The members present their annual report and financial statements of AgFe LLP (the "LLP") for the year ended 31 March 2026.
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.
No donations were made during the financial year to charitable or political groups (2025: £Nil).
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.
The designated members who held office during the year and up to the date of signature of the financial statements were as follows:
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/.
The auditor, BDO LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the limited liability partnership will continue in business.
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.
Basis for opinion
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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Limited Liability Partnership's ability to continue as a going concern.
Our responsibilities and the responsibilities of the Members with respect to going concern are described in the relevant sections of this report.
Other information
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:
Our understanding of the Limited Liability Partnership and the industry in which it operates;
Discussion with management and those charged with governance; and
Obtaining an understanding of the Limited Liability Partnership’s policies and procedures regarding compliance with laws and regulations;
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.
Our procedures in respect of the above included:
Enquires of management whether there were any litigations and claims;
Review of minutes of meetings of those charged with governance for any instances of non-compliance with laws and regulations;
Review of correspondence with regulatory and tax authorities for any instances of non-compliance with laws and regulations;
Review of financial statement disclosures and agreeing to supporting documentation;
Involvement of tax specialists in the audit; and
Review of legal expenditure accounts to understand the nature of expenditure incurred.
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;
Obtaining an understanding of the Limited Liability Partnership’s policies and procedures relating to:
Detecting and responding to the risks of fraud; and
Internal controls established to mitigate risks related to fraud.
Review of minutes of meetings of those charged with governance for any known or suspected instances of fraud;
Discussion amongst the engagement team as to how and where fraud might occur in the financial statements;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
Performing unpredictable procedures as part of our substantive audit testing to assess if transactions are within the normal course of business.
Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls and revenue recognition.
Our procedures in respect of the above included:
For management override of controls, which is pervasive to the financial statements:
We obtained an understanding of the financial reporting process and evaluated the design and implementation of controls in place;
We included procedures designed to identify and test journal entries based on specific risk criteria to assess whether there was evidence of management bias by agreeing these journal entries to supporting documentation and evaluating the business rationale behind these journal entries.
The risk of fraud in revenue recognition:
We obtained an understanding of the revenue recognition process and evaluated the design and implementation of controls in place.
In addition to a test of details over revenue transactions by obtaining supporting documentation behind the revenue calculation inputs, we performed a reconciliation of all revenue journals, which are manually posted by management to cash at bank and accrued income.
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 Limited Liability Partnership’s Members, as a body, in accordance with 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.
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 11 to 20 form part of these financial statements.
The notes on pages 11 to 20 form part of these financial statements.
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 not available for distribution to members without Corporate Member's consent.
The notes on pages 11 to 20 form part of these financial statements.
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.
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in November 2025, 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 LLP has early adopted the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" and the Periodic Review 2024 amendments to FRS 102.
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.
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 Management Committee are reasonably confident that AgFe LLP 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 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.
Revenue 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.
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 22 of FRS 102 Liabilities and Equity. 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'.
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.
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Interests in subsidiaries and other unlisted investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
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.
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.
Basic financial assets, which include fixed asset investments (note 1.6), 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.
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 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.
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, 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.
Financial liabilities are derecognised when the LLP’s obligations expire or are discharged or cancelled.
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.
At inception, the LLP assesses whether a contract is, or contains, a lease within the scope of FRS 102 Section 20. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the LLP recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement
date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the LLP's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the LLP is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the LLP's estimate of
the amount expected to be payable under a residual value guarantee; or the LLP's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The LLP has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term. There were no leases of this nature in the current or the prior year.
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.
The LLP early adopted the amendments to FRS 102, issued in September 2024 and the LLP SORP, issued in November 2025.
Leases previously classified as operating leases are generally recognised on the balance sheet as a right-of-use asset with a corresponding lease liability, except for leases of low-value assets and short-term leases where recognition exemptions apply.
The LLP's leases commenced after the date of initial application of the amendments to FRS 102, and therefore do not give rise to any adjustments to opening balances or opening reserves. Accordingly, no transition adjustment is required.
The LLP did not hold any lease arrangements in the prior year. However, another entity within the Group occupied office premises under a licence-to-occupy agreement. Accordingly, the arrangement was accounted for as a service contract.
The LLP’s revenue recognition policy was reviewed in light of the amendments to FRS 102. The LLP’s existing recognition policy was found to be consistent with the updated requirements; therefore, no transition adjustment is required.
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.
The LLP has accounted for its lease as a right of use asset as described in Note 1.10 of the financial statements. In determing the present value of future lease payments, management have used a 7% discount factor. This rate is management's best estimate of the LLP's incremental borrowing rate based on the LLP's financing profile.
An analysis of the limited liability partnership's revenue is as follows:
The LLP has no employees (2025: none). The LLP relies on services provided to it by AgFe Management Limited in accordance with service agreements in place between the entities.
Other gains represent movements in the fair value of the deferred consideration receivable arising from the LLP's disposal of a portion of its business in 2023.
During the year, the LLP entered into a lease arrangement resulting in the recognition of a right-of-use asset with a useful life of two years. More details are disclosed in Note 3 to the financial statements.
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.
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.
£312,465 of the Money Market Fund balance is being held on behalf of a fellow group undertaking (2025: £106,719).
At the reporting date, the undiscounted cash flows payable in respect of the LLP’s lease liabilities is £214,317 (2025: £Nil), including interest of £6,800 (2025: £Nil), which is due to be paid within one year. The LLP's lease liabilities have been calculated using a 7% discount factor.
Amounts owed to group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
There have been no events after the reporting date that would result in disclosure.
During the year, the LLP paid expenses totalling £37,163 (2025: £22,500) on behalf of entities under common control.
In the prior year, the LLP recognised an accrual of £29,800 in respect of liquidation costs to be incurred on behalf of an entity under common control. As the entity was liquidated during the year, no amounts remained accrued at the reporting date.
The average monthly number of members during the year was 7 (2025: 7). The profit in respect of the highest paid member during the year was £1,351,893 (2025: £2,908,014).