PROPEL FINANCE NO 1 LIMITED

1. PROPEL FINANCE NO 1 LIMITED 2019-12-16 → present
2. HENRY HOWARD FINANCE NO 1 LIMITED 2016-02-12 → 2019-12-16

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

Grant Thornton UK LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The financial statements are prepared on the assumption that the group is a going concern and will continue in operation for the foreseeable future. In making this assessment the Board has considered predominantly, but not exclusively, the group's closing net asset position, the FY 25-28 business plan, access to credit markets and recent covenant performance.”

Significant events

• “On 19th January 2025, the group completed on a £500m forward flow facility with Barclays, giving access to surety of funding within agreed credit box and price points.”
• “On 25th April 2025, the group fully repaid the block discounting facility with Mitsubishi HC Capital UK Plc.”
• “On 27th May 2025, the group fully repaid the block discounting facility with Aldermore Bank plc.”
• “On 13th June 2025, the group completed on a £55m mezzanine and working capital facility with Castlelake LP. The facility was used to refinance the existing Quilam Special Opportunities 2 Ltd facility in its entirety.”
• “On 13th June 2025, the group completed on a £75m wholesale facility with Bank of America. As part of this transaction £30m of receivable was refinanced from the British Business Bank (BBB) Enable whole facility and the BBB facility renewed at £125m.”

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

Filings

11

last 12 months

Capital events

0

last 24 months

Officers appointed

0

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

  +1.7%

  £34,472,776 → £35,067,471

• Cash

  +13.8%

  £8,500,086 → £9,668,986

• Net assets

  -46.8%

  -£13,863,155 → -£20,346,438

• Employees

  —

  Not reported

• Operating profit

  -2.5%

  £15,241,292 → £14,858,091

• Profit before tax

  -59.4%

  -£6,073,503 → -£9,682,898

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