FOUDRY PROPERTIES LIMITED

• ⚠

  Material uncertainty over going concern

  Kemble Water Finance Limited ("KWF"), an indirect 50% owner of Foudry and indirect 100% parent of Kennet, is in default of its secured financing facilities. As at the date of this report there is a material uncertainty over the financial position of KWF as its secured creditors may enforce their right to the pledge over the shares in Thames Water Limited, an indirect 50% owner of Foudry. There is, however, an informal standstill in place at present. The Directors have considered the impact on Foudry of any enforcement action being taken against KWF and determined that this may result in a possible change in ownership of the Company as a result of debt holders enacting their right to enforce their pledge over the shares in TWL. In the event of a change of ownership, the Directors are unaware of the future intentions of the new owners. 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.

1. FOUDRY PROPERTIES LIMITED 2003-01-21 → present
2. MOUNTEXTRA LIMITED 2002-10-02 → 2003-01-21

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

FRS 102

Reporting scope

Standalone (parent only)

Auditor

BHP LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Kemble Water Finance Limited ("KWF"), an indirect 50% owner of Foudry and indirect 100% parent of Kennet, is in default of its secured financing facilities. As at the date of this report there is a material uncertainty over the financial position of KWF as its secured creditors may enforce their right to the pledge over the shares in Thames Water Limited, an indirect 50% owner of Foudry. There is, however, an informal standstill in place at present. The Directors have considered the impact on Foudry of any enforcement action being taken against KWF and determined that this may result in a possible change in ownership of the Company as a result of debt holders enacting their right to enforce their pledge over the shares in TWL. In the event of a change of ownership, the Directors are unaware of the future intentions of the new owners. 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

• “In April 2025, an agreement was reached with Reading Borough Council regarding the payment of back rent payable amounting to £71,113 that was previously under dispute. The amount had been previously written off due to the uncertain timing of its recoverability. However, due to the recent settlement of the legal dispute, a debtor and corresponding rental income has been recognised within the year ended 31 December 2024.”
• “On 1 July 2025 Virgin Media terminated their tenancy-at-will agreement with Foudry Properties Limited, with immediate effect.”

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

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

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

• Turnover

  +25.5%

  £254,791 → £319,806

• Cash

  -1.9%

  £5,526,527 → £5,422,652

• Net assets

  -10%

  -£14,832,645 → -£16,322,026

• Employees

  —

  Not reported

• Operating profit

  +90.2%

  -£496,848 → -£48,693

• Profit before tax

  +15.5%

  -£1,762,452 → -£1,489,381

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