PROPEL FINANCE NO 1 LIMITED
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Cash
£15m
+59.6% highest in 3 filed years
Net assets
-£30m
-48.3% lowest in 3 filed years
Employees
—
Average over period
Profit before tax
-£13m
-35.3% lowest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Negative shareholders' funds
Net assets
3-year trend · vs Industrials median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £34,472,776 | £35,067,471 | £35,294,263 | +0.6% | |
| Operating profit | £15,241,292 | £14,858,091 | £12,499,073 | -15.9% | |
| Profit before tax | -£6,073,503 | -£9,682,898 | -£13,101,015 | -35.3% | |
| Net profit | -£3,134,698 | -£6,483,283 | -£9,823,108 | -51.5% | |
| Cash | £8,500,086 | £9,668,986 | £15,427,219 | +59.6% | |
| Total assets less current liabilities | £150,709,731 | £157,676,110 | £139,301,928 | -11.7% | |
| Net assets | -£13,863,155 | -£20,346,438 | -£30,169,546 | -48.3% | |
| Equity | -£13,863,155 | -£20,346,438 | -£30,169,546 | -48.3% | |
| 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 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | 44.2% | 42.4% | 35.4% | |
| Net margin | -9.1% | -18.5% | -27.8% | |
| Return on capital employed | 10.1% | 9.4% | 9.0% | |
| Gearing (liabilities / total assets) | 104.0% | 105.7% | 108.7% | |
| Current ratio | 1.78x | 1.79x | 1.67x | |
| Interest cover | 0.71x | 0.60x | 0.48x |
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)
- Abridged
- Yes — abridged accounts (limited disclosure)
- Auditor
- Grant Thornton UK LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The financial statements are prepared on the assumption that the company and group are 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 26-29 business plan, access to credit markets and recent covenant performance.”
Significant events
- “On 18th March 2026, the Group undertook a securitisation of lease agreements held within Propel Funding I Limited, Propel Funding II Limited and within the British Business Banking senior loan facility, transferring lease agreements with a principal balance of £306.6m into a new securitisation vehicle, Velocity 2026-1 plc which issued loan notes in the open market to raise £319.3m. Funds raised were utilised to partially repay the existing senior and mezzanine funding facilities held, the size of the loan facilities with Citibank (Propel Funding I Itd) and British Business Bank being reduced to £75m as a consequence.”
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 49 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-07-10 | AA | accounts | Accounts with accounts type full | |
| 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 |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 7
- 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.