PROPEL FINANCE NO 1 LIMITED
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Cash
£9.7M
+13.8% vs 2023
Net assets
-£20M
-46.8% vs 2023
Employees
—
Average over period
Profit before tax
-£9.7M
-59.4% vs 2023
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Negative shareholders' funds
Net assets
2-year trend · vs Industrials median
Accounts
2-year trend · Δ = latest vs prior filed period · latest reflected 2024-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | Δ vs prior |
|---|---|---|---|---|
| Turnover | £34,472,776 | £35,067,471 | +1.7% | |
| Operating profit | £15,241,292 | £14,858,091 | -2.5% | |
| Profit before tax | -£6,073,503 | -£9,682,898 | -59.4% | |
| Net profit | -£3,134,698 | -£6,483,283 | -106.8% | |
| Cash | £8,500,086 | £9,668,986 | +13.8% | |
| Total assets less current liabilities | £150,709,731 | £157,676,110 | +4.6% | |
| Net assets | -£13,863,155 | -£20,346,438 | -46.8% | |
| Equity | -£13,863,155 | -£20,346,438 | -46.8% | |
| Average employees | — | — | — | |
| Wages | — | — | — | |
| Directors' remuneration | — | — | — |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 |
|---|---|---|---|
| Operating margin | 44.2% | 42.4% | |
| Net margin | -9.1% | -18.5% | |
| Return on capital employed | 10.1% | 9.4% | |
| Gearing (liabilities / total assets) | 104.0% | 105.7% | |
| Current ratio | 1.78x | 1.79x | |
| Interest cover | 0.71x | 0.60x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Name history
Renamed 1 time since incorporation
- PROPEL FINANCE NO 1 LIMITED 2019-12-16 → present
- HENRY HOWARD FINANCE NO 1 LIMITED 2016-02-12 → 2019-12-16
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Standalone (parent only)
- Auditor
- Grant Thornton UK LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The financial statements are prepared on the assumption that the group is a going concern and will continue in operation for the foreseeable future. In making this assessment the Board has considered predominantly, but not exclusively, the group's closing net asset position, the FY 25-28 business plan, access to credit markets and recent covenant performance.”
Significant events
- “On 19th January 2025, the group completed on a £500m forward flow facility with Barclays, giving access to surety of funding within agreed credit box and price points.”
- “On 25th April 2025, the group fully repaid the block discounting facility with Mitsubishi HC Capital UK Plc.”
- “On 27th May 2025, the group fully repaid the block discounting facility with Aldermore Bank plc.”
- “On 13th June 2025, the group completed on a £55m mezzanine and working capital facility with Castlelake LP. The facility was used to refinance the existing Quilam Special Opportunities 2 Ltd facility in its entirety.”
- “On 13th June 2025, the group completed on a £75m wholesale facility with Bank of America. As part of this transaction £30m of receivable was refinanced from the British Business Bank (BBB) Enable whole facility and the BBB facility renewed at £125m.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
4 active · 4 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| CATTON, Mark | Director | 2018-10-05 | May 1966 | British |
| MCDOUGALL, Richard James | Director | 2016-02-12 | Jan 1980 | British |
| MCNEILL, Edward Hugh | Director | 2016-02-12 | Apr 1978 | British |
| WILLIAMS, Anne | Director | 2018-10-05 | May 1961 | British |
Show 4 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| BURN, Mark | Director | 2016-02-12 | 2018-08-31 |
| CROOK, Mark Bryan | Director | 2016-02-12 | 2019-10-11 |
| ROSS, Howard Francis | Director | 2016-02-12 | 2018-08-03 |
| TWEED, Mark Allan | Director | 2018-10-05 | 2026-03-13 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Propel Group Finance Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2022-08-25 | Active |
| Cabot Square Capital Llp | Corporate entity | Appoints directors (as firm) | 2016-04-06 | Active |
| Cabot Square Capital Gp Iv Llp | Corporate entity | Appoints directors (as firm) | 2016-04-06 | Active |
Filing timeline
Last 20 of 48 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-04-21 | AD03 | address | Move registers to sail company with new address | |
| 2026-04-20 | AD02 | address | Change sail address company with new address | |
| 2026-03-30 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2026-03-18 | TM01 | officers | Termination director company with name termination date | |
| 2026-02-19 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-10-30 | CH01 | officers | Change person director company with change date | |
| 2025-06-23 | AA | accounts | Accounts with accounts type full | |
| 2025-06-17 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2025-06-17 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2025-06-16 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-06-13 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-03-03 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-01-21 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2024-07-03 | AA | accounts | Accounts with accounts type full | |
| 2024-02-16 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-11-03 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2023-07-07 | AA | accounts | Accounts with accounts type full | |
| 2023-02-14 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2022-09-08 | PSC02 | persons-with-significant-control | Notification of a person with significant control | |
| 2022-08-25 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 6
- Capital events
- 0
- Officers appointed
- 0
- Officers resigned
- 1
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.