Company Registration No. 06449765 (England and Wales)
AGFE GROUP LIMITED
ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
AGFE GROUP LIMITED
COMPANY INFORMATION
Directors
Mr P D Rolles
A M Dodd
R W Atterbury
Secretary
R G Steele
Company number
06449765
Registered office
5th Floor
3 Dorset Rise
London
EC4Y 8EN
Auditor
BDO LLP
55 Baker Street
London
W1U 7EU
AGFE GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 29
AGFE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for AgFe Group Limited (the "Company") and of its subsidiary undertakings (together the "Group") for the year ended 31 March 2025.

Review of the business

The results for the financial year are set out on page 9. The financial year to 31 March 2025 was characterised by the continuation and maintenance of a diverse mix of discretionary asset management, in-place asset management and advisory business. On a consolidated basis the Group generated turnover of £12,785,474 (2024: £10,058,095) and profit before taxation of £2,841,607 (2024: £1,768,077). Highlights included:

 

  1. Continued lending for multiple Commercial Real Estate ("CRE") debt separate accounts;

  2. Expanded CRE lending product range to include new asset classes;

  3. Management of a multi-billion pound portfolio of loan-backed financings;

  4. Advisory mandates involving management and restructuring of loans for third-parties.

 

As at 31 March 2025, the Group had net assets of £4,766,212 (2024: £9,457,365).

Future developments

The Group will continue to focus on asset management, advisory and capital markets activities, particularly in relation to European private debt

Principal risks and uncertainties

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

 

These risks are addressed via the active management of the Group'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 Group is able to provide appropriate services in accordance with each mandate.

 

Financial risk management

The main financial risks the Group is exposed to are credit risk, liquidity risk and market risk.

 

Credit risk

The Group is exposed to the risk that its clients do not pay their invoices on time. This risk is managed through the approval process for new mandates which considers the credit worthiness of all new clients. Furthermore all trade receivables are monitored regularly for late payments and remedial action is taken where necessary.

 

The Group is also exposed to the risk that the financial institutions, where it holds its cash, become insolvent and are unable to repay these deposits. The Group’s liquidity policy specifies minimum credit ratings for any bank where cash is held.

 

Liquidity risk

The Group is exposed to the risk that it is unable to meet its obligations when due because it does not have sufficient liquid resources to meet them. This risk is mitigated through the Group’s liquidity policy which ensures that the Group holds a sufficient amount of cash and liquid instruments to meet all obligations for at least a three month period.

 

Market risk

The Group’s activities expose it to changes in foreign exchange rates. When relevant, the Group uses financial instruments in order to reduce the risk of loss resulting from movement in foreign currencies. No forward foreign exchange contracts were entered into in the financial year and there were no forward contracts in place as at the year end date.

AGFE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Section 172 Statement

The directors of the Group and the Company always endeavour, individually and collectively, to act in the way to promote the success of the Group and the Company for its members. In doing so, they consider the likely consequence of any decisions in the long-term, having regard to an approach that is fair and equitable to all members of the Group and the Company.

 

Underlying their decision making process, the directors consider the impact on the Group's and the Company’s employees and are mindful of how the Group's and the Company’s business operations impact its stakeholders. The directors’ overarching responsibility is to maintain a reputation for high standards of business conduct and seek to build strong business relationships with suppliers, customers and other key counterparties.

 

The shareholders of the Company and its wider Group are its key stakeholders. As is common with businesses of the size and scale of the Company, key shareholders are represented on the Board of the Company and Group, ensuring that shareholders are integral to all strategic decisions that are made.

 

During the year under review, the Group’s business strategy remained unchanged. There were no key decisions made that could impact its shareholders or other potential interested parties.

 

Approved by the Board and signed on its behalf by

Mr P D Rolles
Director
17 July 2025
AGFE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors present their annual report and audited consolidated financial statements of AgFe Group Limited (the "Company") and of its subsidiary undertakings (together the "Group") for the year ended 31 March 2025.

Principal activities

The Company is a holding company for the companies in the Group. The principal activities of the operating entities in the Group are to provide financial advisory and asset management services.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £6,794,587. The directors do not recommend payment of a further dividend.

Directors

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

Mr P D Rolles
A M Dodd
R W Atterbury
Auditor

In accordance with the company's articles, a resolution proposing that BDO LLP be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The trueGroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Group's Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors' Report. It has done so in respect of financial risk management.

AGFE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr P D Rolles
Director
17 July 2025
AGFE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AGFE GROUP LIMITED
- 5 -
Opinion on the financial statements

In our opinion:

 

We have audited the financial statements of AgFe Group Limited (“the Parent Company”) and its subsidiaries (“the Group”) for the year ended 31 March 2025 which comprise the Group statement of comprehensive income, the Group statement of financial position, the Company statement of financial position, the Group statement of changes in equity, the Company statement of changes in equity, the Group statement of cash flows 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 Group and the Parent Company 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 Directors’ 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 Group or ParentCompany'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 Directors with respect to going concern are described in the relevant sections of this report.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the Strategic report and Directors' 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 GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AGFE GROUP LIMITED
- 6 -

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

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

 

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or 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:

 

Responsibilities of Directors

As explained more fully in the Statement of Directors' Responsibilities, the Directors 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 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, the Directors are responsible for assessing the Group’s and the Parent 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 the Directors either intend to liquidate the Group or the Parent Company 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.

AGFE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AGFE GROUP LIMITED
- 7 -
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:

 

Non-compliance with laws and regulations

Based on:

we considered the significant laws and regulations to be the applicable accounting framework, UK tax legislation and the Companies Act 2006.

 

The Group 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.

 

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.

AGFE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AGFE GROUP LIMITED
- 8 -

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.

Use of our report

This report is made solely to the Parent 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 Parent 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 Parent Company and the Parent Company’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
London, UK
18 July 2025
BDO LLP is a limited liability partnership registered in England and Wales (with registered office number OC305127).
AGFE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
12,785,474
10,058,095
Administrative expenses
(10,108,046)
(8,551,548)
Other operating income
38
2,210
Operating profit
6
2,677,466
1,508,757
Net interest income
7
158,607
259,320
Other gains and losses
8
5,534
-
0
Profit before taxation
2,841,607
1,768,077
Tax on profit
9
(774,548)
(431,629)
Profit for the financial year
2,067,059
1,336,448
Total comprehensive income for the year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 16 to 29 form part of these financial statements.

AGFE GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
11
17,881
20,667
Investments
12
81
144,652
17,962
165,319
Current assets
Trade and other receivables
14
4,345,089
4,518,477
Cash and cash equivalents
6,758,803
9,619,556
11,103,892
14,138,033
Current liabilities
15
(6,387,547)
(4,840,820)
Net current assets
4,716,345
9,297,213
Total assets less current liabilities
4,734,307
9,462,532
Provisions for liabilities
Deferred tax liability
16
(4,470)
(5,167)
(4,470)
(5,167)
Net assets
4,729,837
9,457,365
Equity
Called up share capital
17
1,500
1,500
Share premium account
32,312
32,312
Retained earnings
4,696,025
9,423,553
Total equity
4,729,837
9,457,365

The notes on pages 16 to 29 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 17 July 2025 and are signed on its behalf by:
Mr P D Rolles
Director
Company registration number 06449765 (England and Wales)
AGFE GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Non-current assets
Investments
12
4
4
Current assets
Trade and other receivables
14
108,219
6,091,527
Cash and cash equivalents
104,418
163,028
212,637
6,254,555
Current liabilities
15
(24,898)
(57,605)
Net current assets
187,739
6,196,950
Net assets
187,743
6,196,954
Equity
Called up share capital
17
1,500
1,500
Share premium account
32,312
32,312
Retained earnings
153,931
6,163,142
Total equity
187,743
6,196,954

The notes on pages 16 to 29 form part of these financial statements.

As permitted by s408 Companies Act 2006, the Company has not presented its own income statement and related notes. The Company’s profit for the year was £785,376 (2024 - £1,021,464 profit).

The financial statements were approved by the board of directors and authorised for issue on 17 July 2025 and are signed on its behalf by:
Mr P D Rolles
Director
Company registration number 06449765 (England and Wales)
AGFE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 April 2023
1,500
32,312
8,087,105
8,120,917
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
1,336,448
1,336,448
Balance at 31 March 2024
1,500
32,312
9,423,553
9,457,365
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
2,067,059
2,067,059
Dividends
10
-
-
(6,794,587)
(6,794,587)
Balance at 31 March 2025
1,500
32,312
4,696,025
4,729,837

The notes on pages 16 to 29 form part of these financial statements.

AGFE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 April 2023
1,500
32,312
5,141,678
5,175,490
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
1,021,464
1,021,464
Balance at 31 March 2024
1,500
32,312
6,163,142
6,196,954
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
785,376
785,376
Dividends
10
-
-
(6,794,587)
(6,794,587)
Balance at 31 March 2025
1,500
32,312
153,931
187,743

The notes on pages 16 to 29 form part of these financial statements.

AGFE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
22
4,059,880
(115,141)
Income taxes paid
(426,521)
(377,735)
Net cash inflow/(outflow) from operating activities
3,633,359
(492,876)
Investing activities
Purchase of property, plant and equipment
(8,830)
(19,108)
Proceeds from disposal of property, plant and equipment
593
-
Proceeds from disposal of investments
150,105
152,429
Interest received
158,607
259,320
Net cash generated from investing activities
300,475
392,641
Financing activities
Dividends paid to equity shareholders
(6,794,587)
-
0
Net cash used in financing activities
(6,794,587)
-
Net decrease in cash and cash equivalents
(2,860,753)
(100,235)
Cash and cash equivalents at beginning of year
9,619,556
9,719,791
Cash and cash equivalents at end of year
6,758,803
9,619,556

The notes on pages 16 to 29 form part of these financial statements.

AGFE GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
5,739,050
(1,803,291)
Income taxes paid
(34,354)
-
0
Net cash inflow/(outflow) from operating activities
5,704,696
(1,803,291)
Investing activities
Interest received
7,194
230,108
Dividends received
1,024,087
850,000
Net cash generated from investing activities
1,031,281
1,080,108
Financing activities
Dividends paid to equity shareholders
(6,794,587)
-
Net cash used in financing activities
(6,794,587)
-
Net decrease in cash and cash equivalents
(58,610)
(723,183)
Cash and cash equivalents at beginning of year
163,028
886,211
Cash and cash equivalents at end of year
104,418
163,028

The notes on pages 16 to 29 form part of these financial statements.

AGFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
1
Company information

AgFe Group Limited (“the Company”) is a private company limited by shares incorporated in the United Kingdom and registered in England and Wales. The registered office is 5th Floor, 3 Dorset Rise, London, EC4Y 8EN.

 

The Company is a holding company for the companies in the Group. The principal activities of the operating entities in the Group were providing financial advisory and asset management services.

2
Accounting policies
2.1
Accounting convention

These financial statements have been prepared in accordance 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 Company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the going concern basis under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value through profit or loss. The principal accounting policies adopted are set out below.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group and Company accounting policies. Areas where assumptions and estimates are significant to the financial statements are disclosed in note 8, 11 and 12.

2.2
Basis of consolidation

The consolidated financial statements incorporate those of AgFe Group Limited and entities controlled by the Company for the year ended 31 March 2025. Control is achieved through its power to govern the financial and operating policies so as to obtain economic benefits.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

2.3
Going concern

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

2.4
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 Group accrues income not yet invoiced where the Group has demonstrably delivered services during the reporting year that would entitle the Group to invoice the accrued income even if the mandate had been terminated on the financial position date. No accrued income is recognised for mandates where the income is contingent on the Group achieving performance measures that have not yet been attained as at the financial position date.

2.5
Other income

Interest income and dividend income is recognised when the right to receive payment is established.

AGFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 17 -
2.6
Property, plant and equipment

Property, plant and equipment are stated at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the cost attributable to bringing the asset to its working condition for its intended use.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
5 years
Fixtures and fittings
4 years
Computer equipment
3 to 4 years
2.7
Non-current investments

In the parent Company financial statements, investments in subsidiaries and other unlisted investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

2.8
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.

2.9
Financial instruments

The Group 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 Group's statement of financial position when the group 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.

Basic financial assets

Basic financial assets, which include fixed asset investments (note 2.7) 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 are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

AGFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 18 -
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 Group 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 Group 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

2.10
Equity instruments

Equity instruments issued by the Group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Group.

2.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

AGFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 19 -
2.12
Employee benefits

The Group provides a range of benefits to its employees, including paid holiday arrangements, defined contribution pension plans and annual bonus. An expense is recognised in the statement of comprehensive income when the Group has a legal or constructive obligation to make payments Amounts not paid are shown in creditors falling due within a year on the consolidated financial position.

2.13
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.

2.14

Reserves

The Group and Company's reserves are as follows:

 

 

3
Turnover
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
Employees
The average monthly number of persons (including directors) employed during the year was:
2025
2024
Number
Number
Administration
3
3
Client facing
22
18
25
21
AGFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
4
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,125,388
2,814,900
Social security costs
416,640
353,217
Pension costs
165,156
126,990
3,707,184
3,295,107
5
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
335,134
291,112
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
207,447
206,387
6
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
1,051
2,678
Auditors' remuneration relating to the auditing of the financial statements for the group and subsidiaries
75,584
71,980
Auditors' remuneration relating to FCA CASS report
5,750
5,500
Depreciation of owned property, plant and equipment
11,258
9,278
Profit on disposal of property, plant and equipment
(235)
-
AGFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
7
Net interest income
2025
2024
£
£
Bank interest received
162,281
262,019
Total interest receivable and similar income
162,281
262,019
Bank charges
(3,674)
(2,699)
Total interest payable and similar expenses
(3,674)
(2,699)
Net interest income
158,607
259,320
8
Other gains and losses
2025
2024
£
£
Other gains
5,534
-

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

9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
774,130
429,542
Adjustments in respect of prior periods
-
0
(12)
Total current tax
774,130
429,530
Deferred tax
Origination and reversal of timing differences
418
2,099
Total tax charge
774,548
431,629
AGFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Taxation
(Continued)
- 22 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,841,607
1,768,077
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
710,402
442,019
Tax effect of expenses that are not deductible in determining taxable profit
59,593
(10,390)
Unutilised tax losses carried forward
4,553
-
0
Taxation charge
774,548
431,629
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
6,794,587
-
11
Property, plant and equipment
Group
Leasehold improvements
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2024
74,129
3,569
42,379
120,077
Additions
-
0
-
0
8,830
8,830
Disposals
(74,129)
-
0
(358)
(74,487)
At 31 March 2025
-
0
3,569
50,851
54,420
Depreciation and impairment
At 1 April 2024
74,129
496
24,785
99,410
Depreciation charged in the year
-
0
1,190
10,068
11,258
Eliminated in respect of disposals
(74,129)
-
0
-
0
(74,129)
At 31 March 2025
-
0
1,686
34,853
36,539
Carrying amount
At 31 March 2025
-
0
1,883
15,998
17,881
At 31 March 2024
-
0
3,073
17,594
20,667
The company had no property, plant and equipment at 31 March 2025 or 31 March 2024.
AGFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1
1
Unlisted investments
81
144,652
3
3
81
144,652
4
4
Movements in non-current investments
Group
Investments
£
Cost or valuation
At 1 April 2024
144,652
Disposals
(144,571)
At 31 March 2025
81
Carrying amount
At 31 March 2025
81
At 31 March 2024
144,652
Movements in non-current investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2024 and 31 March 2025
1
3
4
Carrying amount
At 31 March 2025
1
3
4
At 31 March 2024
1
3
4
AGFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Country of
Nature of business
Percentage of
Registered
incorporation and trading
Equity Holding
Office
AgFe LLP
England and Wales
Financial advisory services
Nil
5th Floor, 3 Dorset Rise, London, EC4Y 8EN
AgFe Management Limited
England and Wales
Management services
100
5th Floor, 3 Dorset Rise, London, EC4Y 8EN
Cobalt Rhenium GP Limited
England and Wales
General partner services
100
5th Floor, 3 Dorset Rise, London, EC4Y 8EN
Cobalt Rhenium Two LLP
England and Wales
General partner services
Nil
5th Floor, 3 Dorset Rise, London, EC4Y 8EN

AgFe Management Limited is a direct subsidiary of AgFe Group Limited.

AgFe Management Limited is the Corporate Member of AgFe LLP and Cobalt Rhenium Two LLP.

Cobalt Rhenium GP Limited is a subsidiary of AgFe LLP.

Cobalt Rhenium GP Limited and Cobalt Rhenium Two LLP are exempt from the requirements of the Companies Act 2006 relating to the audit of the individual financial statements under section 479A. Through this structure, all entities are under the control of AgFe Group Limited. AgFe Group Limited guarantees all outstanding liabilities to which these two subsidiaries are subject to as at the end of 31 March 2025 until they are satisfied in full.

 

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 on 3 December 2024.

 

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

AGFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
14
Trade and other receivables
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade receivables
2,229,085
2,868,060
-
0
-
0
Amounts owed by group undertakings
-
-
106,719
5,869,527
Other receivables
55,462
365,735
1,500
222,000
Prepayments and accrued income
1,960,520
1,281,878
-
0
-
0
4,245,067
4,515,673
108,219
6,091,527
Deferred tax asset (note 16)
1,689
2,804
-
0
-
0
4,246,756
4,518,477
108,219
6,091,527
Amounts falling due after more than one year:
Other receivables
98,333
-
0
-
0
-
0
Total debtors
4,345,089
4,518,477
108,219
6,091,527

Amounts owed by Group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

 

AgFe LLP (“LLP”) deposited cash in a money market fund on behalf of the Company. 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.

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.

15
Current liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade payables
29,537
24,560
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
499
-
0
Amounts owed to AgFe LLP members
3,894,668
2,994,667
1
1
Corporation tax payable
506,423
158,814
-
0
34,354
Other taxation and social security
510,840
446,584
-
-
Other payables
136,610
103,241
3
3
Accruals and deferred income
1,309,469
1,112,954
24,395
23,247
6,387,547
4,840,820
24,898
57,605
AGFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
15
Current liabilities
(Continued)
- 26 -

Amounts owed to AgFe LLP members relate to the profit share of the LLP from the year ended 31 March 2025 due to the non corporate members. The balance is interest free and due to be paid within 1 year of the current year end.

16
Deferred taxation

The following are the deferred tax liabilities and assets recognised by the Group and Company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
4,470
5,167
-
-
Retirement benefit obligations
-
-
1,689
2,804
4,470
5,167
1,689
2,804
The Company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
2,363
-
Charge to profit or loss
418
-
Liability at 31 March 2025
2,781
-
17
Ordinary share capital
Allotted and fully paid
Number:
Class
Nominal
2025
2024
Value
£
£
£
10,500,000 (2024: 10,500,000)
A Ordinary
0.0001
1,050
1,050
4,500,000 (2024: 4,500,000)
B Ordinary
0.0001
450
450
1,500
1,500
AGFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
17
Ordinary share capital
(Continued)
- 27 -

Ordinary A shares carry one vote per share on a poll and one vote per share on a show of hands and entitled to Dividends/distributions pro rata to the number of shares held.

 

Ordinary B shares carry 0.7777778 per share on a poll and one vote per share on a show of hands and entitled to Dividends/distributions pro rata to the number of shares held.

18
Financial commitments, guarantees and contingent liabilities

At the year end, the Group had a total financial commitment under its office rental license agreement of £146,028 (2024: £569,305) relating to office premises, which was due to be paid by 31 July 2025, the final day of the agreement.

19
Operating lease commitments

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
409,722
-
-
-
Between two and five years
451,400
-
-
-
861,122
-
-
-
20
Controlling party

The ultimate controlling party is P D Rolles.

21
Related party transactions

Remuneration of key management personnel is disclosed in note 5.

At the start of the year, the Group was owed £220,500 (2024: £220,500) from a entity under common control. During the year the amount was fully written off and no balance was outstanding at the year end.

 

During the year Group paid expenses totalling £22,500 (2024: £27,409) on behalf of entities under common control. Furthermore, the balance owed to the Group 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 Group for liquidation costs that will be incurred on behalf of this entity.

AGFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
22
Cash generated from/(absorbed by) group operations
2025
2024
£
£
Profit for the year after tax
2,067,059
1,336,448
Adjustments for:
Taxation charged
774,548
431,629
Net interest income
(158,607)
(259,320)
Gain on disposal of property, plant and equipment
(235)
-
Depreciation and impairment of property, plant and equipment
11,258
9,278
Other gains
(5,534)
-
Movements in working capital:
Decrease/(increase) in trade and other receivables
172,273
(2,395,207)
Increase in trade and other payables
1,199,118
762,031
Cash generated from/(absorbed by) operations
4,059,880
(115,141)

The Company is a qualifying entity for the purposes of FRS 102 and has elected to take the exemption under paragraph 1.12(b) of FRS 102 not to present the Company Statement of Cash Flows.

23
Cash generated from/(absorbed by) operations - company
2025
2024
£
£
Profit for the year after tax
785,376
1,021,464
Adjustments for:
Taxation charged
-
0
34,354
Investment income
(1,031,281)
(1,080,108)
Movements in working capital:
Decrease/(increase) in trade and other receivables
5,983,308
(1,780,108)
Increase in trade and other payables
1,647
1,107
Cash generated from/(absorbed by) operations
5,739,050
(1,803,291)
24
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
9,619,556
(2,860,753)
6,758,803
AGFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
25
Analysis of changes in net funds - company
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
163,028
(58,610)
104,418
26
Events after the reporting date

On 18 June 2025 the Group signed an agreement with a company company, in which one of the directors of the Group was also a director, to advance £1.4 million to them as a loan bearing interest at an annual rate of 12%.

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