USAF MANAGEMENT 18 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

Standalone (parent only)

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Company is part of The UNITE UK Student Accommodation Fund ('USAF') from which it receives working capital funding. USAF has provided the Company with an undertaking that for at least 12 months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the Company.”

Significant events

• “During 2024 three properties were transferred due to USAF refinancing and one property was disposed of, thus resulting in a reduction in the portfolio of the properties managed by USAF Management 18 Limited.”
• “Refinancing for the USAF £395m secured bond is well progressed in advance of its maturity in June 2025.”
• “Prior to a refinancing exercise in June 2025, Unite (USAF) II Plc principal activity was the provision of funding for the Unite UK Student Accommodation Fund group of companies. Under the terms of this financing, £395m loan notes were lent onwards via external loan agreements to USAF Finance II Limited. On 30 June 2025, in line with their expected maturity date, secured bond was redeemed. The redemption was financed by the proceeds of a new £400m secured loan facility which was issued on the same date, 30 June 2025.”

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

Filings

4

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

  -43.6%

  £20,505,435 → £11,559,673

• Cash

  -46.6%

  £4,424,428 → £2,363,354

• Net assets

  +57.1%

  £647,339 → £1,017,286

• Employees

  —

  Not reported

• Operating profit

  -34.8%

  £679,522 → £442,855

• Profit before tax

  -34.8%

  £679,522 → £442,855

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