BLACKTHORN GR LIMITED

• ⚠

  Material uncertainty over going concern

  Material uncertainty exists that may cast significant doubt on the group's and company's ability to continue as a going concern due to the potential adverse impact of enacted and future legislative changes (Leasehold Reform, Building Safety Act 2022) on cashflows. The auditor's opinion is not modified.

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

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Material uncertainty exists that may cast significant doubt on the group's and company's ability to continue as a going concern due to the potential adverse impact of enacted and future legislative changes (Leasehold Reform, Building Safety Act 2022) on cashflows. The auditor's opinion is not modified.”

Group structure

1. BLACKTHORN GR LIMITED · parent
   1. This is G2 Limited 100% · England · Property investment
   2. Iris GR Limited 100% · England · Property investment
   3. Twinleaf GR Limited 100% · England · Property investment
   4. Kamano Limited 100% · England · Property investment
   5. Worsley Investment Properties Limited 100% · England · Property investment
   6. Venus GR Limited 100% · England · Property investment

Significant events

• “No adjustments have been made to the financial statements to reflect the general uncertainty surrounding leasehold reform and its effect on leaseholder behaviour referred to in note 16. Regarding building safety legislation, please refer to the Provisions and Building Safety Act obligations section within note 1.14 and note 19 where a prior period adjustment has been recognised to reflect the recognition of provisions for building safety remediation costs.”
• “The Leasehold Reform (Ground Rent) Act 2022 was enacted during 2022 and prohibits the inclusion of a ground rent exceeding a peppercorn on new long residential leases. The Leasehold and Freehold Reform Act 2024 received Royal Assent on 24 May 2024, reducing the premium payable to freeholders when leaseholders exercise statutory rights. The Building Safety Act 2022 introduced responsibility on freeholders to fund remediation of life-critical fire-safety defects.”
• “In October 2025, the High Court issued its judgment dismissing the judicial review brought by industry participants challenging aspects of the Government's leasehold reform measures contained in the 2024 Act. The Government has indicated its intention to publish a draft bill to regulate ground rent on existing leases.”
• “During the year, a review of the fair value movement calculations for investments in subsidiaries identified errors in the prior year financial statements. These arose due to fair value movements being on an aggregate basis rather than at an individual subsidiary level. This led to misstatements in the reported carrying value of investments, associated deferred tax provisions, and the revaluation reserve. As a result, the prior year comparatives have been restated to correct these issues.”

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

  +20.1%

  £2,438,638 → £2,928,290

• Cash

  -10.2%

  £14,302,715 → £12,843,024

• Net assets

  -45.6%

  £73,040,910 → £39,719,318

• Employees

  —

  Not reported

• Operating profit

  +24.8%

  £1,902,016 → £2,374,290

• Profit before tax

  -33.8%

  -£32,855,191 → -£43,950,592

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