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Registered number: 13656656 BPI FINANCE LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
BPI FINANCE LIMITED CONTENTS
| Page
Company information | 1
Balance sheet | 2 - 3
Notes to the financial statements | 4 - 10
BPI FINANCE LIMITED COMPANY INFORMATION
Directors | S A M Conway
| B A Palos
Company secretary | S A M Conway
Registered number | 13656656
Registered office | 2nd Floor
| 73 Brook Street
| Mayfair
| London
| W1K 4HX
Accountants | Blick Rothenberg Limited
| Chartered Accountants
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
|  | REGISTERED NUMBER:13656656
BPI FINANCE LIMITED BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 5 |  | 1,151,632 |  | 473,060
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 3,100,147 |  | 865,188 |
Current asset investments | 7 | 4,040,568 |  | 6,612,172 |
Cash at bank and in hand |  | 34,304 |  | 38,249 |
|  | 7,175,019 |  | 7,515,609 |
Creditors: amounts falling due within one year | 8 | (7,172,399) |  | (7,145,424) |
Net current assets |  |  | 2,620 |  | 370,185
Total assets less current liabilities |  |  | 1,154,252 |  | 843,245
Net assets |  |  | 1,154,252 |  | 843,245
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 100 |  | 100
Profit and loss account |  |  | 1,154,152 |  | 843,145
Total equity |  |  | 1,154,252 |  | 843,245
Page 2
|  | REGISTERED NUMBER:13656656
BPI FINANCE LIMITED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 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 profit and loss account 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:
S A M Conway
Director
Date: 9 February 2026
The notes on pages 4 to 10 form part of these financial statements. Page 3
BPI FINANCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
BPI Finance Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 2nd Floor, 73 Brook Street, Mayfair, London, W1K 4HX. The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
| 2.3 | Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Page 4
BPI FINANCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Financial assets Basic financial assets, including other debtors, bank balances and amounts owed by intercompany financing 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including other creditors and loans from fellow group companies 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Page 5
BPI FINANCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Derecognition of financial assets and financial liabilities 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) despite having retained some significant risks and rewards of ownership, 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. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
| 2.4 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.5 | Share capital
Ordinary shares are classified as equity.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Prior year restatement
A prior year restatement has been recognised to present turnover of £576,519 and cost of sales of £195,534 as interest receivable and interest payable, as this reflects the nature of the revenue and expenditure respectively. This has no impact on the profit for the year ended 31 March 2024 or the financial position of the company at that date. Page 6
BPI FINANCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.9 | Taxation
The tax expense for the year comprises current tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
3. | Judgements in applying accounting policies 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 amounts 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 if the revision affects only that period, or in the period of the revision and future period if the revision affects both current and future periods. Provisions against loans and accrued interest Loans and interest receivable are a central component of the business. In estimating the recoverability of loans and interest receivable, the company relies on advice from external advisors regarding the properties held by the entities from whom the loans and interest are receivable. There is an inevitable degree of judgment involved in that each property is unique and value can only ultimately be reliably tested in the market itself.
4. | Employees
| The average monthly number of employees, including directors, during the year was 0 (2024 -0).
Page 7
BPI FINANCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Fixed asset investments
|  | Listed investments | Loans | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | 273,060 | 200,000 | 473,060
| Revaluations | 78,572 | - | 78,572
| Transfer between classes | - | 700,000 | 700,000
| At 31 March 2025 | 351,632 | 900,000 | 1,251,632
| Impairment |  |  |
| Charge for the period | - | 100,000 | 100,000
| At 31 March 2025 | - | 100,000 | 100,000
| Net book value |  |  |
| At 31 March 2025 | 351,632 | 800,000 | 1,151,632
| At 31 March 2024 | 273,060 | 200,000 | 473,060
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 2,878,375 | -
| Other debtors | - | 6,756
| Accrued income | 221,772 | 858,432
|  | 3,100,147 | 865,188
| Amounts owed by parent undertaking is unsecured, interest free, has no fixed date of repayment and is repayable on demand.
Page 8
BPI FINANCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Current asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed term deposits | 746,162 | -
| Loans to third parties | 3,294,406 | 6,612,172
|  | 4,040,568 | 6,612,172
8. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 6,500,000 | 6,500,000
| Trade creditors | 6,000 | -
| Amounts owed to group undertakings | - | 171,625
| Accruals | 666,399 | 473,799
|  | 7,172,399 | 7,145,424
| Amounts owed to parent undertaking is unsecured, interest free, has no fixed date of repayment and is repayable on demand. Other loans of £6,500,000 were payable within 12 months of the balance sheet date. The term was extended to 26 November 2027 after the year-end date.
9. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Other loans | 6,500,000 | 6,500,000
| Other loans bear interest at a rate of 3% per annum. The loan was due to be repaid in full on 26 November 2024, however a 3 year extension was formally agreed post year-end and the loan will be repayable in full on 26 November 2027.
Page 9
BPI FINANCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 -100) Ordinary shares of £1.00 each | 100 | 100
11. | Related party transactions
| The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group. At the balance sheet date the company was owed £2,878,375 from (2024: owed to £171,625) its parent company.
12. | Controlling party
The company is wholly owned by Brett Palos Investments Limited, a company registered in England and Wales. The address of its registered office is 2nd Floor, 73 Brook Street, Mayfair, London, W1K 4HX.
Page 10