Abbeyvet LLP

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Abbeyvet LLP is a limited liability partnership, incorporated in England & Wales, registered number OC335466 . The Registered Office is 310 Chester Road, Hartford, Cheshire, England, CW8 2AB.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in May 2024 (SORP) and the Companies Act 2006 (as applied to LLPs).

The financial statements are prepared in sterling which is the functional currency of the LLP.

2.2. Going Concern Disclosure

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of veterinary pharmaceuticals, net of discounts and value added taxes.

Sale of goods

Revenue from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably. it is probable that the economic benefits associated with the transaction will flow to the LLP and the costs incurred, or to be incurred, in respect of the transaction, can be measured reliably. This is usually on dispatch of goods.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

The gain or loss arising on the disposal of an asset is dertmined as the difference between the sale proceeds an the carrying value of the asset, and is recognised in the profit and loss account

Fixtures & Fittings

20% per annum on a straight line basis

2.5. Financial Instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

...CONTINUED

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Abbeyvet LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.5. Financial Instruments - continued

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Pensions

The LLP operates a defined contribution pension scheme. Contributions are charged to the Profit and Loss Account as they become payable in accordance with the rules of the scheme.

2.8. Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.9. Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

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Abbeyvet LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.10. Members' participating interests

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).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Other amounts applied to members are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

3. Average Number of Employees

Average number of employees, including members with contracts of employment, during the year was: 2 (2025: 1)

4. Tangible Assets

	Fixtures & Fittings
	£
Cost
As at 1 April 2025	23,023
Additions	618

As at 31 March 2026	23,641

Depreciation
As at 1 April 2025	22,715
Provided during the period	159

As at 31 March 2026	22,874

Net Book Value
As at 31 March 2026	767

As at 1 April 2025	308

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Abbeyvet LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

5. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	315,445	484,189
Amounts owed by group undertakings	590,982	618,535
Other debtors	5,052	54,602

	911,479	1,157,326

6. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	1,349,603	1,452,475
Other taxes and social security	6,016	2,991
Other creditors	742,544	742,909
Accruals and deferred income	10,996	14,324
Amounts owed to group undertakings	343	121

	2,109,502	2,212,820

Included in other creditors is a loan £742,473 (2025: £742,473), which is secured by a fixed and floating charge over the assets of the partnership

7. Related Party Transactions

Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

Management charges of £5,022 (2025: £8,552) were charged by the ultimate controlling entity. Included in trade creditors is a balance of £nil (2024: 2025: £nil) and included in accruals is a balance of £5,022 (2025: £8,552) owing to the ultimate controlling entity.

Included in other creditors is a loan of £742,473 (2025: £742,473) from an entity under common control, which is interest free and repayable on demand

8. Audit Information

The auditor's report on the accounts of Abbeyvet LLP for the year ended 31 March 2026 was unqualified.

The auditor's report was signed by Martin Howard (Senior Statutory Auditor) for and on behalf of Hazlewoods LLP , Statutory Auditor.

Hazlewoods LLP

Windsor House

Bayshill Road

Cheltenham

GL50 3AT

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		767		308

			767		308
CURRENT ASSETS
Debtors	5	911,479		1,157,326
Cash at bank and in hand		1,323,060		1,150,638

		2,234,539		2,307,964
Creditors: Amounts Falling Due Within One Year	6	(2,109,502 )		(2,212,820 )

NET CURRENT ASSETS (LIABILITIES)			125,037		95,144

TOTAL ASSETS LESS CURRENT LIABILITIES			125,804		95,452

NET ASSETS ATTRIBUTABLE TO MEMBERS			125,804		95,452

REPRESENTED BY:
Equity
Members' other interests
Members' capital		95,452		69,281
Other reserves		30,352		26,171

			125,804		95,452

TOTAL MEMBERS' INTEREST
Members' other interests			125,804		95,452

			125,804		95,452