BRIDGEGATE FUNDING PLC

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  Material uncertainty over going concern

  However, the directors believe there to be a material uncertainty over the going concern of the Company due to the impact of the First Optional Redemption Date (as defined in the transaction documents). This is because on or after 18 April 2026 the person or an entity representing the person (or persons in aggregate) who is holder of more than 75 per cent. of the Residual Certificates (the "Portfolio Option Holder") may exercise the Portfolio Purchase Option. The exercise of this option is not within the control of the Company. If the Portfolio Purchase Option is exercised, the Company would be required to sell and transfer the Loans to the Portfolio Option Holder at the Portfolio Purchase Option Purchase Price (as defined in the transaction documents). The Notes would then be paid off using the proceeds of the sale of the Loans and the Company would cease trading. However, if this option is not exercised, the directors have no intention to cease trading and there is a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. Although there is no legal obligation or confirmed intention to exercise the Portfolio Purchase Option at this stage, the directors currently consider there to be an equal likelihood of the option being exercised and of it not being exercised. Consequently, the directors are of the opinion that this material uncertainty presents a significant doubt about the Company's ability to continue as a going concern.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“However, the directors believe there to be a material uncertainty over the going concern of the Company due to the impact of the First Optional Redemption Date (as defined in the transaction documents). This is because on or after 18 April 2026 the person or an entity representing the person (or persons in aggregate) who is holder of more than 75 per cent. of the Residual Certificates (the "Portfolio Option Holder") may exercise the Portfolio Purchase Option. The exercise of this option is not within the control of the Company. If the Portfolio Purchase Option is exercised, the Company would be required to sell and transfer the Loans to the Portfolio Option Holder at the Portfolio Purchase Option Purchase Price (as defined in the transaction documents). The Notes would then be paid off using the proceeds of the sale of the Loans and the Company would cease trading. However, if this option is not exercised, the directors have no intention to cease trading and there is a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. Although there is no legal obligation or confirmed intention to exercise the Portfolio Purchase Option at this stage, the directors currently consider there to be an equal likelihood of the option being exercised and of it not being exercised. Consequently, the directors are of the opinion that this material uncertainty presents a significant doubt about the Company's ability to continue as a going concern.”

Significant events

• “On 19 January 2023 (the "Closing Date"), as part of a securitisation transaction, the Company issued £2,317,612,000 Class A mortgage backed floating rate notes, £137,953,000 Class B mortgage backed floating rate notes, £96,567,000 Class C mortgage backed floating rate notes, £55,181,000 Class D mortgage backed floating rate notes, £41,386,000 Class E mortgage backed floating rate notes, £41,386,000 Class F mortgage backed floating rate notes, £20,693,000 Class X mortgage backed floating rate notes, £35,868,000 Class R mortgage backed zero coupon notes, £68,977,000 Class Z mortgage backed zero coupon notes, (together, the "Notes") issued at an aggregate discount of £110,521,891 and Class S1 certificates, Class S2 certificates and Residual Certificates (together, the "Certificates").”
• “The outstanding balance of the mortgage in repossession & sold during the year end was £24,259,736 resulting in a principal loss of £12,153,390. As of 31 July 2025, there were 134 properties in repossession having outstanding balance of £27,125,520.”

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

Filings

6

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.