Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false32023-04-01falseNo description of principal activity3falsefalse OC394307 2023-04-01 2024-03-31 OC394307 2022-04-01 2023-03-31 OC394307 2024-03-31 OC394307 2023-03-31 OC394307 2022-04-01 OC394307 10 2023-04-01 2024-03-31 OC394307 10 2022-04-01 2023-03-31 OC394307 d:OfficeEquipment 2023-04-01 2024-03-31 OC394307 d:OfficeEquipment 2024-03-31 OC394307 d:OfficeEquipment 2023-03-31 OC394307 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC394307 d:ComputerEquipment 2023-04-01 2024-03-31 OC394307 d:ComputerEquipment 2024-03-31 OC394307 d:ComputerEquipment 2023-03-31 OC394307 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC394307 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC394307 d:CurrentFinancialInstruments 2024-03-31 OC394307 d:CurrentFinancialInstruments 2023-03-31 OC394307 d:CurrentFinancialInstruments 2 2024-03-31 OC394307 d:CurrentFinancialInstruments 2 2023-03-31 OC394307 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 OC394307 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 OC394307 e:FRS102 2023-04-01 2024-03-31 OC394307 e:Audited 2023-04-01 2024-03-31 OC394307 e:FullAccounts 2023-04-01 2024-03-31 OC394307 e:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC394307 d:WithinOneYear 2024-03-31 OC394307 d:WithinOneYear 2023-03-31 OC394307 e:PartnerLLP1 2023-04-01 2024-03-31 OC394307 e:PartnerLLP2 2023-04-01 2024-03-31 OC394307 e:PartnerLLP3 2023-04-01 2024-03-31 OC394307 e:PartnerLLP4 2023-04-01 2024-03-31 OC394307 e:PartnerLLP5 2023-04-01 2024-03-31 OC394307 d:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC394307 d:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC394307 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure


Registered number: OC394307












MONTERONE PARTNERS LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 

MONTERONE PARTNERS LLP

INFORMATION



Designated Members
PG Chapple
JM Herberstein
Monterone (UK) Limited
MW Taraba
Member
JM Fernandez

LLP registered number
OC394307

Registered office
22 Manchester Square
London
W1U 3PT

Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants
16 Great Queen Street
Covent Garden
London
WC2B 5AH


 

MONTERONE PARTNERS LLP
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The members present their annual report together with the audited financial statements of Monterone Partners LLP (the "LLP") for the ended 31 March 2024
 

Principal activities
 
 
The principal activity of the LLP is the provision of investment management services.
The firm is authorised and regulated by the Financial Conduct Authority ('FCA').
 
 
Designated Members
 
 
PG Chapple, JM Herberstein, Monterone (UK) Limited and MW Taraba were designated members of the LLP throughout the year.
 

 
Policy with respect to members' drawings and subscription and repayment of members' capital
 
 
Members' capital and drawings are determined by the regulatory capital requirements of the FCA and any trading needs of the LLP.
 
 
Members' responsibilities statement
 
 
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
 
 
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members 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, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgments and accounting estimates that are reasonable and prudent;
 
state whether applicable UK 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 LLP will continue in business.
 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 


 
 
Disclosure of information to auditor
 
Page 1

 

MONTERONE PARTNERS LLP
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
 
 
 
Each of the persons who are members at the time when this members' report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditor is unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.
 

Auditor
 
 
The auditorBlick Rothenberg Audit LLPhas indicated its willingness to continue in office. The Designated members will propose a motion re-appointing the auditor at a meeting of the members.
 

This report was approved by the members on 23 July 2024 and signed on their behalf by:
 
 

PG Chapple
Designated member

Page 2

 

MONTERONE PARTNERS LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MONTERONE PARTNERS LLP
 FOR THE YEAR ENDED 31 MARCH 2024

Opinion
 

We have audited the financial statements of Monterone Partners LLP (the 'LLP') for the year ended 31 March 2024, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, the reconciliation of members' interests and the related notes, including a summary of significant accounting policiesThe 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 LLP's affairs as at 31 March 2024 and of its 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, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 members' 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 LLP'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 members with respect to going concern are described in the relevant sections of this report.

Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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.

Page 3

 

MONTERONE PARTNERS LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MONTERONE PARTNERS LLP (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of members
 

As explained more fully in the members' responsibilities statement set out on page 1, the members 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 members determine is 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 members are responsible for assessing the LLP'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 members either intend to liquidate the LLP 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of the Designated Members concerning the LLP’s policies with regards identifying, evaluating and complying with laws and regulations and whether the Designated Members are aware of any instances of non-compliance; enquiring of the Designated Members concerning the LLP’s policies for detecting and responding to the risks of fraud and whether the Designated Members have knowledge of any actual, suspected or alleged fraud; enquiring of the Designated Members concerning the LLP’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the LLP operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the LLP. The key laws and regulations we considered in this context included the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the applicable rules of the Financial Conduct Authority, United Kingdom taxation laws and anti-money laundering legislation.
As a result of performing the above, we identified the manipulation of revenues, compliance with the rules of the Financial Conduct Authority and override of controls by the designated members as particular focus areas.
 
Page 4

 

MONTERONE PARTNERS LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MONTERONE PARTNERS LLP (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the LLP for evidence of any large or unusual activity which may be indicative of fraud or the inadvertent receipt of client monies; enquiring of the Designated Members in relation to any potential litigation and claims; and, in addressing the risk of fraud through override of controls, testing the appropriateness of journal entries and other adjustments and assessing whether the judgements made in making accounting estimates are indicative of potential bias, although in the LLP’s case there are no particularly significant accounting estimates.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Designated Members and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they
may involve deliberate concealment or collusion.

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 auditor's report.

Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Onisiforos Chourres (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

23 July 2024
Page 5

 

MONTERONE PARTNERS LLP
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 3 
3,048,353
2,723,606

Cost of sales
  
(680,783)
(668,191)

Gross profit
  
 
2,367,570
 
2,055,415

Administrative expenses
  
(701,967)
(838,832)

Operating profit
 4 
 
1,665,603
 
1,216,583

Profit for the year before members' remuneration and profit shares available for discretionary division among members
  
 
1,665,603
 
1,216,583

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 10 to 15 form part of these financial statements.

Page 6


 
REGISTERED NUMBER:OC394307
MONTERONE PARTNERS LLP

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 7 
2,179
6,215

Current assets
  

Debtors: amounts falling due within one year
 8 
319,400
577,828

Cash at bank and in hand
  
1,180,319
770,928

  
1,499,719
1,348,756

Creditors: amounts falling due within one year
 9 
(67,305)
(62,182)

Net current assets
  
 
 
1,432,414
 
 
1,286,574

Net assets
  
1,434,593
1,292,789


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 10 
386,093
244,289

Members' other interests
  

Members' capital classified as equity
  
1,048,500
1,048,500

  
1,434,593
1,292,789


Total members' interests
  

Amounts due from members (included in debtors)
 8 
(195,794)
(489,955)

Loans and other debts due to members
 10 
386,093
244,289

Members' other interests
  
1,048,500
1,048,500

  
1,238,799
802,834


The financial statements were approved and authorised for issue by the members and were signed on their behalf on 23 July 2024.




PG Chapple
Designated member

The notes on pages 10 to 15 form part of these financial statements.

Page 7

 

MONTERONE PARTNERS LLP

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Total
Total

£
£
£
£
£
£

Amounts due to members 

296,408
296,408


Amounts due from members 

(313,931)
(313,931)


Balance at 1 April 2022 
1,048,500
-
1,048,500
(17,523)
(17,523)
1,030,977

Profit for the year available for discretionary division among members
 
-
1,216,583
1,216,583
-
-
1,216,583

Members' interests after profit for the year
1,048,500
1,216,583
2,265,083
(17,523)
(17,523)
2,247,560

Other division of profits
-
(1,216,583)
(1,216,583)
1,216,583
1,216,583
-

Drawings
 
-
-
-
(1,444,724)
(1,444,724)
(1,444,724)

Amounts due to members
244,289
244,289

Amounts due from members
 



(489,953)
(489,953)


Balance at 31 March 2023
1,048,500
-
1,048,500
(245,666)
(245,666)
802,834

Profit for the year available for discretionary division among members
 
-
1,665,603
1,665,603
-
-
1,665,603

Members' interests after profit for the year
1,048,500
1,665,603
2,714,103
(245,666)
(245,666)
2,468,437

Other division of profits
-
(1,665,603)
(1,665,603)
1,665,603
1,665,603
-

Drawings
 
-
-
-
(1,229,638)
(1,229,638)
(1,229,638)

Amounts due to members
386,093
386,093

Amounts due from members
 



(195,794)
(195,794)


Balance at 31 March 2024 
1,048,500
-
1,048,500
190,299
190,299
1,238,799

The ability of the members of the LLP to reduce the amount of Members' other interests is restricted by the regulatory capital requirements of the FCA
 
The notes on pages 10 to 15 form part of these financial statements.


Page 8

 

MONTERONE PARTNERS LLP

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,665,603
1,216,583

Adjustments for:

Depreciation of tangible assets
5,035
7,943

(Increase)/decrease in debtors
(35,731)
15,827

Increase/(decrease) in creditors
5,123
(10,879)

Payments to members
-
(1,444,724)

Net cash generated from operating activities before transactions with members

1,640,030
(215,250)


Cash flows from investing activities

Purchase of tangible fixed assets
(1,000)
(1,743)

Net cash from investing activities

(1,000)
(1,743)

Cash flows from financing activities

Distribution paid to members
(1,229,639)
-

Net cash used in financing activities
(1,229,639)
-

Net increase/(decrease) in cash and cash equivalents
409,391
(216,993)

Cash and cash equivalents at beginning of year
770,928
987,921

Cash and cash equivalents at the end of year
1,180,319
770,928


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,180,319
770,928


The notes on pages 10 to 15 form part of these financial statements.

Page 9

 

MONTERONE PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Monterone Partners LLP is a limited liability partnership incorporated in the UK and registered in England & Wales with company number OC394307.
The address of its registered office is 22 Manchester Square, London W1U 3PT. Its principal activity is the provision of investment management services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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".

Management do not consider there to be any significant accounting estimates or any material judgemental areas in applying the accounting policies.

 
2.2

Going concern

The members have prepared forecasts which, taking account of reasonably possible changes in trading performance, indicate that the LLP should be cash generative and able to meet its liabilities as they fall due and maintain a regulatory capital surplus. In the event that actual results fall short of the forecasts the members have expressed their willingness to provide such additional funding as may be required to support the business for a period of at least 12 months from the date of signing of these financial statements.
The members therefore have a reasonable expectation that the LLP has adequate resource to continue in operation for the foreseeable future. Thus they adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Revenue

Revenue represents fees receivable during the period for investment management services. Management fees are recognised over the period over which the management services are provided. Performance fees are recognised at the end of the period over which the performance is measured.

 
2.4

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
3 years straight line
Computer equipment
-
3 years straight line



 
2.5

Operating leases: the LLP as lessee

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

Page 10

 

MONTERONE PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Financial instruments

The LLP does not trade in financial instruments and all such instruments arise directly from operations.
All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Therefore trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The LLP does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.
The LLP's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.
Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.
As the LLP only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

 
2.7

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
2.8

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

  
2.9

Tax provisions

The tax payable on profits is the personal liability of the members.

Page 11

 

MONTERONE PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.10

Members' remuneration and profit allocations

A member’s non-discretionary distribution is accounted for as remuneration charged as an expense in the profit and loss account after arriving at “loss for the financial period before members’ remuneration and profit shares”.
A member's discretionary share in the profit or the loss for the period is accounted for as an allocation of profits. Unallocated profits and losses are included within "other reserves".


3.


Turnover

The whole of the turnover is attributable to the principal activity.

All turnover arose within the United Kingdom.


4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
5,035
7,943

Fees payable to the LLP's auditor for the audit of the LLP's annual financial
statements
12,700
11,000

Auditors' remuneration - non-audit
20,272
17,774

Exchange differences
21,006
(12,700)

Operating lease rentals
173,898
171,024

Page 12

 

MONTERONE PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
155,417
254,210

Social security costs
12,467
28,494

Cost of defined contribution scheme
4,433
7,649

172,317
290,353


The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


        2024
        2023
            No.
            No.







Administrative
3
3


6.


Information in relation to members

2024
2023
Number
Number

The average number of members during the year was
5
5

 
2023
2023
£
£



The amount of profit attributable to the member with the largest entitlement was
950,603
649,583


Page 13

 

MONTERONE PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost 


At 1 April 2023
23,714
65,166
88,880


Additions
-
1,000
1,000



At 31 March 2024

23,714
66,166
89,880



Depreciation


At 1 April 2023
21,236
61,429
82,665


Charge for the year on owned assets
2,478
2,558
5,036



At 31 March 2024

23,714
63,987
87,701



Net book value



At 31 March 2024
-
2,179
2,179



At 31 March 2023
2,478
3,737
6,215


8.


Debtors

2024
2023
£
£


Other debtors
50,399
47,446

Prepayments and accrued income
73,207
40,429

Amounts due from members
195,794
489,953

319,400
577,828



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
15,996
605

Other taxation and social security
20,048
4,518

Other creditors
2,108
883

Accruals and deferred income
29,153
56,176

67,305
62,182


Page 14

 

MONTERONE PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans and other debts due to members


2024
2023
£
£



Amounts due to members in respect of allocated profits
386,093
244,289


Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


11.


Analysis of net debt





At 1 April 2023
Arising from cash flows
Allocations of profit
At 31 March 2024
£

£

£

£

Cash at bank and in hand

770,928

409,391

-

1,180,319

Net debt (before members' debt)
770,928
409,391
-
1,180,319

Loans and other debts due to members





Other amounts due to members
(244,289)

-

(141,804)

(386,093)

Net debt


526,639
409,391
(141,804)
794,226


12.


Commitments under operating leases

At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
86,904
86,904

86,904
86,904


13.


Controlling party

The ultimate controlling party is M W Taraba.

Page 15