Caveats

Spark Intel research is based on publicly available data, primarily from Companies House and other government registers. The research does not claim to represent the total market in any category. It provides a structured proxy for market activity based on the best available public data.

All analysis is produced for informational purposes only and does not constitute financial advice, lending recommendations, or professional opinion. Users should seek independent professional advice before making any financial or commercial decision based on Spark Intel research.

Big data analysis is an art and not a science. Like any large-scale data project, there are inherent limitations in the completeness, accuracy, and timeliness of the underlying data. Spark Intel applies quality controls to minimise these, but they cannot be eliminated entirely.

Companies House data depends on timely filing by companies and practitioners. Late filings may cause figures for a given period to change after initial publication.

Monthly reports reflect data available at the point of extraction. Annual reports may contain revised figures compared to their monthly predecessors, as late filings are incorporated into the full-year dataset.

There is typically a lag between the effective date of a filing and its appearance on the Companies House register. This means that activity in the final days of a reporting period may not appear until the following month's data extract.

Where significant revisions occur between monthly and annual reports, these will be noted in the annual report's methodology section.

Sector classifications are based on SIC codes filed at Companies House. SIC codes may not always reflect the primary trading activity of every company, particularly for diversified businesses or those that have changed their principal activity since filing.

Regional attribution uses the company's registered office address, which may differ from primary trading locations. A company registered in London but operating primarily from Manchester will be classified under London in Spark Intel reports.

Company size categorisation is based on the most recently filed accounts at Companies House, specifically employee count and turnover. These figures may be outdated if the company has not filed recently or has experienced significant change since its last filing.

Charge registrations do not represent the total invoice finance market. Not all facilities require a new charge registration, and some re-financing activity may appear as new registrations. The data therefore represents a structured proxy for market activity rather than a census.

This analysis is only possible where an IF charge is directly identifiable. For some lenders (e.g. Barclays, Santander), it is not feasible to produce a strong enough pattern to reliably match charges to invoice finance activity.

Some charges are applied to facilities for companies that never become operational, particularly in the smaller borrower market. These will still appear in the charge registration data.

"Phoenix" companies funded are not treated as refactors. A refactor is only identified where the same or successor entity has a prior IF charge that was satisfied or left open within the defined window.

Debtor book estimates are derived from the most recently filed accounts at Companies House. Actual debtor book values at the time of facility inception may differ significantly from filed figures.

Insolvency data is based on appointment filings at Companies House. A single company may have multiple appointments (e.g. an administration followed by a liquidation), each counted separately.

Due to GDPR restrictions, individual insolvency practitioner names are not disclosed without consent. Where practitioner-level analysis is included, it covers only those who have consented to disclosure.

The SPK Index weighting formula is proprietary and not disclosed. Rankings should be interpreted as relative indicators of market positioning rather than absolute measures. The index rewards complexity and case significance, not just volume.

Appointment categorisation (Admin/CVA, MVL, Other) is based on the filing type recorded at Companies House. In rare cases, the filing type may not precisely reflect the nature of the proceeding if the filing was made under an incorrect category.

Trends and comparisons should be interpreted with awareness of seasonal patterns, regulatory changes, and macroeconomic conditions. A single month's movement does not necessarily indicate a sustained trend.

Market share percentages are based on observable activity within the dataset, not the total addressable market. A lender or firm's share within Spark Intel data may differ from their overall market position when private or non-filed activity is included.

Where commentary or editorial opinions are included in reports, these represent the views of the attributed author and do not necessarily reflect the position of Spark Finance Group Plc or its subsidiaries.

For questions about interpretation, data, or methodology, contact the Spark team through Spark Finance.