Limited Liability Partnership registration number OC331423 (England and Wales)
ROBERT MONTGOMERY LLP
Annual Report And Unaudited Financial Statements
For The Period Ended 31 March 2024
Pages For Filing With Registrar
Robert Montgomery LLP
ROBERT MONTGOMERY LLP
Contents
Page
Balance sheet
1
Notes to the financial statements
4 - 8
Robert Montgomery LLP
ROBERT MONTGOMERY LLP
Balance Sheet
As At 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,161,635
3,032,208
Current assets
Stocks
36,547
17,213
Debtors
5
655,945
780,293
Cash at bank and in hand
35,708
10,372
728,200
807,878
Creditors: amounts falling due within one year
6
(1,003,887)
(975,057)
Net current liabilities
(275,687)
(167,179)
Total assets less current liabilities
2,885,948
2,865,029
Creditors: amounts falling due after more than one year
7
(668,347)
(632,018)
Net assets attributable to members
2,217,601
2,233,011
Represented by:
Members' other interests
Members' capital classified as equity
2,217,601
2,233,011
2,217,601
2,233,011

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial Period ended 31 March 2024 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 24 February 2025 and are signed on their behalf by:
24 February 2025
Mr AR E Montgomery
Designated member
Limited Liability Partnership registration number OC331423 (England and Wales)
Robert Montgomery LLP
ROBERT MONTGOMERY LLP
Reconciliation Of Members' Interests
For The Period Ended 31 March 2024
- 2 -
Current financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
2024
£
£
£
Members' interests at 1 October 2023
2,233,011
-
2,233,011
Profit for the Period available for discretionary division among members
-
40,493
40,493
Members' interests after profit for the Period
2,233,011
40,493
2,273,504
Other divisions of profits
40,493
(40,493)
-
Introduced by members
(80,534)
-
(80,534)
Repayments of capital
24,631
-
24,631
Members' interests at 31 March 2024
2,217,601
-
2,217,601
Robert Montgomery LLP
ROBERT MONTGOMERY LLP
Reconciliation Of Members' Interests (Continued)
For The Period Ended 31 March 2024
- 3 -
Prior financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
2023
£
£
£
Members' interests at 1 October 2022
2,316,597
-
2,316,597
Profit for the Period available for discretionary division among members
-
73,329
73,329
Members' interests after profit for the period
2,316,597
73,329
2,389,926
Other divisions of profits
73,329
(73,329)
-
Introduced by members
(171,915)
-
(171,915)
Repayments of capital
15,000
-
15,000
Members' interests at 31 March 2023
2,233,011
-
2,233,011
Robert Montgomery LLP
ROBERT MONTGOMERY LLP
Notes To The Financial Statements
For The Period Ended 31 March 2024
- 4 -
1
Accounting policies
Limited liability partnership information

Robert Montgomery LLP is a limited liability partnership incorporated in England and Wales. The registered office is Monkton Road Farm, Seamark Road, Brooksend, Birchington, Kent, England, CT7 0JL.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

The annual financial statements are presented for a period shorter than one year, in order to align with the tax year. Comparative amounts presented in the financial statements are not entirely comparablee due to it representing a full 12 month period.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

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.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

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

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

 

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

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

Robert Montgomery LLP
ROBERT MONTGOMERY LLP
Notes To The Financial Statements (Continued)
For The Period Ended 31 March 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
10% reducing balance
Plant and equipment
10 - 25% reducing balance
Motor vehicles
10 - 20% reducing balance

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

1.6
Stocks

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.

1.7
Financial instruments
Impairment of financial assets

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

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Robert Montgomery LLP
ROBERT MONTGOMERY LLP
Notes To The Financial Statements (Continued)
For The Period Ended 31 March 2024
1
Accounting policies
(Continued)
- 6 -
Derecognition of financial liabilities

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

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.9

Agricultural support schemes

Payments received under 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.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average number of persons (excluding members) employed by the partnership during the Period was:

2024
2023
Number
Number
Total
23
19
Robert Montgomery LLP
ROBERT MONTGOMERY LLP
Notes To The Financial Statements (Continued)
For The Period Ended 31 March 2024
- 7 -
4
Tangible fixed assets
Freehold property
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
1,768,979
2,221,017
170,130
4,160,126
Additions
-
137,143
155,884
293,027
At 31 March 2024
1,768,979
2,358,160
326,014
4,453,153
Depreciation and impairment
At 1 October 2023
76,437
946,550
104,931
1,127,918
Depreciation charged in the Period
868
137,322
25,410
163,600
At 31 March 2024
77,305
1,083,872
130,341
1,291,518
Carrying amount
At 31 March 2024
1,691,674
1,274,288
195,673
3,161,635
At 30 September 2023
1,692,542
1,274,467
65,199
3,032,208
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
540,365
683,419
Other debtors
101,108
64,448
Prepayments and accrued income
14,472
32,426
655,945
780,293
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
157,549
145,747
Obligations under finance leases
309,674
290,206
Trade creditors
306,916
378,320
Other taxation and social security
170,594
133,322
Accruals and deferred income
59,154
27,462
1,003,887
975,057
Robert Montgomery LLP
ROBERT MONTGOMERY LLP
Notes To The Financial Statements (Continued)
For The Period Ended 31 March 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
149,093
165,791
Other creditors
519,254
466,227
668,347
632,018
8
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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