Integro Funding SPV1 Limited

Notes to the Financial Statements for the Period from 20 January 2025 to 30 April 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU

These financial statements were authorised for issue by the Board on 8 October 2026.

2	Accounting policies

Accounting convention

These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006, except that the company has taken advantage of the disclosure exemptions available under Section 1A of FRS 102 as a company subject to the small companies' regime.

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 £.

These financial statements have been prepared using the historical cost convention. This is the company’s first period of account, covering the period from 20 January 2025 to 30 April 2026; there are no comparative figures.
 

Going concern

The financial statements have been prepared on the going concern basis. This is the company's first period of account. In making the going concern assessment the directors have considered the company's financial position at 30 April 2026, its forecast profitability and cash flows, and the sensitivity of those forecasts to downside scenarios.

The company recorded a profit before tax for the period of £1.8 million, held cash of £2.4 million at 30 April 2026 and had net assets of £1.4 million. The directors' forecasts show the company remaining profitable across each of the downside scenarios modelled, after taking account of the management and servicing fees payable to Integro Funding Limited.

Since the year end, Integro Funding Holdings Limited has been in advanced discussions with its investors to amend the terms of its investor instruments, to bring forward the time at which up to £6m of convertible loan notes would contractually convert to equity, with a corresponding capitalisation to the intercompany loan with Integro Funding Limited anticipated. The directors expect this to complete in 2026.

On the basis of the company's profitability under both base and downside scenarios and the funding arrangements described above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors adopt the going concern basis in preparing these financial statements and have not identified any material uncertainties that may cast significant doubt on the company's ability to continue as a going concern.

Integro Funding SPV1 Limited

Notes to the Financial Statements for the Period from 20 January 2025 to 30 April 2026

Turnover

During the period the company's main source of income arises from interest on loans extended to individuals which is reported as turnover. This interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the interest rate applicable.

The other main source of income is administration fees, which are recognised over the expected life of the loan, typically 12 months. Unrecognised administration fees are presented in the balance sheet as deferred income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

The company finances its loan portfolio through interest-bearing borrowings. Borrowings are basic financial instruments and are accounted for in accordance with Section 11 of FRS 102.

Borrowings are recognised initially at the transaction price, being the proceeds received net of directly attributable transaction costs. Where an arrangement constitutes a financing transaction, the liability is measured initially at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Borrowings are subsequently measured at amortised cost using the effective interest method. Directly attributable transaction costs, arrangement and commitment fees, and any difference between the proceeds and the amount payable on redemption, are recognised in profit or loss over the expected term of the borrowing as part of the effective interest charge. Borrowing costs are recognised as an expense in the period in which they are incurred; no borrowing costs are capitalised, as the company holds no qualifying assets.

The company's turnover comprises interest and administration fee income earned on its loan portfolio. The cost of the borrowings which fund that portfolio is therefore a direct cost of generating turnover, and interest expense on borrowings, together with the amortisation of related transaction costs and fees, is recognised within cost of sales rather than within interest payable and similar expenses. The directors consider that the special nature of the company's business requires this adaptation of the statutory profit and loss account format, as provided for in Schedule 1 to the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008. Gross profit accordingly represents the net margin earned on the loan portfolio after the cost of funding it.

Cost of sales additionally includes management and servicing fees payable to Integro Funding Limited, and impairment losses on loans and advances.

Borrowings are included within creditors falling due within one year to the extent that amounts fall due for payment within twelve months of the reporting date, and within creditors falling due after more than one year to the extent that the company has the right to defer settlement beyond that date.

Integro Funding SPV1 Limited

Notes to the Financial Statements for the Period from 20 January 2025 to 30 April 2026

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Recognition and measurement
The company has applied Sections 11 and 12 of FRS 102 in full in respect of all of its financial instruments. Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument, and are offset only when the company has a legally enforceable right to set off the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Loans and advances to customers:
Loans and advances to customers primarily comprise the consumer loan portfolio acquired by assignment from Integro Funding Limited together with loans subsequently advanced. They are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. These loans and advances are recognised initially at the transaction price, including transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Loans are derecognised when the contractual rights to the cash flows expire or when the company transfers substantially all the risks and rewards of ownership. In the case where third-party originated loans are acquired as part of a financing transaction, these loans are measured at the present value of the expected future receipts discounted at a market rate of interest.
 Impairment
At the end of each reporting period the company assesses whether there is objective evidence that a loan or a group of loans is impaired. Objective evidence of impairment includes significant financial difficulty of the borrower, a breach of contract such as default or delinquency in payments, and evidence of delay in or reduction of the settlement against which the loan is secured. Loans are assessed for impairment individually. Where objective evidence of impairment exists, an impairment loss is recognised in the profit and loss account measured as the difference between the carrying amount of the loan and the estimated recoverable value. If in a subsequent period the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the impairment loss is reversed to the extent that the carrying amount does not exceed what it would have been had no impairment been recognised.

Tax

The tax expense for the period comprises current tax. Current tax is the amount of corporation tax payable in respect of the taxable profit for the period, calculated using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Amounts surrendered or claimed by way of group relief are recognised in the period to which they relate, and any payment for group relief is recorded as an amount owed to or by the surrendering company.

Integro Funding SPV1 Limited

Notes to the Financial Statements for the Period from 20 January 2025 to 30 April 2026

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0.

4

Taxation

	2026
	£
Current tax
UK corporation tax on profits for the period	4,707
Payment for group relief claimed	451,555
Adjustment in respect of prior periods	–
	456,262
Deferred tax
Origination and reversal of timing differences	–
Total tax expense for the period	456,262

	2026
	£
Profit before taxation	1,830,998
Tax at standard UK corporation tax rate of 25%	457,749
Effects of:
Profits taxed at the small profits rate	(1,487)
Total tax expense for the period	456,262

Group relief

During the period the company claimed tax losses from Integro Funding Limited by way of group relief. Payment is made at the standard rate of corporation tax and is settled through the intercompany account.

	2026
	£
Tax losses claimed from Integro Funding Limited	1,806,220
Tax saved on losses claimed at 25%	451,555
Payment payable – amounts owed to group undertakings	(451,555)
Net impact	–

Integro Funding SPV1 Limited

Notes to the Financial Statements for the Period from 20 January 2025 to 30 April 2026

5

Debtors

Current	2026 £
Trade debtors	38,846,587
Prepayments	762,711
Other debtors	12,152
	39,621,450

6

Creditors

Creditors: amounts falling due within one year

	Note	2026 £
Due within one year
Loans and borrowings	8	156,895
Trade creditors		18,300
Amounts owed to group undertakings	9	3,428,976
Taxation and social security		4,707
Accruals and deferred income		358,565
		3,967,443

Creditors: amounts falling due after more than one year

	Note	2026 £
Due after one year
Loans and borrowings	8	36,680,432

7	Share capital

Allotted, called up and fully paid shares

	2026
	No.	£
Ordinary Shares of £1 each	1	1

Integro Funding SPV1 Limited

Notes to the Financial Statements for the Period from 20 January 2025 to 30 April 2026

8	Loans and borrowings

Non-current loans and borrowings

	2026 £
Other borrowings	36,680,432