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Registered number: 14664465 BLAZEHILL CREDIT OPPORTUNITIES LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
BLAZEHILL CREDIT OPPORTUNITIES LIMITED REGISTERED NUMBER: 14664465 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors due after more than 1 year | 4 | 63,414,679 |  | 49,460,896 |
Debtors due within 1 year | 4 | 3,673,455 |  | 1,502,145 |
Cash at bank and in hand |  | 1,913,800 |  | 917,392 |
|  | 69,001,934 |  | 51,880,433 |
Creditors: amounts falling due within one year | 5 | (1,358,265) |  | (1,419,275) |
Net current assets |  |  | 67,643,669 |  | 50,461,158
Total assets less current liabilities |  |  | 67,643,669 |  | 50,461,158
Creditors: amounts falling due after more than one year | 6 |  | (62,467,868) |  | (49,205,949)
Net assets |  |  | 5,175,801 |  | 1,255,209
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 1 |  | 1
Profit and loss account |  |  | 5,175,800 |  | 1,255,208
|  |  | 5,175,801 |  | 1,255,209
Page 1
BLAZEHILL CREDIT OPPORTUNITIES LIMITED REGISTERED NUMBER: 14664465 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies 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:
T A Weedall
Director
Date: 3 June 2025
The notes on pages 3 to 7 form part of these financial statements. Page 2
BLAZEHILL CREDIT OPPORTUNITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Blazehill Credit Opportunities Limited is a private company, limited by shares, registered in England and Wales. The company's registered office address is 4th Floor 24 Old Bond Street, Mayfair, London, United Kingdom, W1S 4AW The principal activity of the company is that of providing loans to mid-market businesses. 2.Accounting policies
| 2.1 | 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue in respect of interest income, arrangement and exit fees are recognised over the period to which they relate.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.6 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 3
BLAZEHILL CREDIT OPPORTUNITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.7 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.8 | Financial instruments
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like other debtors and creditors, loans from banks and other third parties and loans to and from related parties. (i) Financial assets Basic financial assets, including fixed asset investment, trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. (ii) Financial liabilities Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Page 4
BLAZEHILL CREDIT OPPORTUNITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | Financial instruments (continued)
(iii) Offsetting Financial assets and liabilities are offset and 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 3 (2024 - 3).
4. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 63,288,643 | 49,152,043
| Prepayments and accrued income | 126,036 | 308,853
|  | 63,414,679 | 49,460,896
| Due within one year |  |
| Amounts owed by group undertakings | 3,590,095 | 1,428,381
| Other debtors | - | 1
| Prepayments and accrued income | 83,360 | 73,763
|  | 67,088,134 | 50,963,041
| Amounts owed by group undertakings are unsecured, repayable on demand and are interest-free.
Page 5
BLAZEHILL CREDIT OPPORTUNITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 158,678 | -
| Other taxation and social security | 4,500 | 13,000
| Other creditors | - | 750,000
| Accruals and deferred income | 1,195,087 | 656,275
|  | 1,358,265 | 1,419,275
| Amounts owed to group undertakings are unsecured, repayable on demand and are interest-free.
6. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 61,541,699 | 48,010,124
| Accruals and deferred income | 926,169 | 1,195,825
|  | 62,467,868 | 49,205,949
| Included in other loans is an amount of £59,836,136 owed to a lender company, that bears interest at 12%, repayable in April 2029, and is secured over fixed and floating charges over all property or undertaking of the Company. Included in other loans is an amount of £1,705,563 owed to a lender company, that bears interest at 12%, repayable in April 2029, and is secured over fixed and floating charges over all property or undertaking of the Company.
7. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due 2-5 years |  |
| Other loans | 61,541,699 | 48,010,124
|  | 61,541,699 | 48,010,124
Page 6
BLAZEHILL CREDIT OPPORTUNITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary Shares shares of £0.01 each | 1 | 1
9. | Related party transactions
| The Company has taken advantage of the exemption conferred by section 33.1A of FRS 102 from the requirement to disclose transactions with other wholly owned group undertakings.
10. | Controlling party
The immediate parent undertaking is Blazehill Opportunities Limited, a company incorporated in England and Wales. Blazehill Credit Opportunies Limited is included within the consolidated group financial statements of Blazehill Capital Limited and copies can be obtained from the registered office at 4th Floor, 24 Old Bond Street, London W1S 4AW.
11. | Auditors' information
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified. The audit report was signed on 3 June 2025 by Nick Bishop FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.
Page 7