) (165,565 )
Interest element of hire purchase payments
paid

(1,733

)

(3,893

)
Tax paid (177,341 ) (511,171 )
Net cash from operating activities 760,108 464,128

Cash flows from investing activities
Purchase of tangible assets (397,371 ) (1,260,405 )
Sale of tangible assets 31,650 42,800
Net cash from investing activities (365,721 ) (1,217,605 )

Cash flows from financing activities
New loans in year - 1,000,000
Loan repayments in year (115,477 ) (123,055 )
Capital repayments in year (15,604 ) (34,826 )
Amount introduced by directors 457,119 419,000
Amount withdrawn by directors (392,972 ) (424,927 )
Equity dividends paid (237,500 ) (305,000 )
Net cash from financing activities (304,434 ) 531,192

Increase/(decrease) in cash and cash equivalents 89,953 (222,285 )
Cash and cash equivalents at beginning
of year

2

782,547

1,004,832

Cash and cash equivalents at end of year 2 872,500 782,547

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

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,139,087 1,402,435
Depreciation charges 301,874 274,938
Profit on disposal of fixed assets (31,251 ) (24,977 )
Finance costs 371,939 169,458
1,781,649 1,821,854
Increase in stocks (30,273 ) (859,336 )
(Increase)/decrease in trade and other debtors (977,315 ) 836,846
Increase/(decrease) in trade and other creditors 535,327 (654,607 )
Cash generated from operations 1,309,388 1,144,757

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 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 872,500 782,547
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 782,547 1,004,832


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 782,547 89,953 872,500
782,547 89,953 872,500
Debt
Finance leases (35,537 ) 15,604 (19,933 )
Debts falling due within 1 year (138,375 ) 18,224 (120,151 )
Debts falling due after 1 year (1,289,248 ) 97,253 (1,191,995 )
(1,463,160 ) 131,081 (1,332,079 )
Total (680,613 ) 221,034 (459,579 )

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

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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 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.

Tangible 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.

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.

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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
2023 2022
£    £   
Wages and salaries 4,313,930 3,709,229
Other pension costs 71,627 63,670
4,385,557 3,772,899

The average number of employees during the year was as follows:
2023 2022

Directors 2 2
Sales and Administration 38 34
Warehousing and Distribution 68 66
108 102

2023 2022
£    £   
Directors' remuneration 28,800 30,000

4. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 271,932 248,995
Depreciation - assets on hire purchase contracts 29,942 25,942
Profit on disposal of fixed assets (31,251 ) (24,977 )
Auditors' remuneration 17,030 14,835

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 80,468 40,454
Bad debts 13,072 3,689
Bank charges 80,143 33,607
Invoice discounting charges 196,523 87,815
Hire purchase 1,733 3,893
371,939 169,458

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 229,128 179,274

Deferred tax 55,520 121,960
Tax on profit 284,648 301,234

UK corporation tax was charged at 19%) in 2022.

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:

2023 2022
£    £   
Profit before tax 1,139,087 1,402,435
Profit multiplied by the standard rate of corporation tax in the UK of
23.521% (2022 - 19%)

267,925

266,463

Effects of:
Expenses not deductible for tax purposes 12,164 8,028
Capital allowances in excess of depreciation (43,611 ) (90,472 )
Other tax adjustments (7,350 ) (4,745 )
Deferred tax movement 55,520 121,960
Total tax charge 284,648 301,234

Factors that may affect future, current and total tax charges
An increase in the UK corporation tax rate from 19% to 25% (effective from 1 April 2023) was substantively enacted on 24 May 2021. This change has been taken into account in measuring deferred tax assets and liabilities at the balance sheet date. These changes are not anticipated to have a material impact on the company's financial statements in future years.

7. DIVIDENDS
2023 2022
£    £   
Ordinary A shares of £1 each
Interim 119,000 105,600
Ordinary B shares of £1 each
Interim 66,000 154,400
Ordinary C shares of £1 each
Interim 52,500 45,000
237,500 305,000

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 500,000 340 500,340
AMORTISATION
At 1 January 2023
and 31 December 2023 500,000 340 500,340
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 - - -

9. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 3,987,376 1,402,189 509,299 174,606 6,073,470
Additions - 256,869 140,502 - 397,371
Disposals - - (98,724 ) - (98,724 )
At 31 December 2023 3,987,376 1,659,058 551,077 174,606 6,372,117
DEPRECIATION
At 1 January 2023 313,737 789,093 251,145 174,606 1,528,581
Charge for year 72,197 154,270 75,407 - 301,874
Eliminated on disposal - - (98,325 ) - (98,325 )
At 31 December 2023 385,934 943,363 228,227 174,606 1,732,130
NET BOOK VALUE
At 31 December 2023 3,601,442 715,695 322,850 - 4,639,987
At 31 December 2022 3,673,639 613,096 258,154 - 4,544,889

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 2023
and 31 December 2023 136,059 68,957 205,016
DEPRECIATION
At 1 January 2023 88,688 16,000 104,688
Charge for year 17,942 12,000 29,942
At 31 December 2023 106,630 28,000 134,630
NET BOOK VALUE
At 31 December 2023 29,429 40,957 70,386
At 31 December 2022 47,371 52,957 100,328

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. STOCKS
2023 2022
£    £   
Stocks 4,374,978 4,344,705

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 5,213,526 4,939,439
Other debtors 1,400 -
Amount due from connected party 1,305,443 777,168
Prepayments 966,646 794,493
7,487,015 6,511,100

£2,057,285 (2022 - £1,643,498) of trade debtors are subject to invoice discounting.

Amounts owed by connected parties falling due within one year are unsecured, interest free and have no fixed date of repayment.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14) 120,151 138,375
Hire purchase contracts (see note 15) 19,933 35,537
Invoice discounting advances 2,057,285 1,643,498
Trade creditors 3,320,974 3,093,373
Tax 227,612 175,825
Social security and other taxes 89,472 77,093
VAT 341,083 445,883
Directors' current accounts 77,113 12,966
Accrued expenses 583,029 598,069
6,836,652 6,220,619

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 14) 1,191,995 1,289,248

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 120,151 138,375

Amounts falling due between one and two years:
Bank loans - 1-2 years 142,681 140,604

Amounts falling due between two and five years:
Bank loans - 2-5 years 400,398 439,953

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 648,916 708,691

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

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 £270,670. 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 £132,583. The loan is repayable over the period to April 2030. 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 £908,893. The loan is repayable over the period to January 2037. 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:

2023 2022
£    £   
Net obligations repayable:
Within one year 19,933 35,537

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,312,146 1,427,623
Hire purchase contracts 19,933 35,537
Invoice discounting advances 2,057,285 1,643,498
3,389,364 3,106,658

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 254,773 199,253

Deferred
tax
£   
Balance at 1 January 2023 199,253
Charge to Income Statement during year 55,520
Balance at 31 December 2023 254,773

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
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 represents cumulative retained profits and losses.

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

20. RELATED PARTY DISCLOSURES

Key management personnel

During the year the company was charged £146,109 (2022 - £128,531) by key management personnel for accountancy and management services.

Included with debtors due within one year is £3,901 owing from a company where a key management personnel is a director and 100% shareholder. During the year the company made sales of £115,942 (2022 - £131,278) to the related party

Other Related Parties

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

Included within debtors due within one year is £1,037,729 (2022 - £513,176) owing from this related party. During the year the company made sales of £546,610 (2022 - £515,218) to the related party and made purchases of £343,949 (2022 - £337,923) from them

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

Included within debtors due within one year is £267,714 (2022 - £263,992) due from this related party.

21. ULTIMATE CONTROLLING PARTY

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