New Montgomery LLP - Accounts to registrar (filleted)

REGISTERED NUMBER: SO301552 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

NEW MONTGOMERY LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

J Shinton

K Dixon

G Howells

Mrs N Radcliffe

REGISTERED OFFICE:

77 Montgomery Street

EDINBURGH

EH7 5HZ

REGISTERED NUMBER:

SO301552 (Scotland)

ACCOUNTANTS:

MacDonald Morton Ltd

Chartered Accountants

67 March Road

Edinburgh

EH4 3SU

FIXED ASSETS

Investment property

4

2,103,000

CURRENT ASSETS

Debtors

5

5,002

3,461

Cash at bank and in hand

1,144

6,146

4,605

CREDITORS

Amounts falling due within one year

6

175,606

175,144

NET CURRENT LIABILITIES

(169,460

)

(170,539

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,933,540

1,932,461

CREDITORS

Amounts falling due after more than one year

7

255,762

361,472

NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,677,778

1,570,989

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

1,677,678

1,570,889

MEMBERS' OTHER INTERESTS

Capital accounts

100

1,677,778

1,570,989

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

1,677,678

1,570,889

Members' other interests

100

1,677,778

1,570,989

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2025.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 3 December 2025 and were signed by:

J Shinton - Designated member

1.	STATUTORY INFORMATION

New Montgomery LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents rental income receivable, excluding value added tax.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

Financial assets and liabilities are recognised when the LLP becomes party to the contractual provisions of the financial instrument. The LLP holds the following basic financial instruments.

Financial assets

Cash and cash equivalents - comprise cash in hand and deposits held with banks.

Trade and other debtors are initially measured at the undiscounted amounts receivable from a customer, which is normally the invoiced price. Trade and other debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found an impairment loss is recognised.

Financial liabilities

Trade and other creditors are initially measured at the transaction price, including any transaction costs. Loans received from a bank at a market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs.

Allocation of profits and losses

All profits of the LLP are automatically divided between the members in accordance with the terms of the LLP agreement. As a result, members' remuneration equals the profit for the period. Drawings by members on account of profits for the year, reduce the amounts due to members at the year end.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2024 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

2,103,000

NET BOOK VALUE

At 31 March 2025

2,103,000

At 31 March 2024

2,103,000

If the investment properties had not been revalued they would have been included at a historical cost figure of £1,467,636.

The investment properties were valued on an open market basis on 31 March 2025 by the Designated Members.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Trade debtors

240

Other debtors

4,762

3,221

5,002

3,461

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Bank loans and overdrafts

127,216

126,381

Trade creditors

630

660

Taxation and social security

19,270

19,278

Other creditors

28,490

28,825

175,606

175,144

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.3.25

31.3.24

£

Bank loans

255,762

361,472

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

Bank overdrafts

23,215

32,381

Bank loans

359,763

455,472

382,978

487,853

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

31.03.25

31.03.24

£

Amounts owed to members in respect of profits/(losses)

1,063,949

957,160

Other - balance of current account movement

613,729

1,677,678

1,570,889

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

equally with unsecured creditors.