GRIF048 LIMITED

• ⚠

  Material uncertainty over 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.

• ◆

  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

“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.”

Significant events

• “On 19 November 2024, the Company announced the sale of its freehold ground rent interest at Lawrence Street in York, for £7.9 million. This sale aligns with the independent portfolio valuation as of 30 September 2024 and reflects a net initial yield of 4.2%.”
• “On 13 March 2025, the Company made a voluntary prepayment of £3 million to its existing Santander loan, reducing the Company's LTV ratio to approximately 18.4% for the assets charged to Santander.”
• “On 31 March 2025, the Company's portfolio was independently valued at £8,946,000 by the valuer, showing a like-for-like reduction of £994,416 or -10% 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

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

  +2.5%

  £805,553 → £825,699

• Cash

  —

  Not reported

• Net assets

  -17.8%

  £3,620,655 → £2,977,416

• Employees

  —

  Not reported

• Operating profit

  -88.3%

  £1,688,024 → £197,540

• Profit before tax

  -167.9%

  £947,811 → -£643,239

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