Registered number: OC331423
Robert Montgomery LLP
Financial statements
Information for filing with the registrar
for the year ended 30 September 2021
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Chartered accountants' report to the members on the preparation of the unaudited statutory financial statements of Robert Montgomery LLP
for the year ended 30 September 2021
In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of Robert Montgomery LLP for the year ended 30 September 2021 which comprise profit and loss account, balance sheet, reconciliation of members' interestsand related notes from the LLP's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the members in accordance with the terms of our engagement letter dated 5 April 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Robert Montgomery LLP and state those matters that we have agreed to state to the Robert Montgomery LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Robert Montgomery LLP and its members for our work or for this report.
It is your duty to ensure that Robert Montgomery LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Robert Montgomery LLP. You consider that Robert Montgomery LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Robert Montgomery LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chavereys
Faversham
4 August 2022
Page 1
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Robert Montgomery LLP
Registered number: OC331423
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Balance sheet
as at 30 September 2021
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Debtors: amounts falling due within one year
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Creditors: Amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Page 2
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Robert Montgomery LLP
Registered number: OC331423
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Balance sheet (continued)
as at 30 September 2021
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 5 to 9 form part of these financial statements.
Robert Montgomery LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a statement of changes in equity.
Page 3
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Reconciliation of members' interests
for the year ended 30 September 2021
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EQUITY
Members' other interests
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Members' capital (classified as equity)
£
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Loss for the year available for discretionary division among members
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Members' interests after profit for the year
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Amounts introduced by members
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Balance at 30 September 2020
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Amounts introduced by members
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Balance at 30 September 2021
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The notes on pages 5 to 9 form part of these financial statements.
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of members' other interests.
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Page 4
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Notes to the financial statements
for the year ended 30 September 2021
Robert Montgomery LLP is a limited liability partnership, incorporated in England and Wales.
The partnership incorporation number is OC331423, the registered office and trading address is Monkton Road Farm, Seamark Road, Birchington, Kent CT7 0JL.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The financial statements are presented in pound sterling and all values are rounded to the nearest pound (£) except where otherwise indicated.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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10 - 25% reducing balance
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10 - 20% reducing balance
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Consumable stocks in store are stated at their purchase price. Livestock are valued using the deemed cost method. Crops in store are valued using the deemed cost method where the cost of production cannot be readily ascertained.
Page 5
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Notes to the financial statements
for the year ended 30 September 2021
2.Accounting policies (continued)
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.
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Agricultural support schemes
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Payments received under EU agricultural support schemes are recognised as income when the business has met all criteria which entitle it to the payments.
Amounts received under the Basic Payment schemes are recognised on 31 December in the year of claim.
No provision has been made for penalties arising from the failure to comply with 'cross compliance' conditions, as defined by the RPA, except for where notification has been received.
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Operating leases: the LLP as lessor
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Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.
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Operating leases: the LLP as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
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Leased assets: the LLP as lessee
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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The average monthly number of employees, including directors, during the year was 13 (2020 - 11).
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Page 6
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Notes to the financial statements
for the year ended 30 September 2021
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Charge for the year on owned assets
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Charge for the year on financed assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Page 7
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Notes to the financial statements
for the year ended 30 September 2021
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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Page 8
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Notes to the financial statements
for the year ended 30 September 2021
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Page 9
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