SMIT ASSOCIATES HOLDINGS LIMITED

• ⚠

  Material uncertainty over going concern

  At 28th February 2025 the group has net liabilities of £4 9m (2024 £4 2m) and net current liabilities of £4 2m (2024 £2 7m)... However, at the point of the approval of the financial statements, these conditions, along with the net liabilities of the group, have resulted in a material uncertainty in connection with the group's ability to continue as a going concern

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

PKF Francis Clark

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“At 28th February 2025 the group has net liabilities of £4 9m (2024 £4 2m) and net current liabilities of £4 2m (2024 £2 7m)... However, at the point of the approval of the financial statements, these conditions, along with the net liabilities of the group, have resulted in a material uncertainty in connection with the group's ability to continue as a going concern”

Group structure

1. SMIT ASSOCIATES HOLDINGS LIMITED · parent
   1. Heligan Gardens Limited 100% · UK · Tourism and Hospitality
   2. Smit Associates Limited 100% · UK · Service company
   3. The Merchants of Charlestown Limited 100% · UK · Museum and retail stores

Significant events

• “The cash situation of the business was supported through an overdraft of £400,000 from Barclays which was increased to £610,000 to enable the completion of works on the Seedpod (Learning & Wellness Centre) during the Winter”
• “The directors identified the need to focus on cash and investment at Heligan Gardens Limited, as such the decision was taken to sell the Merchants of Charlestown Limited The first phase of this was through an auction of the memorabilia with the building then being sold with vacant possession The building sold for £1m in November 2025”
• “On 18 November 2025, the group sold tangible fixed assets relating to The Shipwreck and Heritage Centre for £1,000,000”

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

Filings

3

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -1.5%

  £8,045,998 → £7,927,250

• Cash

  -36.9%

  £21,948 → £13,849

• Net assets

  -17.5%

  -£4,214,420 → -£4,953,804

• Employees

  -7%

  171 → 159

• Operating profit

  -2,879.5%

  £11,783 → -£327,507

• Profit before tax

  -104.1%

  -£328,116 → -£669,626

• Wages

  -1.6%

  £3,304,579 → £3,252,480

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