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REGISTERED NUMBER: 00489549 (England and Wales)











Johnsons Veterinary Products Limited

Financial Statements

for the Year Ended 31 December 2023






Johnsons Veterinary Products Limited (Registered number: 00489549)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Johnsons Veterinary Products Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs J R Johnson
P N Gwynn
N M Franks


SECRETARY: Mrs J R Johnson


REGISTERED OFFICE: 5 Reddicap Trading Estate
Sutton Coldfield
West Midlands
B75 7DF


REGISTERED NUMBER: 00489549 (England and Wales)


SENIOR STATUTORY AUDITOR: Stephen Butler FCA


AUDITORS: Haines Watts Tamworth Limited
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF


BANKERS: Barclays Bank Plc
166 The Parade
The Mall Shopping Centre
Sutton Coldfield
West Midlands
B72 1PH

Johnsons Veterinary Products Limited (Registered number: 00489549)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,526,854 1,509,825
Investments 5 2 2
1,526,856 1,509,827

CURRENT ASSETS
Stocks 1,703,333 2,090,372
Debtors 6 1,412,672 1,365,076
Cash at bank and in hand 2,815,955 1,857,158
5,931,960 5,312,606
CREDITORS
Amounts falling due within one year 7 1,325,032 1,235,045
NET CURRENT ASSETS 4,606,928 4,077,561
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,133,784

5,587,388

PROVISIONS FOR LIABILITIES 12,536 8,966
NET ASSETS 6,121,248 5,578,422

CAPITAL AND RESERVES
Called up share capital 9 847 847
Share premium 461,076 461,076
Capital redemption reserve 1,317 1,317
Retained earnings 5,658,008 5,115,182
SHAREHOLDERS' FUNDS 6,121,248 5,578,422

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 6 September 2024 and were signed on its behalf by:





P N Gwynn - Director


Johnsons Veterinary Products Limited (Registered number: 00489549)

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


1. STATUTORY INFORMATION

Johnsons Veterinary Products Limited 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.

Preparation of consolidated financial statements
During both the current and previous years the company's subsidiaries were dormant and immaterial and would be exempt from consolidation.

Key judgments in applying accounting policies and estimation uncertainty
The company makes estimates and assumptions concerning the future. Management are also required to exercise judgment in the process of applying the company’s accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgments:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating or lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

- A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgment. The nature and type of risks for these provisions differ and management’s judgment is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Depreciation and residual values. The Directors have reviewed the asset lives and associated residual values of all fixed asset classes, and have concluded that asset lives and residual values are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects disposal values.

Turnover
Turnover represents amounts receivable for goods despatched net of VAT and trade discounts. Turnover is recognised on despatch of goods.

Johnsons Veterinary Products Limited (Registered number: 00489549)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.

Freehold property- not provided / 50 years
Plant and machinery- 10% on cost
Motor vehicles- 25% on cost
Computer hardware- 33% on cost
Computer software- 20% on cost
Office equipment- 25% on cost

No depreciation is provided in respect of one of the properties included within freehold land and buildings as, in the opinion of the directors, the market value is well in excess of the current net book value.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for any impairment or obsolescence. If either are apparent the carrying amount is reduced accordingly with the impairment loss recognised immediately in the Income Statement.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans to or from related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the Income Statement.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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 balance sheet date.


Johnsons Veterinary Products Limited (Registered number: 00489549)

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


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Investments
Fixed asset investments are stated at cost less provision for diminution in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2022 - 43 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 1,671,010 251,988 1,922,998
Additions - 50,896 50,896
Disposals - (10,185 ) (10,185 )
At 31 December 2023 1,671,010 292,699 1,963,709
DEPRECIATION
At 1 January 2023 198,662 214,511 413,173
Charge for year 12,000 21,867 33,867
Eliminated on disposal - (10,185 ) (10,185 )
At 31 December 2023 210,662 226,193 436,855
NET BOOK VALUE
At 31 December 2023 1,460,348 66,506 1,526,854
At 31 December 2022 1,472,348 37,477 1,509,825

Johnsons Veterinary Products Limited (Registered number: 00489549)

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


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 115,577
PROVISIONS
At 1 January 2023
and 31 December 2023 115,575
NET BOOK VALUE
At 31 December 2023 2
At 31 December 2022 2

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,290,384 1,261,437
Other debtors 122,288 103,639
1,412,672 1,365,076

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 459,706 500,909
Taxation and social security 729,902 499,763
Other creditors 135,424 234,373
1,325,032 1,235,045

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 10,573 35,220
Between one and five years 733 11,306
11,306 46,526

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
847 Ordinary £1 847 847

Johnsons Veterinary Products Limited (Registered number: 00489549)

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


10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Butler FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Tamworth Limited

11. RELATED PARTY DISCLOSURES

At the balance sheet date loans totalling £nil (2022: £83,200) were payable to the Directors of the company.

12. POST BALANCE SHEET EVENTS

Post year-end, but prior to the signing of the accounts, dividends of £338,800 (2022: £338,800) were paid to shareholders.