1.
General Information
ABG Corporate Finance LLP is a limited liability partnership, incorporated in England & Wales, registered number
OC387546
. The Registered Office is 30 St John's Lane, London, EC1M 4NB.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the limited liability partnership's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Impairment of debtors
The LLP makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Provisions
Provisions are recognised when the LLP has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made. This obligation may be legal or constructive deriving from regulations, contracts, normal practices or public commitments that lead third parties to reasonably expect that the LLP will assume certain responsibilities. The amount of the provision is determined based on the best estimate of the outflow of resources required to settle the obligation, taking into account all available information.
No provision is recognised if the amount of liability cannot be estimated reliably. In this case, the relevant information is disclosed in the notes to the financial statements. Given the uncertainties inherent in the estimates used to determine the amount of provision, actual outflows of resources may differ from the amounts recognised originally on the basis of the estimates.
2.2.
Going Concern Disclosure
The members have at the time of approving the financial statements, a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the financial statements.
2.3.
Turnover
Turnover represents amounts receivable for services net of VAT. A success fee is recognised when a deal has legally completed or exchanged.
If, at the Balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance sheet date are carried forward as accrued income.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
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| Computer Equipment |
|
2.5.
Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
ABG Corporate Finance LLP
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.7.
Financial Instruments
The limited liability partnership has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 (A) to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership 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 debtors 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.
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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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 limited liability partnership 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 limited liability partnership after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
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 limited liability partnership's obligations expire or are discharged or cancelled.
ABG Corporate Finance LLP
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.8.
Foreign Currencies
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 included in profit or loss.
2.9.
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 earnings 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 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within 'Members' remuneration charged as an expense' in arriving at the relevant year's result. Undivided amounts that are classified as equity are shown within 'Members' other interests'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests.
Where there exists an asset and liability component in respect of an individual member's participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.
Members' drawings are shown as a reduction in the debt due to the members.
2.10.
Profit Allocations
Any drawings on account or distribution of profits are classified as financing cash flows and consistently applied as such.
2.11.
Post-retirement Payments to Members
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.12.
Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the LLP is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.13.
Presentation
The accounts have been prepared for a period of less than 12 months to bring the accounting period in line with tax period. As this period only contains 7 months, the figures are not directly comparable to last year.
3.
Operating Profit
The operating profit is stated after charging:
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Depreciation of tangible fixed assets |
|
|
|
ABG Corporate Finance LLP
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
4.
Auditor's Remuneration
Remuneration received by the LLP's auditors and their associates during the year was as follows:
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
5.
Staff Costs
Staff costs were as follows:
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
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|
| Social security costs |
|
|
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| Other pension costs |
|
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||
6.
Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was as follows:
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| Staff |
|
|
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| Members |
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|
|
|
|
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7.
Members' Remuneration
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| Average number of members during the year | 2 | 3 | |
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Profit attributable to the member with the largest entitlement | 827,489 | 89,381 | |
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Members remuneration charged as an expense.
Remuneration paid under employment contract
|
1,654,979
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|
205,013
|
|
ABG Corporate Finance LLP
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
8.
Interest Receivable and Similar Income
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank interest receivable |
|
|
|
9.
Interest Payable and Similar Charges
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other finance charges |
|
|
|
10.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at 1 April 2024 |
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| Additions |
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| As at 31 March 2025 |
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| Depreciation | |||
| As at 1 April 2024 |
|
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| Provided during the period |
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| As at 31 March 2025 |
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| Net Book Value | |||
| As at 31 March 2025 |
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| As at 1 April 2024 |
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11.
Debtors
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors | 22,140 | 27,218 | |
|
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ABG Corporate Finance LLP
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
12.
Creditors: Amounts Falling Due Within One Year
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Other creditors | 1,007 | 1,269 | |
| Taxation and social security | 7,052 | 21,640 | |
| Accruals and deferred income | 7,796 | 26,324 | |
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13.
Capital Commitments
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| At the end of the period |
|
|
|
Minimum lease payments under non-cancelable operating leases fall due as follows:
31 March 31 March
2025 2024
£ £
Within one year 34,852 28,599
Between one and five years 90,809 125,203
14.
Pension Commitments
The LLP operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £8,057 (2024: £3,234).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.