Montgomery Developments Limited

​Directors

C J H Montgomery
H M J Montgomery

The Directors present their report and the financial statements for the year ended 30 September 2025.

The Directors who served during the year:

C J H Montgomery

H M J Montgomery

Principal Activity

The principal activity of the company is that of property investment.

Results and dividends

The profit for the year, after taxation, amounted to £2,487,785 (2024 profit: £1,772,864). The directors have not recommended a dividend (2024: £Nil).

Events after the balance sheet

No post balance sheet events to be considered.

Auditors

Grant Thornton (NI) LLP were appointed as auditors and have indicated their willingness to continue in office in accordance with section 485 of the Companies Act 2006, and a resolution that they will be reappointed will be proposed at the annual general meeting.

This report was approved by the board on 29 June 2026 and signed on its behalf:

We have audited the financial statements of Montgomery Developments Limited, which comprise the Statement of Comprehensive Income, Balance Sheet, and Statement of Changes in Equity, for the financial year ended 30 September 2025, and the related notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, Montgomery Developments Limited’s financial statements

We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information

Other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

As explained more fully in the Directors' responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. 

Those charged with governance are responsible for overseeing the Company's financial reporting process.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Louise Kelly​ (Senior statutory auditor)

For and on behalf of
Grant Thornton (NI) LLP ​

Chartered Accountants and Statutory Auditor 

Belfast

Date: 29 June 2026

There was no other comprehensive income in the current year.

The above results were derived from continuing operations.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A- Small Entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 June 2026. 

The notes on pages 16 to 27 form part of these financial statements.

Montgomery Developments Limited is a private company limited by shares and is incorporated in Northern Ireland. The address of its registered office is 607 Antrim Road​, Co Antrim​, BT36 4RF.

The principal activity of the Company is the rental of commercial property.

The financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of ​Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (FRS 102) and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's​ accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.

The Company's functional and presentational currency is the Pound Sterling. All balances presented are rounded to the nearest £1.

The information is included in the consolidated financial statements of Ballyvesey Industries Limited as at 30 September 2025 and these financial statements may be obtained from [Enter location].

Investments in subsidiaries are measured at cost less accumulated impairment.

Certain of the company’s properties are held for long-term investment. Investment properties are initially measured at cost, comprising the purchase price and any directly attributable expenditure, and are subsequently remeasured to fair value at each reporting date with changes in fair value recognised in profit or loss.

Tangible fixed assets are initially recognised at cost. Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Subsequently, tangible fixed assets are measured using the cost model. Under the cost model, intangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

All tangible fixed assets are considered to have a finite useful life.

Depreciation is calculated to allocate the depreciable amount of tangible fixed assets to their residual values over their estimated useful lives on the following bases​:

If factors such as a change in how an asset is used, technological advancement, or changes in market prices indicate that the residual value or useful life of an asset has changed since the most recent balance sheet date, the Company reviews its previous estimates and, if current expectations differ, amends the residual value, amortisation method or useful life, accounting for this as a change in an accounting estimate.

Tangible fixed assets are derecognised on disposal, with the difference between the net disposal proceeds and the carrying amount recognised in profit or loss.

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. 

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. 

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Cash and cash equivalents include cash in hand, deposits with financial institutions repayable without penalty on notice of not more than 24 hours, other highly liquid investments that mature in no more than three months from the date of acquisition and bank overdrafts. Bank overdrafts, where applicable, are shown within 'Creditors: amounts due within one year'.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Turnover which is stated net of value added tax is recognised when and to the extent that, the company obtains the right to consideration in exchange for its performance.

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Where assets leased to a third party give rights approximating to ownership (finance leases), the assets are treated if they had been sold outright. The amount removed from the fixed assets is the net book value on disposal of the asset. The profit on disposal, being the excess of the present value of the minimum leases payments over net book value is credited to profit or loss. Lease payments are analysed between capital and interest components so that the interest element of the payment is credited to profit or loss over the term of the lease and represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts owed by the lessee.

Establishing fair value of investment properties 

Recoverability of debtors

Arrived at after charging:

The directors received no remuneration from the company in both the current and prior years.

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK of 25% (2025- 25%). 

The differences are reconciled below:

Revaluation

As at 30 September 2022 the company's freehold land and buildings and properties held for investment were valued on the basis of open market for existing use and open market value respectively by independent, professionally qualified valuers, TDK Commercial Property Consultants. 

The directors believe that properties held for investment are stated at open market value at the balance sheet date.

As security for the bank overdraft, Danske Bank Limited hold fixed and floating charges over the company’s assets. The company is joined in an unlimited intercompany cross guarantee with fellow subsidiaries of Ballyvesey Holdings Limited.

The maturity of the bank loan is as follows:

The bank loan facilities are secured by fixed charges on property, fixed charges over the book debts and floating charges and full mortgage debentures over other assets of certain group companies. In addition, there are unlimited intercompany cross guarantees.

Authorised

Allotted, called up and fully paid shares

Each ordinary share holds one voting right.

At 30 September 2025, the Company had future minimum commitments under non-cancellable operating leases as set out below:

Called up share capital

This reserve represents the nominal value of shares that have been issued.

This reserve includes all current and prior period retained profits and losses.