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# ICSL HOLDCO LIMITED

## Company Registration Number:
16311689 (England and Wales)

## Unaudited statutory accounts for the year ended 31 December 2025

## Period of accounts

## Start date: 12 March 2025

## End date: 31 December 2025

# ICSL HOLDCO LIMITED

## Contents of the Financial Statements

for the Period Ended 31 December 2025

Directors report |
Profit and loss |
Balance sheet |
Additional notes |
Balance sheet notes |

# ICSL HOLDCO LIMITED

Directors' report period ended 31 December 2025

The directors present their report with the financial statements of the company for the period ended 31 December 2025

Principal activities of the company

The principal activity of the Company is to act as a holding vehicle for ICSL LP's (the "Partnership") investment in an Income Contingent Student Loan Pool (the "Investment").

Directors

The director shown below has held office during the whole of the period from
12 March 2025 to 31 December 2025

Mariana Sava

Secretary Highvern Fund Administrators Limited

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
18 March 2026

And signed on behalf of the board by:
Name: Mariana Sava
Status: Director

# ICSL HOLDCO LIMITED

## Profit And Loss Account

for the Period Ended 31 December 2025

| 10 months to 31 December 2025
--- | ---
| £
Turnover: | 26,485 |
Cost of sales: | 0 |
Gross profit(or loss): | 26,485
Distribution costs: | 0 |
Administrative expenses: | ( 25,224 ) |
Other operating income: | 4,810,469 |
Operating profit(or loss): | 4,811,730
Interest receivable and similar income: | 182,374 |
Interest payable and similar charges: | ( 178,650 ) |
Profit(or loss) before tax: | 4,815,454
Tax: | ( 947 ) |
Profit(or loss) for the financial year: | 4,814,507

# ICSL HOLDCO LIMITED

## Balance sheet

As at 31 December 2025

| Notes | 10 months to 31 December 2025
--- | --- | ---
|  | £
Called up share capital not paid: |  | 1 |
Fixed assets
Investments: | 3 | 16,487,704 |
Total fixed assets: |  | 16,487,704
Current assets
Debtors: | 4 | 26,485 |
Cash at bank and in hand: |  | 36,482 |
Total current assets: |  | 62,967
Creditors: amounts falling due within one year: | 5 | ( 175,317 ) |
Net current assets (liabilities): |  | (112,350)
Total assets less current liabilities: |  | 16,375,355
Creditors: amounts falling due after more than one year: | 6 | ( 11,377,235 ) |
Accruals and deferred income: |  | ( 183,612 ) |
Total net assets (liabilities): |  | 4,814,508
Capital and reserves
Called up share capital: |  | 1 |
Profit and loss account: |  | 4,814,507 |
Total Shareholders' funds: |  | 4,814,508

The notes form part of these financial statements

# ICSL HOLDCO LIMITED

## Balance sheet statements

For the year ending 31 December 2025 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 in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 18 March 2026
and signed on behalf of the board by:

Name: Mariana Sava
Status: Director

The notes form part of these financial statements

# ICSL HOLDCO LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

- ## 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Income is recognised on an accruals basis. The Company's income includes cost recharge income earned under a cost-plus arrangement applying a 5% mark-up in accordance with the Low Value-Added Services (LVAS) Guidance. Changes in fair value of assets at fair value through profit or loss are recognised in the Statement of Comprehensive Income in the period in which they occur

  Valuation information and policy

  The Company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments. Basic financial assets including trade and other receivables and cash and cash equivalents are initially recognised at transaction price, 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. Subsequent to initial recognition, financial assets are measured at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Comprehensive Income. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Basic financial liabilities, including trade and other payables 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 receipts discounted at a market rate of interest. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

  Other accounting policies

  See the following under note 3 of the financials; Basis of preparation Basis of going concern Functional and presentational currency Critical accounting judgements and estimates Expenses Share capital Distributions Taxation

# ICSL HOLDCO LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

- ## 2. Employees

  | 10 months to 31 December 2025
  --- | ---
  Average number of employees during the period | 0 |

# ICSL HOLDCO LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

## 3. Fixed assets investments note

refer to note 4 in the financials

# ICSL HOLDCO LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

## 4. Debtors

| 10 months to 31 December 2025
--- | ---
| £
Prepayments and accrued income | 26,485 |
Total | 26,485

# ICSL HOLDCO LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

## 5. Creditors: amounts falling due within one year note

| 10 months to 31 December 2025
--- | ---
| £
Trade creditors | 16,587 |
Taxation and social security | 947 |
Accruals and deferred income | 157,783 |
Total | 175,317

# ICSL HOLDCO LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

## 6. Creditors: amounts falling due after more than one year note

| 10 months to 31 December 2025
--- | ---
| £
Other creditors | 11,377,235 |
Total | 11,377,235