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Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRESTA PROPERTY FINANCE LIMITED
COMPANY INFORMATION
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TRESTA PROPERTY FINANCE LIMITED
CONTENTS
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TRESTA PROPERTY FINANCE LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
The directors present their strategic report for Tresta Property Finance Limited (“the Company”) for the period from incorporation on 7 May 2025 to 31 December 2025.
The principal activity of the Company is to operate as a specialist property finance lender within the UK market, primarily through intermediary distribution channels.
The Company was incorporated during the year and focused on building its operational platform, including processes, staffing, governance, compliance, risk frameworks, and core lending technology. The Company has not yet commenced its loan origination activities. The directors expect a gradual increase in lending from the next financial year, supported by attractive opportunities in the specialist property finance market. For the period to 31 December 2025, the Company reported a loss before taxation of £309,291, reflecting start-up and establishment costs.
The Company actively and closely monitors macro-level and individual micro-level risks in granular detail, and the board meets frequently to assess the effectiveness of mitigating strategies affecting the business.
Liquidity risk The Company defines this as the risk that it will not be able to raise funds in order to originate new loans or to pay on its operational commitments. The Company intends to manage this risk through funding arrangements with institutional investors and other funding partners. Maintaining stable funding relationships will be an important component of the Company’s long-term strategy. Credit risk Credit risk represents the risk that the Company's customers will not be able to meet their contractual commitments when they are due. The Company plans to mitigate credit risk by originating loans only to customers who pass through the rigorous underwriting criteria which includes a full assessment of each customer's affordability, a review of their credit history and ensuring there is sufficient value in the underlying mortgage collateral at the time of origination. Conduct risk The Company defines this as the risk of the Company or its employees and officers acting in a way detrimental to customer interests. The Company will address this by implementing a strong control framework and an unyielding treating customer fairly (TCF) mindset inculcated amongst its employees and senior management. Operational risk The Company refers to the failure of internal processes, employees, systems and external factors as operational risk. This will be addressed by rigorous and periodic testing of systems, ensuring employees go through a suite of training programmes each year, annual review of internal processes and weekly inter-functional management meetings to help identify any emerging risks.
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TRESTA PROPERTY FINANCE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
Section 172 Statement
The directors have had regard to the matters set out in section 172(1) (a) to (f) of the Companies Act 2006 when performing their duties, including having regard (amongst other matters) to:
∙the likely consequences of any decision in the long term;the interest of the Company's employees;
∙the need to foster the Company's business relationships with suppliers, customers and others;
∙the impact of the Company's operations on the community and the environment;
∙the desirability of the Company maintaining a reputation for high standards of business conduct; and
∙the need to act fairly between members of the Company
This report was approved by the board on 22 April 2026 and signed on its behalf.
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TRESTA PROPERTY FINANCE LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the period ended 31 December 2025. This is the Company’s first reporting period covering from its incorporation on 7 May 2025 to 31 December 2025.
The principal activity of the Company in the period under review was the provision of loan financing.
The directors who served during the period were:
The loss for the period, before taxation, amounted to £301,291.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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TRESTA PROPERTY FINANCE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
This report was approved by the board on
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TRESTA PROPERTY FINANCE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRESTA PROPERTY FINANCE LIMITED
We have audited the financial statements of Tresta Property Finance Limited (the 'Company') for the period ended 31 December 2025, which comprise the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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TRESTA PROPERTY FINANCE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRESTA PROPERTY FINANCE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial period 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.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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TRESTA PROPERTY FINANCE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRESTA PROPERTY FINANCE LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We determined that the laws and regulations which are directly relevant to the financial statements are those that relate to the reporting framework FRS 102 and the relevant tax compliance regulations in the jurisdictions in which the Company operates. We evaluated the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙As required by the auditing standards, auditing procedures in respect of non-compliance with these identified laws and regulations are limited to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any.
∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to areas of estimate and judgement in the financial statements.
∙Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations and fraud risks identified in the paragraphs above. In addition to the audit procedures, we remained alert to any indications of non-compliance throughout the audit. The specific audit procedures performed included:
°Review of Board minutes; and
°Identifying and testing journal entries.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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TRESTA PROPERTY FINANCE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRESTA PROPERTY FINANCE LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditor
3rd Floor, Waverley House
7-12 Noel Street
W1F 8GQ
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TRESTA PROPERTY FINANCE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRESTA PROPERTY FINANCE LIMITED
REGISTERED NUMBER: 16435394
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 17 form part of these financial statements.
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TRESTA PROPERTY FINANCE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRESTA PROPERTY FINANCE LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRESTA PROPERTY FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Tresta Property Finance Limited is a private company, limited by shares, registered in England and Wales, registration number 16435394. The registered office and principal place of business is Premier House, 15-19 Church Street West, Woking, GU21 6DJ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors are confident that the Company has sufficient resources to meet its liabilities for at least 12 months from the date of signing this report. In addition to this, support can be obtained from a group company, Step One Finance Limited, should the Company not have sufficient resources to meet their liabilities. As such the accounts have been prepared on a going concern basis.
Short term debtors are measured at transaction price, less any impairment.
Short-term creditors are measured at the transaction price.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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TRESTA PROPERTY FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
Fixed assets are amortised over their useful lives taking into account residual values, where appropriate.The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
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TRESTA PROPERTY FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRESTA PROPERTY FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
6.Taxation (continued)
There were no factors that may affect future tax charges.
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TRESTA PROPERTY FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Profit and loss account
The profit and loss account includes all current and prior period retained profits and losses.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £14,490. Contributions totaling £Nil were payable to the fund at the reporting date and are included in creditors.
The immediate and ultimate parent undertaking is
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