Registration number:
Prepared for the registrar
Barrier Animal Care Clinic LLP
Annual Report and Unaudited Financial Statements
for the Year Ended 21 June 2024
Barrier Animal Care Clinic LLP
Contents
Limited liability partnership information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Barrier Animal Care Clinic LLP
Limited liability partnership information
Designated members |
|
Registered office |
|
Accountants |
Hazlewoods LLP |
Barrier Animal Care Clinic LLP
(Registration number: OC303416)
Balance Sheet as at 21 June 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Investment property |
|
|
|
Current assets |
|||
Cash and short-term deposits |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets attributable to members |
|
|
|
Represented by: |
|||
Loans and other debts due to members |
|||
Members' capital classified as a liability |
58,890 |
58,890 |
|
Other amounts |
497,586 |
466,243 |
|
556,476 |
525,133 |
||
Total members' interests |
|||
Loans and other debts due to members |
556,476 |
525,133 |
|
Equity |
|
|
|
967,684 |
836,341 |
These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, and the option not to file the Profit and Loss Account has been taken.
The financial statements of Barrier Animal Care Clinic LLP (registered number OC303416) were
.........................................
B Spolander
Designated member
.........................................
F Jamieson
Designated member
Barrier Animal Care Clinic LLP
Notes to the Financial Statements for the Year Ended 21 June 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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership's operation and its principle activities are given in the members' report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Barrier Animal Care Clinic LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability operates. Foreign operations are included in accordance with the policies set out below.
The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.
Going concern
After reviewing the LLP’s forecasts and projections, the designated 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.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Members' remuneration and division of profits
A member’s share of the profit or loss for the year is accounted for as an allocation of profits.
The profits of the LLP are automatically divided amongst the members in accordance with the agreed profit sharing arrangements.
Investment properties
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers or the members. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
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.
Barrier Animal Care Clinic LLP
Notes to the Financial Statements for the Year Ended 21 June 2024
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.
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 during the year was
Investment property |
2024 |
|
At 22 June |
|
Fair value adjustments |
|
At 21 June |
|
The members are of the opinion that the value of the investment property has increased to the revalued amount.
There has been no valuation of investment property by an independent valuer.
Barrier Animal Care Clinic LLP
Notes to the Financial Statements for the Year Ended 21 June 2024
Creditors: Amounts falling due within one year |
2024 |
2023 |
|
Bank loans and overdrafts |
23,681 |
23,681 |
Other creditors |
1,500 |
1,500 |
Accruals and deferred income |
3,760 |
1,765 |
Taxation and social security |
1,100 |
833 |
30,041 |
27,779 |
Creditors: Amounts falling due after more than one year |
2024 |
2023 |
|
Bank loans and overdrafts |
106,823 |
128,341 |
Included in the creditors are the following amounts due after more than five years:
2024 |
2023 |
|
After more than five years by instalments |
12,097 |
33,615 |