PSF SECURITISATION NO.1 LTD

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

MHA Audit Services LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“For the reasons set out below the directors consider that the Company will continue to trade for the foreseeable future by meeting its liabilities as they fall due for payment in cash and, accordingly, the financial statements have been prepared on a going concern basis. In order to form a view as to the most appropriate basis of preparation of these financial statements, the directors have assessed the likelihood of whether the Company will be able to continue trading over the foreseeable future versus the likelihood of either intending to or being forced to either cease trading or to place the Company into liquidation. The Company is obliged to redeem the Notes at their principal amount outstanding upon maturity in December 2027. However, due to the non-recourse nature of the Notes, the Company's ability to pay amounts due on the Notes and the Subordinated Loan are, in substance, limited to the application of the receipts from the Loans under the terms of the priority of payments as set out in the terms and conditions of the Notes.”

Significant events

• “The Company was incorporated as a private limited company on 23 August 2023 in the United Kingdom and registered in England and Wales under the Companies Acts 2006.”
• “The company is a special purpose vehicle that was set up to structure securitisation funding arrangements for Praetura Commercial Finance Limited, Praetura Invoice Finance Limited and Zodeq Limited (the 'Originators' and the 'Sellers').”
• “The Company purchases the beneficial interest of certain receivables (the 'Receivables') from the Originators pursuant to a Receivables Sale Agreement.”
• “To fund these purchases, the Company issues Senior Notes, in Pounds Sterling, Euros and U.S. Dollars, pursuant to a Variable Funding Note Purchase Deed, and has also issued a Subordinated Variable Funded Note to Praetura Commercial Finance Limited, pursuant to a Subordinated VFN Agreement.”
• “The Receivables purchased by the Company from the Sellers fail the de-recognition criteria of FRS102 and therefore the Receivables remain on the balance sheet of the Sellers. Instead of recognising the Receivables in the balance sheet of the Company, the Company has recognised a loan to the Sellers (the "Loan").”
• “The Company's functions and business activities are set out in the transaction documents dated 20 December 2023.”

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

Filings

13

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.