TELEREAL SECURED FINANCE HOLDINGS 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

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

Consolidated group

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In order to meet its obligations to the bond holders, in respect of interest and debt amortisation payments, the group is reliant on the Borrowers meeting their obligations to the group. In order to meet their obligations to the group, the Borrowers are reliant on BT meeting its contractual obligations to the Borrowers. Management has carried out an assessment of BT, based on recent credit ratings and financial results and are satisfied that BT will be able to continue to meet its contractual obligations to the Borrowers for at least 12 months after the date of signing these financial statements. In considering going concern the directors have taken into account the reasonable worst-case scenario of BT not being able to fulfil its obligation to the Borrowers, the directors consider that the risk of BT becoming insolvent is low due to the nature of regulatory controls under which the BT Group operates. In the unlikely event of default it is probable that the government would appoint another operator to fulfil BT's obligations in respect of national infrastructure. As such the directors continue to adopt the going concern basis in preparing the financial statements.”

Group structure

1. TELEREAL SECURED FINANCE HOLDINGS LIMITED · parent
   1. Telereal Secured Finance PLC 100% · Issuer of securitised bonds and lending to related parties

Significant events

• “The directors do not anticipate any significant change to the current activity in the foreseeable future.”

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

  0%

  £1,000 → £1,000

• Cash

  —

  Not reported

• Net assets

  —

  Not reported

• Employees

  —

  Not reported

• Profit before tax

  0%

  £1,000 → £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