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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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OCTANE CAPITAL LIMITED
COMPANY INFORMATION
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OCTANE CAPITAL LIMITED
CONTENTS
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OCTANE CAPITAL LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their annual report on the affairs of the Company together with the financial statements and auditor's report for the year ended 31 December 2025. This strategic report has been prepared for the Group and gives greater emphasis to those matters which are significant to the Company.
Octane Capital Limited is the parent company of the Octane Group (the "Group"), which as at the balance sheet date consists of Octane Capital Limited and three wholly owned subsidiaries.
The Group’s principal activity is the origination and administration of short to medium-term bridging finance and specialist buy to let loans in the property sector. The Group looks to differentiate itself from competitors within the market with a productless approach, pricing loans based on the risk of each individual deal and set of circumstances.
The Group’s financial risk management seeks to minimise the exposure to price risk, credit risk and liquidity and cash flow risk.
Price Risk The main risk the Group faces is that the property market could fall significantly, which could result in difficulty in recouping the full exposure of loans. The key mitigant to this risk is that the average loan to value of loans advanced are maintained at a conservative level to allow for reasonable buffer should property prices fall. This risk is further mitigated by the fact the loans are short term in nature and closely monitored throughout the term of the loan. Credit Risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. The elevated interest rate environment creates risk to the Group through increased borrowing costs and servicing risk from customers being able to meet their loan repayments within scheduled timeframes. As a productless lender who prices loans based on risk, the Group will continue to assess pricing and loan to values on a case-by-case basis. Customer credit risk is analysed on a case by case basis during the underwriting process, and continually monitored by an experienced credit team. Liquidity and Cashflow Risk Liquidity and cashflow risk are managed by ensuring sufficient cash is available to fund the Group’s ongoing and future operations. The Group has aligned its financial liabilities with its financial assets so as to mitigate the impact to cashflow otherwise arising from fluctuations in interest rates. Liquiditity risk is the risk that a party will encounter difficulty in meeting obligations associated with financial liabilities. The Group manages this risk through ongoing cashflow forecasting, together with ensuring it has sufficient credit facilities in place so as to ensure it can meet liabilities as they fall due.
The financial key performance indicator for the Group is turnover. Turnover for the year was £40,219,031 (2024: £40,684,373).
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OCTANE CAPITAL LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Other key performance indicators are brokers and introducers transacted with and conversion ratios of loan enquiry through to completion. The number of introducers engaged, and the conversion ratios were deemed by Directors to be acceptable.
This report was approved by the board on 3 June 2026 and signed on its behalf.
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OCTANE CAPITAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their report and the financial statements for the year ended 31 December 2025.
The Directors who served during the year were:
The Directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £7,348,906 (2024 - £9,227,161).
Dividends amounting to £Nil (2024: £Nil) were paid during the year.
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OCTANE CAPITAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
As disclosed in note 26, the Group sold its trade and certain assets in March 2026, and as a result has ceased originating new business.
The auditors, Nyman Libson Paul LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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OCTANE CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OCTANE CAPITAL LIMITED
We have audited the financial statements of Octane Capital Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the consolidated statement of comprehensive income, the consolidated analysis of net debt, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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).
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 Group 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.
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 Group's or the 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 Directors with respect to going concern are described in the relevant sections of this report.
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OCTANE CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OCTANE CAPITAL LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the Directors' report.
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OCTANE CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OCTANE CAPITAL LIMITED (CONTINUED)
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OCTANE CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OCTANE CAPITAL LIMITED (CONTINUED)
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 Group 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:
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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OCTANE CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OCTANE CAPITAL LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
124 Finchley Road
NW3 5JS
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OCTANE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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OCTANE CAPITAL LIMITED
REGISTERED NUMBER: 10481270
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 June 2026.
The notes on pages 17 to 31 form part of these financial statements.
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OCTANE CAPITAL LIMITED
REGISTERED NUMBER: 10481270
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 31 form part of these financial statements.
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OCTANE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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OCTANE CAPITAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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OCTANE CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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OCTANE CAPITAL LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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OCTANE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Octane Capital Limited is a private company limited by shares and incorporated in England. The address of its registered office and principal place of business is 20 Grafton Street, London, England, W1S 4DZ.
The Company's principal activity is that of a holding company and management of the Group.
2.Accounting policies
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.
The Group has taken advantage of exemptions provided by FRS 102, from disclosing key management personnel compensation and financial instruments, and from preparing a statement of cash flows, in the financial statements of its subsidiary undertakings. These exemptions are available to the subsidiaries by virtue of them being members of a Group where the parent undertaking of theS Group prepares publicly available consolidated financial statements which are intended to give a true and fair view and in which the subsidiary is included as part of the consolidation. Full disclosure of these items are presented in the these consolidated financial statements.
Subsidiary undertaking Octane Property Finance 2 Limited (company number 11145099) is exempt from the audit of its individual financial statements for the year ended 31 December 2025 by virtue of section 479A of the Companies Act 2006. The Company's functional and presentational currency is GBP, rounded to the nearest £1.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
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OCTANE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Group meets its day to day working capital requirements through the utilisation of its own funds and a loan from its parent company.
Existing funding facilities, forecasts and projections indicate that the Group has adequate resources to continue with some level of activity from minimal to full levels. After reviewing the Group's forecasts and projections, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements. Revenue for the Group consists of interest on loans issued and other set-up fees. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts and rebates, using the effective interest method which allocates interest and direct and incremental fees over the the expected useful lives of the loans. Revenue for the Company consists of management fees receivable for marketing and administration of the Group. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts and rebates, and is recognised in the period in which the management service is performed.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Costs are charged 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.
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OCTANE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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OCTANE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a Director in the case of a small company, or a public benefit entity concessionary loan.
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OCTANE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The following are the Group's key sources of estimation uncertainty: Accruals The Group makes an estimate of interest, commissions and other costs that relate to the current financial reporting period but have not yet been charged or invoiced. Provision for doubtful debts Trade debtors are recorded in the accounts at cost. Some debtors may not pay part or all of the balance due, and thus the debtor balance in the financial statements will need to be amortised to reflect the lower of cost and market value. The Company records a provision for bad debts to estimate the total impact of non-payments, considering factors such as the value of the outstanding amount in excess of the security, the recoverable amount ascertained by an independent valuer, the credit rating of customers, the ageing profile of debtors and historical experience.
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OCTANE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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OCTANE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Directors and heads of department are considered to be the key managers.
Remuneration and short term benefits payable to key management personnel during the period amounted to £2,036,280 (2024: £2,285,162).
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OCTANE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £
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OCTANE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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OCTANE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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OCTANE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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OCTANE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Secured loans
Included in amounts owed to group undertakings within one year & after more than one year are loans of £355,453,505 (2024: £388,332,004) due to ultimate parent company PCO HoldCo II Sarl. These loans are interest bearing at varying rates linked to the characteristics of the underlying borrower loans and are short and medium term in duration up to a maximum of 5 years. The loans are secured by fixed and floating charge over the assets of the Company and by a legal charge against the properties.
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OCTANE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Share premium account
Profit and loss account
The Directors are aware that HMRC consider that some of the interest payable previously recognised as deductible could be treated as a deemed distribution for corporation tax purposes, resulting in a potential additional corporation tax liability. However, on advice from external tax advisors, the Directors consider that it is unlikely that a disallowance will arise. The potential financial impact of any such disallowance cannot be estimated reliably at this time.
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OCTANE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group operates a defined contribution scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £34,879 (2024: £30,948). At the year end contributions totalling £Nil (2024: £6,609) were outstanding.
As the transaction was entered into after the balance sheet date and had not completed by the date these financial statements were authorised for issue, it reflects conditions that arose after the year end. Therefore, no adjustments have been made to the financial statements in respect of this event. The Directors have assessed the implications of the transaction and concluded that the Company will be able to meet its liabilities as they fall due through the proceeds of the transaction, existing cash resources and continued support from its parent undertaking.
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OCTANE CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The immediate parent company is PCO Holdco II S.à r.l, a company incorporated and registered in the Luxembourg. At 31 December 2025 the ultimate parent company is Letterone Investment Holdings S.A, incorporated and registered in Luxembourg.
The largest and smallest group of undertakings for which group accounts are drawn up and of which the Company is included is Octane Capital Limited.
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