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Company No: OC303584 (England and Wales)

CHALKNER VS LLP

Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

CHALKNER VS LLP

Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

CHALKNER VS LLP

STATEMENT OF FINANCIAL POSITION

As at 31 March 2025
CHALKNER VS LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 12,797 14,219
Investment property 4 280,000 280,000
Investments 5 500 500
293,297 294,719
Current assets
Debtors 6 494,988 487,728
Cash at bank and in hand 28,692 33,738
523,680 521,466
Creditors: amounts falling due within one year 7 ( 2,800) ( 14,655)
Net current assets 520,880 506,811
Total assets less current liabilities 814,177 801,530
Net assets attributable to members 814,177 801,530
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability 28,656 28,656
Other amounts 609,087 596,440
637,743 625,096
Members' other interests
Revaluation reserve 176,434 176,434
176,434 176,434
814,177 801,530
Total members' interests
Loans and other debts due to members 637,743 625,096
Members' other interests 176,434 176,434
814,177 801,530

For the financial year ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

The financial statements of Chalkner VS LLP (registered number: OC303584) were approved and authorised for issue by the Board of Directors on 12 June 2025. They were signed on its behalf by:

D Chalkley
Designated member
CHALKNER VS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
CHALKNER VS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Chalkner VS LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Dragon Vet Centre Prestbury Park, New Barn Lane, Cheltenham, GL50 4SH, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

In the prior year the entity prepared its accounts for a period of 15 months due to a change in accounting reference date to assist with tax reporting. Therefore the prior year figures are not directly comparable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer. Profit shares are recognised in the year to which they relate.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 10 % reducing balance
Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

The fair value is determined annually by the members, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

The profits are divided in accordance with the members' agreement.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2024 22,662 22,662
At 31 March 2025 22,662 22,662
Accumulated depreciation
At 01 April 2024 8,443 8,443
Charge for the financial year 1,422 1,422
At 31 March 2025 9,865 9,865
Net book value
At 31 March 2025 12,797 12,797
At 31 March 2024 14,219 14,219

4. Investment property

Investment property
£
Valuation
As at 01 April 2024 280,000
As at 31 March 2025 280,000

Valuation

The valuations were made by the members on an open market value for existing use basis and was arrived at taking account of information from publicly available data and judgement. A significant level of uncertainty exists in relation to these assumptions and any changes in these assumptions could have a material impact on the carrying value of Investment Property in the financial statements.

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2024 500 500
At 31 March 2025 500 500
Carrying value at 31 March 2025 500 500
Carrying value at 31 March 2024 500 500

6. Debtors

2025 2024
£ £
Other debtors 494,988 487,728

7. Creditors: amounts falling due within one year

2025 2024
£ £
Accruals 2,800 3,000
Other creditors 0 11,655
2,800 14,655

8. Related party transactions

Other related party transactions

The limited liability partnership had trading transactions in the normal course of business with Casvet LLP, a related party by virtue of Chalkner VS LLP being a member of Casvet LLP. During the year Chalkner VS LLP received a profit share from Casvet LLP of £126,844 (2024: £131,023). At the balance sheet date, there were outstanding balances due from Casvet LLP of £104,752 (2024: £97,391).