PERMANENT MASTER ISSUER PLC

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  —

  Not reported

• Cash

  +6%

  £351,000 → £372,000

• Net assets

  +6.2%

  £354,000 → £376,000

• Employees

  —

  Not reported

• Operating profit

  +27.8%

  £18,000 → £23,000

• Profit before tax

  +27.8%

  £18,000 → £23,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“As at 31 December 2024, the Company is showing a net assets position in the financial statements. The Company has continued to perform in line with the Programme Documentation. There are certain rating and non-rating triggers included in the Programme Documentation as referred in the KPI section of the Strategic report and explained in the note on Management of risk (note 10). In the course of their regular monitoring of these KPIs and review of risk, the Directors are confident that these triggers remain un-breached and will remain so for the period of at least twelve months from when the financial statements are authorised for issue. The Directors have also considered the credit enhancement features of the transaction and the limited recourse nature of the issued notes. ... For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements for a period of at least 12 months from the date of this report.”

Significant events

• “During the year £1,000,000,000 (2023: £1,198,000,000) of Notes were settled on their expected payment dates following the settlement of the equivalent amount on the Loans to Funding company, and during the year £700,000,000 (2023: £2,750,000,000) of Notes were issued.”
• “In January 2025, the maturity date of certain debt securities due to mature in 2025 was extended to 2033, meaning that the associated Loans to funding company would now be classed as non-current.”
• “In January 2025, the call date and the step-up date for the 2015-1 class 1A4 have been extended to July 2033 and 2038 respectively from October 2025 while the note margin (both pre and post step-up) has been reduced to 0.85% from 0.90%. The call date and the step-up date for the 2018-1 class 1A3 have been extended to July 2029 and 2034 respectively from April 2025, while the note margin (both pre and post-step-up) has been reduced to 0.55% from 0.70%. This is considered as a non-adjusting event.”

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

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.