Company No: OC390099 (England and Wales)

Contents

• Limited Liability Partnership Information
• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

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)

ACCOUNTANT	Gravita Business Services II Limited
	Aldgate Tower
	2 Leman Street
	London
	E1 8FA
	United Kingdom

	Note	2025		2024
		£		£
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	403		214
- due after more than one year	5	0		6,000
Cash at bank and in hand		500		500
		903		6,714
Creditors: amounts falling due within one year	6	( 31,347)		( 21,556)
Net current liabilities		(30,444)		(14,842)
Total assets less current liabilities		4,256,522		4,272,124
Net assets attributable to members		4,256,522		4,272,124
Represented by
Loans and other debts due to members within one year
Other amounts		4,256,522		4,272,124
		4,256,522		4,272,124
Members' other interests
		0		0
		4,256,522		4,272,124
Total members' interests
Loans and other debts due to members		4,256,522		4,272,124
		4,256,522		4,272,124

For the financial year ending 31 March 2025 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 Mountgrove Partners LLP (registered number: OC390099) were approved and authorised for issue by the Board of Directors on 24 December 2025. They were signed on its behalf by:

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		4,271,866
Balance at 01 April 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
Profit for the financial year available for discretionary division among members	118,655	0	118,655
Members' interest after profit for the financial year	118,655	4,272,124	4,390,779
Division of profit	(118,655)	118,655	0
Drawings	0	(144,805)	(144,805)
Introduced by members	0	10,548	10,548
Amounts due to members		4,256,522
Balance at 31 March 2025	0	4,256,522	4,256,522

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

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 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 2 Leman Street, London, E1W 9US, United Kingdom. The principal place of business is 70-70a Mountgrove Road, London, N5 2LT.

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 represents amounts receivable for rent and service charges.

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.

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.

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

	2025		2024
	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 2024	4,286,965
As at 31 March 2025	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 2025 as well.

4. Fixed asset investments

	2025		2024
	£		£
Subsidiary undertakings	1		1

5. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Other debtors	403		214
Debtors: amounts falling due after more than one year
Other debtors	0		6,000

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	4,906		0
Amounts owed to Group undertakings	21,761		16,876
Other creditors	4,680		4,680
	31,347		21,556

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.