Company registration number 10140360 (England and Wales)
AMICUS ASSET LEASING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
AMICUS ASSET LEASING LIMITED
COMPANY INFORMATION
Directors
Mr R Keep
Mr J P Guilfoyle
Secretary
Mr J P Guilfoyle
Company number
10140360
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 LEASING 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 - 29
AMICUS ASSET LEASING 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 Leasing 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 9 of the financial statements. The loss for the financial year after tax was £87k (2023: £37k profit).

 

The key performance indicators for the Company are gross interest and income fees £1.5m (2023: £3.1m).

Principal Risks and Uncertainties

The principal risks of the Company are described below and are managed at a group level by its immediate parent company Amicus Asset Finance Group Limited. These processes 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 LEASING 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 LEASING 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 and dividends

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 no employees (2023: Nil).

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

We have audited the financial statements of Amicus Asset Leasing 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 LEASING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMICUS ASSET LEASING 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.

 

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 LEASING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMICUS ASSET LEASING 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 LEASING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Interest income
4
1,451,598
2,637,157
Interest expense
5
(924,894)
(1,399,707)
Net interest income
526,704
1,237,450
Net fees and commission income
6
329,148
425,782
Total operating income
855,852
1,663,232
Administrative expenses
9
(855,852)
(1,663,232)
Profit before taxation
-
-
Tax on profit
11
(86,921)
37,090
(Loss)/profit for the financial year
(86,921)
37,090

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

AMICUS ASSET LEASING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
£
(Loss)/profit for the year
(86,921)
37,090
Other comprehensive income
-
-
Total comprehensive income for the year
(86,921)
37,090
AMICUS ASSET LEASING 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
12
4,311,036
9,016,258
Debtors
12
4,225,142
5,502,894
8,536,178
14,519,152
Creditors: amounts falling due within one year
13
(2,879,784)
(3,566,504)
Net current assets
5,656,394
10,952,648
Creditors: amounts falling due after more than one year
14
(5,545,006)
(10,754,339)
Net assets
111,388
198,309
Capital and reserves
Called up share capital
17
1
1
Profit and loss reserves
111,387
198,308
Total equity
111,388
198,309
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. 10140360
AMICUS ASSET LEASING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
1
161,218
161,219
Year ended 31 December 2023:
Profit and total comprehensive income
-
37,090
37,090
Balance at 31 December 2023
1
198,308
198,309
Year ended 31 December 2024:
Loss and total comprehensive income
-
(86,921)
(86,921)
Balance at 31 December 2024
1
111,387
111,388
AMICUS ASSET LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Amicus Asset Leasing 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
Accounting convention

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 LEASING 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

Recognition

Financial assets and financial liabilities are recognised in the Company’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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

AMICUS ASSET LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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, which 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 Company 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

AMICUS ASSET LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Impairments of Loans and Receivables

Assessment

At each reporting date the Company 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:

- adverse changes in the payment status of borrowers in the group; or

- national or local economic conditions that correlate with defaults on the assets in the group (e.g. a decrease in property prices for loans in the relevant area).

 

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.

Financial lease and hire purchase commitments

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

AMICUS ASSET LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
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.

1.7

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.

AMICUS ASSET LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
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 judgements and estimates that have a significant effect on the amounts recognised in the historical financial information noted below.

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 1.5.

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.

AMICUS ASSET LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
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
Turnover and other revenue

Turnover arises from the Company's principal activity predominantly in the United Kingdom therefore segmental analysis have not been provided.

2024
2023
£
£
Other revenue
Commissions received
329,148
425,782
4
Interest receivable and similar income
2024
2023
£
£
Interest income
1,451,598
2,637,157
5
Interest payable and similar expenses
2024
2023
£
£
On funding
924,894
1,399,707
AMICUS ASSET LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
6
Net fees and commission income
2024
2023
£
£
Fee Income
329,148
425,782
7
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
9,000
9,000
8
Employees
2024
2023
Number
Number
Total
-
0
-
0

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

9
Administrative expenses
2024
2023
£
£
Intercompany service fee payable (please see below *)
804,838
1,432,455
Legal and general
40,212
219,719
Audit fee
9,000
9,000
Sundry
1,802
2,058
855,852
1,663,232
* This figure includes a profit related management fee of £0.8m (2023: 1.4m). 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.
10
Directors' remuneration
Directors were remunerated by Amicus Capital Consulting LLP.
11
Taxation
2024
2023
£
£
AMICUS ASSET LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Taxation
2024
2023
£
£
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
86,921
(37,090)

The actual charge/(credit) 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
£
£
Profit before taxation
-
0
-
0
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
-
0
-
0
Timing differences on capital allowances
86,921
(37,090)
Taxation charge/(credit) for the year
86,921
(37,090)
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,834,138
5,024,969
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
4,311,036
9,016,258
Deferred tax asset (note 15)
391,004
477,925
4,702,040
9,494,183
Total debtors
8,536,178
14,519,152
13
Creditors: amounts falling due within one year
2024
2023
£
£
Funding Liability
2,879,784
3,557,504
Accruals and deferred income
-
0
9,000
2,879,784
3,566,504
AMICUS ASSET LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
14
Creditors: amounts falling due after more than one year
2024
2023
£
£
Funding Liability
2,435,830
8,074,810
Amounts owed to group undertakings
3,109,176
2,679,529
5,545,006
10,754,339
15
Deferred taxation

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

Assets
Assets
2024
2023
Balances:
£
£
Deferred capital allowances
391,004
477,925
2024
Movements in the year:
£
Asset at 1 January 2024
(477,925)
Charge to profit or loss
86,921
Asset at 31 December 2024
(391,004)
AMICUS ASSET LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
16
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:

 

 

 

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
AMICUS ASSET LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
18
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
8,536,178
-
8,536,178
8,536,178
-
8,536,178
Financial
Instruments
Loans &
at amortised
receivables
cost
Total
As at 31 December 2024
£
£
£
Liabilities
Amounts owed to parent undertakings
-
3,109,176
3,109,176
Trade and other creditors
-
-
-
Short term funding
-
5,315,614
5,315,614
-
8,424,790
8,424,790
Financial
Instruments
Loans &
at amortised
receivables
cost
Total
As at 31 December 2023
£
£
£
Assets
Cash and cash equivalents
-
-
-
Trade and other receivables
14,519,152
-
14,519,152
14,519,152
-
14,519,152
AMICUS ASSET LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Financial instruments
(Continued)
- 25 -
Financial
Instruments
Loans &
at amortised
receivables
cost
Total
As at 31 December 2023
£
£
£
Liabilities
Amounts owed to parent undertakings
-
2,679,529
2,679,529
Trade and other creditors
-
9,000
9,000
Short term funding
-
11,632,314
11,632,314
-
14,320,843
14,320,843
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
8,536,178
14,519,152
8,536,178
14,519,152
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 LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Financial instruments
(Continued)
- 26 -
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
35,726
145,745
264,818
1,011,432
1,457,721
35,726
145,745
264,818
1,011,432
1,457,721
Between
Between one
three
Within
and three
months and
Over
2023
one month
Months
one year
one year
Total
Individually assessed
84,797
272,305
778,806
2,955,838
4,091,746
84,797
272,305
778,806
2,955,838
4,091,746
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 at the balance sheet date ("loan to value" or "LTV")
AMICUS ASSET LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Financial instruments
(Continued)
- 27 -
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%
488,119
1,606,938
-
-
50%-60%
-
-
-
-
70%-80%
-
-
3,773,028
7,961,735
100%+
2,302,042
3,866,290
-
-
2,790,161
5,473,228
3,773,028
7,961,735
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 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 4 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
-
-
-
3,109,176
3,109,176
Funding arrangements
-
-
2,879,784
2,435,830
5,315,614
-
-
2,879,784
5,545,006
8,424,790
AMICUS ASSET LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Financial instruments
(Continued)
- 28 -
Between
Between one
three
Within
and three
months and
Over
2023
one month
Months
one year
one year
Total
Trade and other creditors
9,000
-
-
-
9,000
Amounts owed to parent undertakings
-
-
-
2,679,529
2,679,529
Funding arrangements
-
-
3,503,795
12,196,295
15,700,090
9,000
-
3,503,795
14,875,824
18,388,619
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
value
Fair value
Level 1
Level 2
Level 3
2024
£
£
£
£
£
Financial assets not measured at FV
Cash and balances at central banks
-
-
-
-
-
Trade and other receivables
8,536,178
8,536,178
-
-
14,482,062
Total assets
8,536,178
8,536,178
-
-
14,482,062
Financial liabilities not measured at FV
Other liabilities
8,424,790
8,424,790
-
-
14,320,843
Deferred Income
-
-
-
-
-
Total liabilities
8,424,790
8,424,790
-
-
14,320,843
AMICUS ASSET LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Financial instruments
(Continued)
- 29 -
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
14,519,152
14,519,152
-
-
16,506,079
Total assets
14,519,152
14,519,152
-
-
16,506,079
Financial liabilities not measured at FV
Other liabilities
14,320,843
14,320,843
-
-
16,264,492
Deferred Income
-
-
-
-
-
Total liabilities
14,320,843
14,320,843
-
-
16,264,492
19
Events after the reporting date

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

20
Ultimate 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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