SANDWELL COMMERCIAL FINANCE NO. 2 PLC

• ⚠

  Material uncertainty over going concern

  However should mortgage prepayments occur in the remaining asset pool within the going concern period, interest receipts could no longer be sufficient to meet required interest payments under the transaction documents and a 'Notice of Note Event of Default' would be issued which could result in the early termination of the transaction and liquidation of the Company. As a result, the directors have concluded that this indicates a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern.

1. SANDWELL COMMERCIAL FINANCE NO. 2 PLC 2005-07-25 → present
2. WIDEPARK PLC 2005-06-14 → 2005-07-25

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

UK-adopted international accounting standards

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“However should mortgage prepayments occur in the remaining asset pool within the going concern period, interest receipts could no longer be sufficient to meet required interest payments under the transaction documents and a 'Notice of Note Event of Default' would be issued which could result in the early termination of the transaction and liquidation of the Company. As a result, the directors have concluded that this indicates a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern.”

Significant events

• “Following the cessation of 3-month sterling LIBOR from 31 December 2021, the Company had been using a synthetic LIBOR rate for the LIBOR-linked elements in the transaction including Notes payable and derivatives. The 3-month synthetic sterling LIBOR setting ceased permanently on 31 March 2024, with senior Noteholder agreement required to actively transition to new reference rates.”

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

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

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

• Turnover

  -10.3%

  £281,000 → £252,000

• Cash

  -17.8%

  £146,000 → £120,000

• Net assets

  -6.9%

  -£42,753,000 → -£45,700,000

• Employees

  —

  Not reported

• Operating profit

  -43.5%

  -£2,053,000 → -£2,947,000

• Profit before tax

  -43.8%

  -£2,050,000 → -£2,947,000

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