MINOAN GROUP LIMITED

• ⚠

  Material uncertainty over going concern

  Loyalward Limited's financial statements for the year ended 31 October 2024 were prepared to be not on a going concern basis given insufficient liquidity and the impairment of the Itanos Gaia site valuation resulting in the Company and Group having negative shareholder funds. It is the view of the Board that the Company will enter an insolvency process should the indicative proposal from DAGG LLP fail to advance.

• ◆

  Audit opinion: Disclaimer of opinion

  Latest auditor's report carried a non-clean opinion.

• ◆

  5 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

1. MINOAN GROUP LIMITED 2026-01-23 → present
2. LOYALWARD LIMITED 1991-01-17 → 2026-01-23

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.

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

Anstey Bond LLP

Audit opinion

Disclaimer of opinion

Going concern

Material uncertainty disclosed

“Loyalward Limited's financial statements for the year ended 31 October 2024 were prepared to be not on a going concern basis given insufficient liquidity and the impairment of the Itanos Gaia site valuation resulting in the Company and Group having negative shareholder funds. It is the view of the Board that the Company will enter an insolvency process should the indicative proposal from DAGG LLP fail to advance.”

Group structure

1. MINOAN GROUP LIMITED · parent
   1. Loyalward Hellas S.A. 0.9622% · Greece · corporate, resort and renewable energy business management

Significant events

• “On 4 April 2025, the Company's parent company, Minoan Group Plc ("Minoan"), made it known that due to insufficient funds, it could not finalise the audit of its annual report and accounts for the year ended 31 October 2024 by 30 April 2025.”
• “Since 7.30 a.m. on 1 May 2025, trading of Minoan's ordinary shares has been suspended temporarily.”
• “Effective 1 January 2025, an event of default has occurred under Minoan's secured Loan with DAGG LLP ("DAGG"). DAGG is entitled to serve a notice of default that all amounts outstanding under the Secured Loan are immediately due and repayable.”
• “On 6 July 2025, at a Group board meeting, the directors of Loyalward Limited agreed the following: (a) That the Group and the Company as currently constituted are not going concerns. Should the DAGG LLP indicative proposal fail to advance, it is the view of the Board that the Minoan Group, which includes Loyalward Limited, will enter into an insolvency process.”

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

Filings

14

last 12 months

Capital events

0

last 24 months

Officers appointed

2

last 12 months

Officers resigned

5

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  0%

  £5,000 → £5,000

• Net assets

  -123.9%

  £18,055,000 → -£4,314,000

• Employees

  0%

  8 → 8

• Operating profit

  -13.9%

  -£287,000 → -£327,000

• Profit before tax

  -7,694.1%

  -£287,000 → -£22,369,000

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