GRIF046 LIMITED

• ⚠

  Material uncertainty over going concern

  At 30 September 2024, the Company is in a net liability position as a result of an intragroup loan due to Ground Rents Income Fund plc (the 'Parent Company') and 'ultimate controlling party') and therefore relies on its financial support. The Parent Company's financial statements for the year ended 30 September 2024 issued on 14 January 2025 included a material uncertainty in relation to going concern driven by wider risks faced by the Group. This in turn leads to a material uncertainty regarding its support of the Company, 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. In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

• ◆

  Audit opinion: Disclaimer of opinion

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

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

“At 30 September 2024, the Company is in a net liability position as a result of an intragroup loan due to Ground Rents Income Fund plc (the 'Parent Company') and 'ultimate controlling party') and therefore relies on its financial support. The Parent Company's financial statements for the year ended 30 September 2024 issued on 14 January 2025 included a material uncertainty in relation to going concern driven by wider risks faced by the Group. This in turn leads to a material uncertainty regarding its support of the Company, 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. In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.”

Significant events

• “In November 2023, the Government published a consultation paper proposing a number of options to impose a cap (including peppercorn ground rents) retrospectively on residential ground rents and stating that "regardless of the option taken forward, we would not expect to compensate freeholders for lost revenue" and that their plan would be to "override lease terms through primary legislation".”
• “The Leasehold and Freehold Reform Act 2024 ... became law on 24 May 2024. The King's Speech in July 2024 included a commitment to publish a new bill, the Leasehold and Commonhold Reform Bill, which would regulate ground rents for existing leaseholders and remove the threat of forfeiture as a means of ensuring compliance with a lease agreement.”
• “On 31 March 2025, the Company's portfolio was independently valued at £837,299 by the valuer, showing a like-for-like reduction of £105,600 or -11.2% 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.”

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

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

  -17%

  £99,146 → £82,271

• Cash

  —

  Not reported

• Net assets

  -177.5%

  -£349,492 → -£969,925

• Employees

  —

  Not reported

• Operating profit

  -1,445.1%

  -£40,154 → -£620,433

• Profit before tax

  -1,445.1%

  -£40,154 → -£620,433

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