Silverfin false 31/08/2023 01/09/2022 31/08/2023 VirginiaCo. Partners LLP 28/08/2018 B H Shaw 24/06/2019 11 September 2024 OC423904 2023-08-31 OC423904 bus:Director1 2023-08-31 OC423904 bus:Director2 2023-08-31 OC423904 2022-08-31 OC423904 core:CurrentFinancialInstruments 2023-08-31 OC423904 core:CurrentFinancialInstruments 2022-08-31 OC423904 core:CostValuation 2022-08-31 OC423904 core:AdditionsToInvestments 2023-08-31 OC423904 core:CostValuation 2023-08-31 OC423904 2022-09-01 2023-08-31 OC423904 bus:FullAccounts 2022-09-01 2023-08-31 OC423904 bus:SmallEntities 2022-09-01 2023-08-31 OC423904 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 OC423904 bus:LimitedLiabilityPartnershipLLP 2022-09-01 2023-08-31 OC423904 bus:Director1 2022-09-01 2023-08-31 OC423904 bus:Director2 2022-09-01 2023-08-31 OC423904 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure

Company No: OC423904 (England and Wales)

AFS ADVISORS LLP

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

AFS ADVISORS LLP

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

AFS ADVISORS LLP

STATEMENT OF FINANCIAL POSITION

As at 31 August 2023
AFS ADVISORS LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 2,398,681 2,148,661
2,398,681 2,148,661
Current assets
Debtors 4 346,955 79,306
Cash at bank and in hand 5,621 2,076
352,576 81,382
Creditors: amounts falling due within one year 5 ( 422,281) ( 204,384)
Net current liabilities (69,705) (123,002)
Total assets less current liabilities 2,328,976 2,025,659
Net assets attributable to members 2,328,976 2,025,659
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability 1,725,000 1,725,000
Other amounts 649,159 300,659
2,374,159 2,025,659
Members' other interests
Other reserves (45,183) 0
(45,183) 0
2,328,976 2,025,659
Total members' interests
Loans and other debts due to members 2,374,159 2,025,659
Members' other interests (45,183) 0
2,328,976 2,025,659

For the financial year ending 31 August 2023 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 financial statements of AFS Advisors LLP (registered number: OC423904) were approved and authorised for issue by the Board of Directors on 11 September 2024. They were signed on its behalf by:

VirginiaCo. Partners LLP
Designated member
AFS ADVISORS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
AFS ADVISORS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
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

AFS Advisors 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 32-33 Cowcross Street, London, EC1M 6DF, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The members have assessed the Statement of Financial Position 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised during the period that the services were provided.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the LLP and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Fixed asset investments

Investments in fixed asset investments are measured at cost less accumulated impairment.

Cash and cash equivalents

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. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to third parties and related parties.

Financial assets
Basic financial assets including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Income tax

The LLP is not subject to income tax. Taxable profits and losses are allocated to the members in accordance with the underlying LLP agreement and any liability is taxable on the members.

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' inthe Statement of Comprehensive Income.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense' where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

2. Employees

2023 2022
Number Number
Monthly average number of employees, including members, during the year 2 2

3. Fixed asset investments

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 September 2022 2,148,661 2,148,661
Additions 250,020 250,020
At 31 August 2023 2,398,681 2,398,681
Carrying value at 31 August 2023 2,398,681 2,398,681
Carrying value at 31 August 2022 2,148,661 2,148,661

4. Debtors

2023 2022
£ £
Other debtors 346,955 79,306

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,740 1,620
Accruals 9,182 6,660
Other creditors 411,359 196,104
422,281 204,384

6. Related party transactions

All members are related parties and transactions with them are within total members' interests on the statement of financial position.

Included within other debtors is a balance of £77,132 (2022: £77,132) due from a limited partnership in which the LLP is a limited partner. This balance is unsecured and interest-free, with no fixed repayment terms.

Also included within other debtors is a balance of £140,000 (2022: £Nil) due from a company with certain shared key personnel. This balance is unsecured and interest-free, with no fixed repayment terms.

Also included within other debtors is a balance of £2,174 (2022: £2,174) due from a company in which one of the designated members of the LLP is a director. This balance is unsecured and interest-free, with no fixed repayment terms.

Included within other creditors are balances of £211,359 (2022: £196,104) owed to individuals who are designated members of one of the LLP's designated members. These balances are unsecured and interest-free, with no fixed repayment terms.

Also included within other creditors is a balance of £200,000 (2022: £nil) owed to an LLP with certain shared key personnel. This balance is unsecured and interest-free, with no fixed repayment terms.