Limited Liability Partnership registration number OC356652 (England and Wales)
AGFE LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
AGFE LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
AgFe Management Limited
Gudrun Steele
LLP registration number
OC356652
Registered office
5th Floor
3 Dorset Rise
London
EC4Y 8EN
Auditor
BDO LLP
55 Baker Street
London
W1U 7EU
AGFE LLP
CONTENTS
Page
Members' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Reconciliation of members' interests
9 - 10
Notes to the financial statements
11 - 18
AGFE LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The members present their annual report and financial statements of AgFe LLP (the "LLP") for the year ended 31 March 2025.

Principal activities
The LLP is authorised by the Financial Conduct Authority as a collective portfolio management investment firm and conducts all of the regulated activities of the group of companies owned and controlled by AgFe Group Limited (“AGL”). It is the main revenue-generating entity of the companies owned and controlled by AGL (the “Group”). The LLP's corporate member is AgFe Management Limited (the “Corporate Member”) and both entities are part of the Group.
Members' drawings, contributions and repayments

Individual members are permitted to receive drawings in anticipations of profits. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated revenue, costs and cash flows of the LLP. At the end of the financial year the LLP automatically allocates remaining profits to its Corporate Member or individual members, unless the Corporate Member determines otherwise.

 

New members are required to subscribe a minimum level of capital of £500, which is classified as a liability. On retirement, capital is repaid to members.

Future developments
The LLP will continue to focus on asset management, advisory and capital markets activities, particularly in relation to private debt.
Political and charitable donations

No donations were made during the financial year to charitable or political groups (2024: £Nil).

Principal risks and uncertainties

The key business risks facing the LLP are generating sufficient revenue from advisory and asset management mandates and ensuring that the appropriate services are provided to the LLP’s clients.

 

These risks are addressed via the active management of the LLP's efforts to win new mandates, a formal approval process for new mandates, and on-going oversight of work undertaken on mandates, to ensure that the LLP is able to provide appropriate services in accordance with each mandate.

Members
The LLP had 7 members as at 31 March 2025 (31 March 2024: 7), as follows:
AgFe Management Limited
Gudrun Steele
Richard Atterbury
James Wright
Brent Williams
Karl Essig
Xin Yu Zhang

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

AgFe Management Limited
Gudrun Steele
MIFIDPRU 8 remuneration disclosures

In accordance with the rules of the Financial Conduct Authority, MIFIDPRU 8 remuneration disclosures of the LLP are available at https://www.agfe.com/legal/.

AGFE LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Auditor

The auditor, BDO LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of members' responsibilities

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

Approved by the members on 17 July 2025 and signed on behalf by:
17 July 2025
P D Rolles, representative of AgFe Management Limited (Designated Member)
AGFE LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AGFE LLP
- 3 -
Opinion

In our opinion, the financial statements:

 

 

 

 

We have audited the financial statements of AgFe LLP (“the Limited Liability Partnership”) for the year ended 31 March 2025 which comprise the the Statement of comprehensive income, the Statement of financial position, the Reconciliation of members' interests and 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).

Basis for opinion

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

 

Independence

We are independent of the Limited Liability Partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Members’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Limited Liability Partnership’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Members with respect to going concern are described in the relevant sections of this report.

Other information

The Members are responsible for the other information. The other information comprises the information included in the Members' report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

AGFE LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AGFE LLP
- 4 -

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 course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

Other Companies Act 2006 reporting as applied to limited liability partnerships

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

Responsibilities of members

As explained more fully in the Statement of members' responsibilities, the Members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Members 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, the Members are responsible for assessing the Limited Liability Partnership’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 the Members either intend to liquidate the Limited Liability Partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Based on:

we considered the significant laws and regulations to be the applicable accounting framework, UK tax legislation and the LLP Statement of Recommended Practice.

 

The Limited Liability Partnership is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the regulations set out by the Financial Conduct Authority for regulated firms.

AGFE LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AGFE LLP
- 5 -

Our procedures in respect of the above included:

 

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

 

Based on our risk assessment, we considered the areas most susceptible to fraud to be financial reporting and revenue recognition.

 

Our procedures in respect of the above included:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at:

https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

AGFE LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AGFE LLP
- 6 -

Use of our report

This report is made solely to the Limited Liability Partnership’s Members, as a body, in accordance with the Chapter 3 of part 16 of the Companies Act 2006 as applied by Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the Limited Liability Partnership’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 Limited Liability Partnership and the Limited Liability Partnership’s Members as a body, for our audit work, for this report, or for the opinions we have formed.

Alex Simpson (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
18 July 2025
London, UK
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
AGFE LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
12,785,474
10,058,095
Administrative expenses
(5,411,478)
(4,878,155)
Other operating income
38
2,210
Operating profit
7,374,034
5,182,150
Interest income
5
153,447
31,083
Other gains and losses
6
5,534
-
Profit for the financial year before members' remuneration and profit shares
7,533,015
5,213,233
Members' remuneration charged as an expense
(7,533,015)
(5,213,233)
Result for the financial year available for discretionary division among members
-
-

The LLP's results all relate to continuing operations.

 

All amounts due to members (drawings and profit allocation) are reported in the statement of comprehensive income as members remuneration charged as expense.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The notes on pages 12 to 18 form part of these financial statements.

AGFE LLP
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 8 -
2025
2024
Notes
£
£
£
£
Non-current assets
Investments
7
78
144,649
Current assets
Trade and other receivables
9
4,131,459
4,068,608
Cash and cash equivalents
6,339,708
9,153,174
10,471,167
13,221,782
Current liabilities
11
(1,668,563)
(6,922,531)
Net current assets
8,802,604
6,299,251
Total assets less current liabilities and net assets attributable to members
8,802,682
6,443,900
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
3,000
3,000
Other amounts
6,799,682
4,440,900
6,802,682
4,443,900
Members' other interests
Members' capital classified as equity
2,000,000
2,000,000
8,802,682
6,443,900
The financial statements were approved by the members and authorised for issue on 17 July 2025 and are signed on their behalf by:
17 July 2025
AgFe Management Limited
Designated member
Limited Liability Partnership Registration No. OC356652

The notes on pages 12 to 18 form part of these financial statements.

AGFE LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Total
Members' capital
Other amounts
Total
Total
2025
£
£
£
£
£
Amounts due to members
4,440,900
Members' interests at 1 April 2024
2,000,000
2,000,000
3,000
4,440,900
4,443,900
6,443,900
Members' remuneration charged as an expense
-
-
-
7,533,015
7,533,015
7,533,015
Result for the financial year available for discretionary division among members
-
-
-
-
-
-
Members' interests after profit and remuneration for the year
2,000,000
2,000,000
3,000
11,973,915
11,976,915
13,976,915
Drawings
-
-
-
(5,174,233)
(5,174,233)
(5,174,233)
Members' interests at 31 March 2025
2,000,000
2,000,000
3,000
6,799,682
6,802,682
8,802,682

The notes on pages 12 to 18 form part of these financial statements.

AGFE LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Total
Members' capital
Other amounts
Total
Total
2024
£
£
£
£
£
Amounts due to members
3,533,632
Members' interests at 1 April 2023
2,000,000
2,000,000
4,000
3,533,632
3,537,632
5,537,632
Members' remuneration charged as an expense
-
-
-
5,213,233
5,213,233
5,213,233
Result for the financial year available for discretionary division among members
-
-
-
-
-
-
Members' interests after profit and remuneration for the year
2,000,000
2,000,000
4,000
8,746,865
8,750,865
10,750,865
Repayment of debt (including members' capital classified as a liability)
-
-
(1,000)
-
(1,000)
(1,000)
Drawings
-
-
-
(4,305,965)
(4,305,965)
(4,305,965)
Members' interests at 31 March 2024
2,000,000
2,000,000
3,000
4,440,900
4,443,900
6,443,900

In the event of a winding up, there is no protection afforded to unsecured creditors and therefore members' interest rank alongside the interest of unsecured creditors.

 

Members' other interests disclosed on page 9 of the financial statements is restricted for regulatory capital and hence note available for distribution to members without Corporate Member's consent.

The notes on pages 12 to 18 form part of these financial statements.

AGFE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
1
Limited Liability Partnership information

The LLP is authorised by the Financial Conduct Authority as a collective portfolio management investment firm. The LLP is incorporated in the United Kingdom and registered in England and Wales. The registered office is 5th Floor, 3 Dorset Rise, London, EC4Y 8EN.

 

The LLP conducts all of the regulated activities of the group of companies owned and controlled by AgFe Group Limited (“AGL”). It is the main revenue-generating entity of the companies owned and controlled by AGL (the “Group”). The LLP’s corporate member is AgFe Management Limited (the “Corporate Member”) and both entities are part of the Group.

2
Accounting policies
2.1
Accounting convention

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.

The financial statements are prepared in pound sterling, which is the functional currency of the LLP. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The LLP is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this LLP, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The LLP has therefore taken advantage of exemptions from the following disclosure requirements:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures.

The LLP has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the LLP as an individual entity and not about its group.

 

The LLP is a wholly owned subsidiary of AgFe Group Limited and the results of AgFe LLP are included in the consolidated financial statements of AgFe Group Limited which are available from its registered office, 5th Floor, 3 Dorset Rise, London, EC4Y 8EN.

2.2
Going concern

After examining AgFe LLP’s forecasts and projections, which include the 12 month period following the signing of the financial statements, the members of the Investment Committee are reasonably confident that AgFe LLP possesses sufficient resources to remain operational for the foreseeable future. These forecasts and projections have take into account potential downside scenarios regarding revenue levels, and since there are no borrowing needs for AgFe LLP, the forecast has been evaluated further on the premise that AgFe LLP will not have access to any external funding, whether from current members, third-party bank financing, or the UK Government. Liquidity is preserved across all modelled scenarios.

AGFE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 12 -
2.3
Turnover

Turnover represents invoiced sales of services excluding value added tax provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. The LLP accrues income not yet invoiced where the LLP has demonstrably delivered services during the reporting year that would entitle the LLP to invoice the accrued income even if the mandate had been terminated on the statement of financial position date. No accrued income is recognised for mandates where the income is contingent on the LLP achieving performance measures that have not yet been attained as at the financial position date.

2.4
Members' participating interests

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 profit 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 11 of FRS 102 Basic Financial Instruments. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP and has not yet been approved.

 

Amounts subscribed or otherwise contributed by members, for example members' capital, are classified as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

 

Individual members are permitted to make some drawings in anticipation of profits. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated revenue, costs and cash flows of the LLP. At the end of the financial year the LLP automatically allocates remaining profits to the Corporate Member or individual members unless the Corporate Member determines otherwise. Both drawings and profits are classified as “Members’ remuneration charged as an expense” in the statement of comprehensive income. To the extent that they remain unpaid at the period end, they are shown as liabilities in the statement of financial position.

 

Other amounts applied to members are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

 

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 statement of comprehensive income 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' capital classified as equity'.

2.5
Non-current investments

Interests in subsidiaries and other unlisted investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

2.6
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.

2.7
Financial instruments

The LLP has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the LLP's statement of financial position when the LLP becomes party to the contractual provisions of the instrument.

 

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.

AGFE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 13 -
Financial instruments (continued)
Basic financial assets

Basic financial assets, which include fixed asset investments (note 2.5), trade and other receivables 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the LLP transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 LLP after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, and loans from fellow group companies 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP’s obligations expire or are discharged or cancelled.

AGFE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 14 -
2.8
Taxation

Income tax payable on the LLP's profits is solely the personal liability of the individual members and consequently is not dealt with in these financial statements. The LLP is not taxed as a corporate entity.

2.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are reflected within administrative expenses.

3
Turnover

An analysis of the limited liability partnership's revenue is as follows:

2025
2024
£
£
Turnover analysed by class of business
Asset management
5,836,615
4,205,466
Financial advisory/ In-Place Asset Management
6,948,859
5,852,629
12,785,474
10,058,095
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
561
2,589
Fees payable to the LLP's auditor for the audit of the LLP's financial statements
38,400
43,091
Fees payable to the LLP's auditor for the CASS audit
5,750
5,500

The LLP has no employees (2024: none). The LLP relies on services provided to it by AgFe Management Limited in accordance with service agreements in place between the entities.

5
Net interest income
2025
2024
£
£
Bank interest received
155,087
31,911
Total interest receivable and similar income
155,087
31,911
Bank charges
(1,640)
(828)
Total interest payable and similar expenses
(1,640)
(828)
Net interest income
153,447
31,083
AGFE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
6
Other gains and losses
2025
2024
£
£
Other gains and losses
5,534
-

During the year, the LLP disposed of £144,571 of its unlisted investment, realising a gain of £5,534.

7
Fixed asset investments
2025
2024
£
£
Loans
78
144,649

During the year, the LLP disposed of £144,571 of its unlisted investment.

 

The remaining investment held was fully disposed of following the year end.

Movements in non-current investments
Loans
£
Cost or valuation
At 1 April 2024
144,649
Disposals
(144,571)
At 31 March 2025
78
Carrying amount
At 31 March 2025
78
At 31 March 2024
144,649
8
Subsidiaries

Details of the limited liability partnership's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Cobalt Rhenium GP Limited
*
General partner services
1
100.00
Cobalt Rhenium Two LLP
*
General partner services
-
-

Registered office addresses:

 

* 5th Floor,3 Dorset Rise, London, EC4Y 8EN

AGFE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Subsidiaries
(Continued)
- 16 -

Cobalt Rhenium GP Limited is a wholly-owned subsidiary of AgFe LLP. Cobalt Rhenium GP Limited is a designated member of Cobalt Rhenium Two LLP. Through this structure, all entities are under the control of AgFe LLP.

 

Cobalt Rhenium GP Limited and Cobalt Rhenium Two LLP were general partners of Cobalt Rhenium Three LP at the end of the prior year. Cobalt Rhenium Three LP was dissolved during the year.

 

Following the year end, Cobalt Rhenium GP Limited and Cobalt Rhenium Two LLP were dissolved.

9
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Trade receivables
2,229,085
2,868,060
Amounts owed by related parties
-
26,949
Other receivables
3,455
57,865
Prepayments and accrued income
1,800,586
1,115,734
4,033,126
4,068,608
2025
2024
Amounts falling due after more than one year:
£
£
Other receivables
98,333
-
Total debtors
4,131,459
4,068,608

Non-current other receivables consists of a rent deposit on the LLP's premises that is not due to be repaid until more than 12 months after the year end.

AGFE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
10
Cash and cash equivalents
2025
2024
£
£
Cash at bank and in hand
1,495,990
5,702,737
Money Market Fund
4,843,718
3,450,437
6,339,708
9,153,174

The LLP holds a deposit in a money market fund on behalf of itself and a fellow group undertaking. The fund is regulated as a money market fund pursuant to the MMF Regulations and the investment objective is intended to comply with this classification by offering returns in line with money market rates and/or preserving the value of investment by investing in a diversified portfolio of high quality money market securities. Redemption requests received prior to a specified daily cut-off time on a dealing day are effected on that dealing day; redemption requests received after the specified daily cut-off time on a dealing day are effected on the following dealing day.

 

£106,719 of the Money Market Fund balance is being held on behalf of a fellow group undertaking (2024: £2,868,526).

 

11
Current liabilities
2025
2024
£
£
Amounts owed to group undertakings
1,160,835
6,495,748
Other taxation and social security
418,369
369,086
Accruals and deferred income
89,359
57,697
1,668,563
6,922,531

Amounts owed to group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

12
Operating lease commitments

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
409,722
-
Between two and five years
451,400
-
861,122
-
13
Events after the reporting date

The LLP does not have any events after the end of the reporting period that would result in disclosure.

AGFE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
14
Related party transactions

During the year LLP paid expenses totalling £22,500 (2024: £27,049) on behalf of entities under common control. Furthermore, the balance owed to the LLP by these entities at 31 March 2024 of £26,949 was charged to the statement of comprehensive income during the year. At the year £29,800 was accrued by the LLP for liquidation costs that will be incurred on behalf of this entity.

15
Members' transactions

The average monthly number of members during the year was 7 (2024: 7). The profit in respect of the highest paid member during the year was £2,908,014 (2024: £1,449,233).

16
Ultimate controlling party

The immediate parent Company is AgFe Management Limited.

 

The ultimate controlling party is P D Rolles.

 

AgFe Group Limited is the ultimate parent undertaking and is the largest and smallest group to consolidate these financial statements at 31 March 2025.

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