Company registration number 13664578 (England and Wales)
AMBER BRIDGING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
AMBER BRIDGING LIMITED
COMPANY INFORMATION
Director
Mr P S Raja
Company number
13664578
Registered office
2nd Floor
314 Regents Park Road
Finchley
London
N3 2JX
Auditor
Silver Levene (UK) Limited
Level 5A Maple House
149 Tottenham Court Road
London
W1T 7NF
Business address
46 Hertford Street
Mayfair
London
W1J 7DP
Accountants
Berkeley Finch Limited
2nd Floor
314 Regents Park Road
Finchley
London
N3 2JX
AMBER BRIDGING LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 16
AMBER BRIDGING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents the strategic report for the year ended 31 December 2024.

Review of the Business

Despite a backdrop of economic uncertainty and market hesitancy driven by elevated living and borrowing costs Amber Bridging Limited (“ABL” or “company”) continued to demonstrate resilience and momentum. The company’s strong and improved financial performance reflects the depth of our expertise, the strength of our institutional funding partnerships, and sustained market demand for our financial solutions.

 

ABL reported an operating profit of £10.8m (2023: £1.2m) and post-tax profits of £8.1m (2023: £0.9m), representing a substantial increase in profitability.

 

The company also maintained a robust balance sheet and liquidity position, with cash at bank being £27.5m (2023: £20.6m) and net assets rising to £3.8m (2023: (£0.3m)) at year-end.

 

The director is pleased with these results. Key achievements underpinning this performance are noted below.

Turnover

Turnover, derived from loan interest, increased by £30.2m to £55.8m (2023: £25.6m). The company continued to adopt strict criteria for lending, close monitoring of the loan book and sustained focus on customer experience including speed of response. These factors, coupled with greater institutional funding, allowed the company to increase the volume of loans executed during the current financial year.

 

Profit after tax

Profit after tax rose by £7.2m to £8.1m (2023: £0.9m). Maintenance of robust financial controls and disciplined growth has facilitated the rise in profit after tax.

 

Shareholder’s Funds

Shareholder’s funds increased by £4.1m to £3.8m as at 31 December 2024 (2023: (£0.3m)), supported by strong profit generation and retained earnings.

 

Loan Book

The loan book as at 31 December 2024 was £579.5m (2023: £259.5m). The year-on-year increase of £320.0m reflects growth in demand for the company’s products, which in turn is a symbol of the business’s reputation for providing effective client service whilst maintaining an emphasis on prudent, selective lending in changing market conditions.

Principal risks and uncertainties

The director actively monitors key risks and meets regularly with key service providers including affiliates to assess, manage, and mitigate potential exposures. Core risks include:

 

 

 

AMBER BRIDGING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

 

The company regularly reviews its going concern position and is confident that the current level of liquid reserves, together with anticipated future cash inflows, is sufficient to settle debts as they fall due.

 

 

Other information and explanations

Future developments

The company operates in a competitive lending environment shaped by continued economic and geopolitical uncertainty. The focus remains on being vigilant of and adapting to likely short to medium term external influences, whilst maintaining a long-term strategy of increasing the loan book which is secured by product review and development coupled with growth in institutional funding support.

On behalf of the board

Mr P S Raja
Director
28 April 2025
AMBER BRIDGING LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of providing bridging loans to individuals and corporate entities.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £4,000,000. The director does not recommend payment of a final dividend.

Director

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

Mr P S Raja
Auditor

In accordance with the company's articles, a resolution proposing that Silver Levene (UK) Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

AMBER BRIDGING LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr P S Raja
Director
28 April 2025
AMBER BRIDGING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF AMBER BRIDGING LIMITED
- 5 -
Opinion

We have audited the financial statements of Amber Bridging Limited (the 'company) for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director 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 director is 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:

AMBER BRIDGING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF AMBER BRIDGING LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

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

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; testing the appropriateness of entries in the nominal ledger, including journal entries; and reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

AMBER BRIDGING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF AMBER BRIDGING LIMITED (CONTINUED)
- 7 -

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Marc Ian Franks
Senior Statutory Auditor
For and on behalf of Silver Levene (UK) Limited
29 April 2025
Chartered Certified Accountants
Statutory Auditor
Level 5A Maple House
149 Tottenham Court Road
London
W1T 7NF
AMBER BRIDGING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
2
55,841,163
25,618,251
Cost of sales
(44,739,796)
(24,360,149)
Gross profit
11,101,367
1,258,102
Administrative expenses
(329,739)
(111,821)
Operating profit
3
10,771,628
1,146,281
Interest receivable and similar income
6
527
-
0
Profit before taxation
10,772,155
1,146,281
Tax on profit
7
(2,693,219)
(269,729)
Profit for the financial year
8,078,936
876,552

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

AMBER BRIDGING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
9
583,232,211
260,930,311
Cash at bank and in hand
27,531,382
20,593,775
610,763,593
281,524,086
Creditors: amounts falling due within one year
10
(31,361,945)
(18,933,324)
Net current assets
579,401,648
262,590,762
Creditors: amounts falling due after more than one year
11
(575,597,691)
(262,865,741)
Net assets/(liabilities)
3,803,957
(274,979)
Capital and reserves
Called up share capital
13
100,000
100,000
Profit and loss reserves
3,703,957
(374,979)
Total equity
3,803,957
(274,979)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 28 April 2025
Mr P S Raja
Director
Company registration number 13664578 (England and Wales)
AMBER BRIDGING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
100,000
(1,251,531)
(1,151,531)
Period ended 31 December 2023:
Profit and total comprehensive income
-
876,552
876,552
Balance at 31 December 2023
100,000
(374,979)
(274,979)
Year ended 31 December 2024:
Profit and total comprehensive income
-
8,078,936
8,078,936
Dividends
8
-
(4,000,000)
(4,000,000)
Balance at 31 December 2024
100,000
3,703,957
3,803,957
AMBER BRIDGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Amber Bridging Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 314 Regents Park Road, Finchley, London, N3 2JX.

1.1
Accounting convention

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

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

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

This company 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 company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Zircon Group Limited. These consolidated financial statements are available from its registered office.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents interest receivable on loans advanced to customers. Turnover is recognised at the fair value of the consideration received or interest receivable for loans provided in the normal course of business. The turnover of the company is not subject to VAT.

 

Interest receivable is recognised at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period. The effective interest rate (EIR) is the rate that exactly discounts estimated future cash flows through the expected life, or contractual term if shorter, of the financial asset to the net carrying amount of the financial asset. When calculating the EIR, the company estimates cash flows considering all contractual terms of the financial instruments, but does not include an expectation for future credit losses.

1.4
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.

AMBER BRIDGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.5
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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 company 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.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

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

AMBER BRIDGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.6
Equity instruments

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

1.7
Taxation

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

Current tax

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

Deferred tax

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

 

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

2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Bridge loan interest receivable
55,841,163
25,618,251
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
55,841,163
25,618,251
2024
2023
£
£
Other revenue
Interest income
527
-
AMBER BRIDGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
3
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
42,600
22,800
4
Employees

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

2024
2023
Number
Number
Administration
1
1
5
Director's remuneration

No remuneration was paid to the director.

6
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
527
-
0
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,693,219
269,729

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

2024
2023
£
£
Profit before taxation
10,772,155
1,146,281
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
2,693,039
269,605
Tax effect of expenses that are not deductible in determining taxable profit
180
124
Taxation charge for the year
2,693,219
269,729
AMBER BRIDGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Taxation
(Continued)
- 15 -

The corporation tax rate increased from 19% to 25%, starting from 1 April 2023 for companies with profits over £250,000. Therefore, the effective tax rate is 25% (2023: 23.52%).

8
Dividends
2024
2023
£
£
Interim paid
4,000,000
-
0
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Bridge loans receivable
574,078,180
259,515,928
Bridge loan interest receivable
3,551,174
1,408,148
Prepayments and accrued income
200
6,235
577,629,554
260,930,311
2024
2023
Amounts falling due after more than one year:
£
£
Bridge loans receivable
5,455,313
-
0
Bridge loan interest receivable
147,344
-
0
5,602,657
-
0
Total debtors
583,232,211
260,930,311

The bridge loans receivable, both within one year and after one year, are secured to borrowers' properties.

10
Creditors: amounts falling due within one year
2024
2023
£
£
Senior lender loan fees payable
5,599,618
5,078,500
Amounts owed to group undertakings
11,622,191
9,297,244
Corporation tax
2,693,219
269,729
Other creditors
1,000
1,000
Accruals and deferred income
11,445,917
4,286,851
31,361,945
18,933,324

 

AMBER BRIDGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
11
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other creditors
12
511,990,913
197,400,000
Amounts owed to group undertakings
63,606,778
65,465,741
575,597,691
262,865,741

Other creditors are secured by way of a fixed and floating charge on all the assets of the company assigned to a security agent.

12
Other creditors
2024
2023
£
£
Other creditors
511,990,913
197,400,000
Payable after one year
511,990,913
197,400,000

Other loans payable after one year relate to senior and mezzanine lenders. The loan maturity dates are 14 February 2027 and 30 December 2027 respectively. Interest is charged on the senior lender loan at SONIA plus 3.6% (2023: SONIA plus 4.55%). Interest is charged on the mezzanine loan at SONIA plus 9% (2023: SONIA 13.5%). The interest charge is calculated and payable monthly.

13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
14
Related party transactions

During the year, the company paid service fees of £5,630,433 (2023: £2,547,919) to the related party controlled by the director. At the year end, the balance due to this related party was £8,652,642 (2023: £3,022,211) included in accruals and deferred income.

 

The company is exempt from disclosing other related party transactions as they are with other companies that are wholly owned by Zircon Group Limited.

 

15
Ultimate controlling party

The ultimate parent undertaking and the smallest and largest group for which consolidated financial statements are prepared which include the results of this company is that headed by Zircon Group Limited, whose registered office is the same as the company.

 

The ultimate controlling party is the director of the company.

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