| Bridge Cheese Ltd |
| Strategic Report |
|
The directors present their strategic report for the year ended 27 September 2025.
Health and safety
Safety remains our top priority, our commitment to providing a safe working environment for our employees, supply chain, clients and others is paramount. Through a variety of training and development initiatives, there is a focus on raising safety standards every year. The Company continues to maintain excellent safety standards. Our site is regularly audited by Health & Safety specialists with the results of such safety audits generating improvement recommendations for revised business procedures. Bridge Cheese Ltd obtained grade AA against the BRC (British Retail Consortium) standard audit.
Employees
Bridge Cheese Ltd recognises that our employees are key assets of the business and, as such, invests in training courses for employees including mandatory short courses; long-term professional qualifications and apprenticeships. The investment in training ensures our employees continue to grow and develop to enable support of the business in delivering its strategic objectives.
In addition to these long-term programmes, we also run mandatory training where relevant employees cover the following topics; Food Safety, Hygiene, Manual Handling, Operational / Equipment, Cleaning & Chemical Safety. |
|
| Health and Safety |
Bridge Cheese maintains an uncompromising commitment to health, safety and operational integrity across all areas of the business. Ensuring a safe working environment for employees, supply chain partners, clients and visitors remains a core strategic priority. Continuous improvement is embedded through structured training programmes and annual development initiatives designed to elevate safety standards year on year.
Our facilities undergo regular audits by independent Heath & Safety specialists, with finding used to drive procedural enhancements and strengthen risk-management practices. This disciplined approach has contributed to the Company achieving BRC Grade AA+, reflecting the highest standards of food safety, quality and compliance. |
| Employees |
Our people are central to the long-term success of Bridge Cheese. We continue to invest in workforce capability through a combination of professional qualifications, apprenticeships and targeted development programmes aligned to the Company’s strategic objectives. This investment ensures employees have the skills and knowledge required to support sustainable growth and operational excellence.
Mandatory training is delivered across key operational and compliance areas, including Food Safety, Hygiene, Manual Handling, Equipment Operation, Cleaning, and Chemical Safety. These programmes reinforce a culture of competence, accountability, and continuous improvement. |
|
| Customers |
Strong, enduring customer relationships remain a cornerstone of Bridge Cheese’s commercial success. Many of our customers have partnered with the business for several years, reflecting our reputation for reliability, quality and collaborative working. These relationships continue to generate repeat business and attract new clients through positive referrals and market credibility.
We place significant emphasis on working closely with customers to understand their needs and support them in delivering the highest quality standards to their own markets. |
|
| Suppliers |
Our Supply chain is a critical enabler of our strategic objectives. Bridge Cheese selects suppliers who demonstrate the capability to deliver consistent quality and support our commitment to excellence. We prioritise long-term, mutually beneficial partnerships, ensuring suppliers and contractors are treated fairly and engaged collaboratively.
We recognise the substantial contribution our supply chain partners make to our operations and work proactively to maintain strong, transparent, and sustainable relationships.
|
| Environment and Sustainability |
| Strategic Commitment |
| The directors recognise that environmental responsibility extends beyond statutory compliance and represents an important ethical obligation. The company is committed to minimising its environmental impact across all operations and has set a strategic objective to deliver a sustainable and lasting positive contribution to the local area throughout the full production and distribution process. |
|
| Measurement, Targets, and Performance |
The company operates an online reporting system to monitor waste volumes, energy consumption and carbon emissions, enabling the establishment corporate-level targets and the identification of practical measures to reduce environmental impact.
During the most recent reporting period, the company achieved a 35% reduction in kg CO₂e emissions per tonne of product across Scope 1, Scope 2, and Scope 3 emissions compared with the prior year. This improvement reflects the effectiveness of the company’s expanded reporting scope and its strengthened commitment to reducing Greenhouse Gas (GHG) emissions across its operations. |
|
| Operational Initiatives |
| A range of targeted initiatives has been instrumental in delivering these results: |
| •Water Efficiency: Process and equipment enhancements have driven a measurable reduction in water usage. |
| •Energy Efficiency: Upgraded chilling processes and equipment have lowered electrical consumption. |
| •Sustainable Commuting: The Company promotes a Cycle to Work scheme, supported by secure on-site storage facilities for bicycles and equipment. |
| •Resource Optimisation: The carbon footprint associated with garment laundry has been reduced, and a circular economy model has been implemented for PPE, diverting materials that previously would have been sent to landfill. |
| •Logistics Optimisation: Delivery schedules for customers within defined geographical regions have been consolidated, reducing transportation-related emissions. |
|
| Governance and Best Practice |
| To ensure the integrity and credibility of our environmental reporting, Bridge Cheese Ltd engages with a specialist independent third party. This collaboration guarantees that the measurement and internal reporting of carbon emissions align with industry best practice. The scope of this engagement also includes the delivery of internal training and expert guidance on carbon reduction projects, reinforcing the Company’s capability to deliver sustained environmental performance. |
|
| Review of Business |
| General |
| The company has delivered a strong performance despite challenging trading conditions and wider market uncertainty. The directors are confident that, through the careful management of the company’s resources and continued focus on operational efficiency, the company will be able to meet its liabilities as they fall due and continue to trade profitably. |
|
| Financial Review |
| Turnover |
| Turnover increased by 10.3% to £34,416,094 |
|
| Gross Profit Margin |
| Gross profit for the year as a percentage of sales was 15.2% (2024: 16.2%) |
|
| Profit after Taxation |
| The profit for the year after tax was £1,000,802 (2024: £1,012,143) |
|
| Cash at Bank |
| The balance in hand as at 27 September 2025 was £2,873,056 (2024: £1,377,143) |
|
| Shareholder’s Funds |
| As at 27 September 2025 these stood at £4,335,485 (2024: £3,475,143) |
|
| Principal Risks and Uncertainties |
|
| The principal risks faced by the company and the actions taken to manage them are summarised in this analysis. Not all of these factors are within the company’s control, and there may be additional risks or uncertainties that are currently unknown or not considered material which could become significant in the future. The board conducts regular reviews of the company’s risk profile and assesses the potential impact of these risks on the business. |
| Key risks and the company’s responses to them are outlined below. |
|
| Financial Risk Management |
| The company is exposed to financial risks arising from fluctuations in foreign currency exchange rates and commodity prices. |
|
| Foreign Currency Risk |
The company has historically had limited exposure to foreign currency risk, with only a small proportion of purchase denominated in non-sterling currencies and this exposure managed through agreed pricing arrangement with suppliers. Following the commencement of exports to the Far East, the company’s exposure has begun to increase, although export activity currently represents a modest share of total revenue.
|
| As export volumes grow, the company may become more susceptible to exchange-rate movements arising from inflation, interest -rate changes and wider macroeconomic conditions. Management continues to monitor this evolving risk profile and will consider additional mitigation measures as required. |
|
| Commodity Price Risk |
| The company is exposed to variability in the price of commodities used in the running of its business, including ingredients. The company mitigates this risk by aligning, where possible, price negotiations with suppliers to customer contracts. |
|
| Strategic Growth Summary |
| Bridge Cheese is entering a defined phase of accelerated and sustainable growth, transitioning from a regionally focused cheese producer into a globally competitive market player. The company’s strategic priorities centre on deepening penetration within established markets through enhanced customer partnership models, while simultaneously pursuing high-growth opportunities across targeted international regions, including Asia-Pacific, the Middle East, and North Africa. |
|
| Market Expansion and Customer Strategy |
Growth will be driven by a dual approach: strengthening existing customer relationships through collaborative commercial models, and expanding into new geographies with tailored market-entry strategies. A business development team is being established to provide local market intelligence, cultural insight, and on-the-ground commercial capability, ensuring the company can respond effectively to the diverse customer requirements.
|
| Product Innovation and Category Development |
| Product innovation represents a core pillar of the company’s expansion strategy. New product lines are being developed across four priority categories: |
| •New markets - customising a new range of products for export markets suited to local tastes and functionality |
| •Responding to customer needs - aligned to evolving consumer preferences and needs |
| •New formats - extending the range of products supplied to existing customers |
| •Innovation - unique products for existing and new sector applications |
|
| These innovations are underpinned by dedicated R&D investment, enabling the development of application-specific formulations and suited to new sectors and a wide range of regional conditions |
|
| Operational Capability and Infrastructure Investment |
| To support global expansion, the company has made targeted investments in commercial capability, supply chain infrastructure, and sustainability frameworks. These investments have resulted in a controlled and strategically aligned increase in overheads, ensuring the cost base scales proportionately with revenue growth. |
| Enhancements include: |
| •Strengthened cold-chain and inventory management systems to support extended global supply routes. |
| •Improved supplier resilience through diversified sourcing and long-term partnerships |
| •Expended commercial teams with region-specific expertise. |
|
| Positioning for Long-Term Value Creation |
| With a balanced approach to geographic diversification, product innovation, and supply chain resilience, Bridge Cheese is well-positioned to deliver sustainable long-term value for shareholders. The company’s disciplines investment strategy and focus on scalable capability provide a strong foundation for managing the risks associated with global expansion while capturing significant new growth opportunities. |
|
|
| This report was approved by the board on 20 May 2026 and signed on its behalf. |
|
|
| Michael V Harte |
| Director |
|
|
| 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 Auditor’s 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 other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 period 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 |
|
Fixtures & Fittings, Tools & Equipment |
over 5 years |
|
IT Equipment |
over 3 years |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
| 2 |
Analysis of turnover |
2025 |
|
2024 |
| £ |
£ |
|
|
Sale of goods |
34,416,094 |
|
31,199,221 |
|
|
|
|
|
|
|
|
|
|
By geographical market: |
|
|
UK |
34,097,020 |
|
31,136,048 |
|
EU |
319,074 |
|
63,173 |
|
|
|
|
|
|
34,416,094 |
|
31,199,221 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Operating profit |
2025 |
|
2024 |
| £ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
220,940 |
|
777,987 |
|
Carrying amount of stock sold |
27,007,341 |
|
23,895,619 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Staff costs |
2025 |
|
2024 |
| £ |
£ |
|
|
Wages and salaries |
1,453,575 |
|
1,270,092 |
|
Social security costs |
136,553 |
|
118,305 |
|
Other pension costs |
19,506 |
|
18,075 |
|
|
|
|
|
|
1,609,634 |
|
1,406,472 |
|
|
|
|
|
|
|
|
|
|
|
Average number of employees during the year |
Number |
Number |
|
|
Direct Production |
46 |
|
44 |
|
Engineeing and other indirect |
21 |
|
20 |
|
Commercial and Administration |
13 |
|
14 |
|
|
|
|
|
|
80 |
|
78 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Taxation |
2025 |
|
2024 |
| £ |
£ |
|
Analysis of charge in period |
|
Current tax: |
|
UK corporation tax on profits of the period |
326,333 |
|
266,657 |
|
|
|
|
|
|
|
|
|
|
Deferred tax: |
|
Origination and reversal of timing differences |
11,833 |
|
62,817 |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit on ordinary activities |
338,166 |
|
329,474 |
|
|
|
|
|
|
|
|
|
|
|
Factors affecting tax charge for period |
|
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
|
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
Profit on ordinary activities before tax |
1,338,968 |
|
1,341,617 |
|
|
|
|
|
|
|
|
|
|
Standard rate of corporation tax in the UK |
25% |
|
25% |
|
| £ |
£ |
|
Profit on ordinary activities multiplied by the standard rate of corporation tax |
|
334,742 |
|
335,404 |
|
|
Effects of: |
|
Expenses not deductible for tax purposes |
257,434 |
|
985,619 |
|
Capital allowances for period in excess of depreciation |
(265,843) |
|
(1,054,366) |
|
|
Current tax charge for period |
326,333 |
|
266,657 |
|
|
|
|
|
|
|
|
|
|
|
Factors that may affect future tax charges |
|
|
|
| 6 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery |
|
|
|
|
|
|
|
|
At cost |
| £ |
|
Cost or valuation |
|
At 29 September 2024 |
1,900,644 |
|
Additions |
221,263 |
|
Adjustment |
(12,610) |
|
At 27 September 2025 |
2,109,297 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 29 September 2024 |
879,619 |
|
Charge for the period |
220,940 |
|
Adjustment |
(15,039) |
|
At 27 September 2025 |
1,085,520 |
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
At 27 September 2025 |
1,023,777 |
|
At 28 September 2024 |
1,021,025 |
|
|
|
|
|
|
|
|
|
|
|
| 7 |
Stocks |
2025 |
|
2024 |
| £ |
£ |
|
|
Raw materials and Packaging |
1,454,845 |
|
2,290,311 |
|
Work in progress |
713,124 |
|
575,350 |
|
Finished goods and goods for resale |
300,733 |
|
285,881 |
|
|
|
|
|
|
2,468,702 |
|
3,151,542 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
2,996,495 |
|
3,023,700 |
|
Other debtors |
154,434 |
|
236,376 |
|
|
|
|
|
|
3,150,929 |
|
3,260,076 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade creditors |
2,269,566 |
|
3,281,270 |
|
Corporation tax |
326,333 |
|
266,657 |
|
Other taxes and social security costs |
59,913 |
|
184,384 |
|
Other creditors |
318,651 |
|
44,570 |
|
Accruals and deferred income |
1,996,600 |
|
1,348,990 |
|
|
|
|
|
|
4,971,063 |
|
5,125,871 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans |
4,744 |
|
15,393 |
|
|
|
|
|
|
|
|
|
|
| 11 |
Deferred taxation |
2025 |
|
2024 |
| £ |
£ |
|
|
Accelerated capital allowances |
205,172 |
|
193,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
|
At 29 September |
193,339 |
|
130,522 |
|
Charged to the profit and loss account |
11,833 |
|
62,817 |
|
|
At 27 September |
205,172 |
|
193,339 |
|
|
|
|
|
|
|
|
|
|
|
| 12 |
Share capital |
Nominal |
|
2025 |
|
2025 |
|
2024 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
1,000 |
|
1,000 |
|
1,000 |
|
|
|
|
|
|
|
|
|
|
| 13 |
Profit and loss account |
2025 |
|
2024 |
| £ |
£ |
|
|
At 29 September |
3,474,183 |
|
2,613,040 |
|
Profit for the period |
1,000,802 |
|
1,012,143 |
|
Dividends |
(140,500) |
|
(151,000) |
|
|
At 27 September |
4,334,485 |
|
3,474,183 |
|
|
|
|
|
|
|
|
|
|
| 14 |
Dividends |
2025 |
|
2024 |
| £ |
£ |
|
|
Dividends on ordinary shares (note 13) |
140,500 |
|
151,000 |
|
|
|
|
|
|
|
|
|
|
|
| 15 |
Presentation currency |
|
|
The financial statements are presented in Sterling. |
|
|
| 16 |
Legal form of entity and country of incorporation |
|
|
Bridge Cheese Ltd is a private company limited by shares and incorporated in England. |
|
|
| 17 |
Principal place of business |
|
|
The address of the company's principal place of business and registered office is: |
|
|
Unit 13 Stafford Park 13 |
|
Telford |
|
TF3 3AZ |