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Company No: OC390099 (England and Wales)

MOUNTGROVE PARTNERS LLP

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MOUNTGROVE PARTNERS LLP

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MOUNTGROVE PARTNERS LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION

For the financial year ended 31 March 2024
MOUNTGROVE PARTNERS LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION (continued)

For the financial year ended 31 March 2024
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
MOUNTGROVE PARTNERS LLP

BALANCE SHEET

As at 31 March 2024
MOUNTGROVE PARTNERS LLP

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 4,286,965 4,286,965
Investments 4 1 1
4,286,966 4,286,966
Current assets
Debtors
- due within one year 5 214 143
- due after more than one year 5 6,000 6,000
Cash at bank and in hand 500 500
6,714 6,643
Creditors: amounts falling due within one year 6 ( 21,556) ( 21,743)
Net current liabilities (14,842) (15,100)
Total assets less current liabilities 4,272,124 4,271,866
Net assets attributable to members 4,272,124 4,271,866
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

For the financial year ending 31 March 2024 the LLP 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.

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: OC390099) were approved and authorised for issue by the Board of Directors on 19 March 2025. They were signed on its behalf by:

Mr L R Blackstone
Designated member
MOUNTGROVE PARTNERS LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 March 2024
MOUNTGROVE PARTNERS LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial 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
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

MOUNTGROVE PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MOUNTGROVE PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

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.

General information and basis of accounting

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.

Going concern

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Impairment of assets

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
At each balance sheet date, the limited liability partnership reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

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
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

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

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'.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 4,286,965
As at 31 March 2024 4,286,965

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.

4. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 1 1

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Other debtors 214 143
Debtors: amounts falling due after more than one year
Other debtors 6,000 6,000

6. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to Group undertakings 16,876 16,829
Other creditors 4,680 4,914
21,556 21,743

7. Related party transactions

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