Company registration number 4246403 (England and Wales)
AMICUS ASSET FINANCE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
AMICUS ASSET FINANCE LIMITED
COMPANY INFORMATION
Directors
Mr R Keep
Mr J P Guilfoyle
Secretary
Mr J P Guilfoyle
Company number
4246403
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 LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 23
AMICUS ASSET FINANCE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal Activity

Amicus Asset Finance Limited (the “Company”) is a wholly owned subsidiary of Amicus Asset Finance Group Limited, the immediate parent company. The Company exists to facilitate the borrowing requirements of the Group to the extent that they are provided by senior debt providers. The Group’s activities in lending those funds, provided by a single senior debt provider, to customers, together with the benefits accruing from those lending activities, are also recognised in the financial statements of the Company.

 

Loans and advances to customers are originated by the immediate parent company, Amicus Asset Finance Group Limited and then transferred to the Company. Whilst an element of the ongoing risks relating to the loans and advances are carried by the immediate parent company, the relationship between the Company and its parent 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.

Review of the Business & Future Developments

The Company plans to continue to facilitate the borrowing requirements of the Group for the current year.

Results for the Year and Key Performance Indicators

The results of the Company for the year are set out on page 8 of the financial statements. The profit for the financial year after tax was £nil (2023: £nil).

 

The key performance indicators for the Company are gross interest and income fees £189k (2023: £nil).

Principal Risks and Uncertainties

The principal risks of the company are managed at a group level by its immediate parent company Amicus Asset Finance Group Limited. These procedures are described in the notes to its consolidated accounts.

 

Liquidity Risk

The risk of not being able to meet financial obligations as they fall due or can do so only at excessive cost.

 

Operational risk

The risk of financial loss and/or reputational damage resulting from inadequate or failed internal processes, people and systems or from external events including financial crime.

 

Conduct risk

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

 

Credit risk

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

AMICUS ASSET FINANCE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

Mr R Keep
Director
6 May 2025
AMICUS ASSET FINANCE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report on the affairs of the Company, together with the financial statements and auditor’s report, for the year ended 31 December 2024.

 

Results for the year

The results for the year are included in the strategic report.

 

Dividends

The directors do not propose to recommend a final dividend in respect of the year ended 31 December 2024 (2023: £0).

Results

The results for the year are set out on page 9.

Directors

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

Mr R Keep
Mr J P Guilfoyle
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

 

Employees

The Company has 0 employees (2023:0).

Future developments

Details of future developments are included in the Strategic Report and forms part of this report as a cross reference.

Auditor

TC Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

 

Each of the persons who is a director at date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Energy and carbon report

As the company 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 company’s auditor 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 company’s auditor is aware of that information.

AMICUS ASSET FINANCE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
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 Company’s activities expose it to a number of financial risks including credit risk and liquidity risk. The control of these is performed at the immediate parent level and are explained in its immediate parents’ company accounts (Amicus Asset Finance Group Limited).

On behalf of the board
Mr R Keep
Director
6 May 2025
AMICUS ASSET FINANCE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AMICUS ASSET FINANCE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AMICUS ASSET FINANCE LIMITED
- 6 -
Opinion

We have audited the financial statements of Amicus Asset Finance Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 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 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 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMICUS ASSET FINANCE LIMITED
- 7 -
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:

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 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMICUS ASSET FINANCE LIMITED
- 8 -

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
6 May 2025
Chartered Accountants
Statutory Auditor
Suite 501
The Nexus Building
Broadway
Letchworth Garden City
Herts
SG6 9BL
AMICUS ASSET FINANCE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Interest income
4
188,677
-
Interest expense
5
(62,627)
-
0
Net interest income
126,050
-
Net fees and commission income
8,474
-
Other operating income
-
-
Total operating income
134,524
-
0
Administrative expenses
7
(134,524)
-
0
Profit before taxation
-
0
-
0
Tax on profit
-
0
-
0
Profit for the financial year
-
0
-
0

The profit and loss account has been prepared on the basis that all operations are continuing operations.

AMICUS ASSET FINANCE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
£
Loss for the year
-
0
-
0
Other comprehensive income
-
-
Total comprehensive income for the year
-
0
-
0
AMICUS ASSET FINANCE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors falling due after more than one year
10
1,767,481
20,444
Debtors falling due within one year
10
447,362
-
2,214,843
20,444
Creditors: amounts falling due within one year
11
(399,755)
-
0
Net current assets
1,815,088
20,444
Creditors: amounts falling due after more than one year
12
(1,794,644)
-
0
Net assets
20,444
20,444
Equity
Share capital
14
20,444
20,444
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:
Mr R  Keep
Director
Company Registration No. 4246403
AMICUS ASSET FINANCE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
£
Balance at 1 January 2023
20,444
Year ended 31 December 2023:
Profit and total comprehensive income
-
Balance at 31 December 2023
20,444
Year ended 31 December 2024:
Profit and total comprehensive income
-
Balance at 31 December 2024
20,444
AMICUS ASSET FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Amicus Asset Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Crown Place, London, EC2A 4EB.

 

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

1.1
Basis of accounting

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Cash Flow Statement

Please note there is no cash movement in the Company during the year and hence no cash flow statement has been presented.

1.2
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. true

 

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.

AMICUS ASSET FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Turnover

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.

 

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.

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.

 

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Derecognition of financial assets

Financial assets are de-recognised when they are qualifying transfers and:

When a financial asset is de-recognised 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.

AMICUS ASSET FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

De-recognition of Loans

As described in the Strategic Report on Page 1, loans and advances to customers are originated by the immediate parent company, Amicus Asset Finance Group Limited and then transferred to the Company. Whilst an element of the ongoing risks relating to the loans and advances are carried by the immediate parent company, the relationship between the Company and its parent 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.

Key sources of estimation uncertainty

There are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

 

3
Turnover and other revenue
Turnover arises from the company's principal activity predominantly in the United Kingdom therefore segmental analysis have not been provided.
4
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest income
188,677
-
5
Interest payable and similar expenses
2024
2023
£
£
On funding
62,627
-
6
Interest expense
2024
2023
£
£
On funding
62,627
-
AMICUS ASSET FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
7
Administrative expenses
2024
2023
£
£
Intercompany service fee payable (please see below *)
128,056
-
Legal and general
6,468
-
Audit fee
-
-
134,524
-
* This figure includes a profit related management fee of £128k (2023: £0). The profits generated within the Company may, at the directors' sole discretion, be awarded to the immediate parent company, Amicus Asset Finance Group Limited as a profit related management fee.
8
Employees

The average monthly number of persons (including directors) employed by the company during the year was Nil (2023: Nil).

9
Directors' remuneration

Directors were remunerated by Amicus Capital Consulting LLP.

10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
422,008
-
Other debtors
20
-
0
Prepayments and accrued income
25,334
-
0
447,362
-
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
1,767,481
-
0
Amounts owed by group undertakings
-
0
20,444
1,767,481
20,444
Total debtors
2,214,843
20,444
AMICUS ASSET FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
11
Creditors: amounts falling due within one year
2024
2023
£
£
Funding liability
399,755
-
0
12
Creditors: amounts falling due after more than one year
2024
2023
£
£
Funding Liability
1,324,744
-
0
Amounts owed to group undertakings
469,900
-
0
1,794,644
-
0
13
Related party transactions

Balances and transactions between the Company and its immediate parent company Amicus Asset Finance Group Limited, which are related parties are disclosed below:

 

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

 

 

 

14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
20,444 Ordinary Shares of £1 each
20,444
20,444
20,444
20,444
AMICUS ASSET FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
15
Financial instruments
Categories of instruments at fair value

As an asset finance business, financial instruments are central to the Company's activities. The risk associated with financial instruments represents a significant component of those faced by the Company 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 1.5.

a) Classification
The following tables analyse the Company'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
-
-
-
Trade and other receivables
422,028
-
422,028
422,028
-
422,028
Financial
Instruments
Loans &
at amortised
receivables
cost
Total
As at 31 December 2024
£
£
£
Liabilities
Amounts owed to parent undertakings
-
469,900
469,900
Trade and other creditors
-
-
-
Short term funding
-
1,724,499
1,724,499
-
0
2,194,399
2,194,399
Financial
Instruments
Loans &
at amortised
receivables
cost
Total
As at 31 December 2023
£
£
£
Assets
Cash and cash equivalents
-
-
-
Trade and other receivables
-
-
-
-
-
-
AMICUS ASSET FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Financial instruments
(Continued)
- 19 -
Financial
Instruments
Loans &
at amortised
receivables
cost
Total
As at 31 December 2023
£
£
£
Liabilities
Amounts owed to parent undertakings
-
-
-
Trade and other creditors
-
-
-
Short term funding
-
-
-
-
-
-
b) Valuation

The fair values of the company's financial assets and liabilities are not materially different from their carrying values. The Company 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 Company has a policy where appropriate security checks are done by the underwriting team before the deal is approved. The Company'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 Company applies consistent and prudent lending criteria mitigating credit risk. The credit quality of counterparties with whom the Company 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
-
-
Trade and other receivables
422,028
-
422,028
-
i) Neither past due nor impaired
The trade debtors 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 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Financial instruments
(Continued)
- 20 -
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
4,231
8,811
24,663
198,705
236,410
4,231
8,811
24,663
198,705
236,410
Between
Between one
three
Within
and three
months and
Over
2023
one month
Months
one year
one year
Total
Individually assessed
-
-
-
-
-
-
-
-
-
-
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 1.4. The company has no loans and advances which fall into this category (2023: £0).
Collateral
The company holds collateral against advances in the form of loans and in some cases additional security such as charges on premises or additional assets. For unimpaired lending, the Company reports loans gross of collateral and therefore discloses the maximum loss exposure. The Company 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 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Financial instruments
(Continued)
- 21 -
Contracts
Contracts
collateralised
collateralised
Contracts
Contracts
by vehicles,
by vehicles,
collateralised
collateralised
plant &
plant &
by property
by property
equipment
equipment
2024
2023
2024
2023
0%-50%
231,101
-
-
-
50%-60%
-
-
-
-
70%-80%
-
-
1,593,187
-
100%+
308,038
-
-
-
539,139
-
1,593,187
-
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 our 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 Company's assets. The Company's policy is to match repricing characteristics of assets and liabilities naturally where possible. The Company 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 5 in the Directors Report.
Between
Between one
three
Within
and three
months and
Over
2024
one month
Months
one year
one year
Total
Trade and other creditors
-
-
-
-
-
Amounts owed to parent undertakings
-
-
-
460,800
460,800
Funding arrangements
-
-
399,755
1,324,744
1,724,499
-
-
399,755
1,785,544
2,185,299
AMICUS ASSET FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Financial instruments
(Continued)
- 22 -
Between
Between one
three
Within
and three
months and
Over
2023
one month
Months
one year
one year
Total
Trade and other creditors
-
-
-
-
-
Amounts owed to parent undertakings
-
-
-
-
-
Funding arrangements
-
-
-
-
-
-
-
-
-
-
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 Company's financial assets that are held at fair value on a recurring basis
Some of the Company'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
-
-
-
-
-
Trade and other receivables
422,028
422,028
-
-
-
Total assets
422,028
422,028
-
-
-
Financial liabilities not measured at FV
Other liabilities
2,194,399
2,194,399
-
-
-
Deferred Income
-
-
-
-
-
Total liabilities
2,194,399
2,194,399
-
-
-
AMICUS ASSET FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Financial instruments
(Continued)
- 23 -
Carrying
2023
value
Fair value
Level 1
Level 2
Level 3
£
£
£
£
£
Financial assets not measured at FV
Cash and balances at central banks
-
-
-
-
-
Trade and other receivables
-
-
-
-
-
Total assets
-
-
-
-
-
Financial liabilities not measured at FV
Other liabilities
-
-
-
-
-
Deferred Income
-
-
-
-
-
Total liabilities
-
-
-
-
-
16
Events after the reporting date

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

17
Controlling party

At the balance sheet date, the company was 100% owned by Amicus Asset Finance Group Limited but ultimate control of the company rests with two investors; Steven Clark and Robert Keep.

 

Amicus Asset Finance Group Limited is the immediate and ultimate holding company and includes the company within its consolidated financial statements. These are available from Companies House.

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