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REGISTERED NUMBER: 11233435 (England and Wales)












Giles & Parsons Farm Vets Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2023






Giles & Parsons Farm Vets Ltd (Registered number: 11233435)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Giles & Parsons Farm Vets Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: J G Parsons
G Giles





REGISTERED OFFICE: West Roose
Otterham
Camelford
Cornwall
PL32 9YP





REGISTERED NUMBER: 11233435 (England and Wales)





ACCOUNTANTS: ATC Advisors
Chartered Accountants
Unit 2 Dunheved Court
Pennygillam Way
LAUNCESTON
Cornwall
PL15 7ED

Giles & Parsons Farm Vets Ltd (Registered number: 11233435)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 100,430 52,675
Investments 6 10,000 -
110,430 52,675

CURRENT ASSETS
Stocks 43,947 43,791
Debtors 7 212,223 138,994
Cash at bank 315,363 194,053
571,533 376,838
CREDITORS
Amounts falling due within one year 8 198,301 144,578
NET CURRENT ASSETS 373,232 232,260
TOTAL ASSETS LESS CURRENT LIABILITIES 483,662 284,935

PROVISIONS FOR LIABILITIES 25,107 13,169
NET ASSETS 458,555 271,766

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 458,455 271,666
458,555 271,766

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Giles & Parsons Farm Vets Ltd (Registered number: 11233435)

Statement of Financial Position - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:




J G Parsons - Director



G Giles - Director


Giles & Parsons Farm Vets Ltd (Registered number: 11233435)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Giles & Parsons Farm Vets Ltd 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

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.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Holiday pay accrual
During the transition year and the current year the amount of the unpaid holiday pay has not been provided for. This is a departure from the normal accounting policy as it is deemed immaterial to the understanding of the accounts and the cost of obtaining the information outweighs any benefits obtained.

Giles & Parsons Farm Vets Ltd (Registered number: 11233435)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022
and 31 March 2023 2,032
AMORTISATION
At 1 April 2022
and 31 March 2023 2,032
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 48,988 3,937 52,256 105,181
Additions 8,401 - 67,951 76,352
Disposals - - (6,500 ) (6,500 )
At 31 March 2023 57,389 3,937 113,707 175,033
DEPRECIATION
At 1 April 2022 22,349 1,848 28,309 52,506
Charge for year 7,942 523 14,180 22,645
Eliminated on disposal - - (548 ) (548 )
At 31 March 2023 30,291 2,371 41,941 74,603
NET BOOK VALUE
At 31 March 2023 27,098 1,566 71,766 100,430
At 31 March 2022 26,639 2,089 23,947 52,675

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 10,000
At 31 March 2023 10,000
NET BOOK VALUE
At 31 March 2023 10,000

Giles & Parsons Farm Vets Ltd (Registered number: 11233435)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 207,898 138,994
Other debtors 4,325 -
212,223 138,994

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 76,037 59,502
Taxation and social security 117,105 77,508
Other creditors 5,159 7,568
198,301 144,578