WHITE ROSE 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

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.

1. WHITE ROSE MASTER ISSUER PLC 2024-10-04 → present
2. WHITE ROSE MASTER ISSUER PUBLIC LIMITED COMPANY 2024-10-01 → 2024-10-04
3. ISSUER SPV NO. 1 PLC 2024-02-28 → 2024-10-01

Accounting basis

UK-adopted international accounting standards

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The earliest optional redemption date of the notes issued in 2024 is 16 April 2030 and 16 July 2029 for those issued in 2025. Given this date is more than 12 months from the balance sheet date, the Directors have determined that the Company will be able to continue in operation, and meet its obligations as they fall due, for at least the next twelve months and it is therefore appropriate to adopt the going concern basis in preparing the financial statements.”

Significant events

• “During 2025 the UK economy remained broadly resilient, despite ongoing geopolitical tensions and uncertainty in international trade. Domestically, GDP growth moderated through the year, with softer momentum in manufacturing and construction and continued pressure on household finances. Labour market conditions eased, with unemployment rising gradually, while inflation increased modestly due to persistent services inflation and regulated price changes.”
• “Monetary policy shifted towards gradual easing following rate reductions that began in late 2024. By the end of 2025, the Bank of England signalled that the rate cutting cycle was nearing completion, with base rate expected to stabilise around 3.5% in 2026. Lower interest rates and improving real earnings are expected to support modest economic expansion and a moderate pick up in housing market activity through 2026.”
• “Global geopolitical tensions intensified through early 2026, increasing economic uncertainty. Although a ceasefire between Israel and Hamas reduced immediate risks in late 2025, the subsequent escalation into a broader U.S.-Israel-Iran conflict has disrupted global energy markets and shipping routes, driving oil price volatility and adding inflationary pressure worldwide. The war in Ukraine continues into its fourth year, with ongoing strikes on infrastructure and renewed concerns over European energy security and supply chain resilience.”
• “Global trade remains heavily shaped by protectionism. Following U.S. court rulings in early 2026, tariff policy has shifted again, including the introduction of a temporary global import tariff and broader reassessment of trade enforcement tools. U.S.-China trade tensions persist despite a late 2025 truce; structural tariffs remain in place, and both countries continue to reduce mutual dependence by diversifying trade relationships, contributing to a longer-term shift in global supply chains.”

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

Filings

3

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.