Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| Investments | 5 |
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| 293,297 | 294,719 | |||
| Current assets | ||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| 523,680 | 521,466 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current assets | 520,880 | 506,811 | ||
| Total assets less current liabilities | 814,177 | 801,530 | ||
| Net assets attributable to members |
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| 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 |
Members' responsibilities:
The financial statements of Chalkner VS LLP (registered number:
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D Chalkley
Designated member |
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.
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 £.
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.
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 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.
| Plant and machinery etc. |
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The fair value is determined annually by the members, on an open market value for existing use basis.
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.
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 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.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the LLP during the year |
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| Plant and machinery etc. | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 April 2024 |
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| At 31 March 2025 |
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| Accumulated depreciation | |||
| At 01 April 2024 |
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| Charge for the financial year |
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| At 31 March 2025 |
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| Net book value | |||
| At 31 March 2025 |
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| At 31 March 2024 |
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| Investment property | |
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| Valuation | |
| As at 01 April 2024 |
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| As at 31 March 2025 |
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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.
| Other investments | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 April 2024 |
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| At 31 March 2025 |
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| Carrying value at 31 March 2025 |
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| Carrying value at 31 March 2024 |
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| 2025 | 2024 | ||
| £ | £ | ||
| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Accruals |
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| Other creditors |
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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).