VERDANA GR LIMITED

• ⚠

  Material uncertainty over going concern

  We draw your attention to the going concern accounting policy in note 1 5 of these financial statements, which indicates that the group may be adversely affected by the uncertainty surrounding enacted changes to legislation and potential future changes to legislation as a result of the Leasehold Reform (Ground Rent) Act 2022, the Leasehold and Freehold Reform Act 2024 and The Building Safety Act 2022 and the potential impact on the group and its future cashflows As stated in the going concern accounting policy, these events or conditions, along with the other matters as set forth in the going concern accounting policy, indicate that a material uncertainty exists that may cast significant doubt on the group's and company's ability to continue as a going concern Our opinion is not modified in respect of this matter

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

FRS 102

Reporting scope

Consolidated group

Auditor

RSM UK Audit LLP, Statutory Auditor

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw your attention to the going concern accounting policy in note 1 5 of these financial statements, which indicates that the group may be adversely affected by the uncertainty surrounding enacted changes to legislation and potential future changes to legislation as a result of the Leasehold Reform (Ground Rent) Act 2022, the Leasehold and Freehold Reform Act 2024 and The Building Safety Act 2022 and the potential impact on the group and its future cashflows As stated in the going concern accounting policy, these events or conditions, along with the other matters as set forth in the going concern accounting policy, indicate that a material uncertainty exists that may cast significant doubt on the group's and company's ability to continue as a going concern Our opinion is not modified in respect of this matter”

Group structure

1. VERDANA GR LIMITED · parent
   1. Sanhall GR Limited 100% · England · Property investment
   2. Development Securities (No 76) Limited 100% · England · Property investment
   3. Development Securities (Romford 2) Limited 100% · England · Property investment
   4. Eclipse Ground Rents Limited 100% · England · Property investment
   5. Backpen Limited 100% · England · Property investment
   6. Zonemeadow Limited 100% · England · Property investment
   7. Brigante Properties Limited 100% · England · Property investment
   8. Radcliffe Investment Properties Limited 100% · England · Property investment
   9. Perseus GR Limited 100% · England · Property investment
   10. Investment Freeholds (Parkside) Limited 100% · England · Property investment
   11. Perseus Exchanges Limited 100% · England · Property investment
   12. Perseus Properties No 2 Limited 100% · England · Property investment
   13. Ishguard Limited 100% · England · Property investment

Significant events

• “The group's loss for the year amounted to £107,163,381 (2023 restated £89,600,139). The loss for the year is primarily caused by the decrease in fair value of the group's investment properties”
• “a prior period adjustment has been recognised to reflect the recognition of provisions for building safety remediation costs”
• “On 4 August 2022 the group agreed undertakings with the CMA that ended the CMA's investigation into the wider group. These undertakings restrict certain group companies' ability to charge uplift rents on certain leases and create obligations to refund certain rents and fund certain costs for the variation of leases”
• “A dispute has arisen in relation to roof repairs caused by water ingress and maintenance work required to investment properties under ownership. Reasonably estimated costs, which may be recoverable under the affected leases, have been estimated in excess of £661k.”

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

Filings

6

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

  +2.7%

  £7,503,264 → £7,702,527

• Cash

  +3.4%

  £11,160,484 → £11,538,938

• Net assets

  -136.5%

  -£78,496,274 → -£185,659,655

• Employees

  —

  Not reported

• Operating profit

  +5,527.3%

  -£91,032 → £4,940,536

• Profit before tax

  -23.4%

  -£109,971,417 → -£135,677,381

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