Limited Liability Partnership registration number OC369335 (England and Wales)
AMICUS CAPITAL CONSULTING LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
AMICUS CAPITAL CONSULTING LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Members
Amicus Asset Finance Group Limited
Designated members
Mr R Keep
Mr J P Guilfoyle
Limited liability partnership number
OC369335
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 CAPITAL CONSULTING LLP
CONTENTS
Page
Members' report
1 - 2
Members' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Reconciliation of members' interests
9 - 10
Notes to the financial statements
11 - 22
AMICUS CAPITAL CONSULTING LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

 

The LLP's financial statements have been prepared in accordance with Financial Reporting Standard 102 ("FRS 102") and in accordance with the provisions of the Companies Act 2006. Individual income statement and relates notes have not been presented for the LLP as permitted by section 408 (4) of the Companies Act 2006.

 

The financial statements have been prepared on the historical cost basis, modified to include items at fair value, and in accordance with FRS 102 issued by the Financial Reporting Council. The financial statements are presented in Pounds Sterling, which is the LLP's functional currency.

Principal activities

The principal activity of the LLP is finance brokering and loan asset management on behalf of its corporate member.

Members' drawings, contributions and repayments

Each designated member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.

 

Details of the changes in designated member's capital in the period ended 31 December 2024 are set out in the financial statements.

 

1. Designated Members interests

 

Designated member's capital is repayable on a designated member ceasing to be a member of the LLP and is therefore classified as a liability.

 

2. Divisible profits and Designated Members remuneration.

 

Designated members fixed shares of profits are automatically allocated and are treated as designated member remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among designated members.

 

The designated members' drawing policy allows each designated member to draw their profit share, subject to the cash requirements of the business. A designated member's capital requirement is linked to their share of profit and the financing requirement of the LLP. There is no opportunity for appreciation of the capital subscribed.

Designated members

The designated members 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
Auditor

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

 

UHY Hacker Young (East) Limited were appointed as auditor to the LLP 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.

AMICUS CAPITAL CONSULTING LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 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.

 

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.

 

Approved by the designated members on 6 May 2025 and signed on behalf by:
Mr R  Keep
Designated Member
AMICUS CAPITAL CONSULTING LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The designated members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the designated members to prepare financial statements for each financial year. Under that law the designated members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the designated members 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 LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the designated members are required to:

 

 

The designated members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AMICUS CAPITAL CONSULTING LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AMICUS CAPITAL CONSULTING LLP
- 4 -
Opinion

We have audited the financial statements of Amicus Capital Consulting LLP (the 'LLP') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests 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 FRS 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 LLP 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 members' 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 limited liability partnership’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 members 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 designated members 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.

AMICUS CAPITAL CONSULTING LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMICUS CAPITAL CONSULTING LLP
- 5 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

 

Responsibilities of members

As explained more fully in the members' responsibilities statement, the designated members 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 designated members 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 designated members are responsible for assessing the LLP'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 designated members either intend to liquidate the LLP 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 LLP 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 LLP, 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 designated members 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 CAPITAL CONSULTING LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMICUS CAPITAL CONSULTING LLP
- 6 -

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership'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 limited liability partnership and the limited liability partnership'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
Statutory Auditor
Suite 501
The Nexus Building
Broadway
Letchworth Garden City
Herts
SG6 9BL
AMICUS CAPITAL CONSULTING LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Fee income
3
1,759,952
1,766,935
Net fee income
1,759,952
1,766,935
Administrative expenses
(1,166,627)
(1,198,214)
Profit for the financial year before taxation
593,325
568,721
Tax
-
-
Profit for the financial year before members' remuneration and profit shares
593,325
568,721
Members' remuneration charged as an expense
6
(593,325)
(568,721)
Result for the financial year available for discretionary division among members
-
-
Other comprehensive income for the financial year
-
-
Total comprehensive income for the year
-
-

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

AMICUS CAPITAL CONSULTING LLP
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
7
40,328
52,869
Current assets
Debtors
8
39,178
43,363
Cash at bank and in hand
12,237
3,630
51,415
46,993
Creditors: amounts falling due within one year
9
(46,657)
(64,568)
Net current assets/(liabilities)
4,758
(17,575)
Total assets less current liabilities
45,086
35,294
Creditors: amounts falling due after more than one year
10
(45,086)
(35,294)
Net assets attributable to members
-
-
The financial statements were approved by the members and authorised for issue on 6 May 2025 and are signed on their behalf by:
06 May 2025
Mr R  Keep
Designated member
Limited Liability Partnership registration number OC369335 (England and Wales)
AMICUS CAPITAL CONSULTING LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Current financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2024
£
£
£
Members' interests at 1 January 2024
-
-
-
Members' remuneration charged as an expense
593,325
593,325
593,325
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the year
593,325
593,325
593,325
Drawings (including tax payments)
(593,325)
(593,325)
(593,325)
Members' interests at 31 December 2024
-
-
-
AMICUS CAPITAL CONSULTING LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Prior financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2023
£
£
£
Members' interests at 1 January 2023
-
-
-
Members' remuneration charged as an expense
568,721
568,721
568,721
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the year
568,721
568,721
568,721
Drawings (including tax payments)
(568,721)
(568,721)
(568,721)
Members' interests at 31 December 2023
-
-
-
AMICUS CAPITAL CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Limited liability partnership information

Amicus Capital Consulting LLP is a limited liability partnership incorporated in England and Wales. The registered office is 30 Crown Place, London, EC2A 4EB.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together 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 LLP. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

This LLP is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this LLP, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The LLP has therefore taken advantage of exemptions from the following disclosure requirements:

The financial statements of the LLP are consolidated in the financial statements of Amicus Asset Finance Group Limited. These consolidated financial statements are available from its registered office, 30 Crown Place, London, England, EC2A 4EB.

AMICUS CAPITAL CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
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.

 

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

 

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

 

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

 

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

 

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

 

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

1.3
Fee income

The LLP's revenue primarily consists of management fees and commission income. Management fees are recognised when the right to consideration or payment accrues through performance of services.

 

Commission fees are earned on execution of a significant act such as negotiating or arranging a transaction for a third party. They are recognised as revenue when that act has been completed.

1.4
Designated Members Remuneration

The regulations require disclosure on the face of the statement of comprehensive income of a subtotal 'Profit or loss for the period before designated members' remuneration charged as an expense' should be deducted as an additional expense. This includes any related employment costs.

 

The profit attributable to the designated member with the largest entitlement, consisting of profits allocated and remunerated during the period, was £0.3m (2023: £0.3m).

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

AMICUS CAPITAL CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
3 to 5 years
Fixtures and fittings
5 years
Computer equipment
3 to 5 years
Motor vehicles
4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the LLP reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the LLP estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

Recognition

Financial assets and financial liabilities are recognised in the LLP’s balance sheet when the LLP 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.

AMICUS CAPITAL CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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.

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 derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the LLP transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 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.

Impairment of Loans and receivables

Assessment

At each reporting date the LLP 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:

 

 

 

 

AMICUS CAPITAL CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -

 

- 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 LLP’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 LLP’s net investment outstanding in respect of the leases.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the LLP are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the LLP.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the LLP is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits and post retirement payments to designated members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

AMICUS CAPITAL CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.12
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.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the designated members 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.

 

In the view of the designated members there are no material judgements or estimates in the preparation of these financial statements.

3
Fee income

An analysis of the limited liability partnership's fee income is as follows:

2024
2023
£
£
Fee income analysed by class of business
Commission income
49,130
2,100
Management fee
1,710,822
1,764,835
1,759,952
1,766,935
4
Auditor's remuneration
2024
2023
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
8,000
8,000
5
Employees

The average number of persons (excluding members) employed by the LLP during the year was:

2024
2023
Number
Number
Total
8
11
AMICUS CAPITAL CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
631,660
651,432
Social security costs
71,534
73,719
Pension costs
63,103
53,401
766,297
778,552
6
Designated Members' remuneration
2024
2023
Number
Number
Average number of members during the year
2
2
2024
2023
£
£
Profit attributable to the designated member with the highest entitlement
300,000
288,755
7
Tangible fixed assets
Office equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024 and 31 December 2024
7,914
8,095
55,036
43,898
114,943
Depreciation and impairment
At 1 January 2024
7,611
7,938
44,331
2,194
62,074
Depreciation charged in the year
169
156
3,436
8,780
12,541
At 31 December 2024
7,780
8,094
47,767
10,974
74,615
Carrying amount
At 31 December 2024
134
1
7,269
32,924
40,328
At 31 December 2023
303
157
10,705
41,704
52,869
AMICUS CAPITAL CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4,601
10,929
Prepayments and accrued income
34,577
32,434
39,178
43,363
9
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
12,763
22,134
Other creditors
22,144
9,730
Accruals and deferred income
11,750
32,704
46,657
64,568
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
45,086
35,294
AMICUS CAPITAL CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
11
Financial instruments
Categories of instruments at fair value

As a finance brokering and loan asset management business, financial instruments are central to the LLP's activities. The risks associated with financial instruments represents a significant component of those faced by the LLP and is analysed in more detail below.

a) Classification
The following tables analyse the LLP'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
12,237
-
12,237
Trade and other receivables
39,178
-
39,178
51,415
-
51,415
Financial
Instruments
Loans &
at amortised
receivables
cost
Total
As at 31 December 2024
£
£
£
Liabilities
Amounts owed to parent undertakings
-
45,086
45,086
Trade and other creditors
-
46,657
46,657
Short term funding
-
-
-
-
91,743
91,743
AMICUS CAPITAL CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Financial instruments
(Continued)
- 20 -
Financial
Instruments
Loans &
at amortised
receivables
cost
Total
As at 31 December 2023
£
£
£
Assets
Cash and cash equivalents
3,630
-
3,630
Trade and other receivables
43,363
-
43,363
46,993
-
46,993
Financial
Instruments
Loans &
at amortised
receivables
cost
Total
As at 31 December 2023
£
£
£
Liabilities
Amounts owed to parent undertakings
-
35,294
35,294
Trade and other creditors
-
64,568
64,568
Short term funding
-
-
-
-
99,862
99,862
b) Valuation

The fair values of the LLP's financial assets and liabilities are not materially different to their carrying values. The LLP 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 the amounts owed.

Maximum exposure to credit risk
The table below presents the LLP'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
12,237
3,630
Trade and other receivables
39,178
43,363
51,415
46,993
AMICUS CAPITAL CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Financial instruments
(Continued)
- 21 -
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 LLP's assets. The LLP's policy is to match repricing characteristics of assets and liabilities naturally where possible. The LLP 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.
Between
Between one
three
Within
and three
months and
Over
2024
one month
Months
one year
one year
Total
Trade and other creditors
46,657
-
-
-
46,657
Amounts owed to parent undertakings
45,086
-
-
-
45,086
Funding arrangements
-
-
-
-
-
91,743
-
-
-
91,743
Between
Between one
three
Within
and three
months and
Over
2023
one month
Months
one year
one year
Total
Trade and other creditors
64,568
-
-
-
64,568
Amounts owed to parent undertakings
35,294
-
-
-
35,294
Funding arrangements
-
-
-
-
-
99,862
-
-
-
99,862
12
Post balance sheet events
There have been no material post balance sheet events requiring adjustment to or disclosure in the financial statements.
13
Related party transactions
Transactions with related parties

During the period the LLP earned £1,710,822 (2023: £1,764,835) as management fees for services rendered to its immediate parent company and the amount outstanding and receivable as at 31 December 2024 is £nil (2023: £nil).

 

The LLP also had a payable balance of £45,086 (2023: £35,294) with its immediate parent company.

 

AMICUS CAPITAL CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
14
Ultimate controlling party

At the balance sheet date, the LLP was 99% owned by Amicus Asset Finance Group Limited and 1% by the designated members but ultimate control of the LLP rests with two investors; Steven Clark and Robert Keep.

 

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

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