IZVG LLP OC361054 false 2024-04-01 2025-03-31 2025-03-31 The principal activity of the company is the provision of veterinary services. From 1 January 2022 all transactions for customers located in Spain have been recognised in a separate business registered in Spain, of which S Thornton, S Philp and T Monreal are partners. These transactions are no longer recognised in the IZVG LLP financial statements. Digita Accounts Production Advanced 6.30.9574.0 true OC361054 2024-04-01 2025-03-31 OC361054 2025-03-31 OC361054 core:CurrentFinancialInstruments 2025-03-31 OC361054 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 OC361054 core:Non-currentFinancialInstruments 2025-03-31 OC361054 core:Non-currentFinancialInstruments core:AfterOneYear 2025-03-31 OC361054 core:FurnitureFittings 2025-03-31 OC361054 core:LandBuildings core:LongLeaseholdAssets 2025-03-31 OC361054 core:MotorVehicles 2025-03-31 OC361054 core:PlantMachinery 2025-03-31 OC361054 bus:FRS102 2024-04-01 2025-03-31 OC361054 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 OC361054 bus:FullAccounts 2024-04-01 2025-03-31 OC361054 bus:RegisteredOffice 2024-04-01 2025-03-31 OC361054 bus:PartnerLLP3 2024-04-01 2025-03-31 OC361054 bus:PartnerLLP4 2024-04-01 2025-03-31 OC361054 bus:PartnerLLP5 2024-04-01 2025-03-31 OC361054 bus:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 OC361054 core:FurnitureFittings 2024-04-01 2025-03-31 OC361054 core:FurnitureFittingsToolsEquipment 2024-04-01 2025-03-31 OC361054 core:LandBuildings 2024-04-01 2025-03-31 OC361054 core:LandBuildings core:LongLeaseholdAssets 2024-04-01 2025-03-31 OC361054 core:MotorVehicles 2024-04-01 2025-03-31 OC361054 core:OfficeEquipment 2024-04-01 2025-03-31 OC361054 core:PlantMachinery 2024-04-01 2025-03-31 OC361054 core:OtherRelatedParties 2024-04-01 2025-03-31 OC361054 countries:AllCountries 2024-04-01 2025-03-31 OC361054 2024-03-31 OC361054 core:FurnitureFittings 2024-03-31 OC361054 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 OC361054 core:MotorVehicles 2024-03-31 OC361054 core:PlantMachinery 2024-03-31 OC361054 2024-03-31 OC361054 core:CurrentFinancialInstruments 2024-03-31 OC361054 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 OC361054 core:Non-currentFinancialInstruments 2024-03-31 OC361054 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 OC361054 core:FurnitureFittings 2024-03-31 OC361054 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 OC361054 core:MotorVehicles 2024-03-31 OC361054 core:PlantMachinery 2024-03-31 iso4217:GBP xbrli:pure

Registration number: OC361054

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Prepared for the registrar

IZVG LLP

Annual Report and Financial Statements

for the Year Ended 31 March 2025

 

IZVG LLP

Contents

Limited liability partnership information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

IZVG LLP

Limited liability partnership information

Designated members

S M Thornton

S J Philp

T J Monreal
 

Registered office

Station House
Parkwood Street
Keighley
West Yorkshire

BD21 4NQ

Accountants

Hazlewoods LLP
Staverton Court
Staverton
 Cheltenham
GL51 0UX

 

IZVG LLP

(Registration number: OC361054)
Balance Sheet as at 31 March 2025

Note

2025
 £

2024
£

Fixed assets

 

Tangible assets

3

214,833

234,553

Current assets

 

Stocks

4

127,041

67,329

Debtors

5

480,006

433,833

Cash and short-term deposits

 

138,613

193,567

 

745,660

694,729

Creditors: Amounts falling due within one year

6

(281,686)

(263,142)

Net current assets

 

463,974

431,587

Total assets less current liabilities

 

678,807

666,140

Creditors: Amounts falling due after more than one year

7

(4,383)

(14,579)

Net assets attributable to members

 

674,424

651,561

Represented by:

 

Loans and other debts due to members

 

Other amounts

8

671,424

648,561

Members’ other interests

 

Members' capital classified as equity

 

3,000

3,000

   

674,424

651,561

Total members' interests

 

Loans and other debts due to members

 

671,424

648,561

Equity

 

3,000

3,000

   

674,424

651,561

For the year ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

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

The financial statements of IZVG LLP (registered number OC361054) were approved by the members and authorised for issue on 13 June 2025. They were signed on behalf of the LLP by:

.........................................
S M Thornton
Designated member

 

IZVG LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

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 except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of IZVG LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern

After reviewing the LLP's current forecasts and projections, together with the facilities available to the LLP, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

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 received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

A member's share of the profit or loss for the year is accounted for as an allocation of profits.

The profits of the LLP are automatically divided amongst the members in accordance with the agreed profit sharing arrangements.

Taxation

The taxation payable on the LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

other taxes policy

Tangible fixed assets

Individual fixed assets costing £500 or more are initially recorded at cost.

 

IZVG LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Depreciation

The depreciation methods and rates used are as follows:

Asset class

Depreciation method and rate

Leasehold property

Over the period of the lease

Plant and machinery

15% of cost

Fixtures and fittings

10% of cost

Motor vehicles

25% of cost

Computer equipment

20% of cost

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade debtors

Trade debtors are amounts due from clients for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Financial instruments

Classification

The LLP enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables and payables, loans from related parties and investments in non-puttableordinary shares.

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet.

Recognition and Measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

IZVG LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Impairment of financial assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

2

Particulars of employees

The average number of persons employed by the LLP (including members) during the year was 20 (2024 - 19).

 

IZVG LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

3

Tangible fixed assets

Long leasehold land and buildings
£

Plant and machinery
 £

Fixtures and fittings
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2024

23,959

347,175

63,802

125,019

559,955

Additions

-

20,309

-

30,359

50,668

Disposals

-

(3,036)

-

(23,784)

(26,820)

At 31 March 2025

23,959

364,448

63,802

131,594

583,803

Depreciation

At 1 April 2024

16,377

192,290

31,410

85,324

325,401

Charge for the year

2,394

44,301

6,379

17,338

70,412

Eliminated on disposals

-

(2,563)

-

(24,280)

(26,843)

At 31 March 2025

18,771

234,028

37,789

78,382

368,970

Net book value

At 31 March 2025

5,188

130,420

26,013

53,212

214,833

At 31 March 2024

7,582

154,884

32,392

39,695

234,553

 

IZVG LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

4

Stocks

2025
£

2024
£

Stocks

127,041

67,329

5

Debtors

2025
£

2024
£

Trade debtors

408,636

377,802

Other debtors

29,137

29,137

Prepayments and accrued income

42,233

26,894

480,006

433,833

6

Creditors: Amounts falling due within one year

2025
£

2024
£

Bank loans and overdrafts

7,828

7,829

Trade creditors

74,693

106,948

Other taxes and social security

131,773

113,028

Other creditors

34,415

6,248

Accruals and deferred income

32,977

29,089

281,686

263,142

7

Creditors: Amounts falling due after more than one year

2025
£

2024
£

Bank loans and overdrafts

4,383

14,579

8

Analysis of other amounts

2025
£

2024
£

Money owed to members by the LLP in respect of profits

671,424

648,561

9

Related party transactions

Summary of transactions with other related parties

From 1 January 2022, all transactions for customers located in Spain have been recognised in a separate business in Spain (IZVG Spain), of which S Thornton, S Philp and T Monreal are partners. These transactions are no longer recognised in the IZVG LLP financial statements.

At the year end, IZVG LLP was owed £29,137 from IZVG Spain (2024: £29,137).