AGS Group Services LLP
AGS Group Services LLP
Registered number: OC420312
Unaudited Financial Statements
For the Period
1 November 2022
to
31 March 2023
AGS Group Services LLP
Unaudited Financial Statements
For the Period
1 November 2022
to
31 March 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Accountant's Report | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—5 |
AGS Group Services LLP
Accountant's Report
For the Period
1 November 2022
to
31 March 2023
Accountant's Report
Chartered Accountant's report to the partners on the preparation of the unaudited statutory accounts of AGS Group Services LLP for the period 1 November 2022 to 31 March 2023
In order to assist you to fulfil your duties under 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, I have prepared for your approval the accounts of AGS Group Services LLP for the period 1 November 2022 to 31 March 2023 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the partners of AGS Group Services LLP, as a body, in accordance with the terms of our engagement letter dated 13 November 2023. Our work has been undertaken solely to prepare for your approval the accounts of AGS Group Services LLP and state those matters that we have agreed to state to the partners of AGS Group Services LLP, as a body, in this report in accordance with AAF 2/10 as detailed at ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AGS Group Services LLP and its partners, as a body, for our work or for this report.
It is your duty to ensure that AGS Group Services LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of AGS Group Services LLP. You consider that AGS Group Services LLP is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit of the accounts of AGS Group Services LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
| Signed |
|
|
|
|
Chartered Accountants
Hanover Buildings, 11-13 Hanover Street
Liverpool
Merseyside
L1 3DN
AGS Group Services LLP
Balance Sheet
As At
31 March 2023
Balance Sheet
Registered number:
OC420312
For the period ending 31 March 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 applicable to LLPs subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
| 31 March 2023 | 31 October 2022 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Debtors | 4 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: Amounts Falling Due Within One Year | 5 |
|
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
|
( |
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
( |
|||
| NET LIABILITIES ATTRIBUTABLE TO MEMBERS |
|
( |
|||
| REPRESENTED BY: | |||||
| Loans and other debts due to members within one year | |||||
| Other amounts | 82,443 | 78,390 | |||
| 82,443 | 78,390 | ||||
| Equity | |||||
| Members' other interests | |||||
| Members' capital | (85,590) | (82,843) | |||
| Other reserves | 3,147 | 3,147 | |||
| (82,443) | (79,696) | ||||
| - | (1,306) | ||||
| TOTAL MEMBERS' INTEREST | |||||
| Loans and other debts due to members within one year | 82,443 | 78,390 | |||
| Members' other interests | (82,443) | (79,696) | |||
| - | (1,306) | ||||
AGS Group Services LLP
Balance Sheet (continued)
As At
31 March 2023
On behalf of the members
|
Partner
|
|
|
The notes on pages 4 to 5 form part of these financial statements.
AGS Group Services LLP
Notes to the Financial Statements
For the Period
1 November 2022
to
31 March 2023
Notes to the Financial Statements
1.
General Information
AGS Group Services LLP is a limited liability partnership, incorporated in England & Wales, registered number
OC420312
. The Registered Office is Hanover Buildings, 11-13 Hanover Street , Liverpool, Merseyside, L1 3DN.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2.
Going Concern Disclosure
The limited liability partnership ceased to trade as at the year end. The financial statements have been produced on the break up basis.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4.
Financial Instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
AGS Group Services LLP
Notes to the Financial Statements (continued)
For the Period
1 November 2022
to
31 March 2023
2.5.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right
to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed 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.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, 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' other interests'.
3.
Average Number of Employees
Average number of employees, including members with contracts of employment, during the period was: 2 (2022: 2)
4.
Debtors
| 31 March 2023 | 31 October 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
|
|
|
||
5.
Creditors: Amounts Falling Due Within One Year
| 31 March 2023 | 31 October 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Accruals and deferred income |
|
|
|
|
|
|
||
6.
Frequency in reporting period
The financial year end of the limited liability partnership was changed from 31 October to 31 March.
The accounting period was reduced by seven months to bring it in line with the date the entity ceased to trade.
Accordingly, the comparative figures for the statement of comprehensive income, statement of
financial position and the related notes are for twelve months 1 November 2021 to 31 October 2022.