ACCOUNTS - Final Accounts

Registered number: 16058790

BG LENDING PLC

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2026

BG LENDING PLC

COMPANY INFORMATION

Directors	D D Bendavid
	A P Ozel


Registered number	16058790


Registered office	32-33 St. James's Place
	First Floor
	London
	England
	SW1A 1NR


Independent auditors	Harris & Trotter LLP
	Chartered Accountants & Registered Auditors
	101 New Cavendish Street
	1st Floor South
	London
	W1W 6XH

BG LENDING PLC

CONTENTS

	Page
Strategic Report	1 - 3
Directors' Report	4 - 5
Independent Auditors' Report	6 - 9
Statement of Comprehensive Income	10
Statement of Financial Position	11 - 12
Statement of Changes in Equity	13
Notes to the Financial Statements	14 - 22

BG LENDING PLC

STRATEGIC REPORT

FOR THE PERIOD ENDED 28 FEBRUARY 2026

Introduction

The directors present the strategic report of BG Lending PLC (the “Company”) for the period ended 28 February 2026. This is the first set of statutory accounts prepared by the Company since its incorporation.

Business review

BG Lending PLC was established as a specialist lender providing short-term real estate-backed bridging and development finance, with a focus on borrowers and underlying security located across the United Kingdom and Continental Europe. The Company commenced trading during the period and, as such, no prior year comparatives are presented.

The directors are pleased to report the following key financial highlights for the period:
The Company generated turnover of £250,485 in its inaugural reporting period, derived from a combination of fee income generated on origination and management of facilities. Cost of sales of £605,653 produced a gross loss of £355,168. The interest income earned from the loan portofolio was £1,444,198 and interest payable to investors was £794,811. After administrative costs of £227,673, the Company recorded an operating profit of £66,547 and a profit after taxation of £49,902.

The loan portfolio at the period end comprised a diversified book of borrower exposures across multiple jurisdictions and currencies, funded by a combination of senior investor facilities and intercompany support from related entities within the wider group. The Company maintains operational accounts in Sterling, Euro, US Dollars and Swiss Franc to facilitate its cross-border lending activity and to align funding with the underlying currency of each facility.

The directors consider the results for the period to represent a satisfactory start to the Company’s trading history, demonstrating the successful establishment of an operating platform, the deployment of capital into income-generating assets, and the achievement of profitability in the first reporting period.

Page 1

BG LENDING PLC

STRATEGIC REPORT (CONTINUED)

FOR THE PERIOD ENDED 28 FEBRUARY 2026

Principal risks and uncertainties

As a newly established lender, the Company is exposed to a range of risks inherent to the specialist real estate finance sector, principally related to macroeconomic conditions and the specific nature of its lending activities. While the directors are satisfied that the Company has been positioned to manage these risks through prudent underwriting standards and active portfolio management, it is important to acknowledge the uncertainties that remain.

The directors are conscious of the competitive environment in the markets in which the Company operates, particularly within the property financing and bridging lending sector. To establish and protect the Company’s position, the directors continue to invest in strategic relationships with introducers, brokers and institutional partners, and tailor lending solutions to meet the requirements of borrowers and the expectations of investors.
Credit risk arising from borrower default is mitigated through the Company’s underwriting framework, which includes professional valuations, legal due diligence, and the taking of first-ranking security over the underlying real estate assets. Loan-to-value covenants and structured exit arrangements are applied on a deal-by-deal basis.

Breaches of cyber and information security present operational and reputational risks which are mitigated by:
• specific training of all personnel commensurate with their roles;
• systems designed to deliver security analytics, detection, prevention and threat visibility; and
• use of external consultants to undertake regular penetration testing.

Foreign exchange risk is managed by aligning the funding currency of each facility with the currency of the underlying loan asset, such that material currency exposures are matched at facility level. Residual exposure arising from fee income and cash held in operational accounts is monitored on an ongoing basis. Liquidity risk is managed through the maintenance of cash balances across the Company’s operating accounts and through coordinated funding arrangements with investors.

As a service-oriented business, recruiting, retaining and motivating skilled personnel at all levels of the organisation is recognised as fundamental to the long-term success of the Company. The directors are committed to building a stable team and to this end have implemented:
• a hybrid working policy;
• an open door policy across all levels of seniority;
• regular performance discussions;
• competitive pay and benefits; and
• director-level accountability for employee engagement.

Financial key performance indicators

As this is the first reporting period of the Company, comparative key performance indicators are not yet available. The directors will, going forward, monitor the growth and quality of the loan portfolio, gross margin, and profitability as the principal financial measures of performance. These indicators reflect the Company’s capacity to expand its lending operations and to generate sustainable returns from its underwriting activities.

Other key performance indicators

Key non-financial performance indicators include the number of new borrower relationships established, the diversification of the loan book by geography and asset type, and the maintenance of strong working relationships with introducers and investors.

Page 2

BG LENDING PLC

STRATEGIC REPORT (CONTINUED)

FOR THE PERIOD ENDED 28 FEBRUARY 2026

This report was approved by the board on 29 May 2026 and signed on its behalf.

D D Bendavid

Director

Page 3

BG LENDING PLC

DIRECTORS' REPORT

FOR THE PERIOD ENDED 28 FEBRUARY 2026

The directors present their report and the financial statements for the period ended 28 February 2026.

Directors

The directors who served during the period were:

D D Bendavid

A P Ozel

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Results and dividends

The profit for the period, after taxation, amounted to £49,902.

No ordinary dividends were declared or paid during the year, and the directors have resolved not to recommend the payment of a final dividend.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 4

BG LENDING PLC

DIRECTORS' REPORT (CONTINUED)

FOR THE PERIOD ENDED 28 FEBRUARY 2026

Auditors

The auditors, Harris & Trotter LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 May 2026 and signed on its behalf.

D D Bendavid

Director

Page 5

BG LENDING PLC

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BG LENDING PLC

Opinion

We have audited the financial statements of BG Lending Plc (the 'Company') for the period ended 28 February 2026, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of 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 Company's affairs as at 28 February 2026 and of its profit for the period 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Page 6

BG LENDING PLC

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BG LENDING PLC (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are 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.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

∙the 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; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime

Page 7

BG LENDING PLC

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BG LENDING PLC (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 Auditors' 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 objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, our procedures included the following:

• We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.

• We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management.

• We challenged assumptions and judgments made by management in its significant accounting estimates.

We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 8

BG LENDING PLC

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BG LENDING PLC (CONTINUED)

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 Auditors' 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.

Stephen Haffner (Senior Statutory Auditor)

for and on behalf of

Harris & Trotter LLP

Chartered Accountants

Registered Auditors

101 New Cavendish Street

1st Floor South

London

W1W 6XH

29 May 2026

Page 9

BG LENDING PLC

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 28 FEBRUARY 2026

	28 February
	2026
Note	£


Turnover	4	250,485
Cost of sales		(605,653)
Gross (loss)/profit		(355,168)
Administrative expenses		(227,673)
Operating (loss)/profit		(582,841)
Interest receivable and similar income		1,444,198
Interest payable and similar expenses		(794,811)
Profit before tax		66,546
Tax on profit	8	(16,644)
Profit for the financial period		49,902

There were no recognised gains and losses for 2026 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2026.

The notes on pages 14 to 22 form part of these financial statements.

Page 10

BG LENDING PLC

REGISTERED NUMBER: 16058790

STATEMENT OF FINANCIAL POSITION

AS AT 28 FEBRUARY 2026

		2026
Note		£

Fixed assets
Investments	9		774,783
			774,783
Current assets
Debtors: amounts falling due after more than one year	10	29,079,160
Debtors: amounts falling due within one year	10	1,390,180
Cash at bank and in hand	11	11,945,920
		42,415,260
Creditors: amounts falling due within one year	12	(1,968,670)
Net current assets			40,446,590
Total assets less current liabilities			41,221,373
Creditors: amounts falling due after more than one year	13		(41,158,971)

Net assets			62,402

Capital and reserves
Called up share capital	15	12,500
Profit and loss account	16	49,902
		62,402

Page 11

BG LENDING PLC

REGISTERED NUMBER: 16058790

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 28 FEBRUARY 2026

The Company's 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 authorised for issue by the board and were signed on its behalf on 29 May 2026.

D D Bendavid

Director

The notes on pages 14 to 22 form part of these financial statements.

Page 12

BG LENDING PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 28 FEBRUARY 2026

	Called up share capital	Profit and loss account	Total equity
	£	£	£
Comprehensive income for the period
Profit for the period	-	49,902	49,902
Contributions by and distributions to owners
Shares issued during the period	12,500	-	12,500
At 28 February 2026	12,500	49,902	62,402

The notes on pages 14 to 22 form part of these financial statements.

Page 13

BG LENDING PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2026

1.	General information

BG Lending PLC is a private company, limited by shares incorporated in England and Wales (registered number: 16058790). The registered office address and principal place of business of the company is 32-33 St. James's Place, First Floor, London, England, SW1A 1NR

The principal activity of the company is that of property financing and lending.

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 Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated
current and forecasted operational results, and the solvency of the company. As a result, the
directors consider it appropriate to prepare the financial statements on a going concern basis.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 14

BG LENDING PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2026

2.Accounting policies (continued)

2.4

Revenue

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Interest income

Revenue from loans advanced to customers is recognised over the period of the agreement.

Exit & extension fees

Revenue from these sources are recognised from the inception of the loan agreement.

Arrangement and administration fees

Revenue from arrangement and administration fees are recognised in accordance with the terms
and conditions of each loan agreement.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 15

BG LENDING PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2026

2.Accounting policies (continued)

2.6

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.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.8

Taxation

Tax is recognised in profit or loss 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Cash and cash equivalents

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.

2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 16

BG LENDING PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2026

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgments and assumptions about the carrying values of assets and the liabilities that are not readily apparent from other sources. The estimates and underlying 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 revisions affect only that period, or in the period of the revisions and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Recoverability and impairment of current assets.

The determination of whether there are indicators of impairment of the company's current assets and determination of the recoverability of amounts owed by third party and intercompany requires judgement in order to consider the fair value and any need for impairment.

4.	Turnover
	An analysis of turnover by class of business is as follows:
		28 February
		2026
		£

	Exit fees	54,042
	Arrangement fees	170,153
	Administrative fees	26,290
		250,485

Analysis of turnover by country of destination:

					28 February
					2026
					£

	United Kingdom	250,485
		250,485

Page 17

BG LENDING PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2026

5.	Auditors' remuneration
	During the period, the Company obtained the following services from the Company's auditors:
		28 February
		2026
		£

Fees payable to the Company's auditors for the audit of the Company's financial statements

19,000

Employees

The average monthly number of employees, including the directors, during the period was as follows:

			28 February
			2026
			No.

		Directors	2

7.	Directors' remuneration
		28 February
		2026
		£

	Directors' emoluments	100,000
		100,000

Page 18

BG LENDING PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2026

8.	Taxation

		28 February
		2026
		£

	Corporation tax
	Current tax on profits for the year	16,644
		16,644

	Total current tax	16,644

	Deferred tax
	Total deferred tax	-


	Tax on profit	16,644

	Factors affecting tax charge for the period
	The tax assessed for the period is the same as the standard rate of corporation tax in the UK of 25% as set out below:
					28 February
					2026
					£

Profit on ordinary activities before tax

66,546

	Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%	16,637
	Effects of:
	Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	1,083
	Marginal relief	(1,076)
	Total tax charge for the period	16,644

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

BG LENDING PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2026

9.	Fixed asset investments

		Unlisted investments
		£
	Cost or valuation
	Additions	774,783
	At 28 February 2026	774,783

10.	Debtors
		2026
		£

	Due after more than one year
	Amounts owed by group undertakings	35,617
	Other debtors	29,043,543
		29,079,160

					2026
					£

	Due within one year
	Other debtors	222,991
	Prepayments and accrued income	1,167,189
		1,390,180

11.	Cash and cash equivalents
		2026
		£

	Cash at bank and in hand	11,945,920
		11,945,920

Page 20

BG LENDING PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2026

12.	Creditors: Amounts falling due within one year
		2026
		£

	Corporation tax	16,644
	Other taxation and social security	6,600
	Other creditors	7,775
	Accruals and deferred income	1,937,651
		1,968,670

13.	Creditors: Amounts falling due after more than one year
		2026
		£

	Other loans	41,158,971
		41,158,971

14.	Loans
	Analysis of the maturity of loans is given below:
		2026
		£


	Amounts falling due 1-2 years
	Other loans	41,158,970
		41,158,970


		41,158,970

Page 21

BG LENDING PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2026

15.	Share capital
		2026
		£

		Allotted, called up and fully paid

		12,500 Ordinary Shares shares of £1.00 each	12,500

The company has issued 12,500 ordinary shares of £1 each during the period.

16.

Reserves

Profit and loss account

The profit and loss reserve contains the cumulative balances of retained profit and losses since the company started trading. It is a distributable reserve.

17.	Analysis of net debt

		Cash flows	At 28 February 2026
		£	£

Cash at bank and in hand	11,945,920	11,945,920
Debt due after 1 year	(41,158,970)	(41,158,970)
	(29,213,050)	(29,213,050)

18.	Related party transactions
	FRS 102 does not require disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

19.	Controlling party

The ultimate controlling party is BG International Finances S.a.r.l. incorporated in Luxembourg.

Page 22