Registration number:
Nantwich Farm Vets LLP
for the period from 1 May 2023 to 31 March 2024
Nantwich Farm Vets LLP
Contents
Limited liability partnership information |
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Accountants' Report |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
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 |
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Accountants |
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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.
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Aberford Road
Garforth
Leeds
LS25 2GH
Nantwich Farm Vets LLP
(Registration number: OC426378)
Balance Sheet as at 31 March 2024
Note |
31 March 2024 |
30 April 2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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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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Members' capital classified as a liability |
915,531 |
626,647 |
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915,531 |
626,647 |
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Total members' interests |
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Loans and other debts due to members |
915,531 |
626,647 |
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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
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Nantwich Farm Vets LLP
Notes to the Financial Statements for the Period from 1 May 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.
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.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was
Tangible fixed assets |
Plant and equipment |
Motor vehicles |
Office equipment |
Total |
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Cost |
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At 1 May 2023 |
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Additions |
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- |
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Disposals |
( |
( |
- |
( |
At 31 March 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
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- |
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Eliminated on disposals |
( |
( |
- |
( |
At 31 March 2024 |
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Net book value |
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At 31 March 2024 |
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- |
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At 30 April 2023 |
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- |
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Nantwich Farm Vets LLP
Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024
Investments held as fixed assets |
2024 |
2023 |
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Other investments |
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Stocks |
2024 |
2023 |
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Stocks |
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Debtors |
31 March 2024 |
30 April 2023 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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1,393,879 |
1,098,473 |
Creditors: Amounts falling due within one year |
31 March 2024 |
30 April 2023 |
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Bank loans |
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Trade creditors |
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Other creditors |
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- |
Accruals and deferred income |
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Taxation and social security |
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Creditors : Amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:
2024 |
2023 |
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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
Creditors: Amounts falling due after more than one year |
31 March 2024 |
30 April 2023 |
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Bank loans |
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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 |
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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 |
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After more than five years by instalments |
453,345 |
484,053 |