ABBEY COVERED BONDS LLP

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

UK-adopted international accounting standards

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Members have a reasonable expectation that the Partnership has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the Annual Report and Financial Statements.”

Significant events

• “On 15 January 2024, Series 84 for £1,250,000,000 Floating Rate Covered Bonds, due July 2027.”
• “On 21 February 2024, Series 85 for CHF 310,000,000 Fixed Rate Covered Bonds, due November 2028.”
• “On 15 March 2024, Series 86 for €1,500,000,000 Fixed Rate Covered Bonds, due March 2029.”
• “On 20 May 2024, Series 87 for €500,000,000 Floating Rate Covered Bonds, due 12 May 2027.”
• “On 20 May 2024, Series 88 for €1,000,000,000 Fixed Rate Covered Bonds, due 12 May 2031.”
• “On 9 September 2024, Series 88 for £1,000,000,000 Fixed Rate Covered Bonds, due 12 September 2029.”
• “On 9 December 2024, Series 88 for US$1,000,000,000 Fixed Rate Covered Bonds, due 12 December 2027.”
• “Loss of required rating by the Issuer and pre-maturity liquidity test failure - Santander UK plc's credit rating fell below the required credit ratings where covered bond maturity arose within 12 months. To remedy this, the swap notional value was credited to the pre-maturity liquidity ledger in accordance with the Investor Report terms.”
• “Supplemental Liquidity Event - Santander UK plc's rating from S&P fell below the benchmark and as a remedial action a Reserve Fund has been set up and credited monthly with available revenue receipts up to an amount equal to the reserve fund requirement.”
• “On 23 January 2025, Series 91 for €1,250,000,000 Fixed Rate Covered Bonds, with a legal final maturity date of April 2029.”
• “On 23 January 2025, Series 92 for €750,000,000 Fixed Rate Covered Bonds, with a legal final maturity date of January 2033.”
• “On 20 May 2025, Series 93 for £1,000,000,000 Fixed Rate Covered Bonds, with a legal final maturity date of May 2028.”

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

Filings

12

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

  +18.3%

  £732,713,000 → £866,738,000

• Cash

  +15.4%

  £4,062,239,000 → £4,685,984,000

• Net assets

  +109.7%

  £752,210,000 → £1,577,194,000

• Employees

  —

  Not reported

• Operating profit

  +103%

  £406,366,000 → £824,984,000

• Profit before tax

  +103%

  £406,366,000 → £824,984,000

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