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Company Number 09182194
Koala Warehouse Limited
Annual report and unaudited financial statement  
For the year ended 31 March 2024
Koala Warehouse Limited
Annual report and financial statements for the year ended 31 March 2024
Contents
Page:
Company Information
1
Strategic report
2
Directors’ report
5
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes forming part of the financial statements
10
1
Koala Warehouse Limited
Company registration number: 09182194
Company Information
Directors
Suleman Baig
Abhimanyu Singh Dahiya
Company secretary
CSC Corporate Services (London) Limited
Registered office
5 Churchill place
10th floor
London
United Kingdom
E14 5HU
Company number
09182194
(England and Wales)
2
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Koala Warehouse Limited
Company registration number:
09182194
Strategic report for the year ended 31 March 2024
The directors present their strategic report with the unaudited financial statements of Koala Warehouse
Limited (the ‘‘Company’’) for the year ended 31 March 2024.
The Company qualifies as a small company in accordance with sections 381-383 of the Companies Act 2006
(the “Act”). For the year ended 31 March 2024, the Company was entitled to audit exemptions under section
477 of the Companies Act 2006 (the “Act”).
Principal activities and business review
The Company was incorporated on 19 August 2014 in England, United Kingdom and is registered in England
and Wales under the Companies Act 2006. On 25 March 2021, 100% of the share capital of the Company
was acquired by Kayl Holdco S.a.r.l. (“Parent Company”), a company registered in Luxembourg, from Koala
Bidco Limited. On 29 July, 2022, the Company and its Parent Company, Kayl Holdco S.a.r.l., were disposed
by Koala Cayman Limited (“KCL”) to Eucalyptus Mortgages 2022 Limited (“Eucalyptus”), a company
incorporated in England and Wales. As a result, the Company ceased to be part of the KCL Group.
In September 2022, the Company sold its entire live mortgage portfolio to its immediate parent, Kayl Holdco
S.a.r.l., at book value. The Company also sold its beneficial interests in certificates in Gemgarto 2018-1 plc
and Finsbury Square 2019-2 plc at fair value.
The principal activities of the Company are to hold a small number of mortgages that are not suitable for
securitisation and to receive cash from its holdings in subordinated loans and certificates in Special purpose
vehicles (“SPV”).
The administration and accounting services of the Company are provided by CSC Corporate Services
(London) Limited.
The results for the year ended 31 March 2024 are set out on page 7.
Key performance indicators
The directors believe that the following KPIs are most relevant to the nature and purpose of the Company:
2024
2023
£’000
£’000
Profit / (Loss) after taxation
1,136
(21,467)
Cash and cash equivalents
311
175
Net Liabilities
(19,189)
(20,325)
Principal risks and uncertainties
As of 31 March 2024, the Company is subject to a number of risks that could adversely affect the business
and the directors will continue to monitor and manage those risks.
Risk management is carried out consistently with the Company’s risk management framework. The
Company’s risk management approach seeks to minimise the potential adverse effects of these risks on the
financial performance of the Company.
The main risks arising from the Company’s operations are credit risk, liquidity risk and interest rate risk.
The directors review and agree policies for managing each of these risks and they are summarised below.
3
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Koala Warehouse Limited
Company registration number:
09182194
Strategic report for the year ended 31 March 2024 (continued)
Principal risks and uncertainties (continued)
Credit risk
Credit risk reflects the risk that Mortgage Loan borrowers including the underlying borrowers of the SPVs
will not meet their obligations as they fall due, which would ultimately affect the Company’s ability to repay
its liabilities.
Credit risk is the risk that borrowers of the mortgages will not be able to meet their obligations as they fall
due. All mortgage loans purchased by the Company or by the underlying SPV were required to adhere to
specific lending criteria. The ongoing credit risk of the mortgage loans (and particularly in respect of
accounts in arrears) is closely monitored by Kensington Mortgage Company Limited (“Servicer” or “KMC”)
through an assessment of each customer and the prevailing macroeconomic environment.
Performance including level of arrears continues to be closely monitored and any relevant corrective action
is taken as appropriate. Arrears management and recovery processes have continued with the aim of
maximising customer rehabilitation.
The directors continue to closely monitor the economic landscape to ensure the Company is best placed to
respond to any pressures that may impact assets performance and proactively consider strategies to
mitigate any adverse assets impact should these pressures occur.
Interest rate risk
Interest rate risk exists where interest rates on assets and liabilities are either set according to different
basis or reset at different times. The Company is exposed to interest rate risk because the interest bearing
loan (“IBL”) is subject to fixed interest rate while the subordinated loan in SPV is subject to Sterling
Overnight Index Average (“SONIA”).
Liquidity risk
Liquidity risk is the risk that the Company is not able to meet its financial obligations as they fall due or can
do so only at an unacceptably high cost.
Macroeconomic considerations
The directors recognise that future developments in the wider economy may continue to influence the
performance of the Mortgage Loans, particularly through their impact on cash flows and default rates. The
Company continues to monitor these factors closely as part of its ongoing risk management framework.
The UK has faced significant economic uncertainty in recent years. As of May 2026, the Consumer Price
Index (CPI) inflation rate, as reported by the Office for National Statistics (ONS), is 2.8%. Although it has
reduced significantly since 2022 and 2023, it is still higher than the government's long-term target of
2.00%. To mitigate the risk of inflationary spikes, the Bank of England has implemented further cuts
reducing its base rate to 3.75% as of May 2026.
Additionally, the increase in employers’ National Insurance contributions from April 2025 has raised labour
costs for businesses, potentially placing upward pressure on unemployment. At the same time, a higher-for-
longer interest rate environment and ongoing cost pressures are constraining both business investment and
consumer demand. Furthermore, the recent escalation in the Iran–Israel conflict, including the involvement
of the US, has increased global geopolitical uncertainty. Heightened tensions in the Middle East, including
disruption to key energy transit routes, have contributed to volatility in energy prices and financial markets.
The evolving nature of the situation presents downside risks to global growth through potential supply chain
disruption, inflationary pressures, and reduced investor confidence.
4
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Koala Warehouse Limited
Company registration number:
09182194
Strategic report for the year ended 31 March 2024 (continued)
Macroeconomic considerations (continued)
While the extent and duration of the effect of this economic uncertainty remains unclear, there is a risk of
financial instability for the Company; for example, a detrimental effect on the UK economy may ultimately
impact the borrowers’ ability to repay the Mortgage Loans, or on the Servicer’s ability to continue to
effectively
service the loans. However, as at the reporting date there has been no material impact from these
macroeconomic factors on the Company’s financial performance or cash flows.
Future business development and strategy
The directors do not intend for the Company to acquire further assets and, once the existing assets have
been fully recovered and all liabilities discharged, the Directors expect to liquidate the Company.
Events after the statement of Financial Position date
There have been no significant events affecting the Company since the year end.                                   
                                   
                                                                                                                                                                                                           
Abhimanyu Singh Dahiya
Director
Date: 22 June 2026
5
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Koala Warehouse Limited
Company registration number:
09182194
Directors’ report for the year ended 31 March 2024
The directors present their annual report together with the unaudited financial statements of the Company
for the year ended 31 March 2024.
Certain information required to be included in a Directors’ Report can be found in the Strategic Report of the
Annual Report.
Dividends
The directors do not recommend the payment of a dividend (2023: £nil).
Directors and their interests
The directors of the Company who were in office during the year and up to the date of signing the financial
statements were:
  Suleman Baig
  Abhimanyu Singh Dahiya
None of the above-mentioned directors are directors of the ultimate parent company or had a beneficial
interest in the ordinary share capital of the Company during the year ended 31 March 2024 (2023: none).
There are no directors’ interests requiring disclosure under the Companies Act 2006.
Company Secretary
Company secretarial duties were carried out by CSC Corporate Services (London) Limited (“CSC) and will
continue to do so subsequently.
Going concern
The Company has reported a profit of £1,136k (2023: Loss £21,467k) for the year and is in a net liability
position of £19,189k (2023: £20,325k) as at 31 March 2024.
The Directors have assessed the Company's financial position and future plans and have concluded that it is
no longer appropriate to prepare the financial statements on a going concern basis. This decision reflects
the Directors’ intention not to undertake any further trading activities or acquire additional assets. Instead,
the Company's outstanding liabilities will be settled in an orderly manner. Following this process, the
Directors anticipate that the Company will be placed into a formal liquidation.
Accordingly, the financial statements have been prepared on a basis other than going concern. This basis
assumes the settlement of liabilities. Despite this, no adjustments to the carrying values of assets or
liabilities were considered necessary at the reporting date, as the Directors believe that the carrying
amounts approximate to their recoverable or settlement amounts.
Employees
The Company does not have any employees (2023: none).
Qualifying third party indemnity provisions
Qualifying third party indemnity provisions for the benefit of the directors, in accordance with section 234 of
the Companies Act 2006, were in force during the year under review and remain in force as at the date of
approval of the financial statements.
Registered Address
On 6 May 2025, the Company changed its registered address from Ascot House Maidenhead Office Park
Maidenhead SL6 3QQ England to 5 Churchill Place 10th Floor London E14 5HU.
6
Koala Warehouse Limited
Company registration number:
09182194
Statement of directors' responsibilities in respect of the financial statements
The directors are responsible for preparing the Annual report and financial statements in accordance with applicable
law and regulation.
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 United Kingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 ‘The Financial
Reporting Standard applicable in the UK and Republic of Ireland’ and applicable law). 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 year.
In preparing these financial statements, the directors are 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; and
• 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 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.
On behalf of the Board
Abhimanyu Singh Dahiya
Director
Date: 22 June 2026
7
Koala Warehouse Limited
Company registration number:
09182194
Statement of comprehensive income for the year ended 31 March 2024
Note
2024
2023
£’000
£’000
Interest receivable and similar income
6
                186
560
Interest payable and similar expenses
7
(744)
(1,564)
Net interest and similar expense
                (558)
(1,004)
Impairment charge on loans and advances
13
                      -
  (3,387)
Fair value loss on financial investments
8
                      -
(12,670)
Loss on sale of financial investments
14
                      -
(4,113)
Operating expenses
                  (11)
(233)
loss on ordinary activities before taxation
                (569)
(21,407)
Taxation credit/(charge) on ordinary activities
                1,705
(60)
profit/loss for the financial year
                1,136
(21,467)
Total comprehensive income
                      -
-
Total comprehensive income/(expense) for the
financial year
                1,136
(21,467)
All amounts relate to continuing activities.
The accompanying notes on pages 10 to 18 are an integral part of these financial statements.
8
Koala Warehouse Limited
Company registration number:
09182194
Statement of Financial Position as at 31 March 2024
Note
2024
2023
£’000
£’000
Assets
Cash and cash equivalents
11
311
175
Debtors
1,705
-
Other assets
15
66
          27
Total Assets
2,082
202
Liabilities
Loans and borrowings
16
(20,662)
(19,918)
Other liabilities
17
(609)
(609)
Total Liabilities
(21,271)
(20,527)
Net Liabilities
(19,189)
(20,325)
Equity
Called up share capital
19
-
-
Profit and loss
(19,189)
(20,325)
Total Equity
(19,189)
(20,325)
For the year ended 31 March 2024 the Company was entitled to exemption under section 477 of the
Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts for the year in question in
accordance with section 476.
The directors acknowledge their responsibilities under the Companies Act 2006 with respect to accounting
records and for the preparation of accounts
These accounts have been prepared in accordance with the provisions applicable to companies subject to the
small companies regime.
The accompanying notes on pages 10 to 18 are an integral part of these financial statements.
The financial statements on pages 7 to 18 were approved and authorised for issue by the Board on 22 June
2026, and were signed on its behalf by;
Abhimanyu Singh Dahiya
Director
Date: 22 June 2026
9
Koala Warehouse Limited
Company registration number:
09182194
  Statement of changes in equity for the year ended 31 March 2024
Called up
share capital
Profit and loss
Total equity
£’000
£’000
£’000
Opening balance as at 1 April 2022
-
1,142
1,142
Total comprehensive expense for the
financial year
-
(21,467)
(21,467)
Balance as at 31 March 2023
-
(20,325)
(20,325)
Total comprehensive income for the financial year
-
1,136
1,136
Balance as at 31 March 2024
-
(19,189)
(19,189)
The Company has issued share capital of 1 ordinary share with nominal value, fully paid up, of £1. This
rounds down to zero and has been shown as such in these financial statements.
The accompanying notes on pages 10 to 18 are an integral part of these financial statements.
10
Koala Warehouse Limited
Company registration number:
09182194
Notes forming part of the financial statements for the year ended 31 March 2024
1.
2. Company information
The Company is a private limited company and was incorporated on 19 August 2014 and domiciled in
England, United Kingdom. On 06 May 2025, the Company changed its registered office address from
Maidenhead Office Park, Maidenhead, SL6 3QQ to 5 Churchill Place, 10th Floor, London, United Kingdom,
E14 5HU.
The principal activities of the Company are to hold a small number of mortgages that are not suitable for
securitisation and to receive cash from its holdings in subordinated loans in Special purpose vehicles
(“SPV”). The administration and accounting services are provided by CSC Corporate Services (London)
Limited as at 31 March 2024.
3. Statement of compliance and basis of preparation
The Company has adopted and is in compliance with United Kingdom Accounting Standards, Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and
the Republic of Ireland (the “FRS 102”) and the Companies Act 2006. The accounting policies which have
been applied consistently throughout the period to the Company’s financial statements are set out below.
The financial statements are prepared in sterling, which is the functional currency of the Company. All
amounts in the financial statements have been rounded to the nearest £1.
For the year ended 31 March 2024, the Company was entitled to audit exemptions under section 477 of the
Companies Act 2006 (the “Act”).
The directors have adjusted the format of the statement of comprehensive income and statement of
financial position as allowed under Companies Act 2006. In the opinion of the directors, net interest income
is a more appropriate measurement of the Company’s performance than turnover and cost of sales.
4. Going concern
The Company has reported a profit of £1,136k (2023: Loss £21,467k) for the year and is in a net liability
position of £19,189k (2023: Net liability position: £20,325k) as at 31 March 2024.
The Directors have assessed the Company's financial position and future plans and have concluded that it is
no longer appropriate to prepare the financial statements on a going concern basis. This decision reflects
the Directors’ intention not to undertake any further trading activities or acquire additional assets. Instead,
the Company's outstanding liabilities will be settled in an orderly manner. Following this process, the
Directors anticipate that the Company will be placed into a formal liquidation.
Accordingly, the financial statements have been prepared on a basis other than going concern. This basis
assumes the settlement of liabilities. Despite this, no adjustments to the carrying values of assets or
liabilities were considered necessary at the reporting date, as the Directors believe that the carrying
amounts approximate to their recoverable or settlement amounts.
5. Summary of significant accounting policies
The following accounting policies have been applied consistently in dealing with items which are considered
material in relation to the company's financial statements:
Interest income and expense
Interest income on financial assets that are classified as financial assets measured at amortised cost and
interest expense on financial liabilities measured at amortised cost is determined using the effective interest
rate method. The effective interest rate method is a method of calculating the amortised cost of a financial
asset or financial liabilities and of allocating the interest income or interest expense over the expected life of
the asset or liability. The effective interest rate is the rate that exactly discounts estimated future cash
flows to the instrument’s initial carrying amount.
11
Koala Warehouse Limited
Company registration number:
09182194
Notes forming part of the financial statements for the year ended 31 March 2024 (continued)
4. Summary of significant accounting policies (continued)
Financial instruments
Initial Recognition
Pursuant to FRS 102 section 12.2, the Company has chosen to apply the recognition and measurement
provisions of IAS 39 Financial Instruments: Recognition and Measurement, the disclosure requirements of
Sections 11 and 12 of FRS 102.
The Company recognises financial assets and liabilities when it becomes a party to the terms of the contract.
Purchases or sales of financial assets that require delivery of assets within a time frame established by
regulation or convention in the marketplace (regular way trades) are recognised on the trade date, i.e., the
date on which the Company contracts to purchase or sell the asset.
Loans and advances due to customers
They are classified as loans and receivables. These are measured at initial recognition at fair value and are
subsequently measured at amortised cost using the effective interest rate method. The initial fair value of the
mortgage Loans is based on the initial consideration paid. Appropriate allowances for estimated irrecoverable
amounts are recognised in the Statement of Comprehensive Income when there is objective evidence that
the assets are impaired. The impairment provision is reviewed on an annual basis.
Financial assets are derecognised when the rights to the cash flows from the financial asset expire or are
settled.
Investments in Subordinated loans
These include investment in the subordinate loans of Landmark Mortgage Securities no 1 Plc (“LMS1”). They
are classified as loans and receivables. These are measured at initial recognition at fair value and are
subsequently measured at amortised cost using the effective interest rate method. The initial fair value is
based on the initial consideration paid. Appropriate allowances for estimated irrecoverable amounts are
recognised in the Statement of Comprehensive Income when there is objective evidence that the assets are
impaired. The impairment provision is reviewed on an annual basis. Financial assets are derecognised when
the rights to the cash flows from the financial asset expire or are settled.
Loans and borrowings
Loans and borrowings, including the interest bearing loan, are initially recognised at fair value. Subsequent
measurement is at amortised cost using the effective interest rate method. The financial liability is
derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of
an existing liability are substantially modified, such an exchange or modification is treated as the
derecognition of original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognised in the statement of comprehensive income.
Financial investments
The residual income of the acquired deferred consideration certificates represents a financial asset which is
initially measured at fair value. On the basis that the residual certificates represent a residual interest in the
SPVs and so introduce exposure to risks or volatility in the contractual cash flows unrelated to a basic lending
arrangement, the financial assets do not meet the basic financial instruments criterion. The residual
certificates are therefore, measured at fair value through profit or loss. As at the year end, the Company
does not have any financial assets at fair value.
Taxes
Tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of
comprehensive income, except to the extent that it relates to items recognised in other comprehensive
income or directly in total equity. In this case the tax is also recognised in other comprehensive income or
directly in total equity, respectively.
Current tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid
to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are
enacted or substantively enacted, at the reporting date.
Notes forming part of the financial statements for the year ended 31 March 2024 (continued)
4. Summary of significant accounting policies (continued)
12
Koala Warehouse Limited
Company registration number:
09182194
Deferred tax
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current
tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the
same taxation authority. Deferred tax assets are recognised for all deductible temporary differences, the
carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the
extent that it is probable that taxable profit will be available against which the deductible temporary
differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except:
When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition
of an asset or liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that
it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax
asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are
recognised to the extent that it has become probable that future taxable profits will allow the deferred tax
asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when
the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the reporting date.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions which are payable on demand.
Cash equivalents are highly liquid investments that have an original maturity of less than three months
period and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Significant accounting judgements, estimates and assumptions
The preparation of financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the
accompanying disclosures of contingent liabilities. Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected
in future periods. As at the year end, there are no significant accounting judgement or Key sources of
estimation uncertainty.
5. Interest receivable and similar income
2024
2023
£’000
£’000
Interest income on mortgage assets
160
32
Interest on investments in loans and sub loans
-
525
Other interest
26
3
186
560
       
6. Interest payable and similar expenses
2024
2023
£’000
£’000
Interest expense on IBL
744
1,564
744
1,564
Notes forming part of the financial statements for the year ended 31 March 2024 (continued)
7. Fair value loss on financial investments
13
Koala Warehouse Limited
Company registration number:
09182194
Balance as at
31 March
2022
Settlement/
Receipts
Fair value
Loss
Fair value at
31 March
2023
£’000
£’000
£’000
£’000
Gemgarto 2018-1 plc
6,754
(5,455)
(1,299)
-
Finsbury Square 2019-2 plc
9,703
(7,388)
(2,315)
-
Finsbury Square 2019-3 plc
10,300
(7,855)
(2,444)
-
Finsbury Square 2020-1 plc
21,058
(14,446)
(6,612)
-
Total
47,815
(35,145)
(12,670)
-
The financial investments relate to investments in certificates of the above SPVs. No movement were noted
in financial year ended 31 March 2024. Financial Investments as at 31 March 2024 was £nil (2023: £nil).
8. Profit before taxation
2024
2023
£’000
£’000
This has been arrived at after charging:
Auditors' remuneration- audit services (audit of the Company's
financial statements)
-
-
Loss on sale of financial investments
-
4,113
Impairment charge on loans and advances
-
3,387
Fair value loss on financial investments
-
12,670
The Company does not have any employees (2023: none). The directors received no remuneration in the
current year (2023: £nil).
9. Tax on profit
2024
2023
£’000
£’000
a
)
Analysis of the company charge in the year
UK corporation tax at 25.00% (2023: 19.00%)
1,705
(60)
1,705
(60)
Deferred tax
Adjustment in respect of prior year losses
1,705
-
  Deferred tax asset impairment charge
-
(60)
-
(60)
Total tax credit / (charge) for the year
1,705
(60)
The tax assessed for the year is the standard rate of corporation tax in the UK 25.00% (2023: 19.00%). The
difference between the current tax charge for the year, reported in the statement of comprehensive income,
and the current tax charge that would result from applying a relevant standard rate of corporation tax to the
profit before taxation in the UK, is explained as follows:
Notes forming part of the financial statements for the year ended 31 March 2024 (continued)
14
Koala Warehouse Limited
Company registration number:
09182194
9. Tax on profit (continued)
2024
2023
£’000
£’000
b
)
Factors affecting the Company tax charge for the year
Loss before taxation
(569)
(21,407)
Standard rate of corporation tax at 25.00% (2023: 19.00%)
(142)
(4,067)
Effects of:
Unrecognised deferred tax on losses
142
4,067
Prior year losses relief claimed
1,705
-
Deferred tax asset impairment charge
-
(60)
Total tax credit/(charge)
1,705
(60)
2024
2023
£’000
£’000
c)
Deferred tax asset
Balance at the beginning of the year
-
60
Deferred tax asset impairment charge
-
(60)
Balance at the end of the year
-
-
10. Cash and cash equivalents
2024
2023
£’000
£’000
Cash at bank
311
175
311
175
11. Loans and advances to customers
Mortgage
assets
Impairment
Mortgage
assets, net of
impairment
£’000
£’000
£’000
At 31 March 2022
1,251
(28)
1,223
Movement in the year
(1,251)
28
(1,223)
At 31 March 2023
-
-
-
Movement in the year
-
-
-
At 31 March 2024
-
-
-
No movement were noted in financial year ended 31 March 2024. Loans and advances to customers as at
31 March 2024 was £nil (2023: £nil).
15
Koala Warehouse Limited
Company registration number:
09182194
Notes forming part of the financial statements for the year ended 31 March 2024 (continued)
12. Investment in Subordinated loans
2024
2023
£’000
£’000
Subordinated Loans
3,396
3,396
Allowances for impairment losses
(3,396)
(3,396)
-
-
The investment in subordinated loans relates to LMS1 and bears interest at Sonia plus a 4% margin. These
loans have been fully impaired due to the ongoing net deficit position of LMS1 and the lack of any principal
or interest payments received by the Company, raising significant concerns about the asset’s recoverability.
The table below shows the movement in the impairment losses.
2024
2023
£’000
£’000
Opening
3,396
-
Charge for the year
-
3,387
Other movements
-
9
Closing
3,396
3,396
13. Financial investments
In the previous year the Company had financial investment in the certificates of the above SPVs. During the
financial year ended 31 March 2023, the Company sold these financial investments, resulting a loss on sale
of financial assets of £4,113. No movement were noted in financial year ended 31 March 2024. Financial
Investments as at 31 March 2024 was £nil (2023: £nil). 
14. Other assets
2024
2023
£’000
£’000
Other debtors
14
14
Other assets
52
13
66
27
15. Loans and borrowings
2024
2023
£’000
£’000
Interest bearing loan payable
20,662
19,918
20,662
19,918
The Company has an interest-bearing loan payable of £20,662k (2023: £19,918k). The IBL carries a fixed
interest rate of 4%. The IBL matures in 2051.
16
Koala Warehouse Limited
Company registration number:
09182194
Notes forming part of the financial statements for the year ended 31 March 2024 (continued)
16. Other liabilities
2024
2023
£’000
£’000
Other creditors
609
609
609
609
17. Financial instruments and risk management
The Company's principal financial liabilities comprise loans and borrowings and other liabilities. The main
purpose of these liabilities is to finance the Company's operations. The Company's principal financial assets
are cash at Bank. The position with regards to financial instruments risk as at 31 March 2024 is as follows:
a) Credit risk
Credit risk reflects the risk that Mortgage Loan borrowers including the underlying borrowers of the (“SPV”)
will not meet their obligations as they fall due, which would ultimately affect the Company’s ability to repay
its liabilities.
Credit risk is the risk that borrowers of the mortgages will not be able to meet their obligations as they fall
due. All mortgage loans purchased by the Company or by the underlying SPV were required to adhere to
specific lending criteria. The ongoing credit risk of the mortgage loans (and particularly in respect of
accounts in arrears) is closely monitored by Kensington Mortgage Company Limited (“Servicer” or “KMC”)
through an assessment of each customer and the prevailing macroeconomic environment.
Before taking account of any collateral, the maximum exposure to credit risk as at 31 March 2024 was:
Carrying
value
Maximum
exposure
Carrying
value
Maximum
exposure
2024
2024
2023
2023
£’000
£’000
£’000
£’000
Other assets
66
66
27
27
Debtors
1,705
1,705
-
-
Cash and cash equivalents
311
311
175
175
2,082
2,082
202
202
17
Koala Warehouse Limited
Company registration number:
09182194
Notes forming part of the financial statements for the year ended 31 March 2024 (continued)
17. Financial instruments and risk management (continued)
b) Liquidity risk
Liquidity risk is the risk that the Company is not able to meet its financial obligations as they fall due or can
do so only at an unacceptably high cost. The undiscounted estimated contractual cash flows associated with
financial liabilities were as follows:
31 March 2024
<1 month
<5 years
Total
Loans and borrowings
-
20,662
20,662
Other liabilities
-
609
609
-
21,271
21,271
31 March 2023
<1 month
<5 years
Total
Loans and borrowings
-
19,918
19,918
Other liabilities
-
609
609
-
20,527
20,527
18. Called up share capital
31 March
2024
31 March
2023
Called up, allotted and issued
Ordinary shares of £1 each: 1 - fully paid
1
1
1
1
The issued share capital consists of £1 comprises 1 ordinary share of £1 with one ordinary share being fully
paid. The Company is not subject to any externally proposed capital requirements except for the minimum
requirement under the Companies Act 2006. The Company has not breached the minimum requirement.
19. Parent undertaking and control
The Company’s immediate parent Company is Kayl Holdco S.á.r.l., a company registered in Luxembourg.
The entire share capital of Kayl Holdco is held by the parent company Kayl Parent S.á.r.l., a company
registered in Luxembourg. The entire share capital of Kayl Parent is held by Eucalyptus Mortgages 2022
Limited, a company incorporated in the United Kingdom and registered in England and Wales.
The entire share capital of Eucalyptus is held by Cupressus Mortgages Holdco 2022 S.à.r.l, a Company
registered in Luxembourg.
The shares of Cupressus are held by an Irish trust, Betula Mortgages 2022 Designated Activity Company.
Betula's immediate shareholder is Intertrust Nominees (Ireland) Limited and shares are held in trust for
charitable purposes. The Irish trust and Intertrust Nominee (Ireland) Limited do not have any power over
the Company under the transaction documents. As such, they are not considered to be the Company’s
controlling party.
Notes forming part of the financial statements for the year ended 31 March 2024 (continued)
20. Related party transactions
18
Koala Warehouse Limited
Company registration number:
09182194
The Company has taken advantage of the exemption from disclosing related party transactions with wholly-
owned members of the group.
21. Events after the reporting period
There have been no significant events affecting the Company since the year end.
19
Koala Warehouse Limited
Company registration number:
09182194
Current period start date:01 April 2023
Current period end date:
Prior period start date:1 April 2022
Prior period end date:31 March 2023
Entity trading status:Entity is trading
Entity status:False
Accounts type:Full accounts
Average number of employees during the period0