Silverfin false 31/03/2024 01/09/2023 31/03/2024 VirginiaCo. Partners LLP 28/08/2018 B H Shaw 24/06/2019 28 January 2025 OC423904 2024-03-31 OC423904 bus:Director1 2024-03-31 OC423904 bus:Director2 2024-03-31 OC423904 2023-08-31 OC423904 core:CurrentFinancialInstruments 2024-03-31 OC423904 core:CurrentFinancialInstruments 2023-08-31 OC423904 core:CostValuation 2023-08-31 OC423904 core:AdditionsToInvestments 2024-03-31 OC423904 core:CostValuation 2024-03-31 OC423904 2023-09-01 2024-03-31 OC423904 bus:FullAccounts 2023-09-01 2024-03-31 OC423904 bus:SmallEntities 2023-09-01 2024-03-31 OC423904 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-03-31 OC423904 bus:LimitedLiabilityPartnershipLLP 2023-09-01 2024-03-31 OC423904 bus:Director1 2023-09-01 2024-03-31 OC423904 bus:Director2 2023-09-01 2024-03-31 OC423904 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Company No: OC423904 (England and Wales)

AFS ADVISORS LLP

Unaudited Financial Statements
For the financial period from 01 September 2023 to 31 March 2024
Pages for filing with the registrar

AFS ADVISORS LLP

Unaudited Financial Statements

For the financial period from 01 September 2023 to 31 March 2024

Contents

AFS ADVISORS LLP

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
AFS ADVISORS LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.08.2023
£ £
Fixed assets
Investments 3 2,498,617 2,398,681
2,498,617 2,398,681
Current assets
Debtors 4 353,294 346,955
Cash at bank and in hand 2,398 5,621
355,692 352,576
Creditors: amounts falling due within one year 5 ( 516,081) ( 422,281)
Net current liabilities (160,389) (69,705)
Total assets less current liabilities 2,338,228 2,328,976
Net assets attributable to members 2,338,228 2,328,976
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 662,289 649,159
2,387,289 2,374,159
Members' other interests
Other reserves (49,061) (45,183)
(49,061) (45,183)
2,338,228 2,328,976
Total members' interests
Amounts due from members (included in debtors) (25,130) 0
Loans and other debts due to members 2,387,289 2,374,159
Members' other interests (49,061) (45,183)
2,313,098 2,328,976

For the financial period ending 31 March 2024 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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of AFS Advisors LLP (registered number: OC423904) were approved and authorised for issue by the Board of Directors on 28 January 2025. They were signed on its behalf by:

VirginiaCo. Partners LLP
Designated member
AFS ADVISORS LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial period from 01 September 2023 to 31 March 2024
AFS ADVISORS LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial period from 01 September 2023 to 31 March 2024
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 Members' capital (classified as debt) Other amounts Total Total
£ £ £ £ £
Amounts due to members 1,725,000 300,659 2,025,659
Balance at 01 September 2022 0 1,725,000 300,659 2,025,659 2,025,659
Loss for the financial period/year available for discretionary division among members (45,183) 0 0 0 (45,183)
Members' interest after loss for the financial period/year (45,183) 1,725,000 300,659 2,025,659 1,980,476
Amounts introduced 0 0 348,500 348,500 348,500
Amounts due to members 1,725,000 649,159 2,374,159
Balance at 31 August 2023 (45,183) 1,725,000 649,159 2,374,159 2,328,976
Loss for the financial period/year available for discretionary division among members (3,878) 0 0 0 (3,878)
Members' interest after loss for the financial period/year (49,061) 1,725,000 649,159 2,374,159 2,325,098
Drawings 0 0 (224,000) (224,000) (224,000)
Amounts introduced 0 0 212,000 212,000 212,000
Amounts due to members 1,725,000 662,289 2,387,289
Amounts due from members (25,130) (25,130)
Balance at 31 March 2024 (49,061) 1,725,000 637,159 2,362,159 2,313,098

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

AFS ADVISORS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 September 2023 to 31 March 2024
AFS ADVISORS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 September 2023 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period 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, 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.

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

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

Period from
01.09.2023 to
31.03.2024
Year ended
31.08.2023
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 2023 2,398,681 2,398,681
Additions 99,936 99,936
At 31 March 2024 2,498,617 2,498,617
Carrying value at 31 March 2024 2,498,617 2,498,617
Carrying value at 31 August 2023 2,398,681 2,398,681

4. Debtors

31.03.2024 31.08.2023
£ £
Amounts owed by members 25,130 0
Other debtors 328,164 346,955
353,294 346,955

5. Creditors: amounts falling due within one year

31.03.2024 31.08.2023
£ £
Trade creditors 720 1,740
Accruals 9,002 9,182
Other creditors 506,359 411,359
516,081 422,281

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 (2023: £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 £120,000 (2023: £140,000) 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 (2023: £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 (2023: £211,359) 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 £295,000 (2023: £200,000) owed to an LLP with certain shared key personnel. This balance is unsecured and interest-free, with no fixed repayment terms.