Company No:
Contents
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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2,148,661 | 1,111,294 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 4 |
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- due after more than one year | 4 |
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Cash at bank and in hand |
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81,382 | 920,349 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current (liabilities)/assets | (123,002) | 723,129 | ||
Total assets less current liabilities | 2,025,659 | 1,834,423 | ||
Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Members' capital classified as a liability | 1,725,000 | 1,875,000 | ||
Other amounts | 300,659 | 370 | ||
2,025,659 | 1,875,370 | |||
Members' other interests | ||||
Other reserves | 0 | (40,947) | ||
0 | (40,947) | |||
2,025,659 | 1,834,423 | |||
Total members' interests | ||||
Amounts due from members (included in debtors) | 0 | (315,812) | ||
Loans and other debts due to members | 2,025,659 | 1,875,370 | ||
Members' other interests | 0 | (40,947) | ||
2,025,659 | 1,518,611 |
Members' responsibilities:
The financial statements of AFS Advisors LLP (registered number:
VirginiaCo. Partners LLP
Designated member |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
AFS Advisors LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 32-33 Cowcross Street, London, EC1M 6DF, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2018 (SORP 2018).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is recognised during the period that the services were provided.
Investments in fixed asset investments are measured at cost less accumulated impairment.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to third parties and related parties.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The LLP is not subject to income tax. Taxable profits and losses are allocated to the members in accordance with the underlying LLP agreement and any liability is taxable on the members.
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' inthe Statement of Comprehensive Income.
In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense' where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of employees, including members, during the year |
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Investments in associates | Total | ||
£ | £ | ||
Carrying value before impairment | |||
At 01 September 2021 |
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Additions |
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At 31 August 2022 |
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Provisions for impairment | |||
At 01 September 2021 |
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At 31 August 2022 |
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Carrying value at 31 August 2022 |
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Carrying value at 31 August 2021 |
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2022 | 2021 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Amounts owed by members |
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Other debtors |
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Debtors: amounts falling due after more than one year | |||
Accrued income |
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Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Trade creditors |
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Accruals |
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Other creditors |
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All members are related parties, and transactions with them are shown in the Reconciliation of Members' Interests.
Included within debtors due within one year is a balance of £77,132 (2021: £77,132) due from a limited partnership in which the LLP is a limited partner. This balance is unsecured and interest free, with no fixed repayment terms.
Also included within debtors due within one year is a balance of £2,174 (2021: £2,174) due from a company in which one of the designated members of the LLP is a director. This balance is unsecured ]and interest free, with no fixed repayment terms.
Included within other creditors are balances of £196,104 (2021: £192,839) owed to individuals who are designated members of one of the LLP's designated members. These balances are unsecured and interest free, with no fixed repayment terms.