Company No:
Contents
DESIGNATED MEMBERS | Miss J M Blackstone |
Mr L R Blackstone | |
Mrs P A Blackstone |
REGISTERED OFFICE | 2 Leman Street |
London | |
E1W 9US | |
United Kingdom |
BUSINESS ADDRESS | 70-70a Mountgrove Road |
London | |
N5 2LT |
REGISTERED NUMBER | OC390099 (England and Wales) |
CHARTERED ACCOUNTANTS | Gravita lll LLP |
Aldgate Tower | |
2 Leman Street | |
London | |
E1 8FA | |
United Kingdom |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
|
|
|
Investments | 4 |
|
|
|
4,286,966 | 4,286,966 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 5 |
|
|
|
- due after more than one year | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
6,714 | 6,643 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current liabilities | (14,842) | (15,100) | ||
Total assets less current liabilities | 4,272,124 | 4,271,866 | ||
Net assets attributable to members |
|
|
||
Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 4,272,124 | 4,271,866 | ||
4,272,124 | 4,271,866 | |||
Members' other interests | ||||
0 | 0 | |||
4,272,124 | 4,271,866 | |||
Total members' interests | ||||
Loans and other debts due to members | 4,272,124 | 4,271,866 | ||
4,272,124 | 4,271,866 |
Members' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Mountgrove Partners LLP (registered number:
Mr L R Blackstone
Designated member |
EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |
---|---|---|---|
Other reserves | Other amounts | Total | |
£ | £ | £ | |
Amounts due to members | 4,696,119 | ||
Balance at 01 April 2022 | 0 | 4,696,119 | 4,696,119 |
Profit for the financial year available for discretionary division among members | 135,839 | 0 | 135,839 |
Members' interest after profit for the financial year | 135,839 | 4,696,119 | 4,831,958 |
Division of profit | (135,839) | 135,839 | 0 |
Drawings | 0 | (577,525) | (577,525) |
Introduced by members | 0 | 17,433 | 17,433 |
Amounts due to members | 4,271,866 | ||
Balance at 31 March 2023 | 0 | 4,271,866 | 4,271,866 |
Profit for the financial year available for discretionary division among members | 115,596 | 0 | 115,596 |
Members' interest after profit for the financial year | 115,596 | 4,271,866 | 4,387,462 |
Division of profit | (115,596) | 115,596 | 0 |
Drawings | 0 | (140,581) | (140,581) |
Introduced by members | 0 | 25,243 | 25,243 |
Amounts due to members | 4,272,124 | ||
Balance at 31 March 2024 | 0 | 4,272,124 | 4,272,124 |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Mountgrove Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.
The limited liability partnership's principal activities are disclosed in the Members' Report.
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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the limited liability partnership becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the limited liability partnership, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the limited liability partnership’s contractual obligations expire or are discharged or cancelled.
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.
The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.
All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
|
|
Investment property | |
£ | |
Valuation | |
As at 01 April 2023 |
|
As at 31 March 2024 |
|
The fair value of the investment property has been arrived at on the basis of valuation carried out at the reporting date, by the members of LLP, on an open market value basis by reference to market evidence of transaction prices for similar properties.
Residential portion was valued at an aggregate of £921 per square foot.
Commercial portion was valued at a yield of 6% on the estimated Market Rent to arrive at Market Value (net of purchaser costs).
Members believe that the above valuation and methodology is applicable as at 31 March 2024 as well.
2024 | 2023 | ||
£ | £ | ||
Subsidiary undertakings |
|
|
2024 | 2023 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Other debtors |
|
|
|
Debtors: amounts falling due after more than one year | |||
Other debtors |
|
|
2024 | 2023 | ||
£ | £ | ||
Amounts owed to Group undertakings |
|
|
|
Other creditors |
|
|
|
|
|
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.