The Directors present the strategic report for the year ended 31 October 2025.
The Directors report the group performance for the reporting period and its financial position at the year end. The group has demonstrated strong growth from the comparative period.
The Directors report that the group was profitable for the reporting period, generating a post-tax profit of £13,937,855 (2024 - £10,276,701) and an overall increase to retained earnings of £10,394,142 which is the equivalent of a 37.3% growth in reserves.
The group has completed the development of its head office and maintained its block funding contracts in support of the continued growth and expected demand both throughout the reporting period and the period following the year end. Thus, as reported in the previous year, continuing to improve the group's ability to lend to customers and develop market share.
During the reporting period the group (via it's parent company) was proud to support small local charities with donations totalling £28,180 (2024 - £24,100).
Trading operations in the Irish subsidiary have strategically reduced over the reporting period. The Irish company contribution to Turnover has reduced from 1.05% of group reported turnover in 2024 to 0.28% in 2025, thus signalling the strategic focus of the group as a whole.
The group continues a very meticulous approach to its operation and its risk identification. It does suffer some specific finance and operational risk but is also subject to market and economic uncertainties.
The principal risks and uncertainties are;
The realisation of higher rates of bad debts. Bad debt rates have increased and the level of loans in arrears have increased substantially. The deteriorating general economic position raises the potential for further negative impact on the group and its financial performance going forward.
Few funding partners
Economic uncertainty and cost pressures including inflation and taxation increases. This does open a wider customer base to us, however it also stresses certain customer trading performance, which in turn changes the risk profile inherent in the loan facility.
Industry specific risk, such as the impact of competitor liquidation or increased operational restriction following competitor security concerns.
Regulatory change, as seen in the motor finance industry.
The ability to quantify the bad debt risk of lending to each prospective customer. Including the extent to which future performance will differ from past performance due to a changing environment, for example, due to the increased use of artificial intelligence products.
The group continues to negate, mitigate and manage all of these risks in a detailed and structured approach. This includes -
The group underwriting department has expanded in the period and provides a detailed and collegiate approach to approval ratings and classification allowing for a strong internal control, to mitigate risks in identifying problematic loan customer agreements.
The direct employment and influence of the Directors in heading up both the underwriting and legal recovery processes. The Directors bring a wealth of experience to effectively manage the day to day risks and identify early issues in both of those key areas which ultimately dictate the overall bad debt position.
The use of state of the art technology/software to review and to identify risk cases in the loan application process.
The continued use of multiple broker partners. This diversification to key strategic partners also negates risk derived from over reliance upon on a specific industry sector, geographical market or type of customer, thus diversifying some risk in customer profile.
Liquidity and leverage risk mitigation by increased use of the group's 'own' funding reserve alongside the block funding facilities available. The company funding ratio of block funder usage compared to loan capital held trade debtors is 56% compared to 66% in 2024.
Lastly, the Directors specifically analyse the industry and regulatory position regularly to identify any potential business risks to be incorporated in future planning or growth structuring.
The group has continued to show good growth in the reporting period. The group focus has continued to be the development of key areas of the operation in order to support and extend that growth into the future. These include -
- the retention of significant amounts of company profits to be made available for loan facilities to customers
- increasing the value and availability of facilities provided by the block funding partners
- increasing the staff headcount to increase the ability to service more customers
- development and investment into skills and technology to create a more efficient customer management process.
Lastly, the group has also chosen during the period to significantly reduce the trading operations in the Irish subsidiary, and whilst this is a strong and positive market, the strategic focus and growth map for the group focuses more on the development of the UK market and its associated market share. This strategic shift has continued into the period following the balance sheet date.
The Directors have highlighted the key performance indicators and management reporting points below.
Turnover has grown to £52,720,341 from the 2024 results of £40,400,991.
Post Tax profits have grown from £10,276,701 in 2024 to £13,937,855.
Bad debt to Turnover ratio is reported as 11.86%, which is an increase from the 10.22% ratio reported in the prior period.
Group liquidity in respect of the ratio of Trade Debtors to Block Funder loan creditors has improved to be 1.79:1 in 2025 compared to 1.51:1 in 2024.
The Balance Sheet total at the period end is now £38,273,045 an increase of £10,394,142. compared to £27,878,903 for the 2024 year end.
One additional and important operational KPI the business utilises, is the supplier payment policy attributed to all suppliers but specifically to brokers and broker partners. The company continues to implement a quick turnaround on broker commission payments, these are normally paid within 7 days, with the exception of some larger contracted payment periods. This policy has been maintained and continues to support the strong and efficient working relationships the company has with its brokers and customers.
The Directors acknowledge their responsibilities under section 172 of the Companies Act 2006. The Directors have given due consideration in developing the group and its business in providing and securing value for all its stakeholders. The key stakeholders being identified as the customers, block funders, brokers and staff. Whilst the other stakeholders are the local community and the environment.
Given the operational size of the group, the board is both strategic and operational and as such is heavily involved directly with day to day operations. This generates much of the direct access to the day to day considerations outlined in the responsibilities under s172, including -
Customers - The group constantly utilises sample cases and feedback to ensure that continual improvements are made to the customer experience. These therefore improve the process for ease of use and speed of turnaround, two key customer value metrics.
Block Funders - Our close operating relationships are extremely important. The group operates an open book approach with its funding providers to assist with audits, security reviews and financial reporting to ensure that decisions are made in a collaborative structure.
Brokers - Again, constructing great relationships with the brokers is a key aspect to enable open and positive communication. That coupled with strong and fair payment practices (such as the targeted 7 day payment process) are the main value propositions with this stakeholder, noting there is a significant waiting list to become a Broker partner with the group.
Staff - As one of the most important stakeholders, they are at the forefront of driving the business forward. Aspect of the considerations given in this area are numerous but include regular one to one meetings with Directors, flexible working pattern support, engaging and inclusive social events, best practice and training discussions. These all form part strong engagement and great working culture.
Local Community - Consideration is given to the locality in which the group operates by giving back where possible. The group supports local foodbank initiatives, sports clubs and schools, all within the catchment area in which the staff live as a method to consider and improve the impact the group has in its own location.
Environment - The group maintains as small an environmental impact as possible. The group in terms of energy usage and application is very small. We continue to consider environmental impacts via simple principles, for example continuing to operate from a single, smaller site and mitigating travel.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 October 2025.
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £3,543,713. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M Plumridge
Mr C Angrave
Information is not disclosed within the Director's report but within the Strategic Report, in line with s414c (11) Companies Act 2006.
BK Plus Audit Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
We have audited the financial statements of Federal Capital Limited (the 'parent company') and the consolidated financial statements (the 'group') for the year ended 31 October 2025 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and employment legislation;
we assessed the extent of compliance with the laws and regulations identified above through enquires of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance through the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
understanding the design of the company's remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that rise due to fraud can be harder to detect than these that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £14,723,233 (2024 - £10,139,407 profit).
Federal Capital Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 14a Old Marsh Farm Barns, Welsh Road, Sealand, Flintshire, CH5 2LY.
The group consists of Federal Capital Limited (a company limited by shares) and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The principal activity of the company and its group continued to be that of providing lease and loan financing services.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The financial statements report all transactions gross of VAT where applicable.
The consolidated group financial statements consist of the financial statements of the parent company Federal Capital Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 October 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Subsidiaries where the functional currency is anything other than £, then the results and position of the entity are translated using the mid point foreign exchange rate on the last day of the reporting period, into £ and consolidated as such. Any movement on reserves due to the transaction between periods will be recognised as a foreign exchange cost or credit in the subsidiary financial statements.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
The group financial statements comprise Federal Capital Limited as the parent company and it's only subsidiary Federal Capital Ireland Limited, therefore these consolidated financial statements represent the largest and only consolidated financial reporting in the group. Neither entity is a component or member of any other group, corporate or otherwise.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Loan and lease incomes are derived from deferred cash inflows, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Interest income and the fair value of the financial instrument is calculated using an amortised cost basis over the term of the lease or loan contract, using it's effective interest rate. The company and group turnover recognition measurement calculation and accounting policy is that of the loan and lease income is recognised on an amortised cost basis by reference to an approximation of the effective interest rate over the life of the transaction.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Commission Costs
Commission costs suffered by the business are accounted for in full within 30 days of the invoice date. This is recognised as a separate accounting policy to reflect the short term claw-back clauses on failed loan introductions and in recognition of the short term nature of the transactions. This is a departure from standard accounting policy to spread the cost against the associated income.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Investment property comprises a residential property located on the island of Anglesey. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Validus Property Consultants Limited, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The original cost of the property was £558,043, there is no accumulated depreciation charged.
There were no acquisitions or disposals of any subsidiary entities during the reporting period.
Details of the company's subsidiaries at 31 October 2025 are as follows (all of which, have been consolidated into these group financial statements) -
Subsidiary Registered office address:
Trade debtors as listed above are pledged as security against Block Funding creditors as defined in note 18.
The short-term Block Funding facilities included in bank loans to the value of £49,453,247 (2024 - £49,002,203) are each secured by fixed charges over grouped components of the trade debtors ledger, being the underlying loan debtors funded by the respective facilities. All facilities are due in less than 12 months, with the respective facilities being secured under the following charges -
Renaissance Asset Finance Limited - Secured by Fixed charge dated 26 June 2023
Shawbrook Bank Limited - Secured by Fixed charge dated 08 April 2024
Hampshire Trust Bank Plc - Secured by Fixed charge dated 17 September 2018
Conister Bank Limited - Secured by Fixed charge dated 16 April 2018
Aldermore Bank Plc - Secured by Fixed charge dated 7 April 2017.
Included within Other Creditors are Directors' Loan accounts held in the sum of £1,746,284 (2024 - £1,801,941), of which £1,500,000 is listed as long term, upon which market rates of interest are charged.
The following are the major deferred tax liabilities and assets recognised by the group and company:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Share capital is composed of 20 shares of 10p nominal value each. There are held as 10 Ordinary A shares, 2 Ordinary B shares, 7 Ordinary C shares and 1 Ordinary D share.
The profit and loss reserve account contains £136,957 (2024 - £111,957) in relation to Fair Value Gains in the revaluation of an Investment property held in the business, this is £102,717 (2024 - £83,968) when net of deferred taxation. The movement represents the revaluation undertaken in the period. This closing value is not available for distribution as the gain has not crystalised.
The Group leases the premises from which it operates, under the term and obligation as outlined below.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The Directors have provided personal guarantees on behalf of the parent company. Any credit Director's loan account balance and personal assets (to specific stated values) are pledged to support any shortfall in recovery of any of the secured block facility funders defined in the charge security disclosure above.
Dividends totalling £3,436,527 (2024 - £1,874,500) were paid in the year in respect of shares held by the company's directors.
As defined in note 17, the Directors also held funds on loan to the company during the accounting period, interest was charged at a rate of 5% on qualifying parts of these loans. This interest charge totalled £37,500 (2024 - £44,791).
Changes in net debt exclude long term other creditors, in relation to Directors Loans as disclosed in note 17.