MASLOW NOTES ISSUER LIMITED

• ⚠

  Material uncertainty over going concern

  The Directors have a reasonable expectation, based on the information available to them, that the Company will continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. However, at the date of approval of the financial statements, the Directors of the parent company, Maslow IV Limited, have not yet decided whether the Company will continue to originate new loans once all existing loans are repaid in full, which is expected to occur in 2026. Should the Directors decide not to originate further loans, the Group and the Company would cease to trade thereafter.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Directors have a reasonable expectation, based on the information available to them, that the Company will continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. However, at the date of approval of the financial statements, the Directors of the parent company, Maslow IV Limited, have not yet decided whether the Company will continue to originate new loans once all existing loans are repaid in full, which is expected to occur in 2026. Should the Directors decide not to originate further loans, the Group and the Company would cease to trade thereafter.”

Significant events

• “On the 28 September 2023 the senior variable funding facility was redeemed in full, and the Senior Noteholder will no longer be a party to any of the Transaction Documents and shall be released from its rights and obligations in accordance with the Deed of Amendment and Restatement.”
• “Maslow Capital LLP and Maslow Global Partners Limited entered into a Deed of Novation and Amendment on 22nd December 2023 to novate and transfer the rights and obligations of Maslow Capital LLP to Maslow Global Partners Limited in connection with their internal corporate reorganisation. There has been no financial reporting impact arising from this amendment.”
• “Subsequent to the financial year-end date 31 December 2024, Maslow IV and MNIL investor M&G Debt Solutions Fund ("DSF") was wound up, with all remaining capital returned to investors in 2025. Construction delays and operational challenges affecting the two remaining loans within Maslow IV and MNIL (Fulham Palace Road and Green Lanes) required extensions of their respective maturities into 2026, to allow completion of the underlying projects. In this context, Maslow IV and MNIL investor M&G Catalyst Capital Fund ('CCAF') entered into an agreement to acquire DSF's approximately 20% economic interest in Maslow IV and MNIL.”

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.