ADRIATIC LAND 10 (GR1) LIMITED

• ⚠

  Annual accounts overdue

  Due 2026-03-31.

1. ADRIATIC LAND 10 (GR1) LIMITED 2020-02-06 → present
2. SEATON GR SPV 9 LIMITED 2014-04-01 → 2020-02-06
3. BELLWAY XIV LIMITED 2010-05-26 → 2014-04-01

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

Deloitte Ireland LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Company had a net current liability position of £9,328,000 (2023: £9,096,000). An amount of £9,878,000 (2023: £9,309,000) included in the net current liabilities relates to amount due to the ultimate parent for shareholder and senior loans. The Company has received a letter of support from its ultimate parent company confirming that the intercompany loan as disclosed in note 6 will not be demanded to the extent that the demand would jeopardise the ability of the Company to meet its liabilities as they fall due. It is on this basis that the Directors believe that the Company has adequate resources to continue in operational existence for the foreseeable future.”

Significant events

• “The Building Safety Act 2022 (BSA) became law in June 2022 and legislates the government intervention and regulation around building safety for residential building owners. During the year, secondary legislation came into force on 6 April 2023 and 1 October 2023.”
• “On 9 November 2023 the government launched a consultation on restricting ground rent in existing leases which the Company and Property Manager responded to by the closing date of 17 January 2024. The results of this consultation have not been published and no reference to ground rent restrictions are contained within the Leasehold and Freehold Reform Act 2024.”
• “On 27 November 2023 the government's Leasehold and Freehold Reform Bill was published, which was subject to extensive amendment during the various stages of the parliamentary process. The Leasehold and Freehold Reform Act 2024 ("LFRA") received Royal Assent on the 24 May 2024.”
• “The Company issued a claim against the UK Government (through the Crown). The proceedings were issued in August 2024, with parallel proceedings issued in the European Court of Human Rights in September 2024.”
• “On 21 November 2024, the Housing Minister, Matthew Pennycook, delivered a written statement to Parliament setting out a timeline for bringing a number of the regulations of the LFRA into force, and for consulting on certain secondary legislation. The first stages of this activity are intended to start during 2025.”
• “The first King's Speech under the new Labour government, published on 17th July 2024, included a pledge to publish a draft Leasehold and Commonhold Reform Bill for public consultation, as well as to bring forward legislation protecting the rights of rental tenants, via a new Renters Rights Bill, the draft of which was published in September 2024.”
• “As at the date of these financial statements, the Permission Hearing is currently underway, taking place on the 29th and 30th of January 2025 and the outcome is therefore unknown.”

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

Filings

3

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

  +57.7%

  £525,000 → £828,000

• Cash

  +43.7%

  £158,000 → £227,000

• Net assets

  -43.5%

  £11,630,000 → £6,576,000

• Employees

  —

  Not reported

• Operating profit

  -83.5%

  -£2,271,000 → -£4,168,000

• Profit before tax

  -61.5%

  -£3,130,000 → -£5,054,000

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