Masthaven Finance Ltd (formerly Spring Finance Limited)

Registered number

03709012

Filleted Accounts

30 June 2025

Masthaven Finance Ltd (formerly Spring Finance Limited)
Registered number:		03709012
Balance Sheet
as at 30 June 2025

Notes			2025			2024

£				£
Fixed assets
Intangible assets	5		542,369			134,535
Tangible assets	6		132,592			149,651
			674,961			284,186

Current assets
Debtors	7	1,829,990			2,837,946
Cash at bank and in hand		908,153			339,093
		2,738,143			3,177,039

Creditors: amounts falling due within one year	8	(1,714,301)			(2,436,777)

Net current assets			1,023,842			740,262

Total assets less current liabilities			1,698,803			1,024,448

Creditors: amounts falling due after more than one year	9		(41,160)			(65,856)


Net assets			1,657,643			958,592

Capital and reserves
Called up share capital			532,835			532,835
Profit and loss account			1,124,808			425,757

Shareholder's funds			1,657,643			958,592

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 October 2025 and are signed on its behalf by:




A Bloom
Director
Company Registration No.	03709012

Masthaven Finance Ltd (formerly Spring Finance Limited)
Notes to the Accounts
for the year ended 30 June 2025


1	Accounting policies

	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard), 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 £.
	Going concern
	In accordance with their responsibilities as directors, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. The parent company Masthaven Finance Group Limited (formerly Spring Finance Group Limited) has provided assurance to the directors that it has the ability and willingness to provide the necessary financial support for the company for a period of at least 12 months from the date of approval of the financial statements. As such the financial statements have been prepared on the going concern basis.
	Turnover
	Turnover represents fees for originating and servicing of term loans to customers. Fee income earned for the arrangement of loans (loan origination fees) is recognised once the contract has been signed by the borrower and related terms are clearly identifiable. The performance obligation in the contract is considered to be the funding of the loan and the transaction price is clearly stated in the borrower's contract. Fees are recognised immediately once loans are fully funded and after the loans are accepted by the borrowers. At this point the performance obligation has been satisfied, there are no clawback provisions and the fee is recognised. Fee income earned for the servicing of loans on behalf of other third parties is recurring and continuous over the period of the arrangement. These fees are recognised over time at the amount accrued for each period.
	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Amortisation is calculated to write off the cost of the assets over their useful lives of 5 years.
	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
	Leasehold land and buildings		20% per annum
	Motor vehicles		15% per annum
	Fixtures, fittings, and equipment		33 % per annum
	The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
	Fixed asset Investments
	Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
	A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

	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.

	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.

	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 statement of financial position 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.

	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.
	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.

	Borrowings
	Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
	Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
	Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

	Trade creditors
	Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price and subsequently measured at amortised costs using the effective interest method.

	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.

	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.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Retirement benefits
	Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2	Judgements and key sources of estimation uncertainty

	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.

2	Judgements and key sources of estimation uncertainty (continued)
	In determining whether an impairment loss should be recognised in the statement of comprehensive income, the directors make judgements as to whether there is any observable data indicating that there is a measurable decrease in the estimated future cash flows for an individual loan. Consideration is given to potential recoveries from assets over which security is held which involves judgement over the market value of properties.

3	Audit Information

	The audit report is unqualified

	Senior statutory auditor:	Christopher Taylor
	Firm:	Adler Shine LLP
	Date of audit report:	20 October 2025

4	Employees				2025		2024
Number						Number

	Average number of persons (including directors) employed by the company				38		31


5	Intangible fixed assets
			Computer software		Brand name		Total
£				£		£
	Cost
	At 1 July 2024		301,173		-		301,173
	Additions		407,098		65,200		472,298
	At 30 June 2025		708,271		65,200		773,471

	Amortisation
	At 1 July 2024		166,638		-		166,638
	Provided during the year		31,864		32,600		64,464
	At 30 June 2025		198,502		32,600		231,102

	Net book value
	At 30 June 2025		509,769		32,600		542,369
	At 30 June 2024		134,535		-		134,535

	Computer software is being written off in equal annual instalments over its estimated economic life of 5 years. Brand name is being written off over its estimated economic life of 2 years.

6	Tangible fixed assets
		Land and buildings	Motor vehicles		Fixtures, fittings and equipment		Total
£						£
	Cost
	At 1 July 2024	12,238	112,468		68,351		193,057
	Additions	-	-		26,752		26,752
	Disposals	-	-		(1,249)		(1,249)
	At 30 June 2025	12,238	112,468		93,854		218,560

	Depreciation
	At 1 July 2024	1,836	5,931		35,639		43,406
	Charge for the year - owned assets	7,342	-		19,968		27,310
	Charge for the year - leased assets	-	15,980		-		15,980
	On disposals	-	-		(728)		(728)
	At 30 June 2025	9,178	21,911		54,879		85,968

	Net book value
	At 30 June 2025	3,060	90,557		38,975		132,592
	At 30 June 2024	10,402	106,537		32,712		149,651


7	Debtors				2025		2024
£						£

	Trade debtors				-		208,960
	Amounts owed by group undertakings				292,217		206,742
	Deferred tax asset				147,150		394,222
	Other debtors				1,390,623		2,028,022
					1,829,990		2,837,946


8	Creditors: amounts falling due within one year				2025		2024
£						£

	Obligations under finance lease and hire purchase contracts				24,696		24,696
	Trade creditors				133,943		87,111
	Amounts owed to group undertakings				1,225,257		2,070,838
	Taxation and social security costs				107,064		79,839
	Other creditors				223,341		174,293
					1,714,301		2,436,777


9	Creditors: amounts falling due after one year				2025		2024
£						£

	Obligations under finance lease and hire purchase contracts				41,160		65,856
					41,160		65,856


10	Obligations under finance leases and hire purchase				2025		2024
	contracts				£	£

	Minimum lease payments under hire purchase fall due as follows:
	Within one year				24,696		24,696
	Within 1-2 years				24,696		24,696
	Within 2-5 years				16,464		41,160
					65,856		90,552

	Hire purchase and finance leases are secured over the assets to which they relate.


11	Pension commitments

	The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £134,847 (2024 - £96,134). Contributions totalling £21,333 (2024 - £nil) were payable to the fund at the balance sheet date.

12	Other financial commitments				2025		2024
£						£

	Total future minimum payments under non-cancellable operating leases falling due:
	within one year				42,820		97,169
	Within 1-2 years				7,907		34,913
	Within 2-5 years				21,056		-
					71,783		132,082

	Subsequent to the year end the company entered into a new operating lease for premises on expiry of the existing lease for premises included in the above table due within 1 year. The total minimum payments under the new lease is £408,000 due within 2 to 5 years.

13	Contingent liabilities

	The company has guaranteed the bank loans of its fellow subsidiaries which at 30 June 2025, amounted to £111,343,972 (at 30 June 2024 - £75,375,214). This guarantee is secured by fixed and floating charges over the assets of the company.

14	Related party transactions

	Included in other debtors is an amount due from BF London Limited of £250,000. Fees of £95,200 were paid to BF London Limited in relation to the Masthaven brand name. Of this amount, £65,200 has been capitalised and is being amortised in accordance with the terms of the agreement, and £30,000 relating to licence fees has been expensed to administrative expenses. A Bloom is a director of BF London Limited.
	Included in other debtors are amounts due from Helix Loans Limited of £986,532 (2024: £1,446,294). Included in turnover is interest receivable from Helix Loans Limited of £85,233 (2024: £53,564) and amounts receivable under a servicing agreement with Helix Loans Limited of £51,800 (2024: £318,796). A Bloom is a director of Helix Loans Limited.

15	Related party exemption

	The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.


16	Parent company

	The company is under the control of Masthaven Finance Group Limited (formerly Spring Finance Group Limited), its parent company. Its registered office address is 3 Theobald Court, Theobald Street, Borehamwood, Herts, WD6 4RN. Masthaven Finance Group Limited is the largest and smallest group to consolidate the company's financial statements. The group financial statements are available at Companies House, Cardiff.


17	Other information

	Masthaven Finance Ltd (formerly Spring Finance Limited) is a private company limited by shares and incorporated in England. Its registered office is:
	3 Theobald Court
	Theobald Street
	Borehamwood
	Herts
	WD6 4RN