SKY FUNDING LIMITED

• ⚠

  Material uncertainty over going concern

  Although there is no legal obligation to wind up the Company following such an event, the Directors have assessed that these conditions indicate the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern.

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

  -55.8%

  £5,626,040 → £2,488,107

• Net assets

  -1,737.3%

  £151,406 → -£2,478,901

• Employees

  —

  Not reported

• Profit before tax

  +26.7%

  -£3,589,103 → -£2,630,057

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

FRS 102

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Although there is no legal obligation to wind up the Company following such an event, the Directors have assessed that these conditions indicate the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern.”

Significant events

• “On 10 June 2019 the Company refinanced its Senior Facility from Gresham Receivables (no.44) UK Limited to Barclays Bank Plc ("Senior Lender") by entering into a new senior facility agreement with a total commitment of £437,000,000.”
• “On 22 October 2019, with the written consent of the facility agent, the Senior Lender, Intertrust Trustee Limited ("Security Trustee") and Sky Luxembourg S.à.r.l. ("Seller") assigned all its rights and obligations under the Subordinated Loan and the other related transaction documents to Oxalis Holdings S.à.r.l. ("Oxalis").”
• “In April 2021, as per the Assignment and Assumption Agreement, Oxalis as the existing subordinated lender assigned to Credit Suisse, the new subordinated lender... all rights under the Subordinated Loan and other transaction documents which are relevant to the subordinated lender. The Company also amended and restated the Senior Facility Agreement to extend the final maturity date and amend certain of the commercial terms relating thereto.”
• “On 19 March 2023, UBS agreed to buy Credit Suisse, the new subordinated lender. Following this, an Assignment and Assumption Agreement was signed under which Credit Suisse as the existing subordinated lender assigned to Oxalis, the new subordinated lender (the "Subordinated Lender"), all rights under the Subordinated Lender), all rights under the Subordinated Loan and other transaction documents which are relevant to the Subordinated Lender.”
• “On 28 April 2023, a Senior Facility Notes Issuance Agreement and a Subordinated Loan Notes Issuance Agreement were entered into, which amended and restated the Senior Facility Agreement and the Subordinated Loan respectively, extending the final maturity date of both facilities to April 2025.”
• “On 30 April 2025, a Senior Facility Notes Issuance Agreement and a Subordinated Loan Notes Issuance Agreement were entered into, which amended and restated the Senior Facility Agreement and the Subordinated Loan respectively, extending the final maturity date of both facilities to 30 April 2026.”

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.