REGISTERED NUMBER: 11233435 (England and Wales)

Giles & Parsons Farm Vets Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J G Parsons

G Giles

REGISTERED OFFICE:

West Roose

Otterham

Camelford

Cornwall

PL32 9YP

REGISTERED NUMBER:

11233435 (England and Wales)

ACCOUNTANTS:

ATC Advisors

Chartered Accountants

Unit 2 Dunheved Court

Pennygillam Way

LAUNCESTON

Cornwall

PL15 7ED

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

114,022

129,602

Investments

6

10,000

10,000

124,022

139,602

CURRENT ASSETS

Stocks

39,779

108,901

Debtors

7

445,580

322,327

Cash at bank

354,549

118,378

839,908

549,606

CREDITORS

Amounts falling due within one year

8

257,222

165,190

NET CURRENT ASSETS

582,686

384,416

TOTAL ASSETS LESS CURRENT LIABILITIES

706,708

524,018

PROVISIONS FOR LIABILITIES

28,505

32,400

NET ASSETS

678,203

491,618

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

678,103

491,518

678,203

491,618

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2025 and were signed on its behalf by:

J G Parsons - Director

G Giles - Director

1.	STATUTORY INFORMATION

Giles & Parsons Farm Vets Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Holiday pay accrual

For both the current and the previous year the amount of the unpaid holiday pay has not been provided for. This is a departure from the normal accounting policy as it is deemed immaterial to the understanding of the accounts and the cost of obtaining the information outweighs any benefits obtained.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2024 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2024

and 31 March 2025

2,032

AMORTISATION

At 1 April 2024

and 31 March 2025

2,032

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2024

69,832

7,345

158,559

235,736

Additions

3,886

-

21,636

25,522

Disposals

-

-

(7,000

)

(7,000

)

At 31 March 2025

73,718

7,345

173,195

254,258

DEPRECIATION

At 1 April 2024

38,277

3,103

64,754

106,134

Charge for year

8,751

1,061

26,356

36,168

Eliminated on disposal

-

-

(2,066

)

(2,066

)

At 31 March 2025

47,028

4,164

89,044

140,236

NET BOOK VALUE

At 31 March 2025

26,690

3,181

84,151

114,022

At 31 March 2024

31,555

4,242

93,805

129,602

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 April 2024

and 31 March 2025

10,000

NET BOOK VALUE

At 31 March 2025

10,000

At 31 March 2024

10,000

Fixed asset investments are valued at £10,000 as the directors believe this is not materially different to its original cost.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

262,296

290,929

Other debtors

183,284

31,398

445,580

322,327

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

75,360

89,527

Taxation and social security

174,789

64,520

Other creditors

7,073

11,143

257,222

165,190

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

12,792

12,792

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

£

J G Parsons

Balance outstanding at start of year

-

-

Amounts advanced

51,375

-

Amounts repaid

(56,136

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(4,761

)

-

G Giles

Balance outstanding at start of year

-

-

Amounts advanced

110,784

-

Amounts repaid

(82,908

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

27,876

-

Interest was charged on director loans at the HMRC beneficial loan rate of 2.25%. The outstanding balance will be repaid within 9 months of the year end.