STEP ONE FINANCE LIMITED

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

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Ecovis Wingrave Yeats 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. 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.”

Group structure

1. STEP ONE FINANCE LIMITED · parent
   1. SOFL Funding III Limited 100% · England and Wales · provision of loan financing
   2. SOFL Funding IV Limited 100% · England and Wales · provision of loan financing
   3. SOFL Funding V Limited 100% · England and Wales · provision of loan financing
   4. SOFL Funding VI Limited 100% · England and Wales · provision of loan financing

Significant events

• “The Group consolidated its loan portfolios amounting to £123.5m and sold them to a related party. This resulted in the deemed loan assets and liabilities previously recognised being de recognised. In addition, the Company converted its loan notes into preference shares.”
• “The Company undertook a capital reduction exercise, converting the share premium, preference shares and capital redemption reserve into a distributable reserve. This enabled the directors to declare a dividend to the parent company Step One Group Limited.”
• “During the year the Group made significant sales of mortgage portfolios. Management have reviewed the transactions in detail and concluded that the sale of the mortgage portfolios passed the derecognition criteria due to substantially all of the rewards of ownership being transferred.”
• “In September 2024, investors in the Group elected to convert £10,102,295 of their convertible loans into P1 preference shares. Judgement has been applied in assessing whether the preference shares should be classified as debt or equity.”

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

Filings

3

last 12 months

Capital events

5

last 24 months

Officers appointed

1

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

  —

  Not reported

• Cash

  +2,195.7%

  £354,799 → £8,144,967

• Net assets

  —

  Not reported

• Employees

  +14.3%

  42 → 48

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers