REG - LendInvest SI. II LendInvest - LIV3 LendInvest - LIV4 LendInvest - LIV5 - LendInvest Secured Income 2 Interim Statement FY26
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RNS Number : 5463K LendInvest Secured Income II 08 December 2025
LENDINVEST SECURED INCOME II PLC
Interim financial statements for the
6 month period ended 30 September 2025
Company registration number: 14068186
CONTENTS
OFFICERS AND PROFESSIONAL
ADVISORS
1
DIRECTORS'
REPORT
2
INDEPENDENT REVIEW REPORT TO LENDINVEST SECURED INCOME II
PLC
5
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS
7
CONDENSED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME
8
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
9
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
10
CONDENSED INTERIM STATEMENT OF CASH
FLOWS
11
NOTES TO THE CONDENSED INTERIM FINANCIAL
STATEMENTS
12
OFFICERS AND PROFESSIONAL ADVISORS
Directors
Roderick Lockhart
Ian Thomas
Secretary
Indigo Corporate Secretary Limited
Company number 14068186
Registered office 4-8 Maple Street,
London, United Kingdom, W1T 5HD
Auditors BDO
LLP
55 Baker Street
London
W1U 7EU
Bankers
HSBC Bank PLC
8 Canada Square
London
E14 5HQ
DIRECTORS' REPORT
Performance in the period
This unaudited interim condensed financial report for the half-year reporting
period ended 30 September 2025 has been prepared in accordance with the
UK-adopted International Accounting Standard 34, 'Interim Financial Reporting'
and the Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority.
LendInvest Secured Income II plc's (the 'Company's') principal activity is to
provide services related to property finance in the United Kingdom. During the
period under review, the Company generated revenue of £5.5m (2024: £5.2m)
and interest expense of £4.4m (2024: £4.3m), representing a net income
margin of 17% (2024: 17%). Administrative expenses and impairment provisions
amounted to £0.7m (2024: £1.2m), resulting in a profit before tax of £0.6m
(2024: loss £0.3m).
The company was incorporated in England and Wales on 26 April 2022.
As at 30 September 2025, the Company has £87.9m (31 March 25: £87.9m) of
issued bonds by principal value outstanding. The company had a gross loan book
of £32.7m (31 March 25: £32.9m).
The Company has a number of covenants which it is required to comply with as
outlined in the prospectus issued on 12 July 2022. These covenants principally
include: notice of default, provision of financial statements within four
months of period end and three months of half year, weighted average limits on
loan portfolio, interest coverage ratio and analysis of loan portfolio within
30 days of quarter end via the London Stock Exchange's Regulatory News Service
and on the LendInvest website. At the reporting date, the Company complied
with all covenants.
Principal risks and uncertainty
The Board has the overall responsibility for the establishment and oversight
of the Company's risk management framework. The risk management policies are
established to identify and analyse the risks faced by the Company, to set
appropriate risk limits and controls, and to monitor risks and ensure any
limits are adhered to. The Company's activities are reviewed regularly and
potential risks are considered. The overall objective of the Board is to set
policies that seek to reduce risk as far as possible without unduly affecting
the competitiveness and flexibility of the business.
The Company has exposure to the following risks from its use of financial
instruments: credit, market and liquidity risk.
Credit risk management
Credit risk is the risk that the Company's loans and advances and receivables
are subject to borrower default. It arises principally from the Company's
receivables from customers and cash and cash equivalents held at bank. Credit
risk management lies at the core of the business and the Company has continued
to develop its strong credit risk management framework which includes:
· A clearly defined credit risk policy.
· The continued recruitment of specialist skills in credit
underwriting.
· A Credit Committee which meets monthly.
· An Impairment & Modelling Committee - specifically formed for
the governance of IFRS 9 - which meets quarterly.
DIRECTORS' REPORT (continued)
Market risk management
There is a risk that the Company will be adversely hit by market rate or price
movements. The company has fixed price liabilities which should mitigate any
pressure from market risk on that side. The Company's assets are also fixed
rate, but loan values will deviate through fair value adjustments should
interest rates move. This is substantiated in note 12. We have continued to
see high interest rates and inflation which are impacting our financing costs
and operations. This pressure has alleviated through FY25 and resilient demand
has been evident from a range of investors. The business continues to monitor
the level of headline pricing, the size and nature of pipeline commitments and
to seek to ensure refinancing transactions and contingencies are developed on
a timely basis.
In response to this risk, the entity only invests in assets which have an
appropriate risk-adjusted return. All lending has been written within risk
appetite, which generally reflects Loan-to-Value rates of under 70%.
Expected credit losses for the asset base remain in line with expectations.
The Directors are therefore confident that the business will be able to absorb
any losses from potential defaulting borrowers, even against the current
market backdrop.
Liquidity risk management
There is a risk that the Company will not be able to meet its financial
obligations as they fall due. The Company's approach to managing liquidity is
to ensure, as far as possible, that it will always have sufficient liquidity
to meet its liabilities when they fall due, under both normal and stressed
conditions, without incurring unacceptable losses or risking damage to the
Company's position. The Company's liquidity position is monitored and reviewed
on an ongoing basis by the directors and the Assets and Liabilities Committee.
The Company's strategy is to grow the portfolio and then periodically
securitise the assets.
Going Concern
At a LendInvest Group level, the Directors considered the impact of the
funding lines maturing in the next 12 months from the date of approval of the
financial statements. In line with the normal operations of the Group, there
are a number of facilities which mature or maybe refinanced during this
period, however these are not considered to be a significant factor in going
concern uncertainty.
Directors have a reasonable expectation that the Group will have adequate
resources to continue to operate for a period of at least 12 months from the
signing of these accounts, including severe yet plausible downside scenarios,
and that Group will have sufficient funds to meets its liabilities as they
fall due for that period.
As such the Directors have continued to prepare the accounts on a going
concern basis.
Post-period, the Group launched Retail Bond 5, alongside an exchange offer for
Retail Bond 3 and Retail Bond 4. These transactions generated £13.8m of gross
new proceeds for the Group and extended funding maturities by 4 and 5 years,
further strengthening liquidity.
The remaining bonds issued by the Company mature on 3 October 2026 and 8
August 2027 with the Company looking to perform a further exchange offer in
the new financial year for the remaining bonds.
DIRECTORS' REPORT (continued)
Key Performance Indicators (KPIs)
The Company uses key performance indicators to track progress against its
plans. The performance of the main indicators in this period were:
6 month period ended 30 September 2025 6 month Period ended 30 September 2024
(Unaudited) (Unaudited)
Gross amounts of loans outstanding (£m) 32.7 34.8
Cash not deployed (£m) 0.5 5.1
Euro Medium Term Note loan notes issued (£m) 87.9 87.6
Total loan losses realised (annualised %) 2.22% 9.01%
Interest coverage ratio (%) 124 120
Profit/(loss) before tax (£k) 420 (266)
Events after the period end date
On 18 November 2025 £17.0m and £34.9m of Retail Bond 3 and 4 exchanged into
Retail Bond 5 within LendInvest Secured Income III PLC (LSI III PLC). These
were exchanged at par and a premium of 4.5% (£1.6m) respectively. On the same
day £14.6m of new funding was subscribed, with a further £6.9m retained by
the Issuer through Retail Bond 5 into LSI III PLC. This has been assessed
under IFRS9 as an extinguishment event.
Responsibility statement of the directors in respect of the condensed interim
financial statements for the 6 month period ended 30 September 2025
We confirm that to the best of our knowledge:
● The condensed set of financial statements has been prepared in
accordance with the UK-adopted international Accounting Standard 34, 'IAS
Interim Reporting' and the Disclosure Guidance and Transparency Rules
sourcebook of the United Kingdom's Financial Conduct Authority, and give a
true and fair view of the assets, liabilities, financial position and profit
and loss of the Company.
● The interim management report includes a fair review of the
information required by DTR 4.2.4 R, DTR 4.2.6 R, DTR 4.2.7 R and DTR 4.2.8 R.
● The condensed set of financial statements contain a fair review
of the principal risks and uncertainties.
Approved on behalf of the board:
Roderick Lockhart
Director
05 December 2025
INDEPENDENT REVIEW REPORT TO LENDINVEST SECURED INCOME II PLC
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 September 2025 is not prepared,
in all material respects, in accordance with UK adopted International
Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of
the United Kingdom's Financial Conduct Authority.
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
September 2025 which comprises the directors' report, condensed interim
statement of profit and loss, condensed interim statement of other
comprehensive income, condensed interim statement of financial position,
condensed interim statement of changes in equity, condensed interim statements
of cash flows and notes to the condensed interim financial statements.
Basis for conclusion
We conducted our review in accordance with Revised International Standard on
Review Engagements (UK) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" ("ISRE (UK) 2410
(Revised)"). A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with
International Standards on Auditing (UK) and consequently does not enable us
to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 1.2, the annual financial statements of the company are
prepared in accordance with UK adopted international accounting standards. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410 (Revised), however future events or conditions may cause the
company to cease to continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the
Disclosure Guidance and Transparency Rules of the United Kingdom's Financial
Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
INDEPENDENT REVIEW REPORT TO LENDINVEST SECURED INCOME II PLC (CONTINUED)
Auditor's responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statement in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
Our report has been prepared in accordance with the terms of our engagement to
assist the Company in meeting the requirements of the Disclosure Guidance and
Transparency Rules of the United Kingdom's Financial Conduct Authority and for
no other purpose. No person is entitled to rely on this report unless such a
person is a person entitled to rely upon this report by virtue of and for the
purpose of our terms of engagement or has been expressly authorised to do so
by our prior written consent. Save as above, we do not accept responsibility
for this report to any other person or for any other purpose and we hereby
expressly disclaim any and all such liability.
BDO LLP
Chartered Accountants
London, UK
05 December 2025
BDO LLP is a limited liability partnership registered in England and Wales
(with registered number OC305127).
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS
Note 6 month period ended 6 month Period ended
30 September 2025 30 September 2024
£'000 £'000
(Unaudited) (Unaudited)
Interest income calculated using the effective interest rate 4 5,459 5,208
Interest expense 5 (4,386) (4,331)
Net interest income 1,073 877
Impairment losses on financial assets 9 (640) (1,077)
Administrative income(expenses) (13) (66)
Total operating expenses (653) (1,143)
Profit/(loss) before tax 420 (266)
Tax charge 7 - -
Profit/(loss) for the period 420 (266)
CONDENSED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME
Note 6 month period ended 6 month Period ended
30 September 2025 30 September 2024
£'000 £'000
(Unaudited) (Unaudited)
Profit/(loss) for the period 420 (266)
Other comprehensive (loss)/income:
Items that will or may be reclassified to profit or loss
Fair value gain/(loss) on loans and advances measured at fair value through 12 150 (148)
other comprehensive income
Deferred tax (charge)/credit on fair value adjustment 7/12 (37) 38
Other comprehensive profit/(loss) for the period 113 (110)
Total comprehensive income/(loss) for the period 533 (376)
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
Note As at 30 September As at 31 March
2025 2025
£'000 £'000
(Unaudited) (Audited)
Assets
Cash and cash equivalents 507 70
Receivables from related parties 8 82,173 76,232
Loans and advances 9 28,765 34,527
Total assets 111,445 110,829
Liabilities
Other payables 10 (31) (237)
Payables to related parties 10 (20,942) (20,954)
Interest bearing liabilities 11 (90,322) (90,059)
Deferred tax liability 7 (64) (26)
Total liabilities (111,359) (111,276)
Net assets/(liabilities) 86 (447)
Equity
Share capital 13 50 50
Fair value reserve 190 77
Retained losses (154) (574)
Total equity 86 (447)
These financial statements of LendInvest Secured Income II plc, with
registered number 14068186, were approved by the Board of Directors and
authorised for issue on 05 December 2025.
Signed on behalf of the Board of Directors by:
Roderick Lockhart
Director
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
Share capital Fair value reserve Retained losses Total
£'000 £'000 £'000 £'000
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Balance as at 30 September 2024 50 (35) (1,237) (1,222)
Profit after taxation - - 663 663
Fair value adjustments on - 112 - 112
loan & advances through OCI
Balance at 31 March 2025 50 77 (574) (447)
Profit after taxation - - 420 420
Fair value adjustments on - 113 - 113
loan & advances through OCI
Balance as at 30 September 2025 50 190 (154) 86
CONDENSED INTERIM STATEMENT OF CASH FLOWS
6 month period ended 30 September 2025 6 month period ended 30 September 2024
£'000 £'000
Cash flow from operating activities (Unaudited) (Unaudited)
Profit/(loss) for the period 420 (266)
Adjusted for:
Impairment provision 640 1,077
Amortisation of pre-paid funding costs 256 260
Movement in accrued interest expenses 11 430
Intercompany lending interest income (3,260) (2,687)
Working capital adjustments
Decrease/(increase) in loans and advances 5,273 (1,780)
(Increase) in receivables from related parties and other receivables (2,680) (2,328)
(Decrease)/increase in payables to related parties and other payables (218) 2,302
Net cash flow generated from/(used in) operating activities 442 (2,992)
Cash flow from financing activities
Proceeds from issuance of retail bonds - 7,415
Cost of bond issuance (5) (10)
Net cash flow (used in)/from financing activities (5) 7,405
Net increase in cash and cash equivalents 437 4,413
Cash and cash equivalents at beginning of the period 70 685
Cash and cash equivalents at end of the period 507 5,098
Interest received was £5.5m (2024: £4.9m) and interest paid was £4.1m
(2024: £4.1m)
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
1. Basis of preparation
1.1 General information
LendInvest Secured Income II plc was incorporated on 26 April 2022 in the
United Kingdom under the Companies Act. The address of its registered office
is given on page 1.
The principal activity of the Company is to provide services related to
property finance in the United Kingdom.
LendInvest Secured Income II plc is a 100% subsidiary of LendInvest Loan
Holdings Limited (which is in turn a 100% subsidiary of LendInvest plc), and
its results are included in the interim consolidated financial statements of
LendInvest plc (the "Group").
1.2 Basis of accounting
These financial statements have been prepared in accordance with IAS 34
"Interim Financial Reporting" and have been prepared on a historical cost
basis, except as required in the valuation of certain financial instruments
which are carried at fair value. These financial statements have been prepared
applying the accounting policies and presentation that were applied in the
preparation of the Company's published financial statements for the year ended
31 March 2025.
These financial statements are not statutory accounts. LendInvest Secured
Income II plc statutory accounts for the year ended 31 March 2025 have been
reported on by its auditor and delivered to the Registrar of Companies. The
report of the auditor on those statutory accounts (i) was unqualified, (ii)
did not include a reference to any matters to which the auditor drew attention
by way of emphasis without qualifying their report, and (iii) did not contain
a statement under Section 498(2) or (3) of the Companies Act 2006.
All amounts are presented in pounds sterling, which is the functional currency
of the Company and all its subsidiaries. Amounts are rounded to the nearest
£'000, except where otherwise indicated.
1.3 Going Concern
At a LendInvest Group level, the Directors considered the impact of the
funding lines maturing in the next 12 months from the date of approval of the
financial statements. In line with the normal operations of the Group, there
are a number of facilities which mature or maybe refinanced during this
period, however these are not considered to be a significant factor in going
concern uncertainty.
Directors have a reasonable expectation that the Group will have adequate
resources to continue to operate for a period of at least 12 months from the
signing of these accounts, including severe yet plausible downside scenarios,
and that Group will have sufficient funds to meets its liabilities as they
fall due for that period.
As such the Directors have continued to prepare the accounts on a going
concern basis.
Post-period, the Group launched Retail Bond 5, alongside an exchange offer for
Retail Bond 3 and Retail Bond 4. These transactions generated £13.8m of gross
new proceeds for the Group and extended funding maturities by 4 and 5 years,
further strengthening liquidity.
The remaining bonds issued by the Company mature on 3 October 2026 and 8
August 2027 with the Company looking to perform a further exchange offer in
the new financial year for the remaining bonds.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
1. Basis of preparation (continued)
1.4 Accounting policies
The accounting policies and methods of computation are consistent with those
set out in the Annual Report 2025.
2. Financial risk management
General objectives, policies and processes
The Board has the overall responsibility for the establishment and oversight
of the Company's risk management framework. The risk management policies are
established to identify and analyse the risks faced by the Company, to set
appropriate risk limits and controls and to monitor risks and ensure any
limits are adhered to. The Company's activities are reviewed regularly and
potential risks are considered. The overall objective of the board is to set
policies that seek to reduce risk as far as possible without unduly affecting
the business's competitiveness and flexibility.
The tables below analyse the Company's contractual undiscounted cash flows of
its financial assets and liabilities:
Carrying amount Gross nominal inflow/(outflow) Amount due in Amount due in Amount due between one and five years
£'000 £'000 less than six six to twelve £'000
months months
As at 30 September 2025 £'000 £'000
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Financial assets
Cash and cash equivalents 507 507 507 - -
Receivables from related parties 82,173 90,927 3,447 27,264 60,216
Loans and advances 28,765 29,742 24,559 5,183 -
Total 111,445 121,176 28,513 32,447 60,216
Financial liabilities
Payables to related parties (20,942) (21,017) (37) (20,479) (501)
Other payables (31) (31) (31) - -
Interest bearing liabilities (90,322) (98,241) (4,070) (4,092) (90,079)
Total (111,295) (119,289) (4,138) (24,571) (90,580)
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
2. Financial risk management (continued)
Carrying amount Gross nominal inflow/(outflow) Amount due in Amount due in Amount due between one and five years
£'000 £'000 less than six six to twelve £'000
months months
As at 31 March 2025 £'000 £'000
(Audited) (Audited) (Audited) (Audited) (Audited)
Financial assets
Cash and cash equivalents 70 70 70 - -
Receivables from related parties 76,232 87,089 3,150 25,731 58,208
Loans and advances 34,527 35,893 24,460 11,433 -
Total 110,829 123,052 27,680 37,164 58,208
Financial liabilities
Payables to related parties (20,954) (21,296) (35) (20,726) (535)
Other payables (237) (237) (237) - -
Interest bearing liabilities (90,059) (102,333) (4,092) (4,070) (94,171)
Total (111,250) (123,866) (4,364) (24,796) (94,706)
3. Segmental analysis
The Company's lending operations are carried out solely in the UK, and
effective from 1 April 2023, were carried out solely from the Company's
LendInvest Mortgages and Capital Divisions, reflective of the product
offerings. The results and net assets of the Group are derived from the
provision of property related loans only. The following describes the
operations of the two reportable segments for the 6 months ended 30 September
2025:
LendInvest Mortgages
LendInvest Mortgages provides mortgages to both professional BTL landlords and
homeowners as well as a range of short term mortgages.
LendInvest Capital
The LendInvest Capital division provides larger, more structured finance
primarily to property developers and larger Bridging
loans and houses the Fund and Self-Select Platform.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
3. Segmental analysis (continued)
Please see below for a segmental analysis of the profit and loss and statement
of financial position balances:
6 month period ended 30 September 2025 (Unaudited) Mortgages Capital Central Total
Statement of profit and loss information £'m £'m £'m £'m
Interest income calculated using the effective interest rate 894 4,565 - 5,459
Interest expense and similar charges (3,037) (1,349) - (4,386)
Net interest income (2,143) 3,216 - 1,073
Administrative income (6) (1) (6) (13)
Impairment provisions (188) (452) - (640)
Profit before tax (2,337) 2,763 (6) 420
6 month period ended 30 September 2024 (Unaudited) Mortgages Capital Central Total
Statement of profit and loss information £'m £'m £'m £'m
Interest income calculated using the effective interest rate 1,139 4,069 - 5,208
Interest expense and similar charges (3,446) (885) - (4,331)
Net interest income (2,307) 3,184 - 877
Administrative expenses (33) (5) (28) (66)
Impairment provisions (260) (817) - (1,077)
Loss before tax (2,600) 2,362 (28) (266)
As at 30 September 2025 (Unaudited) Mortgages Capital Central Total
Statement of financial position information £'m £'m £'m £'m
Assets
Cash and cash equivalents - - 507 507
Receivables from related parties - - 82,173 82,173
Loans and advances 1,757 27,008 - 28,765
Total assets 1,757 27,008 82,680 111,445
Liabilities
Other payables - - (31) (31)
Payables from related parties - - (20,942) (20,942)
Interest bearing liabilities - - (90,322) (90,322)
Deferred tax liability - - (64) (64)
Total liabilities - - (111,359) (111,359)
As at 31 March 2025 (Audited) Mortgages Capital Central Total
Statement of financial position information £'m £'m £'m £'m
Assets
Cash and cash equivalents - - 70 70
Receivables from related parties - - 76,232 76,232
Loans and advances 9,107 25,420 - 34,527
Total assets 9,107 25,420 76,302 110,829
Liabilities
Other payables - - (237) (237)
Payables from related parties - - (20,954) (20,954)
Interest bearing liabilities - - (90,059) (90,059)
Deferred tax liability - - (26) (26)
Total liabilities - - (111,276) (111,276)
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
4. Interest income calculated using the effective interest rate
6 month period ended 30 September 2025 6 month period ended 30 September 2024
£'000 £'000
(Unaudited) (Unaudited)
Interest income calculated using the effective interest rate 5,459 5,208
Total 5,459 5,208
5. Interest expense
6 month period ended 30 September 2025 6 month period ended 30 September 2024
£'000 £'000
(Unaudited) (Unaudited)
Interest Expense 4,130 4,071
Funding Line Costs 256 260
Total 4,386 4,331
6. Profit before tax
Audit fees and auditors' remuneration for other services are paid by the
Company's ultimate parent company, LendInvest plc. The Company employed no
employees in the 6 month period to 30 September 2025 (2024: none).
7. Taxation on profit on ordinary activities
The Company is subject to all taxes applicable to a commercial company in the
United Kingdom. The UK business profits of the Company are subject to UK
income tax at the prevailing basic rate of 25% (2024: 25%).
As of 30 September 2025, the Company had £64k in net deferred tax liabilities
(DTLs) (31 March 2025: £26k net deferred tax liabilities (DTLs)).
8. Receivables from related parties
As at 30 September 2025 As at 31 March 2025
£'000 £'000
(Unaudited) (Audited)
Receivables from related parties 82,173 76,232
Total 82,173 76,232
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
9. Loans and advances
As at 30 September 2025 As at 31 March 2025
£'000 £'000
(Unaudited) (Audited)
Gross loans and advances 32,703 37,743
Expected Credit Loss (ECL) provision (4,191) (3,320)
Fair value adjustment (*) 253 104
Loans and advances 28,765 34,527
(*) Fair value adjustment to gross loans and advances due to classification as
fair value through other comprehensive income (FVTOCI). Fair value adjustments
are a function of changes in interest rates and credit spreads on the
Company's loan assets. The changes in these variables during the period and
effect on fair value is discussed in Note 12.
ECL provision
Movement in the period £'000
(Unaudited)
Under IFRS 9 at 1 April 2025 3,320
Increase in provisions during the period(1) 640
Adjustment for net interest on stage 3 loans(1) 231
Utilised in the period -
Under IFRS 9 at 30 September 2025 4,191
ECL provision
Movement in the period £'000
(Unaudited)
Under IFRS 9 at 1 April 2024 1,931
Increase in provisions during the period(1) 1,077
Adjustment for net interest on stage 3 loans(1) 238
Utilised in the period (110)
Under IFRS 9 at 30 September 2024 3,136
(1)The ECL provision of £4,191k (HY2024: £3,136k) is stated including the
expected credit losses incurred on the interest income recognised on stage 3
loans and advances. The net ECL impact on the income statement for the period
to 30 September 2024 is £640k (HY2024: £1,077k). This and the total impact
of expected credit losses on income recognised on stage 3 loans and advances
using the effective interest rate is £231k (HY2024: £238k).
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
9. Loans and advances (continued)
Analysis of loans and advances by stage
As at 30 September 2025
(Unaudited) Stage 1 Stage 2 Stage 3 Total
£'000 £'000 £'000 £'000
Gross loans and advances 6,158 12,907 13,638 32,703
ECL provision (6) (87) (4,098) (4,191)
Fair value adjustment 144 101 8 253
Loans and advances 6,296 12,921 9,548 28,765
The maximum LTV on stage 1 loans is 69%. The maximum LTV on stage 2 loans is
75%. The maximum LTV on stage 3 loans is 110%
As at 31 March 2025
(Audited) Stage 1 Stage 2 Stage 3 Total
£'000 £'000 £'000 £'000
Gross loans and advances 9,878 5,224 22,641 37,743
ECL provision (7) (2) (3,311) (3,320)
Fair value adjustment 34 21 49 104
Loans and advances 9,905 5,243 19,379 34,527
The maximum LTV on stage 1 loans is 63%. The maximum LTV on stage 2 loans is
76%. The maximum LTV on stage 3 loans is 111%.
Credit risk on gross loans and advances
The table below provides information on the Company's loans and advances by
stage and risk grade.
Risk grades detailed in the table range from 1 to 10 with a risk grade of 1
being assigned to cases with the lowest credit risk and 10 representing cases
in default. Equifax Risk Navigator (RN) scores are used to assign the initial
Risk Grade score with additional SICR rules used to generate the final Risk
Grade.
As at 30 September 2025
(Unaudited) Stage 1 Stage 2 Stage 3 Total
£'000 £'000 £'000 £'000
Risk Grades 1 - 5 3.050 - - 3,050
Risk Grades 6 - 9 3,108 12,907 - 16,015
Default - - 13,638 13,638
Total 6,158 12,907 13,638 32,703
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
9. Loans and advances (continued)
Credit risk on gross loans and advances (continued)
As at 31 March 2025
(Audited) Stage 1 Stage 2 Stage 3 Total
£'000 £'000 £'000 £'000
Risk Grades 1 - 5 8,107 1,130 - 9,237
Risk Grades 6 - 10 1,771 4,094 - 5,865
Default - - 22,641 22,641
Total 9,878 5,224 22,641 37,743
Impairment provisions are calculated on an expected credit loss ('ECL') basis.
Financial assets are classified individually into one of the categories below:
Impairment provisions are calculated on an expected credit loss ('ECL') basis.
Financial assets are classified individually into one of the categories below:
Stage 1 - assets are allocated to this stage on initial recognition and remain
in this stage if there is no significant increase in credit risk since initial
recognition. Impairment provisions are recognised to cover 12-month ECL, being
the proportion of lifetime ECL arising from default events expected within 12
months of the reporting date.
Stage 2 - assets where it is determined that there has been a significant
increase in credit risk since initial recognition, but where there is no
objective evidence of impairment. Impairment provisions are recognised to
cover lifetime probability of default. An asset is deemed to have a
significant increase in credit risk where:
- The creditworthiness of the borrower deteriorates such that their
risk grade increases by at least one grade compared with that at origination
- The borrower is currently more than one month in arrears.
- The borrower has sought some form of forebearance.
- LTV exceeds 85% for Bridging.
- LTGDV exceeds 75% for development loans
- There is less than one month before maturity for bridging loans.
- The development will not meet practical completion by the date
anticipated at origination.
Stage 3 - assets where there is objective evidence of impairment, i.e. they
are considered to be in default. Impairment provisions are recognised against
lifetime ECL. For assets allocated to stage 3, interest income is recognised
on the balance net of impairment provision.
Purchased or originated credit impaired ('POCI') - POCI assets are financial
assets that are credit impaired on initial recognition. On initial
recognition, they are recorded at fair value. ECLs are only recognised or
released to the extent that there is a subsequent change in the ECLs. Their
ECLs are always measured on a lifetime basis.
Where there is objective evidence that asset quality has improved, assets will
be allocated to a lower risk category. For example, loans no longer in default
(stage 3) will be allocated to either stage 2 or stage 1. Evidence that asset
quality has improved will include:
- repayment of arrears;
- improved credit worthiness; and
- term extensions and the ability to service outstanding debt.
If a loss is ultimately realised, it is written off against the provision
previously provided for with any excess charged to the impairment provision in
the statement of profit and loss.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
9. Loans and advances (continued).
Critical accounting estimates relating to the impairment of financial assets:
The calculation of ECLs requires the Company to make a number of assumptions
and estimates. The accuracy of the ECL calculation would be impacted by
movements in the forward-looking economic scenarios used, or the probability
weightings applied to these scenarios and by unanticipated changes to model
assumptions that differ from actual outcomes.
The key assumptions and estimates that, depending on a range of factors, could
result in a material adjustment in the next financial year relate to the use
of forward-looking information in the calculation of ECLs and the inputs and
assumptions used in the ECL models.
Additional information about both of these areas is set out below.
Forward-looking information
The Company incorporates forward-looking information into the calculation of
ECLs and the assessment of whether there has been a significant increase in
credit risk ('SICR'). The use of forward-looking information represents a key
source of estimation uncertainty.
The Company uses three forward-looking economic scenarios:
- The baseline scenario reflects the most profitable economic outlook;
- While a downside accounts for plausible stress conditions; and
- an upside scenario representing the impact of modest improvements to
assumptions used in the baseline scenario.
The macroeconomic data inputs applied in determining the Company's expected
credit losses are sourced from Oxford Economics (a third-party provider of
global economic forecasting and analysis). Oxford Economics combines two
decades of forecast errors with its quantitative assessment of the current
risks facing the global and domestic economy to produce robust forward-looking
distributions for the economy.
Using specific percentile points in the distribution of several key metrics
such as GDP, unemployment, house prices and commercial real estate prices, we
receive three alternative scenarios relating to a base case (most likely),
downside (broadly equivalent to a one in - ten-year event) and a moderate
upside scenario.
The probability weightings applied to the above scenarios are another area of
estimation uncertainty. They are generally set to ensure that there is an
asymmetry in the ECL. The probability weightings applied to the three economic
scenarios used are as follows:
Period ended 30 September 2025 Period ended 31 March 2025
Base 60% 40%
Upside 10% 20%
Downside 30% 40%
The weightings were changed for September 2025 after discussion with Oxford
Economics.
The Company undertakes a review of its economic scenarios and the probability
weightings applied at least quarterly and more frequently if required. The
results of this review are recommended to the Audit Committee and the Board
prior to any changes being implemented.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
9. Loans and advances (continued).
Impairment charge sensitivity analysis
Analysis shows the sensitivity of the impairment charge under different
macroeconomic scenarios
Overall impairment charge £k Increase/(decrease) £k
Systematic macroeconomic scenarios
100% downside 4,451 260
100% upside 3,762 (429)
Critical judgements relating to the impairment of financial assets
The Company reviews and updates the key judgements relating to impairment of
financial assets bi-annually, in advance of the Interim Financial Report and
the Annual Report and Accounts. All key judgements are reviewed and
recommended to the Audit & Risk Committee for approval prior to
implementation.
Assessing whether there has been a significant increase in credit risk
('SICR')
If a financial asset shows a SICR, it is transferred to Stage 2 and the ECL
recognised changes from a 12-month ECL to a lifetime ECL. The assessment of
whether there has been a SICR requires a high level of judgement. The
assessment of whether there has been a SICR also incorporates forward-looking
information. The Company considers that a SICR has occurred when any of the
following have occurred:
1. The overall credit worthiness of the borrower has materially worsened to a
level that the probability of default has at least doubled. This is indicated
by a migration to a higher risk grade (see below for risk grades and
probability of default ("PDs") by product).
2. Where a borrower is currently a month or more in arrears.
3. Where a borrower has sought some form of forbearance.
4. Where the overall leverage of the account has surpassed a predetermined
level. 75% Loan to Gross Development Value for bridging loans and 85% for all
other products.
5. Where a short-term bridging loan has less than one month before maturity.
6. Where there is a material risk that a development loan will not reach
practical completion on time.
These factors reflect the credit lifecycle for each product and are based on
prior experience as well as insight gained from the development of risk
ratings models (probability of default).
Stage 2 criteria are designed to be effective indicators of a SICR. As part of
the bi-annual review of key impairment judgements, the Company undertakes
detailed analysis to confirm that the Stage 2 criteria remain effective. This
includes (but is not limited to):
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
9. Loans and advances (continued)
Assessing whether there has been a significant increase in credit risk
('SICR') - (continued)
- Criteria effectiveness: this includes the emergence to default
for each Stage 2 criterion when compared to Stage 1, Stage 2 outflow as a
percentage of Stage 2, percentage of new defaults that were in Stage 2 in the
months prior to default, time in Stage 2 prior to default and percentage of
the book in Stage 2 that are not progressing to default or curing.
- Stage 2 stability: this includes stability of inflows and
outflows from Stage 2 and 3.
- Portfolio analysis: this includes the percentage of the
portfolio that is in Stage 2 and not defaulted, the percentage of the Stage 2
transfer driven by Stage 2 criterion other than the backstops and back-testing
of the defaulted accounts.
For low credit risk exposures, the Company is permitted to assume, without
further analysis, that the credit risk on a financial asset has not increased
significantly since initial recognition if the financial asset is determined
to have low credit risk at the reporting date. The Group has opted not to
apply this low credit risk exemption.
A summary of the Risk grade distribution is provided in the table below. As
the Company utilises three different risk rating models, three separate PDs
have been provided for each portfolio. Risk Grades 1-9 are for non-defaulted
accounts with 10 indicating default. Therefore, all Stage 3 loans are assigned
to this grade.
As stated above, degradation in a borrower's creditworthiness is an indication
of SICR. Therefore, as shown in the table below, Stage 2 loan distributions
are in the main assigned to risk grades higher than Risk Grade 1.
Gross loans and advances (£'000) ECL (£'000) Probability of default
Risk Grade Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Bridging Development
RG1 - - - - - - 2% 0%
RG2 - - - - - - 4% 0%
RG3 665 - - - - - 8% 1%
RG4 818 - - 1 - - 14% 1%
RG5 1,566 - - 1 - - 25% 2%
RG6 3,109 - - 4 - - 40% 4%
RG7 - - - - - - 57% 7%
RG8 - 1,769 - - 1 - 73% 12%
RG9 - 11,138 - - 86 - 84% 19%
RG10 - - 13,638 - - 4,098 100% 100%
Total 6,158 12,907 13,638 6 87 4,098 - -
Determining whether a financial asset is in default or credit impaired
When there is objective evidence of impairment and the financial asset is
considered to be in default, or otherwise credit-impaired, it is transferred
to Stage 3. The Company's definition of default follows product-specific
characteristics allowing for the provision to reflect operational management
of the portfolio. Below we set out a short description of each product type
and the Company's definition of default as specific to each product.
Bridging Loans - Bridging loans are short-term loans designed for customers requiring timely access to funds to facilitate property purchases. Typically, loans involve residential securities, however, commercial, semicommercial and land is also taken as security. A bridging loan is considered to be in default if a borrower fails to repay their loan after 30 days and does not seek an authorised extension; or it is structured and the loan is two months in arrears.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
9. Loans and advances (continued)
Determining whether a financial asset is in default or credit impaired -
(continued)
Development Loan - Development loans support borrowers looking to undertake a
significant property or site development. The resulting site should be for
residential purposes only. Loan terms are typically for the short term (less
than three years) with no structured repayments. A development loan is defined
as being in default if it has not been redeemed 60 days after the maturity of
the loan.
The Company applies a more stringent quantitative default criterion than the
rebuttable presumption of 90 days past due, ensuring that all quantitative
triggers occur no later than 90 days past due
Improvement in credit risk or cure - There is no SICR cure period assumed for
loans showing improvement in credit risk. This means that any loan that does
not meet the SICR criteria is assigned to Stage 1.
10. Payables to related parties and other payables
As at 30 September 2025 As at 31 March 2025
£'000 £'000
(Unaudited) (Audited)
Payables to related parties 20,942 20,954
Other payables 31 237
Total 20,973 21,191
11. Interest bearing liabilities
As at 30 September 2025 As at 31 March 2025
£'000 £'000
(Unaudited) (Audited)
Interest bearing liabilities due within twelve months 3,170 3,158
Interest bearing liabilities due after one year but less than five years 87,873 87,873
Funding line costs (721) (972)
Total 90,322 90,059
Interest bearing liabilities as at 30 September 2025 relate to Retail Bond 3
and 4. In August 2022, Lendinvest Secured Income II PLC exchanged £29,545,000
of Retail bond 3 with Lendinvest Secured Income PLC's Retail Bond 1 and Retail
Bond 2 for £24,547,000 and £4,998,000 respectively. Payment for the exchange
was received from Lendinvest Secured Income PLC for this transaction. The
remaining £9,328,000 principal interest bearing liabilities was received from
third parties. In October 2023 Lendinvest Secured Income II PLC exchanged
£31,685,500 of Retail Bond 4 with Lendinvest Secured Income PLC's Retail Bond
2. The remaining £17,314,500 principal interest bearing liabilities was
received from third parties.
Funding line costs are amortised on an effective interest rate basis.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
12. Financial Instruments
Principal financial instruments
The principal financial instruments used by the Company, from which financial
instrument risk arises, are: loans and advances, trade and other receivables,
cash and cash equivalents, interest bearing liabilities and trade and other
payables.
Categorisation of financial assets and financial liabilities
All financial assets of the Company are carried at amortised cost or fair
value through other comprehensive income as at 31 March 2025 and 30 September
2025 due to the nature of the asset. All financial liabilities of the Company
are carried at amortised cost as at 31 March 2025 and 30 September 2025 due to
the nature of the liability.
Financial instruments measured at amortised cost
Financial instruments measured at amortised cost, rather than fair value,
include cash and cash equivalents, other receivables, receivables from related
parties, other payables, payables to related parties and interest-bearing
liabilities. Due to their short-term nature, the carrying value of cash and
cash equivalents, other receivables, payables to related parties and other
payables approximates their fair value.
(a) Carrying amount of financial instruments
A summary of the financial instruments held is provided below:
As at 30 September 2025 As at 31 March 2025
£'000 £'000
(Unaudited) (Audited)
Cash and cash equivalents 507 70
Receivables from related parties 82,173 76,232
Loans and advances 28,765 34,527
Total financial assets 111,445 110,829
Payables to related parties and other payables 20,973 21,191
Interest bearing liabilities 90,322 90,059
Total financial liabilities 111,295 111,250
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
12. Financial Instruments (continued)
(b) Carrying amount versus fair value
The following table compares the carrying amounts and fair values of the
Company's financial assets and financial liabilities as at 30 September 2025:
As at 30 September 2025 As at 30 September 2025 As at 31 March 2025 As at 31 March 2025
£'000 £'000 £'000 £'000
Carrying Amount Fair Value Carrying Amount Fair Value
(Unaudited) (Unaudited) (Audited) (Audited)
Financial assets
Cash and cash equivalents 507 507 70 70
Receivables from related parties 82,173 78,307 76,232 73,551
Loans and advances 28,765 28,765 34,527 34,527
Total financial assets 111,445 107,579 110,829 108,148
Financial liabilities
Payables from related parties 20,942 20,507 20,954 20,519
Other payables 31 31 237 237
Interest bearing liabilities 90,322 90,036 90,059 89,668
Total financial liabilities 111,295 110,574 111,250 110,424
The fair value of the Retail Bond 3 and 4 interest bearing liabilities are
calculated based on the mid-market price of £99.325 and £104.95 on 30
September 2025 respectively (£97.6 and £105.6 31 March 2025).
Loans and advances are classified as fair value through other comprehensive
income and any changes to fair value are calculated based on a fair value
model and recognised through the interim statement of comprehensive income.
Interest bearing liabilities and receivables from related parties are
classified at amortised cost and the fair value in the table above is for
disclosure purposes only.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
12. Financial Instruments (continued)
(c) Fair value hierarchy
The level in the fair value hierarchy within which the financial asset or
financial liability is categorised is determined on the basis of the lowest
level input that is significant to the fair value measurement. Financial
assets and liabilities are classified in their entirety into only one of the
three levels. The fair value hierarchy has the following levels:
● Level 1 - quoted prices (unadjusted) in active
markets for identical assets or liabilities.
● Level 2 - inputs other than quoted prices
included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
● Level 3 - inputs for the asset or liability that
are not based on observable market data (unobservable inputs).
The objective of valuation techniques is to arrive at a fair value measurement
that reflects the price that would be received to sell the asset or paid to
transfer the liability in an orderly transaction between market participants
at the measurement date.
As at 30 September 2025
Total Level 1 Level 2 Level 3
£'000 £'000 £'000 £'000
Financial instruments measured at fair value (Unaudited)
Loans and advances 28,765 - - 28,765
Financial instruments disclosed at amortised cost (Unaudited)
Interest bearing liabilities (90,322) (90,322) - -
Receivables from related parties 82,173 - - 82,173
As at 31 March 2025
Total Level 1 Level 2 Level 3
£'000 £'000 £'000 £'000
Financial instruments measured at fair value (Audited)
Loans and advances 34,527 - - 34,527
Financial instruments disclosed at amortised cost (Unaudited)
Interest bearing liabilities (90,059) (90,059) - -
Receivables from related parties 76,232 - - 76,232
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
12. Financial Instruments (continued)
(c) Fair value hierarchy (continued)
For all other financial instruments, the fair value is equal to the carrying
value and has not been included in the table above.
The valuation techniques and significant unobservable inputs used in
determining the fair value measurement of level 3 financial instruments are
below.
Level 3 instruments include loans and advances. The valuation of the asset is
not based on observable market data (unobservable inputs). Valuation
techniques include net present value and discounted cash flow methods. The
assumptions used in such models include benchmark interest rates and borrower
risk profile. The objective of the valuation technique is to determine a fair
value that reflects the price of the financial instrument that would have been
used by two counterparties in an arm's length transaction.
Financial instrument Valuation techniques used Significant input Range
Loans and advances Discounted cash flow valuation Discount rate 9-10%
(d) Fair value reserve (Unaudited)
Six months to 30 September 2025 Financial assets Deferred tax Fair value reserve
£'000 £'000 £'000
Balance as at 1 April 2025 (Audited) 104 (27) 77
Movement in fair value adjustment for loans and advances at fair value through 150 (37) 113
other comprehensive income
Fair value reserve at 30 September 2025 (Unaudited) 254 (64) 190
Information about sensitivity to change in significant unobservable inputs
The significant input used in the fair value measurement of the reporting
entity's loans and advances is discount rates. A significant increase /
(decrease) in this input in isolation would result in a lower / (higher) fair
value measurement.
Sensitivity Analysis
Impact of changes in unobservable inputs Gain or loss at 30 September 2025 +100bps -100bps
£'000 £'000 £'000
Discount rate (36) 20
Impact of changes in unobservable inputs Gain or loss at 31 March 2025 +100bps -100bps
£'000 £'000 £'000
Discount rate (115) 120
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
12. Financial Instruments (continued)
(e) Interest Rate Sensitivity
The sensitivity analysis below has been determined based on the exposure to
interest rates as at the reporting date. A 100 basis points change represents
the Board's assessment of a reasonably possible change in interest rates.
As at the reporting date, if interest rates increased or decreased 100 basis
points and all other variables were held constant:
● Profit before tax for the period to 30 September 2025 would be
unchanged. The Company's interest rates on loans to borrowers are fixed rate
denominated, with certain provisions to vary them, while loans from lenders
are also fixed rate denominated. Implementing this provision would improve the
impact of an interest rate increase. However, we have assumed in this
sensitivity analysis that the Company has not implemented this provision.
● Movement in equity reserves as at 30 September 2025 refer to d)
above.
As loan assets are at FVOCI, a movement in interest rates would affect the
fair value of loan assets and, therefore, equity reserves.
13. Share capital
As at 30 September 2025 As at 31 March 2025
Number Number
(Unaudited) (Audited)
Issued Ordinary Shares of £1 each 50,000 50,000
As at 30 September 2025 As at 31 March 2025
£ £
(Unaudited) (Audited)
Issued and paid up Ordinary Shares of £1 each 50,000 50,000
14. Reserves
Reserves are comprised of retained earnings and the fair value reserve.
Retained earnings represent all net gains and losses of the Company and the
fair value reserve represents movements in the fair value of the financial
assets classified as FVOCI.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
15. Related party transactions
6 month period ended 30 September 2025 6 month period ended 30 September 2024
£'000 £'000
(Unaudited) (Unaudited)
Intercompany interest income
Lendinvest Bridge Limited 2,520 2,229
Lendinvest Warehouse Limited 700 450
Lendinvest Platform Limited 3 8
Intercompany receivable/(payable) balances As at 30 September 2025 As at 31 March 2025
£'000 £'000
(Unaudited) (Audited)
Lendinvest PLC 1,568 1,864
Lendinvest PLC (16) (17)
Lendinvest Bridge Limited 16,665 15,788
Lendinvest Bridge Limited (1,849) (1,849)
Lendinvest Bridge Limited (interest bearing) 45,732 41,009
Lendinvest Secured Income I PLC - 76
Lendinvest Secured Income I PLC (245) (245)
Lendinvest Finance No.4 Limited 5 5
Lendinvest Finance No.4 Limited (1,170) (1,170)
Lendinvest Platform Limited 72 70
Lendinvest Platform Limited (interest bearing) 1,000 1,000
Lendinvest Platform Limited (interest bearing) (500) (500)
Lendinvest Development Limited 22 12
Lendinvest Development Limited - (11)
Lendinvest Warehouse Limited 5,466 4,766
Lendinvest Warehouse Limited (11,558) (11,558)
Lendinvest Warehouse Limited (interest bearing) 11,643 11,643
Lendinvest Finance No. 5 Limited (5,602) (5,602)
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
15. Related party transactions (continued)
6 month period ended 30 September 2025 Year ended 31 March 2025
£'000 £'000
(Unaudited) (Audited)
Transfer of loan balances between the company and related parties
Total value of loan balances transferred to the Company from related parties 67,155 197,647
during the period
Total value of loan balances transferred from the Company to related parties 69,208 177,817
during the period
16. Ultimate controlling party
The controlling party is LendInvest Loan Holdings Limited, and the ultimate
controlling party is LendInvest plc whose consolidated financial statements
are available at the registered address.
17. Events after reporting date
On 18 November 2025 £17.0m and £34.9m of Retail Bond 3 and 4 exchanged into
Retail Bond 5 within LendInvest Secured Income III PLC (LSI III PLC). These
were exchanged at par and a premium of 4.5% (£1.6m) respectively. On the same
day £14.6m of new funding was subscribed, with a further £6.9m retained by
the Issuer through Retail Bond 5 into LSI III PLC. This has been assessed
under IFRS9 as an extinguishment event.
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