Abbeyvet Export LLP

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Abbeyvet Export LLP is a limited liability partnership, incorporated in England & Wales, registered number OC335467 . 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 limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The limited liability partnership has taken advantage of the exemption under section 398 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the limited partnership as an individual entity and not about its group

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 the significant risks and rewards of ownership of the goods has 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:

Plant & Machinery

20% per annum straight line basis & 20% per annum reducing balance basis

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

2.5. Stocks and Work in Progress

Stocks are stated at the lower of cost and net realisable value. Cost comprises of direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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Abbeyvet Export LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.6. 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.

Impairment of financial assets

Financial assets 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.

2.7. Foreign Currencies

Monetary assets and liabilities that are denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. Gains and losses arising on translation in the period are included in profit or loss

2.8. 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.

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Abbeyvet Export LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.9. Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for

impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

2.10. Employee benefits

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.

2.11. 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 current liabilities.

3. Average Number of Employees

Average number of employees, including members with contracts of employment, during the year was: 8 (2025: 8)

4. Tangible Assets

	Plant & Machinery
	£
Cost
As at 1 April 2025	80,266
Additions	1,919

As at 31 March 2026	82,185

Depreciation
As at 1 April 2025	68,627
Provided during the period	7,152

As at 31 March 2026	75,779

Net Book Value
As at 31 March 2026	6,406

As at 1 April 2025	11,639

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Abbeyvet Export LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

5. Investments

	Subsidiaries
	£
Cost
As at 1 April 2025	2

As at 31 March 2026	2

Provision
As at 1 April 2025	-

As at 31 March 2026	-

Net Book Value
As at 31 March 2026	2

As at 1 April 2025	2

The above investment represents 100% share holding in a subsidiary, Vetapharma Limited. Vetapharma Limited is private company, limited by shares and incorporated in England & Wales. Registered number 04213571.

Vetapharma Limited principal activity is that of suppling veterinary pharmaceuticals.

6. Stocks

	2026	2025
	£	£
Stock	351,301	329,765

7. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	204,613	166,168
Amounts owed by group undertakings	587,617	590,769
Other debtors	114,966	140,702

	907,196	897,639

8. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	1,512,448	257,305
Other taxes and social security	6,917	8,152
Other creditors	530,060	530,241
Accruals and deferred income	127,283	24,468
Amounts owed to group undertakings	590,982	618,535

	2,767,690	1,438,701

Included within other creditors is a loan of £529,045 (2025: £529,045) which is secured by a fixed and floating charge over the assets of the partnership.

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Abbeyvet Export LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

9. 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 £2,131,369 (2025: £2,039,762) were charged by the ultimate controlling entity.

Included in trade creditors is a balance of £995,253 (2025: £32,367) owing to the ultimate controlling entity

Included in other creditors is a a loan of £529,045 (2025: £529,045) from an entity under common control, which is interest free and repayable on demand

10. Audit Information

The auditor's report on the accounts of Abbeyvet Export 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		6,406		11,639
Investments	5		2		2

			6,408		11,641
CURRENT ASSETS
Stocks	6	351,301		329,765
Debtors	7	907,196		897,639
Cash at bank and in hand		2,702,654		1,295,138

		3,961,151		2,522,542
Creditors: Amounts Falling Due Within One Year	8	(2,767,690 )		(1,438,701 )

NET CURRENT ASSETS (LIABILITIES)			1,193,461		1,083,841

TOTAL ASSETS LESS CURRENT LIABILITIES			1,199,869		1,095,482

NET ASSETS ATTRIBUTABLE TO MEMBERS			1,199,869		1,095,482

REPRESENTED BY:
Equity
Members' other interests
Members' capital		1,095,419		973,610
Other reserves		104,450		121,872

			1,199,869		1,095,482

TOTAL MEMBERS' INTEREST
Members' other interests			1,199,869		1,095,482

			1,199,869		1,095,482