The directors present the strategic report for the year ended 31 December 2025.

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

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

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

The results of the Company for the year are set out on page 8 of the financial statements. The profit for the financial year after tax was £12k (2024: £nil).

The key performance indicators for the Company are gross interest and income fees £429k (2024: £189k).

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

Liquidity Risk

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

Operational risk

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

Conduct risk

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

Credit risk

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

On behalf of the board

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 2025.

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 2025 (2024: £0).

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

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

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

Employees

The Company has 0 employees (2024:0).

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

TC Audit Limited is the auditor of the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing reappointment 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:

• So far as that director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

• the director has taken all the steps that they should have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

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

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.

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.

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.

For the group as a whole, the period to 31st December 2025 has seen a sharp improvement in the area of bad debt provision. Continued robust arrears collection and asset recovery values along with exceptional early settlement income have delivered results that are favourable to budget and significantly stronger than 2024.

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 to enable balance sheet growth

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.

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).

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:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• 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 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.

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:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• 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 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.

We have audited the financial statements of Amicus Asset Finance Limited (the 'company') for the year ended 31 December 2025 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:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

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:

• 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.

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:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

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.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

Irregularities including Fraud

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

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

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

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

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

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

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.

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

For the group as a whole, the period to 31st December 2025 has seen a sharp improvement in the area of bad debt provision. Continued robust arrears collection and asset recovery values along with exceptional early settlement income have delivered results that are favourable to budget and significantly stronger than 2024.

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 to enable balance sheet growth.

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.

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.

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.

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

• the rights to receive cash flows from the assets have ceased; or

• the Company has transferred substantially all the risks and rewards of ownership of the assets

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.

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:

• significant financial difficulty of the borrower;

• a breach of contract such as default or delinquency in interest or principal repayments;

• the granting of a concession for economic or legal reasons relating to the borrower’s financial difficulty that the Company would not otherwise consider;

• indications that a borrower will enter bankruptcy or other financial reorganisation; or

• observable data indicating that there is a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the group, including:

- 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.

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 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.

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.

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.

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

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 1.4.

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.

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:

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 probability that loans, which have not yet been identified as impaired, will become impaired in the future (“probability of default”);

• The expected losses on loans that default (“loss given default”); and

• The time taken from the occurrence of a loss event to the Company identifying that the loan is impaired (“emergence period”).

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.

The average monthly number of persons (including directors) employed by the company during the year was Nil (2024: Nil).

Directors were remunerated by Amicus Capital Consulting LLP.

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

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

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:

• A service fee of £267k (2024: £128k) for management services;

• An intercompany creditor of £459k (2024: £461k).

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.

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.

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.

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

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.