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REGISTERED NUMBER: 11233435 (England and Wales)












Giles & Parsons Farm Vets Ltd

Unaudited Financial Statements

for the Year Ended 31st March 2024






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






Contents of the Financial Statements
for the Year Ended 31st March 2024




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 31st March 2024







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
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 129,602 100,430
Investments 6 10,000 10,000
139,602 110,430

CURRENT ASSETS
Stocks 108,901 43,947
Debtors 7 322,327 212,223
Cash at bank 118,378 315,363
549,606 571,533
CREDITORS
Amounts falling due within one year 8 165,190 198,301
NET CURRENT ASSETS 384,416 373,232
TOTAL ASSETS LESS CURRENT
LIABILITIES

524,018

483,662

PROVISIONS FOR LIABILITIES 32,400 25,107
NET ASSETS 491,618 458,555

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 491,518 458,455
491,618 458,555

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 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
31st March 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th August 2024 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 31st March 2024

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 as modified by the revaluation of certain assets.

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

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 Statement of Income and Retained Earnings, 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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
For both the current and the previous 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 31st March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st April 2023
and 31st March 2024 2,032
AMORTISATION
At 1st April 2023
and 31st March 2024 2,032
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st April 2023 57,389 3,937 113,707 175,033
Additions 12,443 3,408 44,852 60,703
At 31st March 2024 69,832 7,345 158,559 235,736
DEPRECIATION
At 1st April 2023 30,291 2,371 41,941 74,603
Charge for year 7,986 732 22,813 31,531
At 31st March 2024 38,277 3,103 64,754 106,134
NET BOOK VALUE
At 31st March 2024 31,555 4,242 93,805 129,602
At 31st March 2023 27,098 1,566 71,766 100,430

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1st April 2023
and 31st March 2024 10,000
NET BOOK VALUE
At 31st March 2024 10,000
At 31st March 2023 10,000

Fixed asset investments are valued at £10,000 as the directors believe this is not materially different to its original cost.

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

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 290,929 207,898
Other debtors 31,398 4,325
322,327 212,223

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 89,527 76,037
Taxation and social security 64,520 117,105
Other creditors 11,143 5,159
165,190 198,301

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 12,792 -