Company No: OC430538 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	4	86,545		108,158
Investments	5	2,253		2,101
		88,798		110,259
Current assets
Stocks	6	738,660		535,554
Debtors	7	391,341		475,754
Cash at bank and in hand		44,261		197,575
		1,174,262		1,208,883
Creditors: amounts falling due within one year	8	( 1,107,217)		( 957,360)
Net current assets		67,045		251,523
Total assets less current liabilities		155,843		361,782
Creditors: amounts falling due after more than one year	9	( 78,396)		( 97,626)
Net assets attributable to members		77,447		264,156
Represented by
Loans and other debts due to members within one year
Other amounts	12	724,107		436,642
		724,107		436,642
Members' other interests
Other reserves		(646,660)		(172,486)
		(646,660)		(172,486)
		77,447		264,156
Total members' interests
Loans and other debts due to members		724,107		436,642
Members' other interests		(646,660)		(172,486)
		77,447		264,156

For the financial year ending 31 December 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:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Montare LLP (registered number: OC430538) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Davenport Family Holdings Limited Designated member

25 September 2025

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

Montare LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is First Floor, 5 Fleet Place, London, EC4M 7RD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Reporting period length

The company changed its accounting reference date from 31 May to 31 December in the prior period. The comparative amounts presented in the financial statements (including the related notes) are therefore not entirely comparable to the current year, as they cover a 7 month period.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

3 - 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Stocks

Stocks consist of work in progress and are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment and any provision required is recognised in the income statement. Reversals of impairment losses are also recognised in the income statement.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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.

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.

Lease

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 statement of financial position 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.

2. Critical accounting 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.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities are as follows.

Valuation of work in progress
Stock consist of costs incurred on projects in progress and are stated at the lower of cost and estimated selling price less costs to complete and sell which by its nature requires an element of judgement at any point in time.

3. Employees

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

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2024	131,290		131,290
At 31 December 2024	131,290		131,290
Accumulated depreciation
At 01 January 2024	23,132		23,132
Charge for the financial year	21,613		21,613
At 31 December 2024	44,745		44,745
Net book value
At 31 December 2024	86,545		86,545
At 31 December 2023	108,158		108,158

5. Fixed asset investments

	2024		2023
	£		£
Subsidiary undertakings	102		1
Participating interests	50		0
Other investments and loans	2,101		2,100
	2,253		2,101

Investments in subsidiaries

	2024
	£
Cost
At 01 January 2024	1
Additions	102
At 31 December 2024	103
Provisions for impairment
At 01 January 2024	0
Impairment	1
At 31 December 2024	1
Carrying value at 31 December 2024	102
Carrying value at 31 December 2023	1

	Investments in associates		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 January 2024	0		2,100		2,100
Additions	50		1		51
At 31 December 2024	50		2,101		2,151
Carrying value at 31 December 2024	50		2,101		2,151
Carrying value at 31 December 2023	0		2,100		2,100

6. Stocks

	2024		2023
	£		£
Work in progress	738,660		535,554

7. Debtors

	2024		2023
	£		£
Amounts owed by own subsidiaries	1,781		0
Other debtors	389,560		475,754
	391,341		475,754

8. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	10,000		10,000
Trade creditors	24,001		48,214
Amounts owed to own subsidiaries	300,252		307,495
Other taxation and social security	0		1,152
Obligations under finance leases and hire purchase contracts	9,231		5,643
Other creditors	763,733		584,856
	1,107,217		957,360

9. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	5,834		15,833
Obligations under finance leases and hire purchase contracts	72,562		81,793
	78,396		97,626

10. Financial commitments

Commitments

	2024		2023
	£		£
Total future minimum lease payments under non-cancellable operating lease	23,562		14,247

11. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	2024		2023
	£		£
Amounts due from associated companies	0		150,468
Amounts due from subsidiary companies	1,781		0
Amounts owed to subsidiary companies	300,252		307,495

Amounts due from associated companies of £270,375 in the current year were fully provided for at the year end. All amounts included above and interest free and repayable on demand. Loans of £307,495 have been reclassified from other creditors in the prior year.

Transactions with the entity's members

	2024		2023
	£		£
Loans from members	750,000		534,046

Loans from members are unsecured. Interest is payable at 12% p.a. and the amounts are repayable on the provision of one year's notice.

12. 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.