The Sidings Veterinary Practice LLP OC445459 false 2023-01-20 2024-03-31 2024-03-31 The principal activity of the company is the provision of veterinary services. Digita Accounts Production Advanced 6.30.9574.0 true OC445459 2023-01-20 2024-03-31 OC445459 2024-03-31 OC445459 core:CurrentFinancialInstruments 2024-03-31 OC445459 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 OC445459 core:Non-currentFinancialInstruments 2024-03-31 OC445459 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 OC445459 core:Goodwill 2024-03-31 OC445459 core:ConstructionInProgressAssetsUnderConstruction 2024-03-31 OC445459 core:FurnitureFittings 2024-03-31 OC445459 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 OC445459 core:MotorVehicles 2024-03-31 OC445459 core:OfficeEquipment 2024-03-31 OC445459 bus:FRS102 2023-01-20 2024-03-31 OC445459 bus:AuditExemptWithAccountantsReport 2023-01-20 2024-03-31 OC445459 bus:FullAccounts 2023-01-20 2024-03-31 OC445459 bus:RegisteredOffice 2023-01-20 2024-03-31 OC445459 bus:PartnerLLP1 2023-01-20 2024-03-31 OC445459 bus:PartnerLLP2 2023-01-20 2024-03-31 OC445459 bus:LimitedLiabilityPartnershipLLP 2023-01-20 2024-03-31 OC445459 core:Goodwill 2023-01-20 2024-03-31 OC445459 core:ConstructionInProgressAssetsUnderConstruction 2023-01-20 2024-03-31 OC445459 core:FurnitureFittings 2023-01-20 2024-03-31 OC445459 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-20 2024-03-31 OC445459 core:MotorVehicles 2023-01-20 2024-03-31 OC445459 core:OfficeEquipment 2023-01-20 2024-03-31 OC445459 core:PlantMachinery 2023-01-20 2024-03-31 OC445459 countries:AllCountries 2023-01-20 2024-03-31 iso4217:GBP xbrli:pure

Registration number: OC445459

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

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

The Sidings Veterinary Practice LLP

Limited liability partnership information

Members

D Wilson

The George Group Limited
 

Registered office

The Sidings Veterinary Practice LLP
Sheep Street
Cirencester
United Kingdom
GL7 1QW

Accountants

Hazlewoods LLP
Staverton Court
Cheltenham
GL51 0UX

 

The Sidings Veterinary Practice LLP

(Registration number: OC445459)
Balance Sheet as at 31 March 2024

Note

31 March 2024
 £

Fixed assets

 

Intangible assets

3

480,228

Tangible assets

4

590,687

 

1,070,915

Current assets

 

Stocks

5

35,337

Debtors

6

15,499

Cash and short-term deposits

 

78,787

 

129,623

Creditors: Amounts falling due within one year

7

(84,718)

Net current assets

 

44,905

Total assets less current liabilities

 

1,115,820

Creditors: Amounts falling due after more than one year

8

(23,608)

Net assets attributable to members

 

1,092,212

Represented by:

 

Loans and other debts due to members

 

Other amounts

9

167,618

Members’ other interests

 

Members' capital classified as equity

 

924,594

   

1,092,212

Total members' interests

 

Loans and other debts due to members

 

167,618

Equity

 

924,594

   

1,092,212

For the year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.

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 members acknowledge their responsibilities for complying with the requirements of the Act, as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

 

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 members and authorised for issue on 27 August 2024. They were signed on behalf of the LLP by:

.........................................
D Wilson
Member

.........................................
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

1

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.

2

Particulars of employees

The average number of persons employed by the LLP (including members) during the period, was 11.

3

Intangible fixed assets

Goodwill
 £

Total
£

Cost

Additions

509,978

509,978

At 31 March 2024

509,978

509,978

Amortisation

Charge for the year

29,750

29,750

At 31 March 2024

29,750

29,750

Net book value

At 31 March 2024

480,228

480,228

 

The Sidings Veterinary Practice LLP

Notes to the Financial Statements for the period from 20 January 2023 to 31 March 2024

4

Tangible fixed assets

Freehold land and buildings
£

Plant and machinery
 £

Fixtures and fittings
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

Additions

470,000

27,802

26,093

84,990

1,000

609,885

At 31 March 2024

470,000

27,802

26,093

84,990

1,000

609,885

Depreciation

Charge for the year

-

7,940

2,292

8,853

113

19,198

At 31 March 2024

-

7,940

2,292

8,853

113

19,198

Net book value

At 31 March 2024

470,000

19,862

23,801

76,137

887

590,687

 

The Sidings Veterinary Practice LLP

Notes to the Financial Statements for the period from 20 January 2023 to 31 March 2024

5

Stocks

2024
£

Stocks

35,337

6

Debtors

2024
£

Trade debtors

11,489

Prepayments and accrued income

4,010

15,499

7

Creditors: Amounts falling due within one year

2024
£

Obligations under finance lease and hire purchase contracts

14,165

Trade creditors

43,074

Other taxes and social security

18,900

Other creditors

1,544

Accruals and deferred income

7,035

84,718

8

Creditors: Amounts falling due after more than one year

2024
£

Obligations under finance lease and hire purchase contracts

23,608

9

Analysis of other amounts

2024
£

Money owed to members by the LLP in respect of profits

167,618