ABBEY COVERED BONDS LLP
Operating as a special purpose vehicle, the partnership acquires residential mortgage portfolios to guarantee covered bonds issued by Santander UK plc, acting as part of the listed Banco Santander SA group.
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Cash
£5.1B
+8.3% highest in 3 filed years
Net assets
£1.1B
-32.6% vs 2024
Employees
0
Average over period
Profit before tax
-£514M
-162.4% lowest in 3 filed years
Net assets
3-year trend · vs Unclassified 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 | £732,713,000 | £866,738,000 | £1,027,231,000 | +18.5% | |
| Operating profit | £406,366,000 | £824,984,000 | -£514,450,000 | -162.4% | |
| Profit before tax | £406,366,000 | £824,984,000 | -£514,450,000 | -162.4% | |
| Net profit | £406,366,000 | £824,984,000 | -£514,450,000 | -162.4% | |
| Cash | £4,062,239,000 | £4,685,984,000 | £5,076,777,000 | +8.3% | |
| Total assets less current liabilities | £13,629,846,000 | £18,949,379,000 | £17,474,722,000 | -7.8% | |
| Net assets | £752,210,000 | £1,577,194,000 | £1,062,744,000 | -32.6% | |
| Equity | £752,210,000 | £1,577,194,000 | £1,062,744,000 | -32.6% | |
| Average employees | 0 | 0 | 0 | — | |
| Wages | — | — | — | — | |
| Members' 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 | 55.5% | 95.2% | -50.1% | |
| Net margin | 55.5% | 95.2% | -50.1% | |
| Return on capital employed | 3.0% | 4.4% | -2.9% | |
| Gearing (liabilities / total assets) | 95.7% | 92.3% | 95.1% | |
| Current ratio | 1.76x | 5.81x | 2.15x | |
| Interest cover | — | 0.98x | -0.51x |
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.
Audit & accounting basis
- Accounting basis
- FRS 101
- Auditor
- PricewaterhouseCoopers LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the partnership's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.”
Significant events
- “Covered Bond issuances made by Santander UK plc since year end: Series 94 EUR 1.25bn (Feb 2026), Series 95 EUR 1bn (Feb 2026), Series 96 GBP 1.5bn (Mar 2026) with various legal final maturity dates up to Mar 2031.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
2 active · 0 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| ABBEY COVERED BONDS (LM) LIMITED | Corporate LLP Designated Member | 2005-04-08 | — | — |
| SANTANDER UK PLC | Corporate LLP Designated Member | 2005-04-08 | — | — |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Santander Uk Plc | Corporate entity | Voting 25–50% (LLP), Surplus assets 25–50% (LLP) | 2016-04-06 | Active |
| Abbey Covered Bonds (Lm) Limited | Corporate entity | Voting 25–50% (LLP), Surplus assets 25–50% (LLP) | 2016-04-06 | Active |
Filing timeline
Last 20 of 167 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-05-25 | LLMR01 | mortgage | Mortgage create with deed with charge number charge creation date limited liability partnership | |
| 2026-05-17 | AA | accounts | Accounts with accounts type full | |
| 2026-04-29 | LLMR01 | mortgage | Mortgage create with deed with charge number charge creation date limited liability partnership | |
| 2026-03-06 | LLCS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-02-24 | LLMR01 | mortgage | Mortgage create with deed with charge number charge creation date limited liability partnership | |
| 2026-01-29 | LLMR01 | mortgage | Mortgage create with deed with charge number charge creation date limited liability partnership | |
| 2025-12-23 | LLMR01 | mortgage | Mortgage create with deed with charge number charge creation date limited liability partnership | |
| 2025-12-05 | LLMR01 | mortgage | Mortgage create with deed with charge number charge creation date limited liability partnership | |
| 2025-09-19 | LLMR01 | mortgage | Mortgage create with deed with charge number charge creation date limited liability partnership | |
| 2025-08-25 | LLMR01 | mortgage | Mortgage create with deed with charge number charge creation date limited liability partnership | |
| 2025-07-25 | LLMR01 | mortgage | Mortgage create with deed with charge number charge creation date limited liability partnership | |
| 2025-07-02 | LLMR01 | mortgage | Mortgage create with deed with charge number charge creation date limited liability partnership | |
| 2025-06-30 | AA | accounts | Accounts with accounts type full | |
| 2025-05-29 | LLMR01 | mortgage | Mortgage create with deed with charge number charge creation date limited liability partnership | |
| 2025-04-25 | LLMR01 | mortgage | Mortgage create with deed with charge number charge creation date limited liability partnership | |
| 2025-03-26 | LLMR01 | mortgage | Mortgage create with deed with charge number charge creation date limited liability partnership | |
| 2025-03-04 | LLCS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-02-24 | LLMR01 | mortgage | Mortgage create with deed with charge number charge creation date limited liability partnership | |
| 2025-01-30 | LLMR01 | mortgage | Mortgage create with deed with charge number charge creation date limited liability partnership | |
| 2024-12-24 | LLMR01 | mortgage | Mortgage create with deed with charge number charge creation date limited liability partnership |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 12
- Capital events
- 0
- Officers appointed
- 0
- Officers resigned
- 0
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.