LendInvest Secured Income 2 Interim Statement FY26

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 30 September 2025 £'000	6 month Period ended 30 September 2024 £'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 30 September 2025 £'000	6 month Period ended 30 September 2024 £'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 other comprehensive income	12	150	(148)
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 2025 £'000	As at 31 March 2025 £'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 £'000	Fair value reserve £'000	Retained losses £'000	Total £'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 loan & advances through OCI	-	112	-	112
Balance at 31 March 2025	50	77	(574)	(447)
Profit after taxation	-	-	420	420
Fair value adjustments on loan & advances through OCI	-	113	-	113
Balance as at 30 September 2025	50	190	(154)	86

CONDENSED INTERIM STATEMENT OF CASH FLOWS                        

	6 month period ended 30 September 2025 £'000	6 month period ended 30 September 2024 £'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:

As at 30 September 2025	Carrying amount £'000	Gross nominal inflow/(outflow) £'000	Amount due in less than six months £'000	Amount due in six to twelve months £'000	Amount due between one and five years £'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)

As at 31 March 2025	Carrying amount £'000	Gross nominal inflow/(outflow) £'000	Amount due in less than six months £'000	Amount due in six to twelve months £'000	Amount due between one and five years £'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 £'000	6 month period ended 30 September 2024 £'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 £'000	6 month period ended 30 September 2024 £'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 £'000	As at 31 March 2025 £'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 £'000	As at 31 March 2025 £'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 period1	640
Adjustment for net interest on stage 3 loans1	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 period1	1,077
Adjustment for net interest on stage 3 loans1	238
Utilised in the period	(110)
Under IFRS 9 at 30 September 2024	3,136

¹The 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 £'000	Stage 2 £'000	Stage 3 £'000	Total £'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 £'000	Stage 2 £'000	Stage 3 £'000	Total £'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 £'000	Stage 2 £'000	Stage 3 £'000	Total £'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 £'000	Stage 2 £'000	Stage 3 £'000	Total £'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 £'000	As at 31 March 2025 £'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 £'000	As at 31 March 2025 £'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 £'000	As at 31 March 2025 £'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 £'000	As at 30 September 2025 £'000	As at 31 March 2025 £'000	As at 31 March 2025 £'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.

Financial instruments measured at fair value (Unaudited)	As at 30 September 2025 Total £'000	Level 1 £'000	Level 2 £'000	Level 3 £'000
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

Financial instruments measured at fair value (Audited)	As at 31 March 2025 Total £'000	Level 1 £'000	Level 2 £'000	Level 3 £'000
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 Loans and advances

Valuation techniques used Discounted cash flow valuation

Significant input Discount rate

Range 9-10%

(d) Fair value reserve (Unaudited)

Six months to 30 September 2025	Financial assets £'000	Deferred tax £'000	Fair value reserve £'000
Balance as at 1 April 2025 (Audited)	104	(27)	77
Movement in fair value adjustment for loans and advances at fair value through other comprehensive income	150	(37)	113
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 £'000	+100bps £'000	-100bps £'000
Discount rate		(36)	20

Impact of changes in unobservable inputs	Gain or loss at 31 March 2025 £'000	+100bps £'000	-100bps £'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 Number	As at 31 March 2025 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 £'000	6 month period ended 30 September 2024 £'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 £'000	As at 31 March 2025 £'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 £'000	Year ended 31 March 2025 £'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 during the period	67,155	197,647
Total value of loan balances transferred from the Company to related parties during the period	69,208	177,817

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.

 

END