Registered number: NI656209
For the year ended 31 December 2024
Aflac Northern Ireland Ltd
Company Information
Aflac Northern Ireland Ltd
Contents
Aflac Northern Ireland Ltd
Strategic report
For the year ended 31 December 2024
The directors present their Strategic report on the company for the year ended 31 December 2024.
The principal activity of the Company is the provision of support services to group companies.
The directors consider the results for the year and the position of the company at the year end to be satisfactory and expect the company to maintain its present level of activity in the foreseeable future.
The directors consider the results for the year and the position of the company at the year end to be satisfactory and expect the company to maintain its present level of activity in the foreseeable future.
The Company's operations expose it to a variety of financial risks that include the effects of changes in labour costs, foreign exchange risk and liquidity risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company.
Financial risk management
Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub committee of the board. The policies set by the board of directors are implemented by the company's finance department.
Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub committee of the board. The policies set by the board of directors are implemented by the company's finance department.
Foreign exchange risk
While a significant part of the Company's revenues and expenses are denominated in Sterling, the company is exposed to some foreign exchange risk in the normal course of business, principally on revenue and costs in US dollars. Currently the Company manages ensure to this risk by natural hedging and, whilst the Company does use financial instruments currently to hedge foreign exchange exposure, this is constantly reviewed.
Liquidity Risk
The Company maintains a mixture of cash reserves and intergroup finance that are designed to ensure the Company has sufficient available funds for operations.
While a significant part of the Company's revenues and expenses are denominated in Sterling, the company is exposed to some foreign exchange risk in the normal course of business, principally on revenue and costs in US dollars. Currently the Company manages ensure to this risk by natural hedging and, whilst the Company does use financial instruments currently to hedge foreign exchange exposure, this is constantly reviewed.
Liquidity Risk
The Company maintains a mixture of cash reserves and intergroup finance that are designed to ensure the Company has sufficient available funds for operations.
The directors consider the key performance indicators to be turnover and operating profit. Turnover for the year was £18,550,550 (2023 - £16,221,547) and operating profit was £1,281,560 (2023 - £1,020,254).
This report was approved by the board on 29 September 2025 and signed on its behalf.
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Aflac Northern Ireland Ltd
Directors' report
For the year ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable; and prudent
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 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.
The profit for the year, after taxation, amounted to £866,072 (2023 - £765,947).
No dividends were paid in the current year (2023: £Nil).
The directors who served during the year were:
The Company plans to continue it current activities.
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Aflac Northern Ireland Ltd
Directors' report (continued)
For the year ended 31 December 2024
There have been no significant events affecting the Company since the year end.
The auditors, Sumer Auditco NI Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 29 September 2025 and signed on its behalf.
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Aflac Northern Ireland Ltd
Independent auditors' report to the members of Aflac Northern Ireland Ltd
We have audited the financial statements of Aflac Northern Ireland Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of 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 auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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Aflac Northern Ireland Ltd
Independent auditors' report to the members of Aflac Northern Ireland Ltd (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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.
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Aflac Northern Ireland Ltd
Independent auditors' report to the members of Aflac Northern Ireland Ltd (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which they operate, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We considered the opportunities and incentives that may exist within the Company for fraud and identified the greatest potential for fraud is management override of controls.
We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit procedures included: enquiries of management about their own identification and assessment of risks of irregularities, testing the design and implementation of controls relating to the risks and sample testing of journals posted during the year.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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Aflac Northern Ireland Ltd
Independent auditors' report to the members of Aflac Northern Ireland Ltd (continued)
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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
Glendinning House
6 Murray Street
BT1 6DN
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Aflac Northern Ireland Ltd
Statement of comprehensive income
For the year ended 31 December 2024
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Aflac Northern Ireland Ltd
Registered number: NI656209
Balance sheet
As at 31 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025 .
The notes on pages 13 to 23 form part of these financial statements.
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Aflac Northern Ireland Ltd
Statement of changes in equity
For the year ended 31 December 2024
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Aflac Northern Ireland Ltd
Statement of cash flows
For the year ended 31 December 2024
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Aflac Northern Ireland Ltd
Analysis of Net Debt
For the year ended 31 December 2024
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Aflac Northern Ireland Ltd
Notes to the financial statements
For the year ended 31 December 2024
Aflac Northern Ireland Limited is a private company limited by shares and incorporated in Northern Ireland. The registration number and address of the registered office are given in the company information section of these financial statements.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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Aflac Northern Ireland Ltd
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Aflac Northern Ireland Ltd
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
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Aflac Northern Ireland Ltd
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Accordingly, Aflac Northern Ireland Ltd Limited continues to adopt the going concern basis in preparing the financial statements.
In the process of applying the Company's accounting policies, management has not made any significant judgements. There are no key assumptions concerning the future of other key sources of estimation that have a significant risk of raising a material adjustment to the carrying amounts of assets of liabilities within the next financial period.
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Aflac Northern Ireland Ltd
Notes to the financial statements
For the year ended 31 December 2024
The whole of the turnover is attributable to the Company's principal activity.
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Aflac Northern Ireland Ltd
Notes to the financial statements
For the year ended 31 December 2024
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Aflac Northern Ireland Ltd
Notes to the financial statements
For the year ended 31 December 2024
There were no factors that may affect future tax charges.
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Aflac Northern Ireland Ltd
Notes to the financial statements
For the year ended 31 December 2024
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Aflac Northern Ireland Ltd
Notes to the financial statements
For the year ended 31 December 2024
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Aflac Northern Ireland Ltd
Notes to the financial statements
For the year ended 31 December 2024
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Profit and loss account
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Aflac Northern Ireland Ltd
Notes to the financial statements
For the year ended 31 December 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,118,750 (2023: £960,489). Contributions totaling £13,211 (2023: £6,613) were payable to the fund at the balance sheet date and are included in creditors.
Aflac Inc., a company established in the USA, controls 100% of the Company's equity share
capital and is the ultimate parent company.
The directors consider there to be no ultimate controlling party.
capital and is the ultimate parent company.
The directors consider there to be no ultimate controlling party.
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