Registration number: 14791397

PCP 1 Limited

Contents

Company Information	1
Directors' Report	2
Abridged Balance Sheet	3 to 4
Notes to the Unaudited Abridged Financial Statements	5 to 7

PCP 1 Limited

Company Information

Directors

S A Watson S Thompson

Registered office

Aldgate Tower 6th Floor 2 Leman Street London E1 8FA

PCP 1 Limited

Directors' Report for the Year Ended 31 March 2025

The directors present their report and the abridged financial statements for the year ended 31 March 2025.

Directors of the company

The directors who held office during the year were as follows:

J A J R Pursaill (ceased 4 April 2025)

R A Pasco (ceased 22 July 2024)

The following directors were appointed after the year end:

S A Watson (appointed 4 April 2025)

S Thompson (appointed 4 April 2025)

Principal activity

The principal activity of the company is activities of financial services holding companies.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 22 December 2025 and signed on its behalf by:

......................................... S Thompson Director

PCP 1 Limited

(Registration number: 14791397)
Abridged Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Non-current assets
Debtors		5,015,423	4,567,434
Loans and other receivables		1,228,633	273,125
		6,244,056	4,840,559
Current assets
Debtors		5,033,555	5,049,143
Cash at bank and in hand		513,942	292,257
		5,547,497	5,341,400
Creditors: Amounts falling due within one year		(119,840)	-
Net current assets		5,427,657	5,341,400
Total assets less current liabilities		11,671,713	10,181,959
Creditors: Amounts falling due after more than one year		(13,643,299)	(10,488,580)
Accruals and deferred income		(4,674)	(261,449)
Net liabilities		(1,976,260)	(568,070)
Capital and reserves
Called up share capital		1	1
Retained earnings		(1,976,261)	(568,071)
Shareholders' deficit		(1,976,260)	(568,070)

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet and have elected to take the option not to file the Profit and Loss Account in accordance with Section 444 of the Companies Act 2006

PCP 1 Limited

(Registration number: 14791397)
Abridged Balance Sheet as at 31 March 2025

Approved and authorised by the Board on 22 December 2025 and signed on its behalf by:
 

.........................................

S Thompson

Director

PCP 1 Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Aldgate Tower
6th Floor
2 Leman Street
London
E1 8FA
United Kingdom

These financial statements were authorised for issue by the Board on 22 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

These financial statements have been prepared on a going concern basis. The directors have prepared cash flow forecasts and have considered all available information about the future for at least twelve months from the date of approval of these financial statements and, on the basis that the Company is expected to generate sufficient cash flows to meet its obligations as they fall due for at least twelve months from the date of approval of these financial statements, they consider it appropriate to adopt the going concern basis of accounting. The directors have received confirmation of continuing financial support from the company’s parent company and lenders and therefore believe that the company will be able to meet its liabilities as they fall due.

Revenue recognition

Turnover represents interest income and related fee income arising on consumer loans advanced by the company to its customers. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

PCP 1 Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

PCP 1 Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025

3	Staff numbers

The average number of persons employed by the company (including directors and key management personnel) during the year, was 0 (2024 - 0).

4	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2024 - £Nil).

5	Related party transactions

Loans to related parties

2025	Parent £	Total £
At start of period	273,124	273,124
Advanced	192,166	192,166
Repaid	(130,000)	(130,000)
At end of period	335,290	335,290

2024	Parent £	Total £
Advanced	384,721	384,721
Repaid	(111,597)	(111,597)
At end of period	273,124	273,124

Terms of loans to related parties

The loan is interest-free and has no fixed repayment date.The company has no current intention or ability to demand repayment and accordingly the loan is considered repayable only by mutual consent at an unspecified future date.
 

6

Charges

The non-current liability includes £11,826,452 (2024: £8,368,670) secured by a fixed and floating charge held by Varengold Bank Ag over the assets of the Company.