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Registered number: 13995250
PROPENSIO RECEIVABLES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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PROPENSIO RECEIVABLES LIMITED
REGISTERED NUMBER: 13995250
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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PROPENSIO RECEIVABLES LIMITED
REGISTERED NUMBER: 13995250
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2025
The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and 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 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 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:
The notes on pages 3 to 8 form part of these financial statements.
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PROPENSIO RECEIVABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The principal activity of Propensio Receivables Limited is the ring-fencing of consumer loan receivables that support the senior funding facility provided by Nat West Bank.
The Company is limited by shares and is registered in England and Wales. The Registered Office is Building 3, Callflex Business Park, Golden Smithies Lane, Wath-Upon-Dearne, Rotherham, South Yorkshire, S63 7ER.
2.Accounting policies
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Basis of preparation of financial statements
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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' "FRS 102" 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:
The financial statements have been prepared on the going concern basis. The directors have considered the profit for the year, the Statement of Financial Position at the accounting date and reviewed forecasts and are satisfied the Company is in a position to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
As at the year end, the Company made a profit of £379,095 (2024: loss of £ 439,915), and had net liabilities of £580,880 (2024: £959,974).
From shareholder entities, via the intercompany funding arrangement, there was £1.13m of undrawn capital ready to be deployed from the QCL entity as at 30 September 2025 together with unused capacity of £3.39m remaining to be drawn from the QSOL entity. There are plans during the first half of the financial year 2025/26 to add a further £3m, to the current £20m facility. Both of these will support the additional senior bank facilities that the Company has during the next financial year. The loan book continues to grow strongly, and the Company is again projecting for the 2025/26 financial year to be profitable.
Net Asset Value has reduced its negative value at 30th September for Propensio Receivables Limited following its profit for the year of £379,094. With a budget now for 25/26 showing expected growth in year on year profitability Net Asset Value will again be improved at the Propensio Receivables Limited entity level.
In summary the business is well capitalised and set up to support long-term growth for the foreseeable future.
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PROPENSIO RECEIVABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
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. The following criteria must also be met before revenue is recognised:
Interest on loans is calculated using the effective interest method which allocates any interest, fees and subsidies receivable over the expected life of the assets and represents the return on credit risk faced by the entity. The effective interest method requires the Company to estimate future cashflows, in some cases based on experience of behaviour, the terms of the loan agreement and the expected lives of the receivables.
The effective interest rate is calculated at the time of initiating the loan facility and the calculation is based on estimating future cash flows over the shorter of the contractual life of the loan or the expected behavioural life. The expected life assumptions utilise repayment profiles to represent how borrowers are expected to repay.
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.
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Cash and cash equivalents
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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.
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PROPENSIO RECEIVABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
(i) Financial assets
Basic financial assets, including trade and other debtors, and, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the prevent 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, or (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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(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.
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PROPENSIO RECEIVABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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The average monthly number of employees, including directors, during the year was 2 (2024 - 1).
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Due after more than one year
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Prepayments and accrued income
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Loans receivable are stated net of provisions. The total provision at the period end is £53,054 (2024: £190,392).
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Cash and cash equivalents
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PROPENSIO RECEIVABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due 2-5 years
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The total secured balance as at the reporting date is £86,954,522, (2024: £55,476,252) and is secured over the assets of the Company.
The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.
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Allotted, called up and fully paid
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100 (2024 - 100) Ordinary shares of £1.00 each
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PROPENSIO RECEIVABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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Related party transactions
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The Company has taken advantage of the exemptions in Section 33.1A of FRS102 not to disclose transactions with other wholly-owned group undertakings.
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Post balance sheet events
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After the year end the Group amended its financing arrangements with National Westminster Bank Plc. The revolving credit facility was increased to £100 million committed, with an additional £25 million accordion feature available subject to lender consent. As part of this amendment, the repayment terms were extended to December 2026.
The immediate parent undertaking is Propensio Finance Limited. The Registered Office is Building 3, Callflex Business Park, Golden Smithies Lane, Wath-Upon-Dearne, Rotherham, South Yorkshire, S63 7ER.
The ultimate parent undertaking is Quilam Capital Investments LLP. The Registered Office is 4th Floor, 24 Old Bond Street, London, W1S 4AW.
The ultimate controlling party is J C Constable.
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