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Registered number: 12491136
OCTANE PROPERTY FINANCE 4 LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2021
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OCTANE PROPERTY FINANCE 4 LIMITED
REGISTERED NUMBER: 12491136
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 July 2022.
The notes on pages 2 to 6 form part of these financial statements.
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OCTANE PROPERTY FINANCE 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Octane Property Finance 4 Limited is a private company limited by shares and incorporated in England. Its registered office is Haskell House, 152 West End Lane, London, England, NW6 1SD.
The company's principal activity is to offer short-term bridging finance to customers purchasing residential or commercial property.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company's functional and presentational currency is GBP, rounded to the nearest £1.
The following principal accounting policies have been applied:
The company meets its day to day working capital requirements through the utilisation of its own funds, banking and loan facilities and a loan from its ultimate controlling party.
Existing funding facilities, forecasts and projections indicate that the company has adequate resources to continue with some level of activity from a minimal to full levels. Although the continuing effects of the global coronavirus pandemic can be modelled, it is very difficult to determine the assumptions that will prove to be most appropriate and therefore there is an element of doubt existing that cannot be quantified.
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements, but with the proviso that some uncertainly exists over the company’s future.
Revenue consists of interest income on loans acquired during the year. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts and rebates, using the effective interest method which allocates interest over the the expected useful lives of the loans.
All borrowing costs are recognised in profit or loss in the period in which they are incurred. Costs are charged over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
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OCTANE PROPERTY FINANCE 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to or from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
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The company has no employees other than the directors, who did not receive any remuneration (2020 - £NIL).
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OCTANE PROPERTY FINANCE 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The auditors' report on the financial statements for the year ended 31 December 2021 was unqualified.
The audit report was signed on 4 July 2022 by Richard Paul (Senior statutory auditor) on behalf of Nyman Libson Paul LLP.
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OCTANE PROPERTY FINANCE 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Due after more than one year
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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OCTANE PROPERTY FINANCE 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Secured loans
Included in amounts owed to groups are loans of £232,731,956 (2020: £20,812,300) due to ultimate parent company PCO HoldCo II Sarl. These loans are interest bearing at a variable rate linked to the performance of the borrower loans and are short and medium term in duration up to a maximum of five years. The loans are secured by fixed and floating charge over the assets of the company and by a legal charge against the properties.
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Related party transactions
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The company is a wholly owned subsidiary within a group for which consolidated financial statements are publicly available and accordingly has taken advantage of the exemptions provided by "Financial Reporting Standard 102" not to disclose transactions with the other group entities including its parent and fellow subsidiary undertakings.
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Post balance sheet events
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Following the Balance Sheet date, share transfers have taken place which changes the ultimate controlling party from PCO Holdco II Sarl to JNS Holdco Limited.
The immediate parent company is Octane Capital Limited, whose registered office is located at Haskell House, 152 West End Lane, London, England, NW6 1SD.
The ultimate controlling party is the ultimate parent company PCO HoldCo II Sarl, incorporated in Luxembourg.
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