GROUND RENTS INCOME FUND PLC

• ◆

  Audit opinion: Disclaimer of opinion

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

1. GROUND RENTS INCOME FUND PLC 2012-06-25 → present
2. AGHOCO 1105 PLC 2012-04-23 → 2012-06-25

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

UK-adopted International Accounting Standards

Reporting scope

Consolidated group

Auditor

RSM UK Audit LLP

Audit opinion

Disclaimer of opinion

Going concern

Affirmed

“The Directors have concluded that Ground Rents Income Fund plc will be able to continue in operation and meet its liabilities as they fall due over the three-year period to 30 September 2028.”

Group structure

1. GROUND RENTS INCOME FUND PLC · parent
   1. Admiral Ground Rents Limited · UK · Ground rents
   2. Azure House Ground Rents Limited · UK · Ground rents
   3. Banbury Ground Rents Limited · UK · Ground rents
   4. Clapham One Ground Rents Limited · UK · Ground rents
   5. Masshouse Block HI Limited · UK · Ground rents
   6. The Manchester Ground Rent Company Limited · UK · Ground rents

Significant events

• “On 17 November 2025, the Company has appointed Judith Mackenzie as an Independent Non-Executive Director. She is expected to succeed Barry Gilbertson as Chair upon his retirement in December 2025.”
• “On 2 December 2025, the Group announced the refinancing of its existing £19.5 million loan facility with Santander, which was due to expire in July 2026. The new facility is for £8.2 million and extends the loan term from July 2026 to January 2028.”
• “On 3 December 2025, the Group sold its freehold ground rent interest at a property in Bristol for £0.4 million.”
• “Judicial Review of the Leasehold and Freehold Reform Act 2024 dismissed by the High Court; the Company and its peers have lodged a formal application seeking permission to appeal, with a decision on the application expected in early 2026.”
• “£10.0 million asset sales completed within the Year and post year-end, marginally above the valuation at the start of the year (30 September 2024). These disposals and a decision to hold less cash, have enabled a reduction of the outstanding bank loan from £19.5 million to £8.2 million.”

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

Filings

9

last 12 months

Capital events

0

last 24 months

Officers appointed

4

last 12 months

Officers resigned

2

last 12 months

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

• Turnover

  -2.9%

  £6,108,180 → £5,933,422

• Cash

  -22.5%

  £5,525,003 → £4,280,818

• Net assets

  -7.6%

  £56,487,356 → £52,168,491

• Employees

  —

  Not reported

• Operating profit

  +86.8%

  -£28,912,823 → -£3,828,597

• Profit before tax

  +85.5%

  -£29,714,157 → -£4,318,865

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