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Registration number: OC426378

Nantwich Farm Vets LLP

Unaudited Filleted Financial Statements

for the period from 1 May 2023 to 31 March 2024

 

Nantwich Farm Vets LLP

Contents

Limited liability partnership information

1

Accountants' Report

2

Financial Statements

3 to 8

Balance Sheet

3

Notes to the Financial Statements

5

 

Nantwich Farm Vets LLP

Limited liability partnership information



 

Designated members

Mr D.W. Shaw

Mr R.C.D. George

Mr J.C. Manson

Mr J.F. Yarwood

Mr S.A. Crowe


 

Registered office

The Equine Centre
Chester Road
Hurleston
Nantwich
CW5 6BU


 

Accountants

Farrar Smith
Unit 11, Fusion Court
Aberford Road
Garforth
Leeds
LS25 2GH

 

Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Nantwich Farm Vets LLP
for the Period Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Nantwich Farm Vets LLP for the period ended 31 March 2024 set out on pages 3 to 8 from the limited liability partnership's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the members of Nantwich Farm Vets LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Nantwich Farm Vets LLP and state those matters that we have agreed to state to the members of Nantwich Farm Vets LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nantwich Farm Vets LLP and its members as a body for our work or for this report.

It is your duty to ensure that Nantwich Farm Vets LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Nantwich Farm Vets LLP. You consider that Nantwich Farm Vets LLP is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Nantwich Farm Vets LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Farrar Smith
Unit 11, Fusion Court
Aberford Road
Garforth
Leeds
LS25 2GH

24 September 2024

 

Nantwich Farm Vets LLP

(Registration number: OC426378)
Balance Sheet as at 31 March 2024

Note

31 March 2024
 £

30 April 2023
 £

           

Fixed assets

   

 

Tangible assets

3

 

136,670

 

119,608

Investments

4

 

10,000

 

10,000

   

146,670

 

129,608

Current assets

   

 

Stocks

217,716

 

103,982

 

Debtors

5

1,393,879

 

1,098,473

 

Cash and short-term deposits

 

444,241

 

481,226

 

 

2,055,836

 

1,683,681

 

Creditors: Amounts falling due within one year

7

(620,297)

 

(489,255)

 

Net current assets

   

1,435,539

 

1,194,426

Total assets less current liabilities

   

1,582,209

 

1,324,034

Creditors: Amounts falling due after more than one year

8

 

(666,678)

 

(697,387)

Net assets attributable to members

   

915,531

 

626,647

Represented by:

   

 

Loans and other debts due to members

   

 

Members' capital classified as a liability

 

915,531

 

626,647

 
     

915,531

 

626,647

Total members' interests

   

 

Loans and other debts due to members

 

915,531

 

626,647

 
     

915,531

 

626,647

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships 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.

 

Nantwich Farm Vets LLP

(Registration number: OC426378)
Balance Sheet as at 31 March 2024

The financial statements of Nantwich Farm Vets LLP (registered number OC426378) were approved by the Board and authorised for issue on 24 September 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr R.C.D. George
Designated member

 

Nantwich Farm Vets LLP

Notes to the Financial Statements for the Period from 1 May 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.

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.

General information and basis of accounting

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 operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention.

The functional currency of Nantwich Farm Vets LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates.

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 receivable, excluding discounts, rebates and VAT.

Members' remuneration and division of profits

Members' fixed shares of profits are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Plant and equipment

- 25% reducing balance

Motor vehicles

- 25% reducing balance

Office equipment

- 25% straight line

 

Nantwich Farm Vets LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Dividends on equity securities are recognised in income when receivable.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 32 (2023 - 31).

3

Tangible fixed assets

Plant and equipment
£

Motor vehicles
£

Office equipment
£

Total
£

Cost

At 1 May 2023

61,324

164,583

12,680

238,587

Additions

18,988

40,130

-

59,118

Disposals

(1,832)

(24,862)

-

(26,694)

At 31 March 2024

78,480

179,851

12,680

271,011

Depreciation

At 1 May 2023

34,256

72,043

12,680

118,979

Charge for the year

8,496

23,620

-

32,116

Eliminated on disposals

(1,252)

(15,502)

-

(16,754)

At 31 March 2024

41,500

80,161

12,680

134,341

Net book value

At 31 March 2024

36,980

99,690

-

136,670

At 30 April 2023

27,068

92,540

-

119,608

 

Nantwich Farm Vets LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

4

Investments held as fixed assets

2024
£

2023
£

Other investments

10,000

10,000

5

Stocks

2024
£

2023
£

Stocks

217,716

103,982

6

Debtors

31 March 2024
 £

30 April 2023
 £

Trade debtors

1,030,318

782,880

Other debtors

326,660

274,181

Prepayments and accrued income

36,901

41,412

1,393,879

1,098,473

7

Creditors: Amounts falling due within one year

31 March 2024
 £

30 April 2023
 £

Bank loans

53,333

53,333

Trade creditors

278,249

222,151

Other creditors

127,000

-

Accruals and deferred income

839

8,679

Taxation and social security

160,876

205,092

620,297

489,255

Creditors : Amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

2024
£

2023
£

Bank loans

53,333

53,333

 

Nantwich Farm Vets LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

8

Creditors: Amounts falling due after more than one year

31 March 2024
 £

30 April 2023
 £

Bank loans

666,678

697,387

Creditors : Amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:

2024
£

2023
£

Bank loans

666,678

697,387

The bank loan is secured by way of a debenture over the assets of the business.

Included in the creditors are the following amounts due after more than five years:

31 March 2024
 £

30 April 2023
 £

After more than five years by instalments

453,345

484,053