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

LE Capital UK (Asset 1) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 11, Narborough Wood Park Desford Road, Enderby, Leicester, LE19 4XT.

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.

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.

Turnover relates to interest and fees charged to the customers as a result of the funding facilities provided and it is recognised at the fair value of the consideration received or receivable for the relevant services.

Interest income is recognised evenly over the period of the funding facility at the applicable rates.

Turnover for fee income relates to arrangement, renewal and stocking fees. Income from arrangement and renewal fees is recognised on the date that the facility agreements are signed. Income from stocking fees is recognised on the date of the stocking invoice.

The company also purchased a bad debt book and any amounts recovered above the initial investment are recognised as turnover.

Turnover is shown net of VAT.

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.

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, 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.

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, 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.

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.

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.

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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The directors have calculated a bad debt provision based on the estimated credit losses at the year end by applying historical net loss rates derived from the credit performance of customers with similar risk profiles over the preceding 12 months. The provision is applied to the debt book after specific provisions are taken into consideration. The loan book is closely monitored by the directors and specific provisions are made when the underlying conditions indicate that the relevant debts are irrecoverable. The total provision at the year end date is £2,755,210.

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

Alter Domus Trustess (UK) Limited holds security in the way of a fixed and floating charge covering all property or undertakings of the company. This was created on 9 June 2021. Further charges on the same terms were created on 23 March 2023 and 30 January 2025.

Trustmoore UK Trustees Ltd holds security by way of a fixed and floating charge covering all property and/or undertakings of the company. This was created on 11 December 2023.

The company has taken advantage of the exemption provided by FRS 102 Section 33, not to disclose transactions and outstanding balances with LE Capital UK Limited and its 100% controlled subsidiary undertakings.

The immediate parent company is LE Capital UK Limited, a company registered in England and Wales with a registered office, Unit 11, Narborough Wood Park, Desford Road, Enderby, Leicester, England, LE19 4XT.

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.