GRIF041 LIMITED

• ⚠

  Material uncertainty over 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.

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

“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.”

Group structure

1. GRIF041 LIMITED · parent
   1. GRIF048 Limited

Significant events

• “On 31 March 2025, the Company's portfolio was independently valued at £1,190,516 by the valuer, showing a like-for-like reduction of £268,913 or -18.4% 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.”
• “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 results of the consultation have not yet been published and a general election was called with the Leasehold and Freehold Reform Act 2024 being included in the legislative wash-up immediately prior to the dissolution of Parliament and became law on 24 May 2024. The new Act requires secondary legislation to bring the reforms into force.”

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

  -1.1%

  £137,143 → £135,699

• Cash

  —

  Not reported

• Net assets

  -414.4%

  -£158,949 → -£817,586

• Employees

  —

  Not reported

• Operating profit

  -1,752.8%

  -£35,548 → -£658,637

• Profit before tax

  -1,752.8%

  -£35,548 → -£658,637

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