THE MANCHESTER GROUND RENT COMPANY LIMITED

• ⚠

  Material uncertainty over going concern

  Material uncertainty related to going concern: Notwithstanding our disclaimer of an opinion on the financial statements, we have considered the adequacy of the disclosure made in note 2 to the financial statements concerning the company's ability to continue as a going concern. The company is reliant on the support of Ground Rents Income Fund plc (the "Parent Company") for its day to day financing activities. In the Ground Rents Income Fund plc Annual Report and Financial Statements for the year ended 30 September 2024 that were issued on 14 January 2025, there were indicators of material uncertainty which may cast significant doubt on Ground Rents Income Fund plc's ability to continue as a going concern. The Ground Rents Income Fund plc currently faces significant uncertainties in connection with a number of factors including building safety and leasehold reform, which lead to greater uncertainty around the future net income from, and valuation of, its portfolio of assets. This in turn leads to uncertainty about Ground Rents Income Fund plc's ability to support the company. These conditions, along with the other matters explained in note 2 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company were unable to continue as a going concern.

• ◆

  Audit opinion: Disclaimer of opinion

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

1. THE MANCHESTER GROUND RENT COMPANY LIMITED 2004-03-09 → present
2. BEAR THREE LIMITED 2004-01-23 → 2004-03-09

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

PricewaterhouseCoopers LLP

Audit opinion

Disclaimer of opinion

Going concern

Material uncertainty disclosed

“Material uncertainty related to going concern: Notwithstanding our disclaimer of an opinion on the financial statements, we have considered the adequacy of the disclosure made in note 2 to the financial statements concerning the company's ability to continue as a going concern. The company is reliant on the support of Ground Rents Income Fund plc (the "Parent Company") for its day to day financing activities. In the Ground Rents Income Fund plc Annual Report and Financial Statements for the year ended 30 September 2024 that were issued on 14 January 2025, there were indicators of material uncertainty which may cast significant doubt on Ground Rents Income Fund plc's ability to continue as a going concern. The Ground Rents Income Fund plc currently faces significant uncertainties in connection with a number of factors including building safety and leasehold reform, which lead to greater uncertainty around the future net income from, and valuation of, its portfolio of assets. This in turn leads to uncertainty about Ground Rents Income Fund plc's ability to support the company. These conditions, along with the other matters explained in note 2 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company were unable to continue as a going concern.”

Significant events

• “On 31 March 2025, the Company's portfolio was independently valued at £1,579,381 by the valuer, showing a like-for-like reduction of £439,991 or -21.8% compared with the independent valuation as at 30 September 2024”
• “In April 2025, the United States of America initiated sweeping tariff arrangements against their global trading partners. This has heightened macro-economic uncertainty, with potential for escalating trade policy responses from their trade counterpart countries, and significant impact to global trade. As at the date of approval of the financial statements, the Directors are closely monitoring these changes in global trade policy, however, the Company's primary exposure to the UK ground rents sector means it is anticipated to have an immaterial impact to key fundamentals and valuations.”

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

Filings

5

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.

• Turnover

  +5.1%

  £193,750 → £203,693

• Cash

  —

  Not reported

• Net assets

  -91.9%

  -£617,412 → -£1,184,768

• Employees

  —

  Not reported

• Operating profit

  -216.9%

  £485,132 → -£567,356

• Profit before tax

  -216.9%

  £485,132 → -£567,356

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