Montgold Capital LLP - Period Ending 2020-03-31
Montgold Capital LLP - Period Ending 2020-03-31
Registration number:
Montgold Capital LLP
for the period from 1 November 2018 to 31 March 2020
Montgold Capital LLP
Contents
Limited liability partnership information |
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Abridged Financial Statements |
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Abridged Balance Sheet |
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Statement of Changes in Members’ Interests |
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Notes to the Abridged Financial Statements |
Montgold Capital LLP
Limited liability partnership information
Chairman |
Mr Karim Mawji |
Designated members |
Mr Karim Mawji |
Members |
Mrs Shilpa Mawji Ms Shivani Mawji Ms Sameena Mwaji |
Registered office |
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Accountants |
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Montgold Capital LLP
(Registration number: OC331906)
Abridged Balance Sheet as at 31 March 2020
Note |
31 March 2020 |
31 October 2018 |
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Fixed assets |
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Intangible assets |
- |
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Current assets |
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Debtors |
- |
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Investments |
- |
|
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Cash and short-term deposits |
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|
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|
|
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Prepayments and accrued income |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
|
( |
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Total assets less current liabilities |
|
( |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Accruals and deferred income |
( |
( |
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Net assets/(liabilities) attributable to members |
|
( |
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Represented by: |
|||
Loans and other debts due to members |
|||
Members' capital classified as a liability |
(76,995) |
(58,181) |
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Members’ other interests |
|||
Members' capital classified as equity |
20,851 |
(51,782) |
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Other reserves |
|
( |
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200,975 |
(87,961) |
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123,980 |
(146,142) |
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Total members' interests |
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Loans and other debts due to members |
(76,995) |
(58,181) |
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Equity |
|
( |
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123,980 |
(146,142) |
Montgold Capital LLP
(Registration number: OC331906)
Abridged Balance Sheet as at 31 March 2020 (continued)
For the year ending 31 March 2020 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
All of the limited liability partnership's members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006, as applied to limited liability partnerships.
The financial statements of Montgold Capital LLP (registered number OC331906) were approved by the
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Montgold Capital LLP
Statement of Changes in Members’ Interests
At 31 March 2020
Equity |
Loans and other debts due to/(from) members |
||||
Members' capital |
Other reserves |
Total |
Members' capital classified as a liability |
Total |
|
Members' interest at 1 November 2018 |
(51,783) |
( |
(87,962) |
(58,181) |
(146,143) |
Profit for the financial period available for discretionary division among members |
- |
216,303 |
216,303 |
- |
216,303 |
At 31 March 2020 |
(51,783) |
|
128,341 |
(58,181) |
70,160 |
Equity |
|||
Other reserves |
Total |
Total |
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Loss for the financial period available for discretionary division among members |
(36,179) |
(36,179) |
(36,179) |
At 31 October 2018 |
( |
(36,179) |
(36,179) |
Montgold Capital LLP
Notes to the Abridged Financial Statements for the Period from 1 November 2018 to 31 March 2020
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in U.K under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Montgold Capital LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Montgold Capital LLP
Notes to the Abridged Financial Statements for the Period from 1 November 2018 to 31 March 2020 (continued)
1 |
Accounting policies (continued) |
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
other taxes policy
Intangible assets
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Amortisation method and rate |
Patents & licences |
cost over five years |
Current asset investments
Current asset investments are included at the lower of cost and net realisable value.
Trade debtors
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 limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Montgold Capital LLP
Notes to the Abridged Financial Statements for the Period from 1 November 2018 to 31 March 2020 (continued)
1 |
Accounting policies (continued) |
Trade creditors
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 limited liability partnership 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.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Current versus non-current classification
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
Montgold Capital LLP
Notes to the Abridged Financial Statements for the Period from 1 November 2018 to 31 March 2020 (continued)
Intangible fixed assets |
Total |
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Cost |
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At 1 November 2018 |
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Disposals |
( |
At 31 March 2020 |
- |
Amortisation |
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At 1 November 2018 |
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Eliminated on disposals |
( |
At 31 March 2020 |
- |
Net book value |
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At 31 March 2020 |
- |
At 31 October 2018 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £- (2018 - £-).
Current asset investments |
31 March 2020 |
31 October 2018 |
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Other investments |
- |
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Control |
The ultimate controlling party is the same as the controlling party.