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Registered number: 09514215









WEST ONE SECURED LOANS HOLDINGS LIMITED







UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
WEST ONE SECURED LOANS HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Ms E Gestetner 
Mr D Waters 




Registered number
09514215



Registered office
Third Floor
The Edward Hyde Building

38 Clarendon Road

Watford

Hertfordshire

WD17 1JW




Trading Address
Third Floor
The Edward Hyde Building

38 Clarendon Road

Watford

Hertfordshire

WD17 1JW







 
WEST ONE SECURED LOANS HOLDINGS LIMITED
 

CONTENTS



Page(s)
Directors' report
 
1 - 2
Statement of comprehensive income
 
3
Statement of financial position
 
4
Statement of changes in equity
 
5
Notes to the financial statements
 
6 - 11


 
WEST ONE SECURED LOANS HOLDINGS LIMITED
 
 
 
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.

Principal activity

The principal activity of the company is that of a holding company.
The company is a private company limited by shares and is incorporated and domiciled in England, UK. The address of its registered office is Third Floor, The Edward Hyde Building, 38 Clarendon Road, Watford, Hertfordshire, WD17 1JW.

Directors

The directors who served during the year were:

Ms E Gestetner 
Mr D Waters 

Results and dividends

The profit for the year, after taxation, amounted to £5,000,000 (2023 -£NIL).

Dividends paid in the financial year amount to £5,000,000 (2023: £NIL).

Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 1

 
WEST ONE SECURED LOANS HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Post balance sheet events

There have been no significant events affecting the Company since the year end.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Ms E Gestetner
Director

Date: 28 August 2025

Page 2

 
WEST ONE SECURED LOANS HOLDINGS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Income from fixed assets investments
 4 
5,000,000
-

Profit before tax
  
5,000,000
-

Profit for the financial year
  
5,000,000
-

  

Total comprehensive income for the year
  
5,000,000
-

The notes on pages 6 to 11 form part of these financial statements.


Page 3

 
WEST ONE SECURED LOANS HOLDINGS LIMITED
REGISTERED NUMBER: 09514215

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

Fixed assets
  

Investments
 7 
28,000,000
28,000,000

  
28,000,000
28,000,000

  

Total assets less current liabilities
  
 
28,000,000
 
28,000,000

  

Net assets
  
28,000,000
28,000,000


Capital and reserves
  

Called up share capital 
 8 
8,002,000
8,002,000

Share premium account
  
19,998,000
19,998,000

Total shareholders' funds
  
28,000,000
28,000,000


The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Ms E Gestetner
Director

Date: 28 August 2025

The notes on pages 6 to 11 form part of these financial statements.

Page 4

 
WEST ONE SECURED LOANS HOLDINGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2024
8,002,000
19,998,000
-
28,000,000


Comprehensive income for the year

Profit for the year

-
-
5,000,000
5,000,000


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(5,000,000)
(5,000,000)


At 31 December 2024
8,002,000
19,998,000
-
28,000,000


The notes on pages 6 to 11 form part of these financial statements.




STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Total equity

£
£
£

At 1 January 2023
8,002,000
19,998,000
28,000,000


At 31 December 2023
8,002,000
19,998,000
28,000,000


The notes on pages 6 to 11 form part of these financial statements.

Page 5

 
WEST ONE SECURED LOANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

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 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

The following principal accounting policies have been applied:

 
1.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

    
Page 6

 
WEST ONE SECURED LOANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies (continued)

 
1.3

Exemption from preparing consolidated financial statements

The financial statements contain information about the Company as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken advantage of the exemption conferred by s400 of the Companies Act 2006 not to produce consolidated financial statements as it is included in the UK consolidated accounts of Eclipse Topco Limited.

 
1.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
1.5

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
1.6

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
WEST ONE SECURED LOANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.


Employees

The company has nil employees (2023: £nil) other than the directors.


The Company has no employees other than the directors, who did not receive any remuneration (2023 -£NIL).


3.


Directors' remuneration

There was no director’s remuneration paid during the year or the preceding year by the company.
The directors were paid for their services on a group basis by an intermediary parent company Enra Specialist Finance Limited in the year and the preceding year.


4.


Income from investments

2024
2023
£
£





Dividends received from West One Secured Loans Limited
(5,000,000)
-

(5,000,000)
-


Page 8

 
WEST ONE SECURED LOANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 -lower than) the standard rate of corporation tax in the UK of 25% (2023 -23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
5,000,000
-


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -23.5%)
1,250,000
-


Dividends from UK companies
(1,250,000)
-

Total tax charge for the year
-
-


Factors that may affect future tax charges

From 1 April 2023 the UK corporation tax rate is 19% for companies with profits of £50,000 or less.
Companies with profits between £50,000 and £250,000, the rate is the main rate of 25% less marginal
relief. For profits in excess of £250,000 corporation is charged at the main rate.


6.


Dividends

2024
2023
£
£


Dividends payable to Enra Specialist Finance Limited
5,000,000
-

5,000,000
-

Page 9

 
WEST ONE SECURED LOANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
28,000,000



At 31 December 2024
28,000,000






Net book value



At 31 December 2024
28,000,000



At 31 December 2023
28,000,000


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

West One Secured Loans Limited
Provision of owner occupied and buy-to-let mortgages
Ordinary
100%

The address for the principal place of business for this subsidiary is Third Floor, The Edward Hyde Building, 38 Clarendon Road, Watford, Hertfordshire, WD17 1JW. The subsidiary is incorporated in England & Wales.
In the directors' opinion, the carrying value of the investments is supported by the value of the underlying assets of the business.

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

West One Secured Loans Limited

52,873,198
11,674,927

Page 10

 
WEST ONE SECURED LOANS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Called up share capital

2024
2023
£
£
Allotted, called up and fully paid



8,002,000 (2021: 8,002,000) Ordinary shares of £1.00 each
8,002,000
8,002,000



9.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


10.


Controlling party

The immediate parent company is Enra Specialist Finance Limited.
The smallest group to consolidate these financial statements is Eclipse Midco Limited.
The largest group to consolidate these financial statements is Eclipse Topco Limited. Copies of the Eclipse Topco Limited and Eclipse Midco Limited consolidated financial statements can be obtained from the Company Secretary at the registered office, Third Floor, The Edward Hyde Building, 38 Clarendon Road, Watford, Hertfordshire, WD17 1JW.
The immediate parent undertaking of Eclipse Topco Limited is Eclipse Investors Limited, a company incorporated in the Cayman Islands. The directors consider the ultimate controlling parties to be Elliott Associates L.P. and Elliott International L.P.

Page 11