Company registration number 04286156 (England and Wales)
AMICUS ASSET FINANCE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
AMICUS ASSET FINANCE GROUP LIMITED
COMPANY INFORMATION
Directors
Mr J P Guilfoyle
Mr S A Clark
Mr R Keep
Secretary
Mr J P Guilfoyle
Company number
04286156
Registered office
30 Crown Place
London
EC2A 4EB
Auditor
TC Audit Limited
Suite 501
The Nexus Building
Broadway
Letchworth Garden City
Herts
SG6 9BL
Business address
30 Crown Place
London
EC2A 4EB
AMICUS ASSET FINANCE GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 38
AMICUS ASSET FINANCE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the Strategic Report for Amicus Asset Finance Group Limited (‘the Company’) together with its consolidated entities (the “Group”) for the year ended 31 December 2024. The Strategic Report has been prepared for the Group as a whole and, therefore gives greater emphasis to those matters which are significant to the Group when viewed as a whole.

 

General information

Amicus Asset Finance Group Limited is incorporated in England and Wales as a private limited company, limited by shares, with the registered number of 04286156. The Group is an independently owned company with no majority shareholder. All subsidiaries are wholly owned by the Company apart from Amicus Capital Consulting LLP which is 99% owned by the Company and 1% owned by Robert Keep and Jeremy Guilfoyle.

 

Principal activity

The Group provides specialist lending to small and medium size businesses and individuals in the UK across a diverse range of asset classes such as vehicles, plant and machinery, mission critical business equipment and other fixed assets. Facilities offered to support this activity include hire purchase agreements, finance leases and secured loans.

 

The Directors are not planning any major changes in the Group’s activity in the next year.

Review of the business

The Group has advanced facilities to companies – Amicus Asset Finance Limited, Amicus Leasing Limited, Amicus Asset small business borrowers using hire purchase, secured loans and finance leasing instruments amounting to £19.8 m (2023 : £22.8 m). Of this, £0.0m (2023 : £0.4m) was retained by the Company with £19.8m (2023 : £22.4m) sold to its subsidiaries. The Group plans to continue advancing facilities for the foreseeable future. The Group made a loss before tax for the year of £875k (2023 : £141k) . Much of the year under review was spent reorganizing financing arrangements which are now complete and notably one senior debt provider has committed to extending the period of commitment during run off to June 2027 at a significantly reduced interest rate. The Directors continue to actively assess the expense base of the Group to make sure that it remains proportionate to expected income. The cash and liquidity position of the Group remains consistent with its performance with sufficient cash generation, debt headroom and issued share capital to maintain its current business level for the foreseeable future. There have been no specific commercial developments during the year.

Results for the year and key performance indicators

The Group’s results for the year ended 31 December 2024 are set out within these financial statements. The loss before tax for the financial year was £875k (2023: £141k). EBITDA for the year was £1.9m (2023: 2.1m). The loss for the year is largely attributed to the following two factors: 1) A single customer is suspected to have committed fraud in their borrowing activities from the Group, Management have therefore decided to take a very prudent approach to bad debt provision relating to this customer of £421k. 2) The Group’s largest senior debt provider with whom the facility has now been renegotiated charged one of the subsidiaries punitive interest in the year amounting to £323k.

 

The key performance indicators for the Group are new business origination which has the effect of supporting future cashflows, gross interest income and fees which have the effect of generating gross and net revenues and impairment losses which have the effect of depressing profits. The Directors have selected these KPI’s as they accurately reflect its volume, pricing and risk management outcomes. The Directors do not set targets for future periods that neglect any individual KPI in favour of another. An assessment is made of the general conditions of the market and the Directors, having made that assessment, produce budgets and forecasts consistent with assessment.

 

2024
2023
£m
£m
Gross interest Income and fees
4
4.1
Impairment losses
0.4
(0.1)
Movement in bad debt provision
0.4
-
New Business
9
12.5
AMICUS ASSET FINANCE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Future Developments

The Directors consider the Group to be in a stable ownership structure. The junior and senior debt facilities available to the Group are largely committed in nature and the Group remains cash generative enabling the Directors to budget effectively. The budgets and expectations for the Group for the next few years remain prudent but predict improvements in the Group’s measurable KPI’s. The Directors are satisfied that the current capital position of the group continues to enable growth in the portfolio and improved financial performance.

Principle risks and uncertainties

The principal risks of the Group are described below and are managed by the directors of the Company. These processes are summarised below:

 

Liquidity risk

The risk of not being able to meet financial obligations as they fall due.

Key Mitigating Actions

 

Conduct Risk

The risk of causing unfair outcomes and detriment to our customers, regulatory censure and /​ or undermining market integrity as a result of our behaviour, decision-making, activities or processes.

 

Key Mitigating Actions

 

Market Risk

The risk to our earnings or capital as a result of matters that are beyond the control of the Directors but are factors of the market itself. These can be summarised as the market being over supplied resulting in a disconnect between risk, pricing and volume aspiration among providers of the facilities on offer from the Group.

 

Key Mitigating Factors

 

AMICUS ASSET FINANCE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Credit risk

The risk of financial loss arising from a borrower failing to meet their financial obligations to the Group.

 

Key Mitigating Actions

 

The Group’s principal financial assets are bank balances, loans and advances to customers, trade and other receivables.

 

On behalf of the board

Mr R Keep
Director
6 May 2025
AMICUS ASSET FINANCE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

 

As permitted by the Companies Act 2006, certain information required to be disclosed in the Directors’ Report has been included by way of cross reference to the Strategic Report.

Principal activities

The Group provides specialist lending to small and medium size businesses and individuals in the UK across a diverse range of asset classes such as vehicles, plant and machinery, mission critical business equipment and other fixed assets. Facilities offered to support this activity include hire purchase agreements, finance leases and secured loans.

 

The Directors are not planning any major changes in the Group’s activity in the next year.

Results and dividends

The results for the year are included in the Strategic Report.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J P Guilfoyle
Mr S A Clark
Mr R Keep
Post reporting date events

There have been no material post balance sheet events requiring adjustment to or disclosure in the financial statements.

Future developments

Details of future developments are included in the Strategic Report.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

AMICUS ASSET FINANCE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Going concern

During the period under review the directors have continued to focus their outlook on writing quality transactions over quantity and driving strong outcomes in the recovery of earlier defaulted agreements.

 

Whilst the period to 31st December 2024 has seen deterioration in the area of bad debt provision this is almost entirely attributed to a single customer that is believed to have acted fraudulently leading management to take an exceptionally prudent position. Continued robust arrears collection and asset recovery values have continued to contribute to stronger than expected cash inflows for one company in the Group enabling to pay down its largest senior debt facility ahead of schedule contributing to a saving in debt financing costs.

 

The Directors continue to assess the going concern of the Company and the Group and in so doing they routinely consider market conditions and trends, the state of the balance sheet, access to secure funding and projections relating to both profitability and cash flows.

 

Subsequent to the balance sheet date the Directors have also agreed terms with the Group’s junior and senior debt providers in relation to borrowing durations to the extent that the Directors continue to project that the Company and Group can maintain positive cash balances and satisfy liabilities as they fall due. The Directors remain in contact with potential senior debt providers in order explore new facilities and new stand alone investors to deliver a longer term sustainable capital structure. Most notably the Group has renegotiated the terms of run off with one of its senior debt providers committing funds up to June 2027 (subject to run off performance) at a significantly reduced interest rate

 

Taking all things into consideration the Directors are able to continue to take a positive view of the prospects for the business.

 

The Directors believe that there continue to be viable and reasonable management actions that allow the Group to continue for the foreseeable future.

 

On the basis of the above, the Directors have adopted the going concern basis of accounting in preparing the financial statements.

Financial risk management objectives and policies

The Group's activities expose it to a number of risks. These are described in the Principal risks and uncertainties section of the Strategic report.

On behalf of the board
Mr R Keep
Director
6 May 2025
AMICUS ASSET FINANCE GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

AMICUS ASSET FINANCE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AMICUS ASSET FINANCE GROUP LIMITED
- 7 -
Opinion

We have audited the financial statements of Amicus Asset Finance Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group's and parent 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

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

AMICUS ASSET FINANCE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMICUS ASSET FINANCE GROUP LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Irregularities including Fraud

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and profit.

 

Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, review of correspondence with and reports to the regulators, enquiries of management, and testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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.

AMICUS ASSET FINANCE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMICUS ASSET FINANCE GROUP LIMITED
- 9 -

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 2006. Our 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Woodhall FCA (Senior Statutory Auditor)
For and on behalf of TC Audit Limited, Statutory Auditor
Chartered Accountants
Suite 501
The Nexus Building
Broadway
Letchworth Garden City
Herts
SG6 9BL
6 May 2025
AMICUS ASSET FINANCE GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Interest income
3
3,401,218
3,363,258
Interest expense
4
(2,186,922)
(2,095,218)
Net interest income
1,214,296
1,268,040
Net fee and commission income
5
546,715
711,991
Other operating expenses
(9,834)
(12,812)
Total operating income
7
1,751,177
1,967,219
Administrative expenses
(2,006,014)
(2,027,708)
Depreciation and amortisation
(182,741)
(181,602)
Operating loss before impairment losses
(437,578)
(242,091)
Impairment losses on loans and advances to customers
6
(437,820)
101,282
Loss before taxation
(875,398)
(140,809)
Tax on loss
10
(102,924)
(63,861)
Loss for the financial year
(973,484)
(204,670)
AMICUS ASSET FINANCE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
£
£
Loss for the year
(973,484)
(204,670)
Other comprehensive income
-
-
Total comprehensive income for the year
(1,030,006)
(272,785)
AMICUS ASSET FINANCE GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
822,637
992,837
Tangible assets
12
40,328
52,869
862,965
1,045,706
Current assets
Debtors falling due after more than one year
15
14,670,598
15,034,845
Debtors falling due within one year
15
9,175,191
9,097,485
Cash at bank and in hand
509,457
952,437
24,355,246
25,084,767
Creditors: amounts falling due within one year
16
(5,943,624)
(4,596,152)
Net current assets
18,411,622
20,488,615
Total assets less current liabilities
19,274,587
21,534,321
Creditors: amounts falling due after more than one year
17
(19,975,809)
(21,311,557)
Provisions for liabilities
Deferred tax liability
18
49,498
-
0
(49,498)
-
Net (liabilities)/assets
(750,720)
222,764
Capital and reserves
Called up share capital
20
2,240,640
2,240,640
Share premium account
1,120,320
1,120,320
Profit and loss reserves
(4,111,680)
(3,138,196)
Total equity
(750,720)
222,764
The financial statements were approved by the board of directors and authorised for issue on 6 May 2025 and are signed on its behalf by:
06 May 2025
Mr R  Keep
Director
Company registration number 04286156 (England and Wales)
AMICUS ASSET FINANCE GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
1,702,004
1,702,004
Current assets
Debtors falling due after more than one year
15
6,346,318
5,610,812
Debtors falling due within one year
15
2,139,433
3,201,246
Cash at bank and in hand
497,220
948,807
8,982,971
9,760,865
Creditors: amounts falling due within one year
16
(143,417)
(174,343)
Net current assets
8,839,554
9,586,522
Total assets less current liabilities
10,541,558
11,288,526
Creditors: amounts falling due after more than one year
17
(10,726,427)
(10,765,600)
Net (liabilities)/assets
(184,869)
522,926
Capital and reserves
Called up share capital
20
2,240,640
2,240,640
Share premium account
1,120,320
1,120,320
Profit and loss reserves
(3,545,829)
(2,838,034)
Total equity
(184,869)
522,926

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £707,795 (2023 - £168,342 profit).

The financial statements were approved by the board of directors and authorised for issue on 6 May 2025 and are signed on its behalf by:
06 May 2025
Mr R  Keep
Director
Company Registration No. 04286156
AMICUS ASSET FINANCE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
2,240,640
1,120,320
(2,933,526)
427,434
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(204,670)
(204,670)
Balance at 31 December 2023
2,240,640
1,120,320
(3,138,196)
222,764
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
(973,484)
(973,484)
Balance at 31 December 2024
2,240,640
1,120,320
(4,111,680)
(750,720)
AMICUS ASSET FINANCE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
2,240,640
1,120,320
(3,006,376)
354,584
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
168,342
168,342
Balance at 31 December 2023
2,240,640
1,120,320
(2,838,034)
522,926
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
(707,795)
(707,795)
Balance at 31 December 2024
2,240,640
1,120,320
(3,545,829)
(184,869)
AMICUS ASSET FINANCE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
24
(442,613)
(313,622)
Income taxes paid
(367)
-
Net cash outflow from operating activities
(442,980)
(313,622)
Investing activities
Purchase of tangible fixed assets
-
(50,533)
Proceeds on disposal of tangible fixed assets
-
18,000
Dividends received
-
0
(484,603)
Net cash used in investing activities
-
(517,136)
Financing activities
Dividends paid to equity shareholders
-
484,603
Net cash (used in)/generated from financing activities
-
484,603
Net decrease in cash and cash equivalents
(442,980)
(346,155)
Cash and cash equivalents at beginning of year
952,437
1,298,592
Cash and cash equivalents at end of year
509,457
952,437
AMICUS ASSET FINANCE GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(451,220)
(608,531)
Income taxes paid
(367)
-
Net cash outflow from operating activities
(451,587)
(608,531)
Investing activities
Dividends received
-
0
278,972
Net cash (used in)/generated from investing activities
-
278,972
Net decrease in cash and cash equivalents
(451,587)
(329,559)
Cash and cash equivalents at beginning of year
948,807
1,278,366
Cash and cash equivalents at end of year
497,220
948,807
AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
1
Accounting policies

General information

Amicus Asset Finance Group Limited is a private company limited by shares, incorporated in the United Kingdom under the Companies Act 2006. The address of the registered office is 30 Crown Place, London, EC2A 4EB.

The nature of the Group’s operations and its principal activities are set out in the Strategic report.

1.1
Accounting convention

The Group’s and the Company’s financial statements have been prepared in accordance with Financial Reporting Standard 102 (“FRS 102”) and in accordance with the provisions of the Companies Act 2006. Individual income statement and related notes have not been presented for the Company as permitted by section 408 (4) of the Companies Act 2006.

The financial statements have been prepared on the historical cost basis, modified to include certain items at fair value, and in accordance with FRS 102 issued by the Financial Reporting Council.

The financial statements are presented in Pounds Sterling, which is the Group’s and the Company’s functional currency.

1.2
Basis of consolidation

The financial statements incorporate the financial statements of the Group and entities controlled by the Company (its ‘Subsidiaries’) made up to 31 December each year.

Control is achieved when the Group:

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

The Group manages the administration of the assets in certain entities and is exposed to the risks and rewards of these as the risks and rewards from the underlying loans have not been substantially transferred.

Subsidiaries are consolidated from the date on which control is transferred to the Group and are deconsolidated from the date that control ceases. Uniform accounting policies are applied consistently across the Group. Intercompany transactions and balances are eliminated upon consolidation.

AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.3
Going concern

During the period under review the directors have continued to focus their outlook on writing quality transactions over quantity and driving strong outcomes in the recovery of earlier defaulted agreements.

 

Whilst the period to 31st December 2024 has seen deterioration in the area of bad debt provision this is almost entirely attributed to a single customer that is believed to have acted fraudulently leading management to take an exceptionally prudent position. Continued robust arrears collection and asset recovery values have continued to contribute to stronger than expected cash inflows for one company in the Group enabling to pay down its largest senior debt facility ahead of schedule contributing to a saving in debt financing costs.

 

The Directors continue to assess the going concern of the Company and the Group and in so doing they routinely consider market conditions and trends, the state of the balance sheet, access to secure funding and projections relating to both profitability and cash flows.

 

Subsequent to the balance sheet date the Directors have also agreed terms with the Group’s junior and senior debt providers in relation to borrowing durations to the extent that the Directors continue to project that the Company and Group can maintain positive cash balances and satisfy liabilities as they fall due. The Directors remain in contact with potential senior debt providers in order explore new facilities and new stand alone investors to deliver a longer term sustainable capital structure. Most notably the Group has renegotiated the terms of run off with one of its senior debt providers committing funds up to June 2027 (subject to run off performance) at a significantly reduced interest rate

 

Taking all things into consideration the Directors are able to continue to take a positive view of the prospects for the business.

 

The Directors believe that there continue to be viable and reasonable management actions that allow the Group to continue for the foreseeable future.

 

On the basis of the above, the Directors have adopted the going concern basis of accounting in preparing the financial statements.

1.4

Interest income and expense

Interest income on loans and advances at amortised cost and interest expense on financial liabilities is calculated using the Effective Interest Rate (‘EIR’) basis. The EIR is the rate that, at the inception of the financial asset or liability, exactly discounts expected future cash payments and receipts over the expected life of the instrument back to the initial carrying amount. When calculating the EIR, the Company estimates cash flows considering all contractual terms of the instrument (for example, prepayment options) but does not consider the assets’ future credit losses.

The calculation of the EIR includes all transaction costs and fees paid or received that are an integral part of the interest rate, together with the discounts or premium arising on the acquisition on loans and advances to customers or issuance of financial liabilities. Transaction costs include incremental costs that are directly attributable to the acquisition or issue of a financial asset or liability.

1.5

Net fee and commission income

Fee and commission income includes fees relating to services provided to customers which do not meet the criteria for inclusion within interest income.

Other fee and commission income includes fees charged for asset finance services, profit related management and arrears charges.

Arrangement fees on deals retained are spread evenly over the full term of the related loans and advances to customers and are included within interest income.

1.6

Other operating income

Other operating income predominantly arises from recoveries of costs incurred on services provided to customers. This income is recognised within other operating income when the service is provided.

AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.7
Cash and cash equivalents

Cash and cash equivalents comprises cash balances and balances with a maturity of three months or less, which are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.

1.8
Financial instruments

Recognition

Financial assets and financial liabilities are recognised in the Group’s balance sheet when the Company becomes a party to the contractual provisions of the instrument.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

Derecognition of financial assets

Financial assets are derecognised when they are qualifying transfers and:

When a financial asset is derecognised in its entirety, the difference between the carrying amounts, the sum of the consideration received (including any new asset obtained less any new liability assumed) and any cumulative gain or loss that had been recognised in other comprehensive income is recognised in profit and loss.

Offsetting

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and receivables

Trade receivables, loans, and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as ‘loans and receivables’. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Interest income is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.

AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -

Impairment of loans and receivables

At each reporting date the Group assesses its financial assets, not at fair value through profit or loss, as to whether there is objective evidence that the assets are impaired. Objective evidence that a financial asset or group of financial assets are impaired includes observable data that comes to the attention of the group about the following loss events:

Measurement

Impairment provisions on financial assets individually identified as impaired are calculated as the difference between the carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. Impairment losses are recognised immediately in the income statement and a corresponding reduction in the value of the financial asset is recognised through the use of an allowance account. If, in a subsequent period, the amount of the impairment provision decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised provision is reversed by adjusting the allowance account. The reversal is recognised in the income statement.

A write-off is made when all or part of a financial asset is deemed uncollectible or forgiven after all collection procedures have been completed and the amount of the loss has been determined. Write-offs are charged against amounts previously provided for and any additional amounts recovered after a financial asset has been previously written off are recorded in other income in the income statement once they are received.

1.9
Financial lease and hire purchase commitments

Company as lessor

Leases of assets to customers are finance leases, if it transfers substantially all the risks and rewards incident to ownership. Amounts due from lessees under finance leases are recognised as receivables at the amount of the Company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Company’s net investment outstanding in respect of the leases.

1.10
Taxation

Taxation comprises current and deferred tax, and is recognised in the income statement except to the extent that it relates to items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on taxable income or loss for the period, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for:

 

The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Company expects at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is measured using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

1.11

Investments in subsidiaries

Investments in subsidiaries and associates are stated at cost less, where appropriate, provisions for impairment.

1.12

Effective interest rate

IAS 39 requires interest earned from loans to be measured at the effective interest rate (“EIR”), which is that rate that discounts all future cash flows over the life of the loan to the initial carrying amount. Management must therefore use judgement to estimate the expected life of each type of instrument and, subsequently, the expected cash flows relating to it. The key source of uncertainty is the estimation of the life of the loan which, as a result of altered customer behaviour due to unforeseen market movements, may not reflect historical experience.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
2
Judgements and key sources of estimation uncertainty

The preparation of financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.

The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The judgements and estimates that have a significant effect on the amounts recognised in the historical financial information noted below.

Critical judgements
Impairment reviews of Loans

Loan portfolios across all segments of the Company are reviewed on a regular basis to assess for impairment and those showing potential or actual vulnerability are subject to increased future monitoring. A full review of the whole portfolio at the year end date was undertaken by Senior Management and it was deemed that no additional provisioning was required.

Impairment provisions on financial assets held at amortised cost are described in the accounting policy note 1.8.

De-recognition of Loans

Loans and advances to customers are originated by Amicus Asset Finance Group Limited and then transferred to the subsidiary companies. Whilst an element of the ongoing risks relating to the loans and advances are carried by the Company, the relationship between the Company and its subsidiaries is deemed, by the Directors, to be sufficient to satisfy the conditions necessary for the criteria of IAS 39 Financial Instruments (‘Recognition and Measurement’) to have been met.

 

AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 24 -
Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below:

Loan impairment provisions

The loan impairment provision is management’s best estimate of losses incurred in the loan portfolios at the balance sheet date. Key sources on impairment provision regarding “specific provisions” and “Incurred but not reported provisions” are explained below:

 

Specific provisions

Impairment provisions are recognised for individual loans when, in the judgement of management, there is observable evidence of a loss event and the estimated repayment realisable from the borrower falls short of the amount of principal and interest outstanding. This determination requires the exercise of considerable judgement, involving consideration of local economic conditions, the financial status of the customer and the realisable value of any security held. Consequently these allowances can be subject to variation as time progresses and the circumstances of the customer become clearer.

 

Those found not to be specifically impaired are collectively assessed for any impairment that has been incurred but not reported (“IBNR”). The key sources of estimation within this provision are considered to be:

 

The amount of unobserved impairment loss in the loan portfolio, and therefore the adequacy of the IBNR provision, is inherently uncertain as there may be factors in the portfolio that are not a feature of the past.

3
Interest receivable and similar income
2024
2023
£
£
Interest income
3,401,218
3,363,258
4
Interest payable and similar expenses
2024
2023
£
£
On funding
2,186,922
2,095,218
5
Net fees and commission income
2024
2023
£
£
Fee income
546,715
711,991
AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
6
Impairment losses on loans and advances to
customers
2024
2023
£
£
Impairment losses
208,755
499,530
VAT recovered on bad debts
(124,537)
(631,243)
Bad debt provision
353,602
30,431
437,820
(101,282)

The directors have reviewed the whole of the debtor book and have made judgements on the recoverability of the debtors and provided for bad debts on a prudent basis.

7
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging:
Depreciation of owned tangible fixed assets
12,542
11,403
(Profit)/loss on disposal of tangible fixed assets
-
3,583
Amortisation of intangible assets
170,200
170,200
Operating lease charges
131,240
117,653
8
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company's subsidiaries
49,000
47,000
9
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Employees (including directors)
10
13
-
0
-
0
AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Employees
(Continued)
- 26 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,224,985
1,220,153
-
0
-
0
Social security costs
71,534
73,719
-
-
Pension costs
63,103
53,401
-
0
-
0
1,359,622
1,347,273
-
0
-
0

 

10
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
102,924
63,861

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(870,560)
(140,809)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
(217,640)
(33,090)
Tax effect of expenses that are not deductible in determining taxable profit
2,706
39,996
Unutilised tax losses carried forward
199,723
11,894
Timing differences on capital allowances
118,135
45,061
Taxation charge
102,924
63,861
AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
1,702,000
Amortisation and impairment
At 1 January 2024
709,167
Amortisation charged for the year
170,200
At 31 December 2024
879,367
Carrying amount
At 31 December 2024
822,637
At 31 December 2023
992,837
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
12
Tangible fixed assets
Group
Office equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024 and 31 December 2024
7,914
8,095
97,062
43,898
156,969
Depreciation and impairment
At 1 January 2024
7,611
7,938
86,357
2,194
104,100
Depreciation charged in the year
169
156
3,436
8,780
12,541
At 31 December 2024
7,780
8,094
89,793
10,974
116,641
Carrying amount
At 31 December 2024
134
1
7,269
32,924
40,328
At 31 December 2023
303
157
10,705
41,704
52,869
AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 28 -
Company
Computer equipment
£
Cost
At 1 January 2024 and 31 December 2024
42,026
Depreciation and impairment
At 1 January 2024 and 31 December 2024
42,026
Carrying amount
At 31 December 2024
-
0
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,702,004
1,702,004
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
1,702,004
Carrying amount
At 31 December 2024
1,702,004
At 31 December 2023
1,702,004
AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Amicus Asset Finance Limited (formerly Norton Folgate Asset Finance Ltd)
30 Crown Place, London, England, EC2A 4EB
Ordinary
100.00
Amicus Leasing Limited (formerly Norton Folgate Leasing Ltd)
30 Crown Place, London, England, EC2A 4EB
Ordinary
100.00
Amicus Structured Finance Limited (formerly Norton Folgate Finance Ltd)
30 Crown Place, London, England, EC2A 4EB
Ordinary
100.00
Amicus Asset Leasing Limited (formerly Norton Folgate Asset Leasing Ltd)
30 Crown Place, London, England, EC2A 4EB
Ordinary
100.00
Amicus Capital Consulting LLP (formerly Norton Folgate Capital Consulting LLP)
30 Crown Place, London, England, EC2A 4EB
N/A
99.00
Amicus Equipment Finance Limited
30 Crown Place, London, England, EC2A 4EB
Ordinary
100.00
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Sundry debtors
1,448,296
1,722,243
1,302,991
1,718,784
Loans and advances to customers
7,017,261
6,744,368
250,467
895,098
Other debtors
4,769
11,076
-
0
-
0
Prepayments and accrued income
704,865
619,798
585,975
587,364
9,175,191
9,097,485
2,139,433
3,201,246
Amounts falling due after more than one year:
Trade debtors
1,767,481
-
0
-
0
-
0
Loans and advances to customers
11,958,979
14,037,281
781,265
1,779,606
Amounts owed by group undertakings
-
-
5,011,919
3,270,637
13,726,460
14,037,281
5,793,184
5,050,243
Deferred tax asset (note 18)
944,138
997,564
553,134
560,569
14,670,598
15,034,845
6,346,318
5,610,812
Total debtors
23,845,789
24,132,330
8,485,751
8,812,058

Loans and advances to customers includes bad debt provisions of £619,854 (2023: £203,505). The directors have reviewed the whole of the debtor book and have made judgements on the recoverability of the debtors and provided for bad debts on a prudent basis.

AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Funding arrangements
5,753,732
4,375,224
-
0
-
0
Corporation tax payable
-
0
367
-
0
367
Other taxation and social security
36,549
108,699
23,786
86,565
Other creditors
50,794
50,246
28,832
28,404
Accruals and deferred income
102,549
61,616
90,799
59,007
5,943,624
4,596,152
143,417
174,343
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Funding arrangements
9,249,382
10,545,957
-
0
-
0
Other creditors
10,726,427
10,765,600
10,726,427
10,765,600
19,975,809
21,311,557
10,726,427
10,765,600
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Deferred capital allowances
49,498
-
944,138
997,564
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Deferred capital allowances
-
-
553,134
560,569
AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Deferred taxation
(Continued)
- 31 -
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 January 2024
(997,564)
(560,569)
Charge to profit or loss
102,924
7,435
Asset at 31 December 2024
(894,640)
(553,134)
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
63,103
53,401

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
1,120,320 Ordinary A shares of £1 each
1,120,320
1,120,320
1,120,320
1,120,320
1,120,320 Ordinary B shares of £1 each
1,120,320
1,120,320
1,120,320
1,120,320
2,240,640
2,240,640
2,240,640
2,240,640
AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
21
Financial instruments
Categories of instruments at fair value

As an asset finance business, financial instruments are central to the Group's activities. The risk associated with financial instruments represents a significant component of those faced by the Group and is analysed in more detail below. Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 1.8.

 

a) Classification
The following tables analyse the Group's assets and liabilities in accordance with the categories of financial instruments in IAS39.
Financial
Instruments
Loans &
at amortised
receivables
cost
Total
As at 31 December 2024
£
£
£
Assets
Cash and cash equivalents
509,457
-
509,457
Trade and other receivables
9,175,191
-
9,175,191
9,684,648
-
9,684,648
Financial
Instruments
Loans &
at amortised
receivables
cost
Total
As at 31 December 2024
£
£
£
Liabilities
Amounts owed to parent undertakings
-
-
-
Trade and other creditors
-
189,746
189,746
Short term funding
-
25,729,541
25,729,541
-
25,919,287
25,919,287
Financial
Instruments
Loans &
at amortised
receivables
cost
Total
As at 31 December 2023
£
£
£
Assets
Cash and cash equivalents
952,437
-
952,437
Trade and other receivables
9,097,485
-
9,097,485
10,049,922
-
10,049,922
AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Financial instruments
(Continued)
- 33 -
Financial
Instruments
Loans &
at amortised
receivables
cost
Total
As at 31 December 2023
£
£
£
Liabilities
Amounts owed to parent undertakings
-
-
-
Trade and other creditors
-
220,782
220,782
Short term funding
-
25,686,781
25,686,781
-
25,907,563
25,907,563
b) Valuation

The fair values of the Group's financial assets and liabilities are not materially different from their carrying values. The Group holds no financial instruments that are measured at fair value subsequent to initial recognition.

c) Credit risk

Credit risk is the risk that the counterparty fails to repay its obligation in respect of amounts owed. The Group has a policy where appropriate security checks are done by the underwriting team before the deal is approved. The Group's lending activities are generally short-term in nature with low average loan size in order to control concentration risk in the loan book and associated collateral. In addition, the Group applies consistent and prudent lending criteria mitigating credit risk. The credit quality of counterparties with whom the Group deposits or whose debt securities are held is monitored within approved limits.

Maximum exposure to credit risk
The table below presents the company's maximum exposure to credit risk, before taking account of any collateral and credit risk mitigation, arising from its financial instruments at 31 December 2024.
2024
2023
£
£
On balance sheet
Cash and cash equivalents
509,457
952,437
Trade and other receivables
9,175,191
9,097,485
9,684,648
10,049,922
i) Neither past due nor impaired
These trade receivables reflect the application of consistent lending criteria on inception and the quality and level of security held. The contract repayments are monitored to ensure that the classification as neither past due nor impaired remains appropriate.
AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Financial instruments
(Continued)
- 34 -
ii) Past due but not impaired
Between
Between one
three
Within
and three
months and
Over
2024
one month
Months
one year
one year
Total
Individually assessed
99,492
320,371
876,676
3,292,397
4,588,936
99,492
320,371
876,676
3,292,397
4,588,936
Between
Between one
three
Within
and three
months and
Over
2023
one month
Months
one year
one year
Total
Individually assessed
57,215
224,663
484,955
2,896,771
3,663,604
57,215
224,663
484,955
2,896,771
3,663,604
Trade debtors are classified as past due but not impaired when the customer has failed to make a payment when contractually due but there is no evidence of impairment.
iii) Impaired
Individually assessed provisions are determined on a case by case basis, taking into account the financial condition on the customer and an estimate of potential recovery from the realisation of security. The factors considered in determining whether assets are impaired are outlined in the accounting policies in note 1.8. The Group has no loans and advances which fall into this category (2023: £0)
Collateral
The Group holds collateral against advances in the form of trade debtors and in some cases additional secuity such as charges on premisies or additional assets. For unimpaired lending, the Group reports loans gross of collateral and therefore discloses the maximum loss exposure. The Group considers this approach to be appropriate as collateral values at origination may not be representative of the value of collateral if the borrower enters a distressed state, although such values do provide an indication of the extent to which credit risk is mitigated by collateral held.
The following table provided an analysis of this collateral, as valued at origination, as a percentage of the outstanding loan amount as the balance sheet date ("loan to value" or "LTV")
AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Financial instruments
(Continued)
- 35 -
Contracts
Contracts
collaterised
collaterised
Contracts
Contracts
by vehicles,
by vehicles,
collaterised
collaterised
plant &
plant &
by property
by property
equipment
equipment
2024
2023
2024
2023
0%-50%
1,644,136
1,996,952
-
-
50%-60%
-
-
-
-
70%-80%
-
-
12,807,129
13,734,155
100%+
4,703,657
4,444,519
-
-
6,347,793
6,441,471
12,807,129
13,734,155
The company has set parameters for lending and will not advance more than 90% of the retail value or 110% of the trade value of equipment, plant and vehicles and 50% of the total equity available on property.
Concentration parameters are also monitored; the largest exposure to a particular asset type is 27.2% and the largest exposure to a particular industry sector is 14.4%
d) Market risk
Market risk is the risk that a change in the value of an underlying market variable, such as interest rates will give rise to an adverse movement on the value of the Group's assets. The Group's policy is to match repricing characteristics of assets and liabilities naturally where possible. The Group does not make use of interest rate swaps to secure the margin on its loans and advances.
e) Liquidity risk
Liquidity risk is the risk that liabilities cannot be met when they fall due or can be only met at an uneconomic price. As detailed on page 2 in the Strategic Report.
Between
Between one
three
Within
and three
months and
Over
2024
one month
Months
one year
one year
Total
Trade and other creditors
189,746
-
-
-
189,746
Amounts owed to parent undertakings
-
-
-
-
-
Funding arrangements
-
-
5,753,732
19,975,809
25,729,541
189,746
-
5,753,732
19,975,809
25,919,287
AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Financial instruments
(Continued)
- 36 -
Between
Between one
three
Within
and three
months and
Over
2023
one month
Months
one year
one year
Total
Trade and other creditors
220,782
-
-
-
220,782
Amounts owed to parent undertakings
-
-
-
-
-
Funding arrangements
25,686,781
25,686,781
220,782
-
-
25,686,781
25,907,563
Fair value measurement
Categorisation within the hierarchy has been determined based on the lowest level input that is significant to the fair value measurement of the relevant asset or liability as follows:
Level 1: Quoted prices (unadjusted in active markets for identical assets or liabilities;
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, or;
Level 3: unobservable inputs for the asset or liability
Fair value of the Group's financial assets that are held at fair value on a recurring basis
Some of the Group's financial assets are measured at fair value at the end of each reporting period, no financial liabilities were held at fair value at the balance sheet date (2023: nil), no financial assets were measured at fair value (2023: nil). The following table sets out the categorisation of financial instruments
Carrying
2024
value
Fair value
Level 1
Level 2
Level 3
£
£
£
£
£
Financial assets not measured at FV
Cash and balances at central banks
509,457
509,457
509,457
-
-
Trade and other receivables
9,175,191
9,175,191
-
-
9,175,191
Total assets
9,684,648
9,684,648
509,457
-
9,175,191
Financial liabilities not measured at FV
Other liabilities
25,816,738
25,816,738
-
-
25,816,738
Deferred Income
102,549
102,549
-
-
102,549
Total liabilities
25,919,287
25,919,287
-
-
25,919,287
AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Financial instruments
(Continued)
- 37 -
Carrying
2023
value
Fair value
Level 1
Level 2
Level 3
£
£
£
£
£
Financial assets not measured at FV
Cash and balances at central banks
952,437
952,437
952,437
-
-
Trade and other receivables
9,097,485
9,097,485
-
-
9,097,485
Total assets
10,049,922
10,049,922
952,437
-
9,097,485
Financial liabilities not measured at FV
Other liabilities
25,845,947
25,845,947
-
-
25,845,947
Deferred Income
61,616
61,616
-
-
61,616
Total liabilities
25,907,563
25,907,563
-
-
25,907,563
22
Related party transactions

Balances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.

 

During the year, the Company entered into the following transactions with related parties:

 

 

23
Controlling party
At the balance sheet date, ultimate control of the company rested with two investors; Steven Clark and Robert Keep.
AMICUS ASSET FINANCE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 38 -
24
Cash absorbed by group operations
2024
2023
£
£
Loss for the year after tax
(973,484)
(204,670)
Adjustments for:
Taxation charged
102,924
63,861
(Gain)/loss on disposal of tangible fixed assets
-
3,583
Amortisation and impairment of intangible assets
170,200
170,200
Depreciation and impairment of tangible fixed assets
12,541
11,402
Movements in working capital:
Decrease in debtors
233,115
410,189
Increase/(decrease) in creditors
12,091
(768,192)
Cash absorbed by operations
(442,613)
(313,627)
25
Cash absorbed by operations - company
2024
2023
£
£
(Loss)/profit for the year after tax
(707,795)
168,342
Adjustments for:
Taxation charged
7,435
60,021
Investment income
-
0
(278,972)
Movements in working capital:
Decrease/(increase) in debtors
318,872
(30,338,821)
(Decrease)/increase in creditors
(69,732)
29,781,176
Cash absorbed by operations
(451,220)
(608,254)
26
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
952,437
(442,980)
509,457
27
Analysis of changes in net funds - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
948,807
(451,587)
497,220
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr S A ClarkMr R KeepMr R KeepMr J P Guilfoylefalse04286156bus:Consolidated2024-01-012024-12-31042861562024-01-012024-12-3104286156bus:CompanySecretaryDirector12024-01-012024-12-3104286156bus:Director12024-01-012024-12-3104286156bus:Director22024-01-012024-12-3104286156bus:CompanySecretary12024-01-012024-12-3104286156bus:Director32024-01-012024-12-3104286156bus:RegisteredOffice2024-01-012024-12-3104286156bus:Consolidated2024-12-3104286156bus:Consolidated2023-01-012023-12-31042861562023-01-012023-12-31042861562024-12-3104286156core:Goodwillbus:Consolidated2024-12-3104286156core:Goodwillbus:Consolidated2023-12-3104286156bus:Consolidated2023-12-3104286156core:PlantMachinerybus:Consolidated2024-12-3104286156core:FurnitureFittingsbus:Consolidated2024-12-3104286156core:ComputerEquipmentbus:Consolidated2024-12-3104286156core:MotorVehiclesbus:Consolidated2024-12-3104286156core:PlantMachinerybus:Consolidated2023-12-3104286156core:FurnitureFittingsbus:Consolidated2023-12-3104286156core:ComputerEquipmentbus:Consolidated2023-12-3104286156core:MotorVehiclesbus:Consolidated2023-12-3104286156core:ComputerEquipment2024-12-31042861562023-12-3104286156core:ShareCapitalbus:Consolidated2024-12-3104286156core:ShareCapitalbus:Consolidated2023-12-3104286156core:SharePremiumbus:Consolidated2024-12-3104286156core:SharePremiumbus:Consolidated2023-12-3104286156core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3104286156core:ShareCapital2024-12-3104286156core:ShareCapital2023-12-3104286156core:SharePremium2024-12-3104286156core:SharePremium2023-12-3104286156core:RetainedEarningsAccumulatedLosses2024-12-3104286156core:RetainedEarningsAccumulatedLosses2023-12-3104286156core:SharePremiumbus:Consolidated2022-12-3104286156core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-12-3104286156core:ShareCapital2022-12-3104286156core:SharePremium2022-12-3104286156core:RetainedEarningsAccumulatedLosses2022-12-3104286156core:Non-currentFinancialInstruments2024-12-3104286156core:Non-currentFinancialInstruments2023-12-3104286156bus:Consolidated2022-12-31042861562022-12-3104286156bus:Consolidated12024-01-012024-12-3104286156bus:Consolidated12023-01-012023-12-3104286156core:Goodwillbus:Consolidated2023-12-3104286156core:Goodwillbus:Consolidated2024-01-012024-12-3104286156core:PlantMachinerybus:Consolidated2023-12-3104286156core:FurnitureFittingsbus:Consolidated2023-12-3104286156core:ComputerEquipmentbus:Consolidated2023-12-3104286156core:MotorVehiclesbus:Consolidated2023-12-3104286156bus:Consolidated2023-12-3104286156core:ComputerEquipment2023-12-3104286156core:PlantMachinerybus:Consolidated2024-01-012024-12-3104286156core:FurnitureFittingsbus:Consolidated2024-01-012024-12-3104286156core:ComputerEquipmentbus:Consolidated2024-01-012024-12-3104286156core:MotorVehiclesbus:Consolidated2024-01-012024-12-3104286156core:Subsidiary12024-01-012024-12-3104286156core:Subsidiary22024-01-012024-12-3104286156core:Subsidiary32024-01-012024-12-3104286156core:Subsidiary42024-01-012024-12-3104286156core:Subsidiary52024-01-012024-12-3104286156core:Subsidiary62024-01-012024-12-3104286156core:Subsidiary112024-01-012024-12-3104286156core:Subsidiary222024-01-012024-12-3104286156core:Subsidiary332024-01-012024-12-3104286156core:Subsidiary442024-01-012024-12-3104286156core:Subsidiary552024-01-012024-12-3104286156core:Subsidiary662024-01-012024-12-3104286156core:Non-currentFinancialInstrumentsbus:Consolidated2024-12-3104286156core:Non-currentFinancialInstrumentsbus:Consolidated2023-12-3104286156core:CurrentFinancialInstrumentsbus:Consolidated2024-12-3104286156core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3104286156core:CurrentFinancialInstruments2024-12-3104286156core:CurrentFinancialInstruments2023-12-3104286156core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated12024-12-3104286156core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated12023-12-3104286156core:CurrentFinancialInstrumentscore:WithinOneYear22024-12-3104286156core:CurrentFinancialInstrumentscore:WithinOneYear22023-12-3104286156core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated32024-12-3104286156core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated32023-12-3104286156core:Non-currentFinancialInstrumentscore:AfterOneYear42024-12-3104286156core:Non-currentFinancialInstrumentscore:AfterOneYear42023-12-3104286156core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated52024-12-3104286156core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated52023-12-3104286156core:Non-currentFinancialInstrumentscore:AfterOneYear62024-12-3104286156core:Non-currentFinancialInstrumentscore:AfterOneYear62023-12-3104286156core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-12-3104286156core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3104286156core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3104286156core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3104286156bus:PrivateLimitedCompanyLtd2024-01-012024-12-3104286156bus:FRS1022024-01-012024-12-3104286156bus:Audited2024-01-012024-12-3104286156bus:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3104286156bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP