TOGETHER COMMERCIAL FINANCE LIMITED

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“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. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included: ... 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 ending 12 September 2026, which is 12 months from when the financial statements are authorised for issue.”

Significant events

• “The financial year has seen Base Rate reduction for the first time in the last 5 years, although rates still remain high in comparison to the ultra-low interest rate environment which characterised the prior decade. The Bank of England's Base Rate commenced the financial year at 5.25%, and was gradually reduced over the course of the year down to 4.25% in May 2025, and following the year end, reduced further to 4.00% in August 2025.”
• “House prices have demonstrated growth from the previous year, and forecasts reflect steady improvement.”
• “During the financial year, the rate of inflation in the UK has mostly remained above the Bank of England's target of 2.00%, with this increasing towards the end of the financial year to 3.6% in June 2025.”
• “In August 2024, the Group was able to successfully refinance its Delta Asset Backed Securitisation 2 (DABS 2) facility, securing an additional £200m, resulting in a total facility size of £600m and extending the maturity date to December 2028.”
• “In September 2024, the Group issued a further RMBS facility, Together Asset Backed Securitisation 2024 - 1ST2 (TABS 12) raising £429.0m of external funding.”
• “In November 2024, the Group refinanced its Lakeside Asset Backed Securitisation (LABS) facility securing an additional £175.0m, resulting in a total facility size of £1,000.0m and extending the maturity date to November 2028.”
• “In January 2025, the Group separated and upsized its £1,250.0m Charles Street Asset Backed Securitisation 2 (CABS 2) facility into two revolving warehouse facilities totalling £1,587m; Kingsway Asset Backed Securitisation with a facility size of £1,200.0m and Wilmslow Asset Backed Securitisation with a facility size of £387.0m and extending the maturity dates for both to January 2029.”
• “In February 2025, the Group issued an RMBS facility, Together Asset Backed Securitisation 2025 - 2ND 1 (TABS 13), raising £257.7m of external funding.”
• “In March 2025, the Group issued a further facility, Brooks Asset Backed Securitisation 2 (BABS2) raising £80.0m of external funding with a maturity date of March 2029.”
• “Also in March 2025, the Group issued a further CMBS, Together Asset Backed Securitisation 2025 - CRE1 (CRE5), raising £522.2m of external funding.”
• “In June 2025, the Group issued £500m in aggregate principal at a coupon rate of 7.5% in Senior Secured Notes due 2031. The gross proceeds of the Notes were used to redeem £500m the Senior Secured Notes due in 2027.”
• “The Company sold at book value, £9.3m of loans to a related party, Charles Street Capital Limited in December 2024.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

6

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.