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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 2024






CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 5

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


CP ANIMAL FEEDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







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

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The director presents his strategic report of the company and the group for the year ended 31 October 2024.

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, margins and profit. 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 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.


CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

SECTION 172(1) STATEMENT
The director acknowledges his responsibilities under section 172 of the Companies Act 2006.

This statement describes how the director has taken into account the matters set out in section 172(1) (a) to (f) of the Companies Act 2006, when performing his duty to promote the success of the company. The specific steps taken to address the matters set out in sections (a) to (f) are outlined below:-

(a) The likely consequences of any decision in the long-term
The director regularly reviews his corporate and ethical duties via a corporate governance framework and develops plans that implement strategies. In all strategic decision making, the director considers the long term impact and reputation of the group and effectively mitigates against any risks.

(b) The interests of the Group's employees
The director places the health, safety and wellbeing of employees at the forefront of his approach and encourages significant employee engagement in the process. The director aims to ensure that all employees are in an environment which is safe and secure.

(c) The need to foster the Group's business relationships with suppliers, customers and others
The director historically has a strong relationship with the suppliers, customers and other stakeholders, and is actively developing new business development links and driving best practice within the supply chain. Key relationships with suppliers and customers are multi-layered with multiple contact points, including senior management involvement. The director is committed to the continuous professional development of staff which in turn improves the customer experience.

(d) The impact of the Group's operations on the community and environment
The Group provides support to a number of local, national and international charitable operations. The Group is committed to minimizing any negative impact on the environment within the confines of the effective operation of the business activity.

(e) The desirability of the company maintaining a reputation for high standards of business conduct
The director requires all employees of the group to maintain the highest standards of conduct when dealing with customers, suppliers and other stakeholders. The director does not tolerate behaviours or acts which can be deemed active or passive corruption, collusion or that influence favoritism.

(f) The need to act fairly between members of the company
Meetings between the director and senior management are held to discuss the strategic direction and objectives of the group, business performance and future plans. The director developed a strategic plan for the group, with full involvement of the senior management team.

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 2024

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:


2024 2023
Turnover £68.3m £60.3m

Gross profit £9.1m £7.6m

Profit for the year £2.1m £2.0m

ON BEHALF OF THE BOARD:





C W Purdy - Director


9 May 2025

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 OCTOBER 2024

The director presents his report with the financial statements of the company and the group for the year ended 31 October 2024.

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

DIVIDENDS
A dividend of £120,000 was paid during the year. (2023 - £125,000)

RESEARCH AND DEVELOPMENT
The director continues to invest in research and development projects to advance the efficiency and production in the group.

DIRECTOR
C W Purdy held office during the whole of the period from 1 November 2023 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
The company made charitable donations amounting to £10,000 during the year (2023: £15,000). No donations for political purposes were made during the year.

RESULTS
The profit for the year, after taxation, amounts to £2,140,415 (2023- £1,980,959)

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.

ENERGY AND CARBON REPORTING
In line with the 'Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018' and related accompanying government guidance 'Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting requirements: March 2019', the Group presents details of its carbon and energy usage.

In line with the associated regulations and guidance, the Group has provided combined reporting for companies meeting the Companies Act definition of a 'large' company and where annual energy consumption is greater than 40,000 kWh.

Accordingly the following report is based on the energy and carbon usage of CP Animal Feeds Ltd and Masons Animal Feeds Ltd. The activities of these companies include the manufacture of animal feeds.

Energy and emissions report


Energy Consumption
(kWh)
Carbon Emissions
(tCO2e)
Intensity Ratio Emission
per £million turnover

2024 2023 2024 2023 2024 2023
Electricity 3,657,227 3,260,136 721 675 10.553 11.191
Transport Fuel (Diesel) 4,786,088 3,618,734 1,261 953 18.459 15.799
Total 8,443,315 6,878,870 1,982 1,628 29.012 26.990

Methodology

To determine emissions for the year ended 31 October 2024, the group used a methodology compliant with the Greenhouse Gas ('GHG') Protocol and incorporated the UK Government GHG conversion factors for green-house gas reporting. An allowance is then made against this for electricity generated from a renewable source (solar).

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 OCTOBER 2024


Electricity consumption was based on data obtained from supplier invoices and meter readings. Transport fuel consumption was obtained from purchase invoices. The collected consumption data was then converted into greenhouse gas emissions associated with each activity using the annually updated emission factors from the UK Government.

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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- 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.

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


9 May 2025

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 2024 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 2024 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 six, 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

9 May 2025

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024 2023
Notes £    £   

TURNOVER 4 68,336,871 60,319,368

Cost of sales 59,204,677 52,677,436
GROSS PROFIT 9,132,194 7,641,932

Administrative expenses 6,314,668 4,897,801
OPERATING PROFIT 6 2,817,526 2,744,131

Interest receivable and similar income 136,193 117,659
2,953,719 2,861,790

Interest payable and similar expenses 7 230,285 179,112
PROFIT BEFORE TAXATION 2,723,434 2,682,678

Tax on profit 8 583,019 701,719
PROFIT FOR THE FINANCIAL YEAR 2,140,415 1,980,959

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,140,415

1,980,959

Profit attributable to:
Owners of the parent 2,140,415 1,980,959

Total comprehensive income attributable to:
Owners of the parent 2,140,415 1,980,959

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

CONSOLIDATED BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 3,250,476 2,377,959
Investments 13 - -
3,250,476 2,377,959

CURRENT ASSETS
Stocks 14 1,939,799 1,566,998
Debtors 15 12,382,348 10,883,830
Cash at bank and in hand 4,121,604 7,270,133
18,443,751 19,720,961
CREDITORS
Amounts falling due within one year 16 4,307,408 6,919,781
NET CURRENT ASSETS 14,136,343 12,801,180
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,386,819

15,179,139

CREDITORS
Amounts falling due after more than one year 17 (517,230 ) (529,660 )

PROVISIONS FOR LIABILITIES 22 (521,116 ) (321,421 )
NET ASSETS 16,348,473 14,328,058

CAPITAL AND RESERVES
Called up share capital 23 100 100
Retained earnings 24 16,348,373 14,327,958
SHAREHOLDERS' FUNDS 16,348,473 14,328,058

The financial statements were approved by the director and authorised for issue on 9 May 2025 and were signed by:





C W Purdy - Director


CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

COMPANY BALANCE SHEET
31 OCTOBER 2024

2024 2023
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 8,998,114 4,486,943
Cash at bank 3,475,996 6,265,650
12,474,110 10,752,593
CREDITORS
Amounts falling due within one year 16 449,481 571,185
NET CURRENT ASSETS 12,024,629 10,181,408
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,516,742

11,673,521

CAPITAL AND RESERVES
Called up share capital 23 100 100
Retained earnings 13,516,642 11,673,421
SHAREHOLDERS' FUNDS 13,516,742 11,673,521

Company's profit for the financial year 1,963,221 1,717,113

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 9 May 2025 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 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 100 12,471,999 12,472,099

Changes in equity
Dividends - (125,000 ) (125,000 )
Total comprehensive income - 1,980,959 1,980,959
Balance at 31 October 2023 100 14,327,958 14,328,058

Changes in equity
Dividends - (120,000 ) (120,000 )
Total comprehensive income - 2,140,415 2,140,415
Balance at 31 October 2024 100 16,348,373 16,348,473

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 100 10,081,308 10,081,408

Changes in equity
Total comprehensive income - 1,717,113 1,717,113
Dividends - (125,000 ) (125,000 )
Balance at 31 October 2023 100 11,673,421 11,673,521

Changes in equity
Total comprehensive income - 1,963,221 1,963,221
Dividends - (120,000 ) (120,000 )
Balance at 31 October 2024 100 13,516,642 13,516,742

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,381,086 1,800,177
Interest paid (62,485 ) (43,994 )
Interest element of hire purchase payments
paid

(7,111

)

(2,918

)
Finance costs paid (160,689 ) (132,200 )
Tax paid (819,827 ) (865,387 )
Net cash from operating activities 1,330,974 755,678

Cash flows from investing activities
Purchase of tangible fixed assets (2,193,057 ) (294,609 )
Sale of tangible fixed assets 360,001 58,700
Interest received 136,193 117,659
Net cash from investing activities (1,696,863 ) (118,250 )

Cash flows from financing activities
HP loans/(repayments) in year 41,173 (183,161 )
Amount introduced by directors 6,795 -
Amount withdrawn by directors - (18,275 )
Equity dividends paid (120,000 ) (125,000 )
Net cash from financing activities (72,032 ) (326,436 )

(Decrease)/increase in cash and cash equivalents (437,921 ) 310,992
Cash and cash equivalents at beginning of
year

2

4,248,379

3,937,387

Cash and cash equivalents at end of year 2 3,810,458 4,248,379

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 2,723,434 2,682,678
Depreciation charges 992,430 915,082
Profit on disposal of fixed assets (31,890 ) (4,829 )
Finance costs 230,285 179,112
Finance income (136,193 ) (117,659 )
3,778,066 3,654,384
Increase in stocks (372,801 ) (25,841 )
Increase in trade and other debtors (1,498,518 ) (2,175,838 )
Increase in trade and other creditors 474,339 347,472
Cash generated from operations 2,381,086 1,800,177

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 2024
31.10.24 1.11.23
£    £   
Cash and cash equivalents 4,121,604 7,270,133
Bank overdrafts (311,146 ) (3,021,754 )
3,810,458 4,248,379
Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 7,270,133 5,451,152
Bank overdrafts (3,021,754 ) (1,513,765 )
4,248,379 3,937,387


CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.23 Cash flow At 31.10.24
£    £    £   
Net cash
Cash at bank and in hand 7,270,133 (3,148,529 ) 4,121,604
Bank overdrafts (3,021,754 ) 2,710,608 (311,146 )
4,248,379 (437,921 ) 3,810,458
Debt
Finance leases (111,830 ) (219,753 ) (331,583 )
Debts falling due within 1 year (178,850 ) - (178,850 )
Debts falling due after 1 year (490,765 ) 178,580 (312,185 )
(781,445 ) (41,173 ) (822,618 )
Total 3,466,934 (479,094 ) 2,987,840

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

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 functional 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.

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 2024

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.

Cost is defined as the expenditure which has been incurred in the normal course of business in bringing 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.


CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

2. ACCOUNTING POLICIES - continued
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.

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.

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

2. ACCOUNTING POLICIES - continued

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.

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:

2024 2023
£    £   
Sale of goods 68,336,871 60,319,368
68,336,871 60,319,368

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

4. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
UK & ROI 68,336,871 60,319,368
68,336,871 60,319,368

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,043,338 1,712,974
Social security costs 213,857 167,423
Other pension costs 158,999 144,564
2,416,194 2,024,961

The average number of employees during the year was as follows:
2024 2023

Management 2 2
Sales & Administration 17 15
Production & Distribution 30 31
Cleaning 4 2
53 50

2024 2023
£ £
Director's remuneration 30,100 30,100
Director's pension 55,900 55,900
86,000 86,000


6. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 922,755 882,251
Depreciation - assets on hire purchase contracts 69,675 32,832
Profit on disposal of fixed assets (31,890 ) (4,829 )
Auditors' remuneration 18,500 14,700

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Loan interest 43,945 43,994
Corporation tax interest 18,540 -
Hire purchase interest 7,111 2,918
Bank interest & related
charges 160,689 132,200
230,285 179,112

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 383,324 716,647

Deferred tax 199,695 (14,928 )
Tax on profit 583,019 701,719

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:

2024 2023
£    £   
Profit before tax 2,723,434 2,682,678
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 22.500 %)

680,859

603,603

Effects of:
Expenses not deductible for tax purposes 8,645 624
Income not taxable for tax purposes (5,643 ) (333 )
Capital allowances in excess of depreciation (943 ) -
Depreciation in excess of capital allowances - 6,238
Deferred tax at future rate (99,899 ) 94,668
Enhanced tax relief on qualifying expenditure - (3,081 )
Total tax charge 583,019 701,719

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 £1,963,221 (2023 - £1,717,113).

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

10. DIVIDENDS
2024 2023
£    £   
Interim 120,000 125,000

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 November 2023
and 31 October 2024 127,500
AMORTISATION
At 1 November 2023
and 31 October 2024 127,500
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 -

12. TANGIBLE FIXED ASSETS

Group
Freehold Plant & Fixtures Motor
property machinery & fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 November 2023 751,350 6,854,615 100,240 563,333 8,269,538
Additions 456,702 1,632,997 - 103,358 2,193,057
Disposals (299,999 ) (58,750 ) - (111,680 ) (470,429 )
At 31 October 2024 908,053 8,428,862 100,240 555,011 9,992,166
DEPRECIATION
At 1 November 2023 349,033 5,041,574 90,727 410,245 5,891,579
Charge for year 19,246 914,043 6,664 52,477 992,430
Eliminated on disposal (30,008 ) (17,625 ) - (94,686 ) (142,319 )
At 31 October 2024 338,271 5,937,992 97,391 368,036 6,741,690
NET BOOK VALUE
At 31 October 2024 569,782 2,490,870 2,849 186,975 3,250,476
At 31 October 2023 402,317 1,813,041 9,513 153,088 2,377,959


CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

12. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant &
machinery
£   
COST OR VALUATION
At 1 November 2023 218,877
Additions 379,500
Transfer to ownership (133,877 )
At 31 October 2024 464,500
DEPRECIATION
At 1 November 2023 74,315
Charge for year 69,675
Transfer to ownership (61,564 )
At 31 October 2024 82,426
NET BOOK VALUE
At 31 October 2024 382,074
At 31 October 2023 144,562

13. FIXED ASSET INVESTMENTS

Company
Investment
in
subsidiaries
£   
COST
At 1 November 2023
and 31 October 2024 1,492,113
NET BOOK VALUE
At 31 October 2024 1,492,113
At 31 October 2023 1,492,113

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

13. FIXED ASSET INVESTMENTS - continued

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


14. STOCKS

Group
2024 2023
£    £   
Raw materials and goods for
resale 1,939,799 1,566,998
1,939,799 1,566,998

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 10,488,591 9,715,179 - -
Amounts owed by group undertakings - - 8,548,770 4,035,784
Other debtors 472,111 457,583 449,344 451,159
Amounts owed by related
undertakings 368,003 - - -
VAT 810,269 422,962 - -
Prepayments and accrued income 243,374 288,106 - -
12,382,348 10,883,830 8,998,114 4,486,943

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 489,996 3,200,604 - -
Hire purchase contracts (see note 19) 126,538 72,935 - -
Trade creditors 3,177,381 2,739,935 - -
Corporation tax 280,474 716,977 255,012 382,682
Social security and other taxes 68,965 55,954 - -
VAT - - 160,311 149,659
Other creditors - 11,481 - 11,481
Directors' current accounts 34,158 27,363 34,158 27,363
Accruals 129,896 94,532 - -
4,307,408 6,919,781 449,481 571,185

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

Group
2024 2023
£    £   
Bank loans (see note 18) 312,185 490,765
Hire purchase contracts (see note 19) 205,045 38,895
517,230 529,660

18. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 311,146 3,021,754
Bank loans 178,850 178,850
489,996 3,200,604
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 133,335 311,915

Capital and interest is payable quarterly on bank loans at varying rates.

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 126,538 72,935
Between one and five years 205,045 38,895
331,583 111,830

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank overdrafts 311,146 3,021,754
Bank loans 491,035 669,615
802,181 3,691,369

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.

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
2024 2023
£    £   
Deferred tax 521,116 321,421

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

22. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 November 2023 321,421
Movement during year 199,695
Balance at 31 October 2024 521,116

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

24. RESERVES

Group
Retained
earnings
£   

At 1 November 2023 14,327,958
Profit for the year 2,140,415
Dividends (120,000 )
At 31 October 2024 16,348,373


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.

FRS102 Section 33.6 required the group to disclose remuneration of all key personnel. Total remuneration to key personnel during the year totalled £86,000 (2023: £86,000).

Entities under common control
2024 2023
£    £   
Amount due from related party 622,696 243,237

CP ANIMAL FEEDS LIMITED (REGISTERED NUMBER: NI618810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

25. RELATED PARTY DISCLOSURES - continued

Drumbare Ltd

Mr Colin Purdy is a director and shareholder of Drumbare Ltd.

During the year ended 31 October 2024, the group made purchases of £1,696,524 from Drumbare Ltd. At 31 October 2024, Drumbare Ltd owed £368,003 (2023 - £11,481- creditor) to the group.

Macoo Ltd

Mrs Grace Purdy is a director and shareholder of Macoo Ltd.

At 31 October 2024, Macoo Ltd owed £254,693 (2023 - £254,718) to the group.

Talbot & Muir SIPP re GC Purdy and TM Trustee Ltd

During the year ended 31 October 2024, the group sold property to Talbot & Muir SIPP re GC Purdy and TM Trustee Ltd, of which Mrs GC Purdy is a trustee. Rentals of £18,363 were paid by the group to the pension scheme during the year ended 31 October 2024.

26. CONTINGENT LIABILITIES

The director confirms that neither the group nor the company has no contingent liabilities at the year end. (2023: £NIL)

27. CAPITAL COMMITMENTS

At 31 October 2024 the group had capital commitments of £Nil (2023: £615,328).

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 £158,999 (2023: £144,564).

29. CONTROLLING PARTY

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