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REGISTERED NUMBER: SC096203 (Scotland)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30th September 2023

for

Montgomerie Holdings Limited

Montgomerie Holdings Limited (Registered number: SC096203)






Contents of the Consolidated Financial Statements
for the Year Ended 30th September 2023




Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 7

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16 to 27


Montgomerie Holdings Limited

Company Information
for the Year Ended 30th September 2023







DIRECTORS: W F Montgomerie
N B Montgomerie



SECRETARY: N B Montgomerie



REGISTERED OFFICE: Dalbeattie Road
Castle Douglas
DG7 1HZ



REGISTERED NUMBER: SC096203 (Scotland)



AUDITORS: Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ



BANKERS: Bank of Scotland plc
192 King Street
Castle Douglas
Dumfries & Galloway
DG7 1DB

Montgomerie Holdings Limited (Registered number: SC096203)

Group Strategic Report
for the Year Ended 30th September 2023

The directors present their strategic report of the company and the group for the year ended 30th September 2023.

Montgomerie Holdings Limited is predominantly a holding company for James Gordon Limited, a company in which Montgomerie Holdings Limited owned 84.6% of the share capital at year end. In addition to its holding in James Gordon Limited, Montgomerie Holdings Limited also owns several properties, most of which are occupied by and rented to James Gordon Limited.

James Gordon Limited is an agricultural engineering company. It sells and repairs agricultural machinery and associated parts. The business has been in existence for over 150 years.

The directors believe that the company is well placed to service the agricultural industry in the south and west of Scotland and that the long experience that both they and their management team have in the local industry is to the benefit of both the company and its customers, many of whom have been with the company for generations.

REVIEW OF BUSINESS
The directors are pleased with the results. The group has had another successful year of trade. Turnover has increased from £54.0m to £55.2m and gross profits have increased from £7.4m to £7.8m. Gross profit percentage has risen again from 13.6% to 14.1%. The bottom line profits before tax have reduced from £1.1m to £971k The directors are working to maintain profit levels next year and intend to maintain their close working relationship with Claas UK and Develon.

Key Performance Indicators (KPI's)
Given the straightforward nature of the business, the directors are of the opinion that there are no additional KPI's other than the measures of turnover and gross profit reported above that are necessary for an understanding of the development, performance or position of the business.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition from both national and independent machinery dealers, employee retention and product availability.

Financial risk management
The company's operations expose it to little in the way of financial risk. However, a variety of financial risks do exist to an extent including credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs.

Credit risk
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual is subject to a limit which can only be reassessed by a director.

Liquidity risk
The company requires only limited short term debt finance to ensure there are sufficient available funds for operations.

Interest rate risk
The company has interest bearing liabilities including a bank overdraft and stocking loans. The amount of interest charged on these liabilities is not sufficient to significantly affect company operations.


Montgomerie Holdings Limited (Registered number: SC096203)

Group Strategic Report
for the Year Ended 30th September 2023

SECTION 172(1) STATEMENT
The directors must act in accordance with a set of general duties detailed in section 172 of the UK Companies Act 2006. The Board of Directors, both individually and together, consider that they have acted in good faith, promoted the success of the company for the benefit of its shareholder as a whole and in doing so have regard, amongst other matters, to:

- The likely consequences of any decision in the long term
- The interests of the company's employees
- The need to foster the company's business relationships with suppliers, customers and others
- The impact of the company's operations on the community and the environment
- The desirability of the company maintaining a reputation for high standards of business conduct
- The need to act fairly between members of the company

The Group has a rigorous process to ensure stakeholders are included in the decision-making process, so all relevant persons are aware of the consequences of any long term decision made by the Company and its subsidiary. The subsidiary Board of Directors and employees throughout the year have regular communications and interactions. This ensures that the interests of the company's employees are taken into account at all times. The Board is now regularly reminded about the s172(1) matters. All environmental and health and safety matters are also presented to the Board on a regular basis, whereby any items that have a direct impact on the local community are discussed and actioned as appropriate. The company also takes on board feedback by end customers regarding their products and services/ performance compared to competitors. This fosters key customer business relationships, and areas of action are derived to improve stakeholder satisfaction, maintain high standards of business conduct and increase competitiveness. Montgomerie Holdings Limited and its subsidiary, James Gordon Limited, are family companies, so the directors promote a family work ethic across all areas of the business. This encourages supporting and collaborative business relationships and the need to treat peers, customers, suppliers and other key stakeholders fairly at all times.

ON BEHALF OF THE BOARD:





W F Montgomerie - Director


7th March 2024

Montgomerie Holdings Limited (Registered number: SC096203)

Report of the Directors
for the Year Ended 30th September 2023

The directors present their report with the financial statements of the company and the group for the year ended 30th September 2023.

DIVIDENDS
An interim dividend of £3.00 per share was paid on 14th July 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30th September 2023 will be £ 231,501 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1st October 2022 to the date of this report.

W F Montgomerie
N B Montgomerie

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Again, all of the trading activities are conducted through James Gordon Limited. James Gordon Limited maintains an excellent relationship with customers and suppliers respectively.

The vast majority of customers are in the agricultural and construction trades within the South and West of Scotland. Many have been customers across multiple generations of both their families and ours. James Gordon is a trusted name in the industry and we work hard to maintain that reputation. Salesmen maintain regular after sales contact with customers and the company maintains its profile in the sector, promoting its activities with attendance at trade shows and community events.

The main suppliers to the company are clearly Claas for agricultural equipment and Develon for construction equipment. Gordons is a key dealer for both franchises and regular dialogue takes place between the companies at all levels to ensure a 'joined up' synergy of approach. In addition, Gordons have trade relationships with a great many suppliers of equipment and parts and endeavour to deal with them all in fair and equitable terms. The long history of the company in this sector means there is an established trading pattern over a great many years with most of these suppliers and great deal of goodwill has built up.

STREAMLINED ENERGY AND CARBON REPORTING
During the year under review the group consumed 2.257m kWh via 105 employees which is 21,498 per employee. 568,886 tonnes of CO2e was consumed by 105 employees which is 5,418 per employee.

The below numbers were derived using invoice data. We have used carbon conversion factors published by the UK's Department for Business, Energy and Industrial Strategy ("BEIS") published in June 2022. The majority of the emissions are Scope 1(Energy Direct). The electricity usage is considered to be Scope 2 (Energy Indirect) emissions.

Intensity Metrics

Group Consumption 2023 2023
kWh t CO2e
Electricity 227,079 57,229
Heating oil 0 0
Diesel - transportation 1,771,704 446,509
Diesel - other purposes 258,501 65,148
Total 2,257,284 568,886

In order to improve energy efficiency, the group has invested in a biomass boiler to supply heating at the Castle Douglas Head Office. Solar panels and LED lighting have been installed there and at other depots and a number of electric vehicles have replaced diesel equivalents in recent years. .


Montgomerie Holdings Limited (Registered number: SC096203)

Report of the Directors
for the Year Ended 30th September 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in
the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Farries Kirk & McVean, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





W F Montgomerie - Director


7th March 2024

Report of the Independent Auditors to the Members of
Montgomerie Holdings Limited

Opinion
We have audited the financial statements of Montgomerie Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th September 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30th September 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Montgomerie Holdings Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- we have assessed the susceptibility of the company's financial statements to material misstatement as being low risk. The directors are very involved in the day to day management of the business and have a focus on controls to address potential fraud and error.
- we have assessed the susceptibility of the group's financial statements to material misstatement as being low risk. The directors are very involved in the day to day management of the business and have a focus on controls to address potential fraud and error.
- the nature of the group's activities are not significantly regulated. We have discussed applicable laws and regulations with the directors. This has enabled us to gain an understanding of those laws and regulations that are applicable to the group and the procedures they operate to ensure compliance.
- we have obtained an understanding of the group's policies and procedures on fraud risk through two way communication with the management and have no knowledge of any actual, suspected or alleged fraud.
- the Senior Statutory Auditor is satisfied that the engagement audit staff were competent to and capable of recognising non-compliance with laws and regulation. No details of any non-compliance were communicated to us and no such potential instances were noted during the audit process.

We have reached these conclusions following enquiries made of those charged with governance and senior staff and following audit testing procedures and review of financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Craig Paterson, BCom CA (Senior Statutory Auditor)
for and on behalf of Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ

7th March 2024

Montgomerie Holdings Limited (Registered number: SC096203)

Consolidated
Income Statement
for the Year Ended 30th September 2023

2023 2022
Notes £    £   

TURNOVER 3 55,207,778 54,011,983

Cost of sales (47,433,083 ) (46,650,664 )
GROSS PROFIT 7,774,695 7,361,319

Administrative expenses (6,361,374 ) (6,142,117 )
1,413,321 1,219,202

Other operating income 18,302 30,840
OPERATING PROFIT 5 1,431,623 1,250,042

Interest receivable and similar income 240 210
1,431,863 1,250,252

Interest payable and similar expenses 6 (460,464 ) (180,950 )
PROFIT BEFORE TAXATION 971,399 1,069,302

Tax on profit 7 (208,558 ) (204,328 )
PROFIT FOR THE FINANCIAL YEAR 762,841 864,974
Profit attributable to:
Owners of the parent 762,841 864,974

Montgomerie Holdings Limited (Registered number: SC096203)

Consolidated
Other Comprehensive Income
for the Year Ended 30th September 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 762,841 864,974


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

762,841

864,974

Total comprehensive income attributable to:
Owners of the parent 713,403 814,588
Non-controlling interests 49,438 50,386
762,841 864,974

Montgomerie Holdings Limited (Registered number: SC096203)

Consolidated Balance Sheet
30th September 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 10 2,698,579 2,618,166
Investments 11 - -
Investment property 12 217,345 217,345
2,915,924 2,835,511

CURRENT ASSETS
Stocks 13 12,902,009 10,928,447
Debtors 14 5,374,938 6,889,523
Investments 15 6,927 6,687
Cash at bank and in hand 2,363,969 2,505,655
20,647,843 20,330,312
CREDITORS
Amounts falling due within one year 16 (13,465,052 ) (13,505,446 )
NET CURRENT ASSETS 7,182,791 6,824,866
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,098,715

9,660,377

CREDITORS
Amounts falling due after more than one year 17 (299,031 ) (300,496 )

PROVISIONS FOR LIABILITIES 21 (195,343 ) (168,380 )
NET ASSETS 9,604,341 9,191,501

CAPITAL AND RESERVES
Called up share capital 22 77,167 77,167
Revaluation reserve 23 49,300 52,200
Retained earnings 23 8,545,906 8,061,104
SHAREHOLDERS' FUNDS 8,672,373 8,190,471

NON-CONTROLLING INTERESTS 24 931,968 1,001,030
TOTAL EQUITY 9,604,341 9,191,501

The financial statements were approved by the Board of Directors and authorised for issue on 7th March 2024 and were signed on its behalf by:





W F Montgomerie - Director


Montgomerie Holdings Limited (Registered number: SC096203)

Company Balance Sheet
30th September 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 10 1,910,235 1,981,125
Investments 11 999,760 899,260
Investment property 12 217,345 217,345
3,127,340 3,097,730

CURRENT ASSETS
Debtors 14 92,071 92,071
Investments 15 6,927 6,687
Cash at bank 1,235,902 1,735,905
1,334,900 1,834,663
CREDITORS
Amounts falling due within one year 16 (973,357 ) (1,468,989 )
NET CURRENT ASSETS 361,543 365,674
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,488,883

3,463,404

PROVISIONS FOR LIABILITIES 21 (15,327 ) (21,167 )
NET ASSETS 3,473,556 3,442,237

CAPITAL AND RESERVES
Called up share capital 22 77,167 77,167
Revaluation reserve 23 49,300 52,200
Retained earnings 23 3,347,089 3,312,870
SHAREHOLDERS' FUNDS 3,473,556 3,442,237

Company's profit for the financial year 262,820 458,997

The financial statements were approved by the Board of Directors and authorised for issue on 7th March 2024 and were signed on its behalf by:





W F Montgomerie - Director


Montgomerie Holdings Limited (Registered number: SC096203)

Consolidated Statement of Changes in Equity
for the Year Ended 30th September 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1st October 2021 77,167 7,552,517 70,300

Changes in equity
Dividends - (324,101 ) -
Total comprehensive income - 832,688 (18,100 )
Balance at 30th September 2022 77,167 8,061,104 52,200

Changes in equity
Dividends - (231,501 ) -
Total comprehensive income - 716,303 (2,900 )
Balance at 30th September 2023 77,167 8,545,906 49,300
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1st October 2021 7,699,984 997,044 8,697,028

Changes in equity
Dividends (324,101 ) (46,400 ) (370,501 )
Total comprehensive income 814,588 50,386 864,974
Balance at 30th September 2022 8,190,471 1,001,030 9,191,501

Changes in equity
Dividends (231,501 ) (18,000 ) (249,501 )
Total comprehensive income 713,403 49,438 762,841
Balance at 30th September 2023 8,672,373 1,032,468 9,704,841

Montgomerie Holdings Limited (Registered number: SC096203)

Company Statement of Changes in Equity
for the Year Ended 30th September 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st October 2021 77,167 3,159,874 70,300 3,307,341

Changes in equity
Dividends - (324,101 ) - (324,101 )
Total comprehensive income - 477,097 (18,100 ) 458,997
Balance at 30th September 2022 77,167 3,312,870 52,200 3,442,237

Changes in equity
Dividends - (231,501 ) - (231,501 )
Total comprehensive income - 265,720 (2,900 ) 262,820
Balance at 30th September 2023 77,167 3,347,089 49,300 3,473,556

Montgomerie Holdings Limited (Registered number: SC096203)

Consolidated Cash Flow Statement
for the Year Ended 30th September 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (776,954 ) (230,759 )
Interest paid (433,312 ) (162,461 )
Interest element of hire purchase payments paid (27,152 ) (18,489 )
Tax paid (178,013 ) (228,425 )
Stamp duty on share buy back (500 ) -
Net cash from operating activities (1,415,931 ) (640,134 )

Cash flows from investing activities
Purchase of tangible fixed assets (173,842 ) (42,476 )
Sale of tangible fixed assets 113,241 159,210
Buy back of subsidiary shares (100,000 ) -
Interest received 240 210
Net cash from investing activities (160,361 ) 116,944

Cash flows from financing activities
Stocking loan 2,012,989 2,004,973
Capital repayments in year (328,642 ) (260,203 )
Dividends paid to minority interests (18,000 ) (46,400 )
Equity dividends paid (231,501 ) (324,101 )
Increase in unlisted investments (240 ) (210 )
Net cash from financing activities 1,434,606 1,374,059

(Decrease)/increase in cash and cash equivalents (141,686 ) 850,869
Cash and cash equivalents at beginning of year 2 2,505,655 1,654,786

Cash and cash equivalents at end of year 2 2,363,969 2,505,655

Montgomerie Holdings Limited (Registered number: SC096203)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30th September 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 971,399 1,069,302
Depreciation charges 436,910 420,587
Profit on disposal of fixed assets (74,752 ) (129,353 )
Finance costs 460,464 180,950
Finance income (240 ) (210 )
1,793,781 1,541,276
Increase in stocks (1,973,562 ) (1,527,304 )
Decrease/(increase) in trade and other debtors 1,514,585 (885,406 )
(Decrease)/increase in trade and other creditors (2,111,758 ) 640,675
Cash generated from operations (776,954 ) (230,759 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 2,363,969 2,505,655
Year ended 30th September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 2,505,655 1,654,786


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.10.22 Cash flow changes At 30.9.23
£    £    £    £   
Net cash
Cash at bank
and in hand 2,505,655 (141,686 ) 2,363,969
2,505,655 (141,686 ) 2,363,969

Liquid resources
Current asset
investments 6,687 240 - 6,927
6,687 240 - 6,927
Debt
Finance leases (522,881 ) 328,642 - (576,208 )
Debts falling due
within 1 year (3,020,661 ) (2,012,989 ) - (5,033,650 )
(3,543,542 ) (1,684,347 ) - (5,609,858 )
Total (1,031,200 ) (1,825,793 ) - (3,238,962 )

Montgomerie Holdings Limited (Registered number: SC096203)

Notes to the Consolidated Financial Statements
for the Year Ended 30th September 2023

1. STATUTORY INFORMATION

Montgomerie Holdings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and the subsidiary controlled by the Group. The interest of minority shareholders is stated at their share of the value of the subsidiary’s net assets

All intra-group balances, transactions, income and expenses are eliminated on consolidation. The consolidated accounts are prepared using uniform accounting policies.

Significant judgements and estimates
In the opinion of the directors, the only significant judgement and estimate in the financial statements is:
Provision against both parts and machinery stock values. Machinery stock provisions are specifically calculated on individual machinery where necessary. The group provide in full against all parts stock greater than 18 months old.

Turnover
Turnover represents the net invoiced sales of goods and services, excluding value added tax. The company sells agricultural machinery and supplies as well as repairing such machinery.

The point of sale for machinery and goods is the point of supply to the customer except in some occasional cases where a special order might mean point of sale is at point of order. Repair work is invoiced on completion of the work involved to customer satisfaction. Any deposits taken are not recognised as sales but instead credited against a customer account until such times as the goods are supplied.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 25% on cost and 20% on cost
Motor vehicles - 25% on cost

The value of land within Freehold Property is not depreciated.

Amounts written off each asset over the estimated useful life represent cost less residual value.

In accordance with the provisions of FRS 102, the retained the frozen valuations of freehold property were treated as deemed cost on transition.

Investment property
Investment property is property which is let outwith the group and is accounted for at fair value through the income statement. . Such property was purchased between January 2014 and June 2015 and the directors presently believe the cost price still represents the fair value at year end.

Property owned by the parent company which is let to the subsidiary company has been restated as Freehold Property in line with the triennial review amendments whereas in previous years it was shown as investment property in the balance sheet of the parent company.

Stocks
Parts stocks, not individually identifiable, are valued on an average cost basis. Individual items of agricultural machinery are valued at the lower of actual cost and net realisable value. Obsolete items and slow moving items are not valued.


Montgomerie Holdings Limited (Registered number: SC096203)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th September 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The group contributes to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

Montgomerie Holdings Limited (Registered number: SC096203)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th September 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
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 debtors
Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

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 company 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.

Borrowings
Interest bearing borrowings are initially recorded at transaction price, net of transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment.

Interest expense is recognised on the basis of the effective interest rate method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share Capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Sale of goods 52,319,007 51,216,366
Rendering of services 2,888,771 2,795,617
55,207,778 54,011,983

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,518,400 3,330,328
Social security costs 375,672 378,551
Other pension costs 268,041 250,750
4,162,113 3,959,629

Montgomerie Holdings Limited (Registered number: SC096203)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th September 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Directors 2 2
Subsidiary directors 2 2
Office and management 11 11
Direct employees 90 88
105 103

The average number of employees by undertakings that were proportionately consolidated during the year was 105 (2022 - 103 ) .

2023 2022
£    £   
Directors' remuneration 103,961 87,517
Directors' pension contributions to money purchase schemes 13,455 13,035

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 4,834 5,632
Depreciation - owned assets 232,273 237,604
Depreciation - assets on hire purchase contracts 204,636 182,982
Profit on disposal of fixed assets (74,752 ) (129,353 )
Auditors' remuneration 14,000 14,050
Taxation compliance services 1,500 1,500
Other non- audit services 14,600 14,600

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Stocking interest 433,312 162,461
Hire purchase 27,152 18,489
460,464 180,950

Montgomerie Holdings Limited (Registered number: SC096203)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th September 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 181,303 177,721
Corporation tax interest 292 -
Total current tax 181,595 177,721

Deferred tax 26,963 26,607
Tax on profit 208,558 204,328

UK corporation tax has been charged at 22.01 % (2022 - 19 %).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 971,399 1,069,302
Profit multiplied by the standard rate of corporation tax in the UK of 22.008 %
(2022 - 19 %)

213,785

203,167

Effects of:
Expenses not deductible for tax purposes - (1,899 )
Capital allowances in excess of depreciation (32,483 ) (27,683 )
Corporation tax interest 292 -
Tax losses carried forward - 4,136
Deferred tax 26,964 26,607
Total tax charge 208,558 204,328

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 231,501 324,101

Montgomerie Holdings Limited (Registered number: SC096203)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th September 2023

10. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st October 2022 2,370,564 544,474 1,579,520 200,793 4,695,351
Additions - 96,973 434,033 24,805 555,811
Disposals - (1,922 ) (313,482 ) - (315,404 )
At 30th September 2023 2,370,564 639,525 1,700,071 225,598 4,935,758
DEPRECIATION
At 1st October 2022 495,879 400,772 1,046,506 134,028 2,077,185
Charge for year 47,530 64,192 273,167 52,020 436,909
Eliminated on disposal - (1,922 ) (274,993 ) - (276,915 )
At 30th September 2023 543,409 463,042 1,044,680 186,048 2,237,179
NET BOOK VALUE
At 30th September 2023 1,827,155 176,483 655,391 39,550 2,698,579
At 30th September 2022 1,874,685 143,702 533,014 66,765 2,618,166

As noted below, the hire purchase liabilities are secured against the assets so financed. Therefore £590,576 (2022 - £508,520) of the fixed assets are secured in such manner.

In addition, as the bank hold a floating charge over the whole assets of the group, effectively all £2,698,579 (2022 - £2,618,166) of fixed assets are pledged as security for liabilities.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st October 2022 855,186
Additions 386,948
Disposals (53,795 )
Transfer to ownership (260,630 )
At 30th September 2023 927,709
DEPRECIATION
At 1st October 2022 346,666
Charge for year 204,636
Eliminated on disposal (30,273 )
Transfer to ownership (183,896 )
At 30th September 2023 337,133
NET BOOK VALUE
At 30th September 2023 590,576
At 30th September 2022 508,520

Montgomerie Holdings Limited (Registered number: SC096203)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th September 2023

10. TANGIBLE FIXED ASSETS - continued

Company
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1st October 2022
and 30th September 2023 2,370,564 233,608 2,604,172
DEPRECIATION
At 1st October 2022 495,879 127,168 623,047
Charge for year 47,530 23,360 70,890
At 30th September 2023 543,409 150,528 693,937
NET BOOK VALUE
At 30th September 2023 1,827,155 83,080 1,910,235
At 30th September 2022 1,874,685 106,440 1,981,125

As noted above in respect of the group, the bank hold a floating charge over the whole assets of the company and therefore all £1,910,235 (2022 - 1,981,925) of fixed assets are pledged as security for liabilities.

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st October 2022 899,260
Additions 100,500
At 30th September 2023 999,760
NET BOOK VALUE
At 30th September 2023 999,760
At 30th September 2022 899,260

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

James Gordon Limited, an 89.7% owned subsidiary. The results of James Gordon Limited are included in the consolidated financial statements.

James Gordon Limited has its Registered Office at the same address as Montgomerie Holdings Limited and listed in the Company Information on page one of this report.


Montgomerie Holdings Limited (Registered number: SC096203)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th September 2023

12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1st October 2022
and 30th September 2023 217,345
NET BOOK VALUE
At 30th September 2023 217,345
At 30th September 2022 217,345

Company
Total
£   
FAIR VALUE
At 1st October 2022
and 30th September 2023 217,345
NET BOOK VALUE
At 30th September 2023 217,345
At 30th September 2022 217,345

The investment property was purchased within the past decade and the directors believe cost to represent fair value. The specific years of purchase and valuation of the investment property not occupied within the group was as follows:

£141,575 purchased in 2014.
£75,770 purchased in 2015.

As the bank hold a floating charge over the whole assets of the group, effectively all £217,345 (2022 - £217,345) of investment property is pledged as security for liabilities.

13. STOCKS

Group
2023 2022
£    £   
Spares & accessories 1,702,563 1,577,318
Work-in-progress 46,410 44,752
Agricultural machinery 11,153,036 9,306,377
12,902,009 10,928,447

At the year end the directors have recognised £292,513 of impairment losses against stock (2022 - £521,503) in line with their policy for stock valuation which includes providing in full for all parts stock over 18 months old and writing back machinery stocks to their net realisable value where costs is deemed to be higher than that.

At the year end the group held £313,968 of Consignment Stock of agricultural and construction machinery (2022 - £537,239). The value of this stock is not included within either the assets or liabilities of the group as it remains an asset of the manufacturer rather than the group. Such stocks may eventually be purchased by the group but they are not committed to doing so and do not bear the risk of obsolescence on the items.

Montgomerie Holdings Limited (Registered number: SC096203)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th September 2023

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 4,975,863 6,170,274 - -
Other debtors 4,250 - - -
Loan - Velo Montgomerie Ltd 92,071 92,071 92,071 92,071
Prepayments 302,754 627,178 - -
5,374,938 6,889,523 92,071 92,071

15. CURRENT ASSET INVESTMENTS

Group Company
2023 2022 2023 2022
£    £    £    £   
Unlisted investments 6,927 6,687 6,927 6,687

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Other loans (see note 18) 5,033,650 3,020,661 - -
Hire purchase contracts (see note 19) 277,177 222,385 - -
Trade creditors 6,664,581 8,871,394 - -
Amounts owed to group undertakings - - 932,089 1,465,490
Tax 181,303 177,721 37,670 -
Social security and other taxes 100,109 105,813 - -
VAT 913,411 891,947 - -
Other creditors 15,665 23,755 - -
Accrued expenses 279,156 191,770 3,598 3,499
13,465,052 13,505,446 973,357 1,468,989

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Hire purchase contracts (see note 19) 299,031 300,496

18. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Stocking loans 5,033,650 3,020,661

Montgomerie Holdings Limited (Registered number: SC096203)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th September 2023

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 277,177 222,385
Between one and five years 299,031 300,496
576,208 522,881

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Stocking loans 5,033,650 3,020,661
Hire purchase contracts 576,208 522,881
5,609,858 3,543,542

The group has a bank overdraft facility. The bank overdraft is secured by way of a Bond and Floating Charge over the whole assets of both Montgomerie Holdings Limited and James Gordon Limited with a Cross Corporate Guarantee between the two companies.

The Bank of Scotland also hold Standard Securities over properties at Dalbeattie Road, Castle Douglas, Hamilton Road, Strathaven and Heathhall, Dumfries granted by Montgomerie Holdings Limited.

The stocking loans are secured upon the specific assets included in the stocking plan.

The hire purchase creditors are secured on the assets on which the finance is outstanding.

21. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 195,343 168,380 15,327 21,167

Group
Deferred
tax
£   
Balance at 1st October 2022 168,380
Charge to Income Statement during year 26,963
Balance at 30th September 2023 195,343

Montgomerie Holdings Limited (Registered number: SC096203)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th September 2023

21. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1st October 2022 21,167
Credit to Income Statement during year (5,840 )
Balance at 30th September 2023 15,327

The provision for deferred taxation arises as a result of accelerated capital allowances.

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
77,167 Ordinary £1 77,167 77,167

23. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st October 2022 8,061,104 52,200 8,113,304
Profit for the year 762,841 762,841
Dividends (231,501 ) (231,501 )
Minority share of profit (49,438 ) - (49,438 )
Amortised revaluation reserve 2,900 (2,900 ) -
At 30th September 2023 8,545,906 49,300 8,595,206

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st October 2022 3,312,870 52,200 3,365,070
Profit for the year 262,820 262,820
Dividends (231,501 ) (231,501 )
Amortised revaluation reserve 2,900 (2,900 ) -
At 30th September 2023 3,347,089 49,300 3,396,389


24. NON-CONTROLLING INTERESTS

The non controlling interest represents their share of net assets of the subsidiary company, including their share of profits for the period.

Montgomerie Holdings Limited (Registered number: SC096203)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th September 2023

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th September 2023 and 30th September 2022:

2023 2022
£    £   
W F Montgomerie
Balance outstanding at start of year 246 246
Amounts repaid (246 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 246

26. RELATED PARTY DISCLOSURES

During the year the company paid £231,501 to directors and their close family members in dividends.

At 30 September 2023 the company (and group) was owed £92,071 (2022 - £92,071) by Velo Montgomerie Limited, a company with a common director and owned by a close family member of a Director. Velo Montgomerie Limited occupy retail premises owned by the company without paying any rent.

During the year, the group made sales of £1,289 (2022- £2,643) to key management personnel and at 30 September 2023 was owed the sum of £1,618 in Trade debtors from key management personnel (2022 - £1,973).