SOUTHERN PACIFIC FINANCING 05-B PLC

• ⚠

  Material uncertainty over going concern

  A call option exists over the loan notes issued by the Company which may be exercised at the sole discretion of the mortgage administrator (Kensington Mortgage Company Limited) once the outstanding mortgage-backed loan notes reach 10% of the original issued amount. This threshold was met in September 2020. However, at the date of signing these financial statements it is not known when the call option will be exercised. The directors believe it to be possible, but not certain, that the call option will be exercised within 12 months from the date of approval of the financial statements. As a result of the option being available to call the loan notes, the directors have determined that the loan note balances for the year ended 30 November 2024 should be presented as being due within 12 months of that date as the Company does not have the unconditional right to defer settlement of the loan notes for more than 12 months from the reporting date for either the current or prior year.

1. SOUTHERN PACIFIC FINANCING 05-B PLC 2005-05-31 → present
2. WIDEBAY PLC 2005-04-11 → 2005-05-31

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“A call option exists over the loan notes issued by the Company which may be exercised at the sole discretion of the mortgage administrator (Kensington Mortgage Company Limited) once the outstanding mortgage-backed loan notes reach 10% of the original issued amount. This threshold was met in September 2020. However, at the date of signing these financial statements it is not known when the call option will be exercised. The directors believe it to be possible, but not certain, that the call option will be exercised within 12 months from the date of approval of the financial statements. As a result of the option being available to call the loan notes, the directors have determined that the loan note balances for the year ended 30 November 2024 should be presented as being due within 12 months of that date as the Company does not have the unconditional right to defer settlement of the loan notes for more than 12 months from the reporting date for either the current or prior year.”

Significant events

• “There are no significant events occurring after the statement of financial position date, up to the date of approval of the financial statements that would meet the criteria to be disclosed or adjusted in the financial statements as at 30 November 2024.”

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

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

1

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.

• Turnover

  -6.6%

  £3,001,000 → £2,804,000

• Cash

  —

  Not reported

• Net assets

  0%

  £206,000 → £206,000

• Employees

  —

  Not reported

• Profit before tax

  -50%

  £2,000 → £1,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers