Montagu Mansions Freehold Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor Arthur Stanley House, 40-50 Tottenham Street, London, W1T 4RN.

These financial statements have been prepared and delivered in accordance with the micro-entity provisions as set out in Part 15 of the Companies Act 2006 and in accordance with FRS 105: The Financial Reporting Standard applicable to the Micro-entities Regime and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.

Montagu Mansions Freehold Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor Arthur Stanley House, 40-50 Tottenham Street, London, W1T 4RN.

The company meets the criteria required for the adoption of the Financial Reporting Standard applicable to the Micro-entities Regime ("FRS 105"). These financial statements have been prepared in accordance with FRS 105 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. Where additional information is included in the financial statements to ensure the financial statements are not misleading the disclosure requirements of section 1A Small Entities of FRS 102 "The Financial Report Standard applicable in UK and Ireland" ("FRS 102") have been applied in accordance with FRS 105.

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

The financial statements have been prepared under the historical cost convention. Under the historical cost convention, revaluation of freehold properties, investment properties and certain financial instruments at fair value is not permitted.

The principal accounting policies adopted are set out below.

Revenue includes the total invoice value of rent receivable during the year of £56,009 (2024: £54,263).

Rent receivable under operating leases and licences, including any lease incentives received, are recognised in income on a straight line basis over the term of the relevant lease unless another systematic basis is representative of the time pattern of the lessee's benefit from the leased asset.

Income from letting premiums and lease extensions is recognised once a binding contract has been entered into.

Property, plant and equipment including property, plant and equipment and investment property, are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. No revaluation of freehold property or investment property is permitted under FRS 105.

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

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.

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 company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated financial statements, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and 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.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

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.

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.

The company has applied the provisions of Section 9 ‘Financial Instruments’ of FRS 105 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets and liabilities, which include debtors, cash and bank balances, creditors and bank loans are initially measured at transaction price including material transaction costs and are subsequently measured at the transaction price, plus or minus transactions costs not yet recognised in profit or loss, plus cumulative interest income or expense recognised in profit or loss to date, minus all repayments of principal and all interest payments and receipts to date, and, for financial assets, minus any reduction for impairment or uncollectability.

Transaction costs that are not immediately expensed to profit and loss are recognised in profit or loss on a straight-line basis over the term of the contract.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

In accordance with FRS 105 no deferred tax asset or liability, which represents the future tax consequences of transactions and events, has been recognised in the financial statements of the current and previous period.

The average monthly number of persons (including directors) employed by the company during the year was 3 (2024 - 4).

Details of the company's subsidiaries at 25 March 2025 are as follows:

Details of the company's subsidiaries at 25 March 2025 are as follows:

At the year end, included within other receivables is cash held in a client account with the managing agents of Montagu Mansions Management Limited totalling £243,385 (2024: £288,472).

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a presumed true and fair view as prescribed by s396(2A) of the Companies Act 2006 of the state of the company's affairs as at 25 March 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with Financial Reporting Standard 105 “The Financial Reporting Standard applicable to the Micro-entities Regime”, United Kingdom Generally Accepted Accounting Practice;

• have been prepared in accordance with the requirements of the Companies Act 2006.

Emphasis of matter - accounting convention

We draw attention to note 1.1 'Accounting convention' of the financial statements which states the financial statements are prepared under FRS 105 "The Financial Reporting Standard applicable to the Micro-entities Regime" ("FRS105") and on a historical cost basis. No revaluation of investment property is allowed under this framework and therefore the investment property is held at historical cost and not fair value. Our opinion on the financial statements is not modified in respect of this matter.

We draw attention to the notes to the financial statements. Disclosure of these notes are not required to be included by FRS 105 but have been provided by the Directors to ensure the financial statements are not misleading. Our opinion on the financial statements is not modified in respect of this matter.

Rent and insurance costs totalling £40,406 (2024: £39,229) were received from and service charges of £5,999 (2024: £5,232) were payable to Montagu Mansions Management Limited, a subsidiary of the company.

At the year end the company was due £95 (2024: £95) from Montagu Mansions Management Limited.

Annual storage rental income of £1,882 (2024: £1,836) was received from directors of the company.