Company registration number 11612873 (England and Wales)
4SYTE SECURED FINANCE LTD (FORMERLY 4SYTE STRUCTURED FINANCE LTD)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
4SYTE SECURED FINANCE LTD (FORMERLY 4SYTE STRUCTURED FINANCE LTD)
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
4SYTE SECURED FINANCE LTD (FORMERLY 4SYTE STRUCTURED FINANCE LTD)
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,373
-
0
Current assets
Debtors falling due after more than one year
4
18,264,130
19,802,214
Debtors falling due within one year
4
8,422,271
6,909,806
Cash at bank and in hand
870,728
271,653
27,557,129
26,983,673
Creditors: amounts falling due within one year
5
(25,198,302)
(266,054)
Net current assets
2,358,827
26,717,619
Total assets less current liabilities
2,370,200
26,717,619
Creditors: amounts falling due after more than one year
6
-
(24,311,296)
Net assets
2,370,200
2,406,323
Capital and reserves
Called up share capital
7
1,656,500
1,656,500
Share premium account
693,500
693,500
Profit and loss reserves
20,200
56,323
Total equity
2,370,200
2,406,323

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 25 July 2025 and are signed on its behalf by:
Mr N A Sellars
Director
Company registration number 11612873 (England and Wales)
4SYTE SECURED FINANCE LTD (FORMERLY 4SYTE STRUCTURED FINANCE LTD)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
1,656,500
693,500
259,431
2,609,431
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(203,108)
(203,108)
Balance at 31 December 2023
1,656,500
693,500
56,323
2,406,323
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(36,123)
(36,123)
Balance at 31 December 2024
1,656,500
693,500
20,200
2,370,200
4SYTE SECURED FINANCE LTD (FORMERLY 4SYTE STRUCTURED FINANCE LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

4SYTE Secured Finance Ltd (Formerly 4SYTE Structured Finance Ltd) is a private company limited by shares incorporated in England and Wales. The registered office is Second Floor Steeple House, Church Lane, Chelmsford, Essex, CM1 1NH.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. As detailed in the events after the reporting period note the company has signed a new revolving credit facility agreement securing additional funding and the extension on existing facilities.

4SYTE SECURED FINANCE LTD (FORMERLY 4SYTE STRUCTURED FINANCE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.3
Turnover

Revenue comprises commissions and fees receivable in respect of services performed and interest receivable.

 

Commission and fee income is recognised at an amount that reflects the consideration to which the company expects to be entitled in exchange for providing financial services to its customers.

 

All fees relating to loans and advances which meet the criteria for inclusion within interest income are included as part of the EIR.

 

Other commission and fee income includes fees charged for arrears and settlement fees.

 

Fee income is recognised as the company satisfies its performance obligations, which can either be satisfied at a point in time or over a period of time. The vast majority of commission and fee income is earned on the execution of a single performance obligation and as such, it is not necessary to make significant judgements when allocating the transaction price to the performance obligation. As such, commission and fee income is recognised at a point in time.

 

Interest income is recognised in the profit and loss account on an effective interest "EIR" basis. The EIR is the rate that, at the inception of the financial asset, exactly discounts expected future cash 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 but does not consider the assets' future credit losses.

 

Interest on impaired financial assets is recognised at the same EIR as applied at the initial recognition of the financial asset but applied to the book value of the financial asset net of any impairment allowance.

 

At each reporting date, management makes an assessment of the expected remaining life of its financial assets, including any acquired loan portfolios, and where there is a change in those assessments, the remaining amount of any unamortised discount or premiums is adjusted so that the interest income continues to be recognised prospectively on the amortised cost of the financial asset at the original EIR. The adjustment is recognised within interest income in the profit and loss account for the current period.

 

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 on the acquisition of loan portfolios. Transaction costs include incremental costs that are directly attributable to the issue of a financial asset.

 

At the board's discretion default interest may be charged at the contracted percentage at the event of termination. It is only recognised when the board have approved this amount, the amount of revenue can be reliably measured and when it is probable that future economic benefits will flow to the entity and is measured at the fair value of the consideration received.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
Over 3 years
4SYTE SECURED FINANCE LTD (FORMERLY 4SYTE STRUCTURED FINANCE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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 company 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.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

1.7
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.

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.

4SYTE SECURED FINANCE LTD (FORMERLY 4SYTE STRUCTURED FINANCE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, loans from fellow group companies 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.9
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.10
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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

4SYTE SECURED FINANCE LTD (FORMERLY 4SYTE STRUCTURED FINANCE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.11
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
Employees

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

 

 

 

2024
2023
Number
Number
Total
-
0
-
0

The directors received no direct remuneration for their services to the company in the current period. The directors are remunerated for their services to the group as a whole.

3
Intangible fixed assets
Other
£
Cost
At 1 January 2024
30,000
Additions
11,373
At 31 December 2024
41,373
Amortisation and impairment
At 1 January 2024 and 31 December 2024
30,000
Carrying amount
At 31 December 2024
11,373
At 31 December 2023
-
0
4SYTE SECURED FINANCE LTD (FORMERLY 4SYTE STRUCTURED FINANCE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Loans and advances due from customers
7,849,915
6,448,489
Corporation tax recoverable
8,100
-
0
Other debtors
501,059
398,120
8,359,074
6,846,609
Deferred tax asset
63,197
63,197
8,422,271
6,909,806
2024
2023
Amounts falling due after more than one year:
£
£
Loans and advances due from customers
18,264,130
19,802,214
Total debtors
26,686,401
26,712,020

Deferred tax is recognised in respect of tax losses as it is probable that they will be recovered against future taxable profits.

5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
218,381
160,208
Other creditors
24,979,921
105,846
25,198,302
266,054

Shawbrook Bank Limited has fixed and floating charges, created on 17 March 2021 and 10 November 2023 on all monies due or to become due from the company to the chargee, over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.

 

Nagoh DAC has fixed and floating charges, created on 20 August 2019 and 14 December 2020, on all monies due or to become due from the company to the chargee, over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
0
24,311,296
4SYTE SECURED FINANCE LTD (FORMERLY 4SYTE STRUCTURED FINANCE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Creditors: amounts falling due after more than one year
(Continued)
- 9 -

Nagoh DAC has fixed and floating charges, created on 20 August 2019 and 14 December 2020, on all monies due or to become due from the company to the chargee, over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,656,500
1,656,500
1,656,500
1,656,500
4SYTE SECURED FINANCE LTD (FORMERLY 4SYTE STRUCTURED FINANCE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

The senior statutory auditor was Daniel Rose and the auditor was Gravita Audit II Limited.
4SYTE SECURED FINANCE LTD (FORMERLY 4SYTE STRUCTURED FINANCE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
9
Events after the reporting date

Post year end, in June 2025, 4Syte Secured Finance signed a new agreement with Shawbrook Bank Limited for a 2 year £32.5m revolving credit facility and extending the current facility with Nagoh DAC of £12m to 2027.

10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2024
2023
£
£
Entities with control, joint control or significant influence over the company
-
0
108,979
Other related parties
44,424
70,202
Management fees
Interest payable
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
637,193
585,842
2,149,196
1,717,095
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
11,708,046
8,561,296
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