Registration number:
The Sidings Veterinary Practice LLP
Annual Report and Financial Statements
for the period from 20 January 2023 to 31 March 2024
The Sidings Veterinary Practice LLP
Contents
Limited liability partnership information |
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Balance Sheet |
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Notes to the Financial Statements |
The Sidings Veterinary Practice LLP
Limited liability partnership information
Members |
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Registered office |
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Accountants |
Hazlewoods LLP |
The Sidings Veterinary Practice LLP
(Registration number: OC445459)
Balance Sheet as at 31 March 2024
Note |
31 March 2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Other amounts |
167,618 |
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Members’ other interests |
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Members' capital classified as equity |
924,594 |
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1,092,212 |
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Total members' interests |
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Loans and other debts due to members |
167,618 |
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Equity |
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1,092,212 |
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
The Sidings Veterinary Practice LLP
(Registration number: OC445459)
Balance Sheet as at 31 March 2024
The financial statements of The Sidings Veterinary Practice LLP (registered number OC445459) were approved by the
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D Wilson
Member
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The George Group Limited
Member
The Sidings Veterinary Practice LLP
Notes to the Financial Statements for the period from 20 January 2023 to 31 March 2024
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
Members' remuneration and division of profits
The profits of the LLP are automatically divided among the members in accordance with the agreed profit share arrangements.
A member's share of the profit or loss for the year is accounted for as an allocation of profits.
Taxation
The taxation payable on the LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Intangible assets
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Amortisation
Asset class |
Amortisation method and rate |
Goodwill |
20 years straight line |
Depreciation
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance |
Furniture and fittings |
10% reducing balance |
Plant and machinery |
25% reducing balance |
Office equipment |
33.33% on cost |
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
The Sidings Veterinary Practice LLP
Notes to the Financial Statements for the period from 20 January 2023 to 31 March 2024
Trade debtors
Trade debtors are amounts due from clients for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the LLP has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Borrowing costs which are directly attributable to the construction of tangible fixed assets are capitalised as part of the cost of those assets. The commencement of capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and Measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
The Sidings Veterinary Practice LLP
Notes to the Financial Statements for the period from 20 January 2023 to 31 March 2024
Impairment of financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Particulars of employees |
The average number of persons employed by the LLP (including members) during the period, was
Intangible fixed assets |
Goodwill |
Total |
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Cost |
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Additions |
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At 31 March 2024 |
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Amortisation |
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Charge for the year |
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At 31 March 2024 |
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Net book value |
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At 31 March 2024 |
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The Sidings Veterinary Practice LLP
Notes to the Financial Statements for the period from 20 January 2023 to 31 March 2024
Tangible fixed assets |
Freehold land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Office equipment |
Total |
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Cost |
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Additions |
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At 31 March 2024 |
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Depreciation |
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Charge for the year |
- |
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At 31 March 2024 |
- |
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Net book value |
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At 31 March 2024 |
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The Sidings Veterinary Practice LLP
Notes to the Financial Statements for the period from 20 January 2023 to 31 March 2024
Stocks |
2024 |
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Stocks |
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Debtors |
2024 |
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Trade debtors |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
2024 |
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Obligations under finance lease and hire purchase contracts |
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Trade creditors |
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Other taxes and social security |
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Other creditors |
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Accruals and deferred income |
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Creditors: Amounts falling due after more than one year |
2024 |
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Obligations under finance lease and hire purchase contracts |
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Analysis of other amounts |
2024 |
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Money owed to members by the LLP in respect of profits |
167,618 |