BUSINESS MORTGAGE FINANCE 7 PLC

• ⚠

  Material uncertainty over going concern

  There is an increased risk that the senior note holders will choose to exercise their rights and wind up the transaction, as a default event occurred in May 2025. At this IPD, the Company had insufficient funds to cover the senior interest and the liquidity facility was fully drawn. The Company has notified the senior note holders and the trustees, but has not received any notice of an enforcement action. Until such notice is received, the Company will continue to realise assets and discharging its liabilities. The Directors acknowledge these matters represent an increased risk of material uncertainty that may cast significant doubt on the ability of the Company to continue as a going concern.

1. BUSINESS MORTGAGE FINANCE 7 PLC 2007-09-18 → present
2. SKIPPERDALE PLC 2007-05-18 → 2007-09-18

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

Ecovis Wingrave Yeats LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“There is an increased risk that the senior note holders will choose to exercise their rights and wind up the transaction, as a default event occurred in May 2025. At this IPD, the Company had insufficient funds to cover the senior interest and the liquidity facility was fully drawn. The Company has notified the senior note holders and the trustees, but has not received any notice of an enforcement action. Until such notice is received, the Company will continue to realise assets and discharging its liabilities. The Directors acknowledge these matters represent an increased risk of material uncertainty that may cast significant doubt on the ability of the Company to continue as a going concern.”

Significant events

• “During the year the underlying mortgage portfolio continues to produce sufficient cashflows to meet the senior notes interest payments.”
• “During the year, note holders of the M2 Notes, received incorrect interest payments on the May 2024 and August 2024 IPD. The Company had sufficient funds to make the correct payments, and paid remedial amounts in the November IPD, and the shortfalls were cured at the reporting date.”
• “Following the year end, in the May 2025 IPD, a default event occurred due to the company having insufficient funds to cover the senior noteholder interest. No remedial action has been taken. The Trustees have been notified, and the Company has not yet received further correspondence on the matter. Given the uncertainty over the timing of any enforcement action, no adjustments have been recorded in respect of this event.”

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

  -1.2%

  £3,838,000 → £3,793,000

• Cash

  -11.3%

  £1,727,000 → £1,532,000

• Net assets

  -10.2%

  -£109,885,000 → -£121,108,000

• Employees

  —

  Not reported

• Operating profit

  +52.4%

  -£23,580,000 → -£11,223,000

• Profit before tax

  +52.4%

  -£23,580,000 → -£11,223,000

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