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Registration number: 08382373

Tibbs & Simmons Farm Vets Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2024

 

Tibbs & Simmons Farm Vets Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

Tibbs & Simmons Farm Vets Limited

(Registration number: 08382373)
Abridged Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

40,000

48,001

Tangible assets

5

81,423

90,154

 

121,423

138,155

Current assets

 

Stocks

62,179

52,383

Debtors

265,662

293,939

Cash at bank and in hand

 

270,671

421,241

 

598,512

767,563

Creditors: Amounts falling due within one year

(235,799)

(272,226)

Net current assets

 

362,713

495,337

Total assets less current liabilities

 

484,136

633,492

Creditors: Amounts falling due after more than one year

-

(32,090)

Provisions for liabilities

(13,439)

(15,018)

Net assets

 

470,697

586,384

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

470,597

586,284

Total equity

 

470,697

586,384

 

Tibbs & Simmons Farm Vets Limited

(Registration number: 08382373)
Abridged Balance Sheet as at 31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 6 June 2025 and signed on its behalf by:
 




Mrs C Tibbs

Director




Mr E Simmons

Director




Mrs E A Y Bennett

Director




Mrs L A Searle

Director

 

Tibbs & Simmons Farm Vets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Tibbs and Simmons Farm Vets Ltd
Nates Lane
Wrington
Bristol
BS40 5RS

These financial statements were authorised for issue by the Board on 6 June 2025.

2

Accounting policies

Statement of compliance

These abridged financial statements were 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

These abridged 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.

Revenue recognition

Turnover represents the amounts, excluding value added tax, derived from the provision of goods and services to customers during the year.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

Tibbs & Simmons Farm Vets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

17% Straight line

Motor vehicles

25% Straight line

Plant and machinery

15% Straight line

Office equipment

25% Straight line

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 14).

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2024

586,472

At 31 December 2024

586,472

Amortisation

At 1 January 2024

538,472

Amortisation charge

8,000

At 31 December 2024

546,472

Carrying amount

At 31 December 2024

40,000

At 31 December 2023

48,001

 

Tibbs & Simmons Farm Vets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Total
£

Cost or valuation

At 1 January 2024

315,951

Additions

29,650

At 31 December 2024

345,601

Depreciation

At 1 January 2024

225,797

Charge for the year

38,381

At 31 December 2024

264,178

Carrying amount

At 31 December 2024

81,423

At 31 December 2023

90,154