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Registered number: NI656209










Aflac Northern Ireland Ltd










Annual Report and Financial Statements

For the Year Ended 31 December 2023

 
Aflac Northern Ireland Ltd
 

Company Information


Directors
Keith Farley (resigned 25 October 2023)
Matthew Loudermilk 
Virgil Miller 
Mark McCormack 




Company secretary
Matthew Loudermilk



Registered number
NI656209



Registered office
Level 1
City Quays 3

92 Donegall Quay

Belfast

BT1 3FE




Independent auditors
Sumer Auditco NI Limited
Chartered Accountants and Statutory Auditors

Glendinning House

6 Murray Street

Belfast

BT1 6DN




Bankers
Danske Bank
P.O. Box 183

Donegall Square West

Belfast

BT1 6JS




Solicitors
Tughans
The Ewart

3 Bedford Square

Belfast

BT2 7EP





 
Aflac Northern Ireland Ltd
 

Contents



Page
Strategic Report
 
 
1
Directors' Report
 
 
2 - 3
Independent Auditors' Report
 
 
4 - 7
Statement of Income and Retained Earnings
 
 
8
Balance Sheet
 
 
9
Statement of Cash Flows
 
 
10
Notes to the Financial Statements
 
 
11 - 19


 
Aflac Northern Ireland Ltd
 

Strategic Report
For the Year Ended 31 December 2023

Introduction
 
The directors present their Strategic report on the company for the year ended 31 December 2023. The comparative period presented in the financial statements is for the year ending 31 December 2022.

Business review
 
The directors consider the results for the year and the position of the company at the year end to be satisfactory and expect the company to maintain its present level of activity in the foreseeable future. 

Principal risks and uncertainties
 
The company's operations expose it to a variety of financial risks that include the effects of changes in labour costs, foreign exchange risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company. 

Foreign exchange risk
While a significant part of the company's revenues and expenses are denominated in Sterling, the company is exposed to some foreign exchange risk in the normal course of business, principally on revenue and costs in US dollars. 

Financial risk management
Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub committee of the board. The policies set by the board of directors are implemented by the company's finance department. 

Financial key performance indicators
 
The directors consider the key performance indicators to be turnover and operating profit. Turnover for the year was £16,221,547 (2022 - £13,170,131) and operating profit was £1,021,132 (2022 - £966,119).


This report was approved by the board on 24 September 2024 and signed on its behalf.



Mark McCormack
Director

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Page 1

 
Aflac Northern Ireland Ltd
 

 
Directors' Report
For the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judegments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

Keith Farley (resigned 25 October 2023)
Matthew Loudermilk 
Virgil Miller 
Mark McCormack  

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

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Page 2

 
Aflac Northern Ireland Ltd
 

 
Directors' Report (continued)
For the Year Ended 31 December 2023

Auditors

The auditorsSumer Auditco NI Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 September 2024 and signed on its behalf.
 





Mark McCormack
Director

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Page 3

 
Aflac Northern Ireland Ltd
 

 
Independent Auditors' Report to the Members of Aflac Northern Ireland Ltd
 

Opinion


We have audited the financial statements of Aflac Northern Ireland Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 December 2023 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.


Basis for opinion


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 Company 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


In auditing the financial statements, we have concluded that the directors' 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 Company'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 directors with respect to going concern are described in the relevant sections of this report.


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Page 4

 
Aflac Northern Ireland Ltd
 

 
Independent Auditors' Report to the Members of Aflac Northern Ireland Ltd (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 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
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are 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 directors determine 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 directors are responsible for assessing the Company'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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


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Page 5

 
Aflac Northern Ireland Ltd
 

 
Independent Auditors' Report to the Members of Aflac Northern Ireland Ltd (continued)


Auditors' responsibilities for the audit of the financial statements
 

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:

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which they operate, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We considered the opportunities and incentives that may exist within the Company for fraud and identified the greatest potential for fraud in the following areas: management override of controls and fraud risk relating to revenue.
We designed audit procedures to respond to these risks, 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 or intentional misrepresentations, or through collusion. Our audit procedures included: enquiries of management about their own identification and assessment of risks of irregularities, testing the design and implementation of controls relating to the risks, sample testing of journals posted during the year, revenue cut off testing and agreeing a sample of revenue items to dispatch documentation.


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.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


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Page 6

 
Aflac Northern Ireland Ltd
 

 
Independent Auditors' Report to the Members of Aflac Northern Ireland Ltd (continued)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company'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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Adrian Patton (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco NI Limited
 
Chartered Accountants and Statutory Auditors
  
Glendinning House
6 Murray Street
Belfast
BT1 6DN

24 September 2024
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Page 7

 
Aflac Northern Ireland Ltd
 

Statement of Income and Retained Earnings
For the Year Ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
  
16,221,547
13,170,131

Gross profit
  
16,221,547
13,170,131

Administrative expenses
  
(16,015,605)
(12,737,818)

Other operating income
  
814,312
532,056

Operating profit
 4 
1,020,254
964,369

Interest receivable and similar income
  
878
1,750

Profit before tax
  
1,021,132
966,119

Tax on profit
 8 
(255,185)
(159,560)

Profit after tax
  
765,947
806,559

  

  

Retained earnings at the beginning of the year
  
1,295,488
488,929

  
1,295,488
488,929

Profit for the year
  
765,947
806,559

Retained earnings at the end of the year
  
2,061,435
1,295,488
The notes on pages 11 to 19 form part of these financial statements.

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Page 8

 
Aflac Northern Ireland Ltd
Registered number: NI656209

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 9 
2,575,034
811,310

  
2,575,034
811,310

Current assets
  

Debtors: amounts falling due within one year
 10 
728,960
287,005

Cash at bank and in hand
 11 
5,190,534
5,186,967

  
5,919,494
5,473,972

Creditors: amounts falling due within one year
 12 
(6,166,425)
(4,819,620)

Net current (liabilities)/assets
  
 
 
(246,931)
 
 
654,352

Total assets less current liabilities
  
2,328,103
1,465,662

Creditors: amounts falling due after more than one year
  
(185,130)
-

Provisions for liabilities
  

Deferred tax
 14 
(81,438)
(170,074)

  
 
 
(81,438)
 
 
(170,074)

Net assets
  
2,061,535
1,295,588


Capital and reserves
  

Called up share capital 
 15 
100
100

Profit and loss account
  
2,061,435
1,295,488

  
2,061,535
1,295,588


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.



Mark McCormack
Director

The notes on pages 11 to 19 form part of these financial statements.

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Page 9

 
Aflac Northern Ireland Ltd
 

Statement of Cash Flows
For the Year Ended 31 December 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
765,947
806,559

Adjustments for:

Depreciation of tangible assets
308,756
279,698

Loss on disposal of tangible assets
393,446
-

Government grants
-
(371,032)

Interest received
(878)
(1,750)

Taxation charge and R&D credit
(559,127)
159,560

Decrease/(increase) in debtors
32,378
(95,423)

Increase/(decrease) in creditors
2,732,966
(37,865)

(Decrease) in amounts owed to groups
(1,197,475)
(3,107,522)

Corporation tax (paid)
(7,398)
(53,697)

Net cash generated from operating activities

2,468,615
(2,421,472)


Cash flows from investing activities

Purchase of tangible fixed assets
(2,465,926)
(56,021)

Government grants received
-
371,032

Interest received
878
1,750

Net cash from investing activities

(2,465,048)
316,761


Net increase/(decrease) in cash and cash equivalents
3,567
(2,104,711)

Cash and cash equivalents at beginning of year
5,186,967
7,291,678

Cash and cash equivalents at the end of year
5,190,534
5,186,967


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,190,534
5,186,967

5,190,534
5,186,967


The notes on pages 11 to 19 form part of these financial statements.

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Page 10

 
Aflac Northern Ireland Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

Aflac Northern Ireland Limited is a private company limited by shares incorporated in Northern Ireland. The registration number and address of the registered office are given in the company section of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company'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 Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue from services rendered by the company is recognised on the basis of agreements entered into with its parent company and ultimate holding company at cost plus agreed mark-up.

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Page 11

 
Aflac Northern Ireland Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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Page 12

 
Aflac Northern Ireland Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

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:

Fixtures and fittings
-
10%
Computer equipment
-
33%

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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

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 Company's cash management.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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Page 13

 
Aflac Northern Ireland Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.


3.


Going concern

The directors of Aflac Northern Ireland Ltd have reviewed the resources available and believe that the company has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, Aflac Northern Ireland Ltd Limited continues to adopt the going concern basis in preparing the financial statements.


4.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
-
(14,306)


5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
8,625
10,250

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Page 14

 
Aflac Northern Ireland Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
10,166,381
8,185,484

Social security costs
1,136,916
936,675

Cost of defined contribution scheme
960,489
1,215,399

12,263,786
10,337,558


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
4
4



Staff
152
139

156
143


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
278,809
292,462

Company contributions to defined contribution pension schemes
28,799
45,797

307,608
338,259


The highest paid director received remuneration of £179,476 (2022 - £172,462).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £28,799 (2022 - £45,797).

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Page 15

 
Aflac Northern Ireland Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

8.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
343,821
168,422

343,821
168,422


Total current tax
343,821
168,422

Deferred tax


Origination and reversal of timing differences
(88,636)
(8,862)

Total deferred tax
(88,636)
(8,862)


Taxation on profit on ordinary activities
255,185
159,560

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,021,132
966,119


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
240,176
183,563

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
177,565
3,889

Capital allowances for year in excess of depreciation
(54,861)
38,586

Utilisation of tax losses
-
(34,658)

Pension provision
(19,059)
(22,958)

Movements in Deferred tax
(88,636)
(8,862)

Total tax charge for the year
255,185
159,560

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Aflac Northern Ireland Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

9.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
821,928
616,187
1,438,115


Additions
2,371,159
94,767
2,465,926


Disposals
(546,991)
-
(546,991)



At 31 December 2023

2,646,096
710,954
3,357,050



Depreciation


At 1 January 2023
188,421
438,384
626,805


Charge for the year
174,726
134,030
308,756


Disposals
(153,545)
-
(153,545)



At 31 December 2023

209,602
572,414
782,016



Net book value



At 31 December 2023
2,436,494
138,540
2,575,034



At 31 December 2022
633,507
177,803
811,310

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Page 17

 
Aflac Northern Ireland Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

10.


Debtors

2023
2022
£
£


Other debtors
139,021
166,923

Prepayments and accrued income
119,449
120,082

Tax recoverable
470,490
-

728,960
287,005



11.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
5,190,534
5,186,967

5,190,534
5,186,967



12.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
(25,896)
49,902

Amounts owed to group undertakings
3,078,823
4,276,298

Corporation tax
-
7,398

Other taxation and social security
647,699
296,465

Other creditors
73,320
154,031

Accruals and deferred income
2,392,479
35,526

6,166,425
4,819,620



13.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
185,130
-

185,130
-


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Page 18

 
Aflac Northern Ireland Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

14.


Deferred taxation




2023


£






At beginning of year
(170,074)


Charged to profit or loss
88,636



At end of year
(81,438)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(81,438)
(170,074)

(81,438)
(170,074)


15.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



16.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £960,489 (2022 - £1,215,399). Contributions totalling £6,613 (2022 - £82,728) were payable to the fund at the balance sheet date and are included in creditors.


17.


Related party transactions

The company has taken advantage of the exemptions under paragraph 33.1 A from the provisions of FRS 102, on the grounds that all of the voting rights of the company are controlled within the group.


18.


Ultimate parent undertaking

Aflac Inc., a company established in the USA, controls 100% of the Company's equity share
capital and is the ultimate parent company.

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Page 19