SWIFT 1ST LIMITED

Company number

05020019

Status

Active

Incorporation

2004-01-20

Last accounts made up

2025-03-31

Account category

FULL

Primary SIC

64921

Hubs

UK Fintech

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

PKF Littlejohn LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In assessing whether the going concern basis of preparation is appropriate to adopt, the Directors considered a number of factors including the Company's net asset position and financial projections. The Company operates as part of the Kestrel Group. The Kestrel Group's performance remains sensitive to the economic environment which may be impacted by inflation, interest rates and house price movements, which, combined with the continuing impact of global events, may lead to an uncertain economic outlook for the UK. These risks may all impact customer affordability, the level of arrears on customer accounts, which in turn influence the level of expected credit losses. The Directors have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that, even after taking account of a severe but plausible downside scenario that recognises that there may be a deterioration in the UK economy and that there is a risk that contractual cash collections and redemption cash will not achieve forecast expectations (this results in a reduction in cash receipts ranging between c. 10% and 20% across the various loan portfolios over the going concern period compared to the base case scenario), the Company will have sufficient funds to meet its liabilities as they fall due for that period and have therefore prepared the financial statements on a going concern basis.”

Significant events

• “The principal activity of Swift 1st Limited (the 'Company') up until August 2014 was the provision of finance to individuals, secured on domestic, freehold and long leasehold properties. During August 2014 the beneficial interest in the Company's mortgage loans was sold at its net book value to Kestrel Loans No. 4 Limited, a fellow subsidiary. Subsequent to this sale and up until 21 March 2016, the Company has continued to service these mortgage loans on behalf of Kestrel Loans No. 4 Limited. With effect from 21 March 2016, the Company extended its servicing operations on behalf of Kestrel Loans No. 4 Limited to also cover the mortgage loans originated under the Consumer Credit Act 1974 (as amended) and services all regulated mortgage loans acquired as part of portfolio acquisitions made since then.”
• “The Financial Conduct Authority's ("FCA") Consumer Duty regulations for closed products and services came into effect for the Kestrel Group on 31 July 2024. The Kestrel Group Board and management have devoted significant time to embedding the Consumer Duty principles in the processes, reporting and culture of the business and have been actively working on the application of fair value to customers and the delivery of good customer outcomes.”
• “Interest receivable decreased to a charge of £1.6m (2024: £2.5m income) due to the rephasing of the repayment terms of a loan due from group undertakings. This resulted in a loss before tax of £1.0m for the year ended 31 March 2025 (2024: profit of £3.6m).”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers