REGISTERED NUMBER: 12142670 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

RURAL ASSET FINANCE 1 LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M D Smart

REGISTERED OFFICE:

Unit 1 Cambridge House

Camboro Business Park

Oakington Road, Girton

CAMBRIDGE

Cambridgeshire

CB3 0QH

REGISTERED NUMBER:

12142670 (England and Wales)

ACCOUNTANTS:

Staffords

Chartered Accountants

Unit 1, Cambridge House

Camboro Business Park

Oakington Road, Girton

CAMBRIDGE

Cambridgeshire

CB3 0QH

FIXED ASSETS

Tangible assets

4

126,235

350,367

CURRENT ASSETS

Debtors: amounts falling due within one year

5

13,779,243

17,585,540

Debtors: amounts falling due after more than one year

5

25,192,034

38,580,718

Cash at bank

1,122,999

1,964,723

40,094,276

58,130,981

CREDITORS

Amounts falling due within one year

6

15,078,524

19,389,586

NET CURRENT ASSETS

25,015,752

38,741,395

TOTAL ASSETS LESS CURRENT LIABILITIES

25,141,987

39,091,762

CREDITORS

Amounts falling due after more than one year

7

25,281,523

38,719,685

NET (LIABILITIES)/ASSETS

(139,536

)

372,077

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

10

(139,537

)

372,076

SHAREHOLDERS' FUNDS

(139,536

)

372,077

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 June 2026 and were signed by:

M D Smart - Director

1.	STATUTORY INFORMATION

Rural Asset Finance 1 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover derives from the recognition of income across four different core services, two or which are essentially the same recognition measure:

Contract administration fees and contract setup fees - are recognised at the point of being billed to the lessee as they are due on the date of the invoice with no spreading of that income over the term of the underlying agreement.

Operating lease rentals - are recognised as income when the periodic instalment payment stated in the operating lease contract with the lessee falls due for payment on the date chosen by the lessee.

Interest receivable - is recognised on a reducing balance basis such that there is a constant rate of return over the course of the underlying agreements' lives.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Assets leased out

-

Over the length of the lease

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

The director believes the going concern basis for the preparation of the financial statements applies as this pattern of trading is typical of any early-stage finance company: the early losses incurred while originating its agreements will reverse when the underlying portfolio matures and stabilises, before going into its run off phase once the current funding line for originating those agreements has been exhausted.

Income recognition relating to operating leases as a lessor

In comparison to finance leases, operating leases are agreements which do not transfer substantially all the risks and rewards of ownership to the lessee. For these agreements, the periodic rentals are credited to the Profit & Loss account as billed and paid for by the lessee. The corresponding asset is capitalised and depreciated throughout the period of the life of the operating lease with then an expectation of a sale of that asset at or above its carrying value at then end of the lease term.

The asset capitalisation policy is to provide for depreciation of the leased asset on a straight line basis over the lease term, taking into account the expected residual value stated in the respective lease's documentation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2024

426,423

Disposals

(224,259

)

At 30 September 2025

202,164

DEPRECIATION

At 1 October 2024

76,056

Charge for year

41,240

Eliminated on disposal

(41,367

)

At 30 September 2025

75,929

NET BOOK VALUE

At 30 September 2025

126,235

At 30 September 2024

350,367

All of the above assets are those relating to Operating Leases where substantially all of the risks and rewards of ownership have not been passed to the lessee.

In relation to the minimum lease payments receivable on these agreements they are as follows:

£

Amounts due within one year

66,176

Amounts due between 2 and 5 years

63,834

Amounts due in more than 5 years

NIL

5.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

455,017

679,051

Amounts due on loans

4,586,629

1,144,844

Amounts receivable in respect of finance leases

2,491,971

4,541,092

Amounts receivable in respect of hire purchase contracts

4,710,572

3,037,729

Other debtors

43,838

6,404,779

Directors' loan accounts

350

-

Prepayments and accrued income

1,490,866

1,778,045

13,779,243

17,585,540

Amounts falling due after more than one year:

Amounts receivable in respect of finance leases

8,324,616

11,328,739

Amounts receivable in respect of hire purchase contracts

1,111,889

6,266,716

Amounts due on loans

15,755,529

20,985,263

25,192,034

38,580,718

Aggregate amounts

38,971,277

56,166,258

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other loans

13,320,060

11,780,093

Trade creditors

6,231

79,688

Tax

241

-

VAT

88,760

101,804

Other creditors

857,184

7,408,001

Accruals and deferred income

-

20,000

Accrued expenses

806,048

-

15,078,524

19,389,586

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other loans - 1-2 years

9,067,945

12,935,719

Other loans - 2-5 years

13,092,770

21,893,174

Other loans more than 5 years

by instalments

3,120,808

3,890,792

25,281,523

38,719,685

2025

2024

£

£

Amounts falling due in more than five years:

Repayable by instalments

Other loans more than 5 years

by instalments

3,120,808

3,890,792

3,120,808

3,890,792

8.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Other loans

38,601,583

50,499,778

The debt owed to Solo Asset I (Ireland) Designated Activity Company is secured by way of a debenture containing a fixed and floating charge over all the property and undertakings of the company. This charge is registered at Companies House number 1214 2670 0001.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

1p

1

1

10.

RESERVES

Retained

earnings

£

At 1 October 2024

372,076

Deficit for the year

(511,613

)

At 30 September 2025

(139,537

)

11.	RELATED PARTY DISCLOSURES

There were no material transactions that were not conducted under normal market conditions