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Registered number: OC385075
ACG ADVISORS (UK) LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
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ACG ADVISORS (UK) LLP
INFORMATION
A Ferro-Villani
Absolute Capital Group SA
LLP registered number
OC385075
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Registered office
34 Lime Street
London
EC3M 7AT
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Independent auditors
BKL Audit LLP
Chartered Accountants
Statutory Auditor
35 Ballards Lane
London
N3 1XW
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ACG ADVISORS (UK) LLP
CONTENTS
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Independent auditors' report
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Statement of comprehensive income
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Statement of financial position
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Reconciliation of Members' interests
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Notes to the financial statements
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ACG ADVISORS (UK) LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2022
The Members present their annual report together with the audited financial statements of ACG Advisors (UK) LLP (the "LLP") for the year ended 30 November 2022.
Principal activities
The LLP is a financial firm providing a diverse range of investment services, including asset management, advisory and risk solutions, and execution services in global markets to Professional Clients and Eligible Counterparties.
The LLP is regulated by the Financial Conduct Authority (FCA) in the UK with Firm Reference Number 616093.
Designated Members
A Ferro-Villani
Absolute Capital Group SA
were designated members of the LLP throughout the period.
Members' capital and interests
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amount of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members. Any profits are shared among the members as governed by the Partnership Agreement dated 7th December 2017, as amended.
Fair review of the business
The LLP reported a decrease in turnover of £142,360 and an increase in net profits before tax of £406,248 which were achieved from the LLP's core business activities and in line with the LLP's strategy. The increase in profit is largely attributable to higher revenues in the current year including an increase in performance related fees.
The members are satisfied with the results for the year. The members continue their long-term strategy of investment initiatives in technology in order to create system efficiencies and investment into ensuring their high-quality staff are fully resourced and trained. The members are optimistic about the future profitability of the LLP and continue to pursue growth and expect the LLP to continue as a going concern.
Principal risks and uncertainties
The members consider that the key financial risks faced by the firm relate to financial instrument risk, interest rate risk, liquidity risk, operational risk and the need to maintain sufficient regulatory and working capital.
Financial instruments
The LLP operates a treasury function which is responsible for managing the liquidity and interest risk associated with the firm's activities.
Liquidity risk
The LLP had cash balances at the balance sheet date. The firm is subject to qualitative system and control
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ACG ADVISORS (UK) LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
requirements which require firms to have in place robust strategies, policies, processes and systems that enable it to identify, measure, manage and monitor liquidity risk.
Interest rate risk
The LLP has a policy to manage any exposure to interest rate fluctuations by monitoring its reserves and transactions on a daily basis.
The limited liability partnership's principal foreign currency exposures arise from foreign currency translations. The limited liability partnership's policy permits but does not demand that these exposures may be hedged in order to fix the cost in Sterling.
Members' responsibilities statement
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 has 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, (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 LLP and of the profit or loss of the LLP 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
The Members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable him to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008). He is also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
The Members at the time when this Members' report is approved has confirmed that:
∙so far as that Member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and
∙that Member has taken all the steps that ought to have been taken as a Member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
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ACG ADVISORS (UK) LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
Auditors
During the year, Fisher, Sassoon & Marks resigned as auditors and BKL Audit LLP were appointed in their stead.
Under section 487(2) of the Companies Act 2006, BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the Members and signed on their behalf by:
A Ferro-Villani
Designated Member
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ACG ADVISORS (UK) LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACG ADVISORS (UK) LLP
We have audited the financial statements of ACG Advisors (UK) LLP (the 'LLP') for the year ended 30 November 2022, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Reconciliation of Members' interests and the related notes, 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).
In our opinion the financial statements:
∙give a true and fair view of the state of the LLP's affairs as at 30 November 2022 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the Members's 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 LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Members with respect to going concern are described in the relevant sections of this report.
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ACG ADVISORS (UK) LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACG ADVISORS (UK) LLP (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Members is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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.
Matters on which we are required to report by exception
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We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of members
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As explained more fully in the Members' responsibilities statement set out on page 1, the Members is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Members determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Members is responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.
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ACG ADVISORS (UK) LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACG ADVISORS (UK) LLP (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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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 Auditors' 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.
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:
∙Enquiring of management around actual and potential litigation and claims;
∙Reviewing board meeting minutes of meeting of those charged with governance;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations and;
∙Performing walkthroughs and audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the LLP's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Members.
∙Conclude on the appropriateness of the Members's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the LLP's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the LLP to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in
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ACG ADVISORS (UK) LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACG ADVISORS (UK) LLP (CONTINUED)
manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Michael Wedge FCA (Senior statutory auditor)
for and on behalf of
BKL Audit LLP
Chartered Accountants
Statutory Auditor
London
29 January 2024
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ACG ADVISORS (UK) LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2022
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the year before members' remuneration and profit shares available for discretionary division among members
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Total comprehensive income for the year
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The notes on pages 13 to 23 form part of these financial statements.
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ACG ADVISORS (UK) LLP
REGISTERED NUMBER: OC385075
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2022
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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ACG ADVISORS (UK) LLP
REGISTERED NUMBER: OC385075
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2022
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Loans and other debts due to members within one year
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Members' capital classified as a liability
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Other reserves classified as equity
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Amounts due from members (included in debtors)
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Loans and other debts due to members
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The financial statements were approved and authorised for issue by the Members and were signed on their behalf by:
The notes on pages 13 to 23 form part of these financial statements.
ACG Advisors (UK) LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
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ACG ADVISORS (UK) LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as debt)
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Balance at 30 November 2021
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Balance at 30 November 2021 (as restated)
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Balance at 30 November 2022
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The notes on pages 13 to 23 form part of these financial statements.
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
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ACG ADVISORS (UK) LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2022
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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(Decrease)/increase in creditors
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Net cash generated from operating activities before transactions with members
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Purchase of short-term investments
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Sale of short-term investments
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Net cash from investing activities
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Cash flows from financing activities
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Distribution paid to members
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Net cash used in financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 13 to 23 form part of these financial statements.
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ACG ADVISORS (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
ACG Advisors (UK) LLP is a limited liability partnerships incorporated in England and Wales. The registered office is 80 Coleman Street, London, EC2R 5BJ.
The LLP is a financial firm providing a diverse range of investment services, including asset management, advisory and risk solutions, and execution services in global markets to Professional Clients and Eligible Counterparties.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis, which assumes that the LLP will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meets its debts as they fall due.
The LLP relies upon the availability of working capital and generation of profits and cash in the future to meet such liabilities.
The members are confident that the LLP's access to working capital and future profit generation is sufficient to support the business for the foreseeable future, and accordingly, consider it appropriate to prepare the financial statements on the going concern basis.
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ACG ADVISORS (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The LLP's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
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ACG ADVISORS (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the LLP in independently administered funds.
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Division and distribution of profits
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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 discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.
Profits of the LLP which are not yet divided among the Members are shown under 'Other reserves' on the Statement of financial position, pending a discretionary decision to divide the profits.
The LLP classifies distributions of profits as financing cash flows in the Statement of cash flows as these transactions are considered to be outside the ordinary course of business.
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ACG ADVISORS (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Straight line over 5 years
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
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ACG ADVISORS (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
2.Accounting policies (continued)
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Financial instruments (continued)
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Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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ACG ADVISORS (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
2.Accounting policies (continued)
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Financial instruments (continued)
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Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the limited liability partnership’s accounting policies, the members are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that 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 on that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no material judgements or key sources of estimation uncertainty impacting the financial statements.
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An analysis of turnover by class of business is as follows:
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All turnover arose within the United Kingdom.
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ACG ADVISORS (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
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The operating profit is stated after charging:
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Other operating lease rentals
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Defined contribution pension cost
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During the year, the LLP obtained the following services from the LLP's auditors and their associates:
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Fees payable to the LLP's auditors and their associates for the audit of the LLP's financial statements
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Fees payable to the LLP's auditors and their associates in respect of:
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Audit-related assurance services
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All non-audit services not included above
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Staff costs were as follows:
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Cost of defined contribution scheme
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The average monthly number of persons (including Members with contracts of employment) employed during the year was as follows:
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ACG ADVISORS (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
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Information in relation to members
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The average number of members during the year was
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The average members remuneration during the year was
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Charge for the year on owned assets
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ACG ADVISORS (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
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Charge for the year on owned assets
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Prepayments and accrued income
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ACG ADVISORS (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
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Current asset investments
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Included within short-term investments are amounts held by the LLP under a Title Transfer Collateral Arrangement in accordance with the FCA regulations. The corresponding creditor owed back to the LLP's clients are included within other creditors.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Included within other creditors are amounts owed back to the LLP's customers, with respect to the assets held by the LLP under a Title Transfer Collateral Arrangement in accordance with the FCA regulations. The corresponding assets are included within short-term investments.
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ACG ADVISORS (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
The comparative information in the financial statements has been restated from the figures previously reported in the prior year financial statements to reflect the following:
- a reclassification of foreign exchange differences from trade debtors to administrative expenses amounting to £163,568
- an adjustment to trade creditors and consulting fees amounting £36,246
- an adjustment to other debtors and rent expenses amounting to £12,193
- a reclassification of foreign exchange differences from other creditors to administrative expenses amounting to £31,807
- a reclassification of foreign exchange differences from trade creditors to administrative expenses amounting to £200,670
The accumulated impact of these adjustments has reduced the profit and net assets as previously reported by £6,898.
The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £14,158 (2021: £6,035). Contributions totalling £nil (2021 - £nil) were payable to the fund at the reporting date.
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Commitments under operating leases
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At 30 November 2022 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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All members are related parties and transactions with them are shown in the reconciliation of members interests.
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The ultimate controlling party of the LLP is Alberto Ferro-Villani.
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