Company registration number 12452128 (England and Wales)
GROWTH LENDING GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
AFFINIA
19th Floor
1 Westfield Avenue
London
E20 1HZ
GROWTH LENDING GROUP LIMITED
COMPANY INFORMATION
Director
Mr L W M Mysyrowicz
Company number
12452128
Registered office
19th Floor
1 Westfield Avenue
London
E20 1HZ
Auditor
Affinia (Stratford)
19th Floor
1 Westfield Avenue
London
E20 1HZ
Bankers
Coutts & Co
440 Strand
London
WC2R 0QS
GROWTH LENDING GROUP LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 33
GROWTH LENDING GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents the strategic report for the year ended 31 December 2024.

Review of the business

The principal activity of the Group is to provide growth debt finance to UK SMEs, either directly or as alternative investment fund managers. The Group is headquartered in London, and operates out of London, Manchester, Bristol, and Cape Town.

Principal risks and uncertainties

Credit extended to customers

The Group extends credit terms to it's customers when financed directly. The Group mitigates this credit exposure through purchasing insurance where possible, but advances credit to customers based on its own assessment of credit risks where in the opinion of the Group's internal credit committee and investment committee it is reasonable to do so.

Exchange rate risk

Though marginal, given the worldwide nature of the Group's activities, some exchange rate risk exists. This is minimised by transaction and basing in GBP where possible, or hedging material exposures where it is not.

Development and performance

Turnover and expenditure have decreased during the year to scale the business into profitability post year end, with subsequent fund closings to enhance revenue streams.

Other information and explanations

Financial Performance & Key Performance Indicators

The turnover for the period covered by this strategic report and financial statements was £19.54m (20 23: £32.86m). The loss for the period of £5.51m (202 3: £1.85m). The gross profit was £17.37m (20 23: £29.73m) and gross profit margin was 88.89% (202 3: 90.49%) The management aims to scale the business in future years and expects profitability for all future periods.

Other Information

The Board would like to thank the employees for their continued commitment and support to the Group. We seek to build a diverse workforce that reflects the contemporary and multicultural environment that we are a part of. We celebrate and promote this diversity as a strength of our business.

On behalf of the board

Mr L W M Mysyrowicz
Director
13 March 2026
GROWTH LENDING GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The director presents his annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of a holding company of subsidiary companies. The principal activities of the Group include:

- Fund management

- Loan finance provider to SME's

- Intermediary holding company

- Interest in debt solutions industry

- Business analysis

- Operating as a special purpose vehicle for the origination of loans to UK SMEs pursuant to the Coronavirus Business Interruption Loan Scheme ("CBILS") and the Recovery Loan Scheme ("RLS")

- Servicing group companies by managing internal cost centres

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr L W M Mysyrowicz
Auditor

Affinia (Stratford) were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Medium companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies regime.
On behalf of the board
Mr L W M Mysyrowicz
Director
13 March 2026
GROWTH LENDING GROUP LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GROWTH LENDING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GROWTH LENDING GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Growth Lending Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the director's report have been prepared in accordance with applicable legal requirements.

GROWTH LENDING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GROWTH LENDING GROUP LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;

GROWTH LENDING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GROWTH LENDING GROUP LIMITED
- 6 -

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Financial Conduct Authority, Companies Act 2006, taxation legislation, data protection, anti-bribery, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with the Financial Conduct Authority and the company’s legal advisors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Lane (Senior Statutory Auditor)
For and on behalf of Affinia (Stratford), Statutory Auditor
Chartered Accountants
19th Floor
1 Westfield Avenue
London
E20 1HZ
13 March 2026
GROWTH LENDING GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
19,535,070
32,859,155
Cost of sales
(2,169,453)
(3,124,595)
Gross profit
17,365,617
29,734,560
Administrative expenses
(18,512,740)
(30,106,146)
Other operating income
1,632,676
142,957
Operating profit/(loss)
4
485,553
(228,629)
Interest receivable and similar income
7
34
934
Interest payable and similar expenses
8
(542,948)
(1,828,923)
Amounts written off investments
9
(5,453,596)
201,958
Loss before taxation
(5,510,957)
(1,854,660)
Tax on loss
10
(1,309)
(2,260)
Loss for the financial year
(5,512,266)
(1,856,920)
Loss for the financial year is all attributable to the owner of the parent company.
GROWTH LENDING GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
£
£
Loss for the year
(5,512,266)
(1,856,920)
Other comprehensive income
-
-
Total comprehensive income for the year
(5,512,266)
(1,856,920)
Total comprehensive income for the year is all attributable to the owner of the parent company.
GROWTH LENDING GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
967,482
577,281
Tangible assets
12
543,349
609,912
Investments
13
5,745,585
7,700,442
7,256,416
8,887,635
Current assets
Debtors falling due after more than one year
15
46,907,447
67,244,164
Debtors falling due within one year
15
38,180,905
49,000,058
Cash at bank and in hand
3,326,610
9,703,479
88,414,962
125,947,701
Creditors: amounts falling due within one year
16
(40,669,617)
(58,060,183)
Net current assets
47,745,345
67,887,518
Total assets less current liabilities
55,001,761
76,775,153
Creditors: amounts falling due after more than one year
17
(66,724,105)
(82,985,231)
Provisions for liabilities
Deferred tax liability
20
8,367
8,367
(8,367)
(8,367)
Net liabilities
(11,730,711)
(6,218,445)
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
(11,730,811)
(6,218,545)
Total equity
(11,730,711)
(6,218,445)

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 13 March 2026
13 March 2026
Mr L W M Mysyrowicz
Director
Company registration number 12452128 (England and Wales)
GROWTH LENDING GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
243,461
243,461
243,461
243,461
Current assets
Debtors
15
2,341
101
Creditors: amounts falling due within one year
16
(258,692)
(245,252)
Net current liabilities
(256,351)
(245,151)
Net liabilities
(12,890)
(1,690)
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
(12,990)
(1,790)
Total equity
(12,890)
(1,690)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £11,200 (202 3 £3,000).

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 and signed by the director and authorised for issue on 13 March 2026
13 March 2026
Mr L W M Mysyrowicz
Director
Company registration number 12452128 (England and Wales)
GROWTH LENDING GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
100
(4,361,625)
(4,361,525)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(1,856,920)
(1,856,920)
Balance at 31 December 2023
100
(6,218,545)
(6,218,445)
Year ended 31 December 2024:
Loss and total comprehensive income
-
(5,512,266)
(5,512,266)
Balance at 31 December 2024
100
(11,730,811)
(11,730,711)
GROWTH LENDING GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
100
1,210
1,310
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(3,000)
(3,000)
Balance at 31 December 2023
100
(1,790)
(1,690)
Year ended 31 December 2024:
Profit and total comprehensive income
-
(11,200)
(11,200)
Balance at 31 December 2024
100
(12,990)
(12,890)
GROWTH LENDING GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(5,066,097)
101,006,113
Interest paid
(542,948)
(1,828,923)
Income taxes paid
(2,384)
(14,399)
Net cash (outflow)/inflow from operating activities
(5,611,429)
99,162,791
Investing activities
Purchase of intangible assets
(477,724)
(510,860)
Purchase of tangible fixed assets
(4,984)
(16,307)
Purchase of investments
(4,060,427)
-
Proceeds from disposal of investments
448,523
544,690
Interest received
34
934
Other income received from investments
113,165
-
0
Net cash (used in)/generated from investing activities
(3,981,413)
18,457
Financing activities
Proceeds from new bank loans
7,898,670
-
Repayment of bank loans
(4,682,697)
(96,950,820)
Net cash generated from/(used in) financing activities
3,215,973
(96,950,820)
Net (decrease)/increase in cash and cash equivalents
(6,376,869)
2,230,428
Cash and cash equivalents at beginning of year
9,703,479
7,473,051
Cash and cash equivalents at end of year
3,326,610
9,703,479
GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Growth Lending Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 19th Floor, 1 Westfield Avenue, London, England, E20 1HZ.

The group consists of Growth Lending Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments and freehold property at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Growth Lending Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

As a Consolidated Statement of Comprehensive Income is published, a separate Statement of Comprehensive Income for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Going concern

Company

At the time of approving the financial statements a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director adopts the going concern basis of accounting in preparing the financial statements. The company has the support of the other entities within the group and therefore the going concern basis is adequate.

Group

The directors have prepared the financial statements on a going concern basis which assumes the group will continue in operational existence for the foreseeable future and will have adequate funds available to meet its obligations as they fall due.

During the current year, on an operating profit level, the Group made a profit of £485k compared to a loss of £229k in 2023. The loss before taxation for the group of £5.5m has been predominantly caused by impairments and write off of investments held in the group.

An analysis has been carried out across the revenue streams to determine this basis of preparation with the following results.

From the continued inflow of funds from management services and the robust nature of the investments held within the business that can be realised for a net positive position the going concern basis is suitable from the fund management revenue stream. As such, during a period of global economic uncertainty arising from external factions, the directors believe that the group is well placed to operate in a robust and profitable manner for the foreseeable and maintain its operational profitability and maintain the investment value currently held.

While cashflows receivable from the Growth Lending 2020 portfolio companies are due to end in 2026, management currently do not have plans to wind down this entity and are taking steps to repurpose the company within the group for future investment purposes. Furthermore, the new funds arising from Growth Lending 2024 entity will continue to support the business in the future.

As noted within the financial statements the group is confident that it has both the ability and mechanisms as required to resolve any potential contingent liability that may arise in the group. The directors and the 3rd party are in active discussions to ensure that the financial impact of any settlement does not detrimentally impact either party and this Group of companies.

In supporting financial statements being prepared on a going concern basis, and analysis has been carried out on the performance of the CBILS and RLS loans and as at the date of approving these financial statements there is no evidence to suggest that the loans should be further impaired.

1.5
Turnover

Company

There is no turnover recognised at the parent level due to the dormant holding status.

Group Analysis

Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

Loan finance provider

Turnover comprises the Group's share of interest due from secured loans made to borrowers on the basis of the agreements in place between the Group companies and the borrowers and the Group companies which provided the secured lending.

Within this activity, the following main revenue streams apply:

- Portfolio Interest Income - Interest income received from portfolio companies based on an effective interest rate applied.

- Default Interest Income - Additional interest income charged to portfolio companies in breach of contractual conditions.

- Prepayment Income - Income received for early settlement by portfolio companies and recognised in the period to which the early settlement has been made.

- Post Claim Recovery Income - Income received post claim payout for debts written off and recognised in the period to which the income has been received.

- Income as Asset Trust - Income received to cover certain costs as an Asset Trust is recognised in the period to which the costs have been incurred.

Fund Management

Turnover represents revenue generated from services rendered from management fees and deal fees. Management fees are typically calculated as a percentage of the assets under management within the applicable funds, and deal fees are fees earned from completing deals within those funds. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably;

- and the costs incurred and the costs to complete the contract can be measured reliably.

Recharge Centre

Turnover comprises of costs recovered from entities within a group of related companies for whom the company is acting as a recharge centre for costs incurred within the group. This is recognised based on actual cost incurred and stated at the fair value of the consideration received or receivable for services provided in the normal course of business.

Management fees, Investment Income and origination income

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Intangible assets, excluding development costs, created within the business are not capitalised and expenditure is charged against profits in the year in which it is incurred.

Subsequent to initial recognition, intangible assets are stated at cost less accumulated amortisation and accumulated impairment. Intangible assets are amortised on a straight line basis over their estimated useful lives. The carrying value of intangible assets is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

Development expenditure is recognised as an intangible asset when all of the following criteria are met:

- It is technically feasible to complete the intangible asset so that it will be available for use or sale;

- Management intends to complete the intangible asset and use or sell it;

- There is an ability to use or sell the intangible asset;

- It can be demonstrated how the intangible asset will generate probable future economic benefits; adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and

- The expenditure attributable to the intangible asset during its development can be reliably measured.

All other research and development expenditure is written off as incurred.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

System development costs
5 years straight line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
50 years straight line
Leasehold improvements
Over the length of the lease
Fixtures and fittings
4 years straight line
Computers
4 years straight line

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 recognised in the profit and loss account.

GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.9
Fixed asset investments

Investments in subsidiary undertakings are recognised at cost.

1.10
Impairment of fixed assets

At each reporting period end date, the group 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

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.

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 m ethod 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.

GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group 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 paymen ts 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.

GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.15
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.

1.16
Retirement benefits

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

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, managements considered factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Impairment of group loans

The Company makes an estimate of the recoverable value of group loans. When assessing the impairment of group loans management considers whether there is objective evidence of impairment including:

- economic or legal reasons relating to the group companies financial difficulties; and

- observable data indicating that there has been a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those asset.

Useful economic life of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economics lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement future investments, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of the fixtures and fittings, computer, freehold land and buildings and leasehold improvements, and note 12 for the useful economic lives for each class of assets.

Impairment of goodwill and other intangibles

The company tests annually whether goodwill and other intangibles have suffered any impairment in accordance with the accounting policy stated. The recoverable amounts have been determined based on value-in-use calculations.

Capitalisation of research and development

The company capitalises a proportion of the research and development annual expense. This is based on managements judgement that these relate to expenses incurred to produce or substantially improve products or systems, rather than pure and applied research costs.

GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Invoice Factoring
-
476,560
Loan Financing
14,461,221
25,263,919
Fund Management
5,073,849
7,118,676
19,535,070
32,859,155
2024
2023
£
£
Turnover analysed by geographical market
UK
19,535,070
32,563,704
Europe
-
295,451
19,535,070
32,859,155
2024
2023
£
£
Other revenue
Interest income
34
934
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange losses/(gains)
5,498
(15,171)
Fees payable to the group's auditor for the audit of the group's financial statements
4,000
4,800
Fees payable to the group's auditor for the audit of the the company's subsidiaries
36,250
35,800
Depreciation of owned tangible fixed assets
71,547
70,818
Amortisation of intangible assets
87,523
34,883
Operating lease charges
-
91,955
5
Employees

The average monthly number of persons (including the director) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
20
45
1
1
GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,333,613
4,845,222
-
0
-
0
Social security costs
327,948
491,785
-
-
Pension costs
26,364
68,787
-
0
-
0
3,687,925
5,405,794
-
0
-
0
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
322,059
440,956
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
332,059
440,956
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
34
934
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
34
934
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
542,948
1,828,923
GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
9
Amounts written off investments
2024
2023
£
£
Amounts written off investments held at fair value
(3,761,394)
-
Other gains and losses
(1,692,202)
201,958
(5,453,596)
201,958

For the year ended 31 December 2024, the group recognised fair value impairment losses totalling £1,692,202 (2023: gain £201,958).

The amount of £3,761,394 (2023: £nil) relates to the impairment of an investment held by a group member during the year.

10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,309
2,260

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(5,510,957)
(1,854,660)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(1,377,739)
(463,665)
Tax effect of expenses that are not deductible in determining taxable profit
(64,770)
-
0
Group relief
-
0
4,145
Losses carried forward
1,443,818
461,780
Taxation charge
1,309
2,260
GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
11
Intangible fixed assets
Group
System Development costs
Goodwill on consolidation
Total
£
£
£
Cost
At 1 January 2024
630,279
1,154,022
1,784,301
Additions
477,724
-
0
477,724
At 31 December 2024
1,108,003
1,154,022
2,262,025
Amortisation and impairment
At 1 January 2024
52,998
1,154,022
1,207,020
Amortisation charged for the year
87,523
-
0
87,523
At 31 December 2024
140,521
1,154,022
1,294,543
Carrying amount
At 31 December 2024
967,482
-
0
967,482
At 31 December 2023
577,281
-
0
577,281
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2024
480,376
185,579
254,078
80,075
1,000,108
Additions
-
0
-
0
1,517
3,467
4,984
Disposals
-
0
(53,196)
(94,897)
-
0
(148,093)
At 31 December 2024
480,376
132,383
160,698
83,542
856,999
Depreciation and impairment
At 1 January 2024
19,216
92,098
210,584
68,298
390,196
Depreciation charged in the year
9,608
31,813
18,458
11,668
71,547
Eliminated in respect of disposals
-
0
(53,196)
(94,897)
-
0
(148,093)
At 31 December 2024
28,824
70,715
134,145
79,966
313,650
Carrying amount
At 31 December 2024
451,552
61,668
26,553
3,576
543,349
At 31 December 2023
461,160
93,481
43,494
11,777
609,912
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
243,461
243,461
Unlisted investments
5,745,585
7,700,442
-
0
-
0
5,745,585
7,700,442
243,461
243,461

Unlisted investments include monies held in Industrial Lending 1 S.A., Industrial Lending 2 SCSp, Cross21 PLC and Salamanca 2 funds. Also included is an investment in Growth Lending 2024 Limited held by Growth Lending Junior Investments Limited. These are funds which are managed by entities within the Growth Lending Group Limited.

Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2024
7,700,442
Additions
4,060,427
Valuation changes
(5,566,761)
Capital repayments
(448,523)
At 31 December 2024
5,745,585
Carrying amount
At 31 December 2024
5,745,585
At 31 December 2023
7,700,442
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
243,461
Carrying amount
At 31 December 2024
243,461
At 31 December 2023
243,461
GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Boost&Co Limited
United Kingdom
Ordinary
100.00
-
Growth Lending 2021 Limited
United Kingdom
Ordinary
100.00
-
Growth Lending 2020 Limited
United Kingdom
Ordinary
100.00
-
Boost&Co Services Limited
United Kingdom
Ordinary
100.00
-
Vicarage No.1 Management Limited
United Kingdom
Ordinary
100.00
-
Growth Lending Limited
United Kingdom
Ordinary
100.00
-
King's Cross Capital Limited
United Kingdom
Ordinary
100.00
-
Growth Lending OR Limited
United Kingdom
Ordinary
0
100.00
Gapcap Limited
United Kingdom
Ordinary
0
100.00
Gapcap Invo Limited
United Kingdom
Ordinary
0
100.00
Boost & Co GP
Luxembourg
Ordinary
0
100.00
IL2 Currency Feeder SCSp
Luxembourg
Ordinary
0
100.00
Boost & Co Services PTY
South Africa
Ordinary
0
100.00
Boost & Co Property PTY
South Africa
Ordinary
0
100.00
Growth Lending SIF Limited
United Kingdom
Ordinary
100.00
-
Vicarage FID Limited
United Kingdom
Ordinary
100.00
-
Growth Lending Junior Investments Limited
United Kingdom
Ordinary
100.00
-
GL 2024 Limited
United Kingdom
Ordinary
100.00
-
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
30,874,358
41,665,720
-
0
-
0
Corporation tax recoverable
3,188
2,113
-
0
-
0
Other debtors
5,734,317
6,374,713
2,341
101
Prepayments and accrued income
1,569,042
957,512
-
0
-
0
38,180,905
49,000,058
2,341
101
Amounts falling due after more than one year:
Trade debtors
46,907,447
67,244,164
-
0
-
0
Total debtors
85,088,352
116,244,222
2,341
101
GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Debtors
(Continued)
- 29 -

Growth Lending 2020 Limited and Growth Lending 2021 Limited were incorporated as a special purpose vehicle for the origination of loans with UK SMEs pursuant to the Coronavirus Business Interruption Loan Scheme ("CBILS") and Recovery Loan Scheme ("RLS"). GL 2024 Limited was incorporated for the same purpose during the reporting period and advanced £40,750,000 which is fully repayable in greater than 1 year. A bad debt provision of £2,049,000 has been provided against this balance.

Balances due as at 31 December 2024 includes capital of £30,874,358 (202 3: £41,596,060) to be received in the following year, with a further £46,907,447 (202 3: £67,244,164) repayable in greater than 1 year.

Within other debtors there are RCF Receivables of £3,865,274 (202 3: £4,665,274) which relate to amounts provided to 3rd parties on an arms-length basis on which securities are prov id ed as part of the company's ongoing activity.

At 31 December 2024 and 2023, the amount falling due after more than one year were measured at amortised cost using the effective interest rate.

16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
-
0
4,682,697
-
0
-
0
Other borrowings
18
318,442
-
0
-
0
-
0
Trade creditors
4,326,081
2,454,659
13,440
-
0
Other taxation and social security
1,173,056
714,239
-
-
Other creditors
34,491,407
50,128,103
245,252
245,252
Accruals and deferred income
360,631
80,485
-
0
-
0
40,669,617
58,060,183
258,692
245,252

Included in other creditors is a debt, repayable on demand, that relates to funds received in Gapcap Limited from IL2, a 3rd party lender. The terms of the debt carry a market led interest rate.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
7,898,670
-
0
-
0
-
0
Trade creditors
51,404,796
59,976,039
-
0
-
0
Other creditors
7,420,639
23,009,192
-
0
-
0
66,724,105
82,985,231
-
-

Within bank loans and overdrafts is an Aros Kapital loan which is repayable by 5 August 2029, with the rate of interest on the loan being 10% per annum. Interest paid to the balance sheet date is £287,948 (202 3: £nil).

GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
7,898,670
4,682,697
-
0
-
0
Other loans
318,442
-
0
-
0
-
0
8,217,112
4,682,697
-
-
Payable within one year
318,442
4,682,697
-
0
-
0
Payable after one year
7,898,670
-
0
-
0
-
0

No loans or debts within the group are due over 5 years.

The short term facility loans were secured by fixed and floating charges over the company's assets. These charges were taken out on 16 March 2020 and satisfied during the year on 19 September 2024 between the company and the main lender. Interest was charged on an arms length basis.

A new charge was raised with Aros Kapital Limited on 5 August 2024 which is secured by fixed and floating charges over the company's assets. This is repayable by 5 August 2029, with the rate of interest on the loan being 10% per annum.

Subsequent to the year end date, the charge on the Aros Kapital Loan was satisfied on 8 May 2025.

19
Securities and charges

Company & Group

During the period ending 31 December 2020, fixed and floating charges were raised on the Company by Cairn Private Credit. Commercial rates of interest were charged either directly or indirectly during the period. During the year end the charge of Cairns was satisfied on the 19 September 2024.

A new fixed charge over the assets of the company was provided in favour of Aros Kapital Limited on the 5 August 2024 and subsequently settled after the balance sheet date on 8 May 2025.

Amounts under charge

Total amount of creditors under one year held under securities and charges is £nil (2023: £nil) in respects to the Company, and £nil (2023: £4,682,697) in respect of the Group and amount of creditors due over one year held under securities and charges is £nil (2023: £nil) in respects to the Company, and £7,898,670 (2023: £Nil) in respects to the Group.

GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
8,367
8,367
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,364
68,787

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100

23
Contingent liabilities

As at the balance sheet date, the group has a potential future liability in respects to amounts owed by a related company to a 3rd party. The amount due is based on the outcome of scenarios outside of this group and as such both the expectation of liability, the date of the liabilities, and the amount due to the 3rd party can, at the balance sheet date, not be accurately estimated.

GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
228,420
228,420
-
-
Between two and five years
270,629
509,521
-
-
In over five years
-
31,414
-
-
499,049
769,355
-
-
25
Events after the reporting date

At the balance sheet date, the group had submitted a voluntary request to strike the following subsidiaries from the company register:

- Vicarage FID Limited

- Gapcap Invo Limited

- Growth Lending SIF Limited

- Growth Lending FID Limited

- Growth Lending OR Limited

- Vicarage FID 2023 Limited

These were all dissolved subsequent to the balance sheet date.

26
Related party transactions

Within Boost & Co Limited there is a balance of £1,025,827 (2023: £661,613) included in other debtors which

relates to a loan with Growth Lending LLC (USA Registered Company) . This balance is interest free and

repayable on demand.

Within Growth Lending Junior Investments there is a balance of £318,442 (2023: £nil) included in other debtors which relates to a loan with Growth Lending 2024 Limited. This balance is interest free and repayable on demand.

As at the balance sheet date the company owed Growth Lending LLC (USA Registered Company), where director L Mysyrowicz is the ultimate controlling party, £81,579 (2023: £81,579). Within Growth Lending Limited there is a balance of £Nil (2023: £460,545) included in other creditors relating to Growth Lending LLC . All related party transactions are conducted on an arm's length basis.

GROWTH LENDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
27
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Loss after taxation
(5,512,266)
(1,856,920)
Adjustments for:
Taxation charged
1,309
2,260
Finance costs
542,948
1,828,923
Investment income
(34)
(934)
Amortisation and impairment of intangible assets
87,523
486,183
Depreciation and impairment of tangible fixed assets
71,547
70,818
Other gains and losses
5,453,596
(201,958)
Movements in working capital:
Decrease in debtors
31,156,945
120,589,470
Decrease in creditors
(36,867,665)
(19,911,709)
Cash (absorbed by)/generated from operations
(5,066,097)
101,006,133
28
Analysis of changes in net funds/(debt) - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
9,703,479
(6,376,869)
3,326,610
Borrowings excluding overdrafts
(4,682,697)
(3,534,415)
(8,217,112)
5,020,782
(9,911,284)
(4,890,502)
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