BARINGS LIMITED

• ⚠

  Material uncertainty over going concern

  The financial statements are prepared on a going concern basis as the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. However, the director is aware of certain material uncertainties which may cast doubt on the company's ability to continue as a going concern. As set out in Note 1.2, a significant proportion of the company's income and economic value relates to work in progress ('WIP') arising from legal cases operated on a contingent fee basis. Under the applicable accounting standards, such contingent WIP cannot be recognised as an asset until the outcome of a case becomes certain and measurable. Consequently, the substantial work performed on ongoing cases is not reflected on the balance sheet, whereas the associated funding costs and liabilities are recognised, contributing to the reported deficit at the year end. In addition, delays in the progression of one of the company's principal case types deferred the timing of WIP realisation during the period. Since the reporting date, the FCA has announced its intention to introduce a redress scheme and has provided further updated and clarification regarding the ongoing review. While the final structure is not yet confirmed, this increased visibility has contributed to renewed progression and activity within affected case types. The director remains confident in the recoverability of unrecognised WIP and the company's continued trading performance, this along with the other matters as set forth in Note 1.2, indicate that a material uncertainty exists that may cause significant doubt on the company's ability to continue as a going concern but the director deems it appropriate to prepare the financial statements on a going concern basis. Our opinion is not modified in respect of this matter.

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

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

• Turnover

  -1.6%

  £380,353 → £374,205

• Cash

  -55.1%

  £131,789 → £59,227

  lowest in 5 filed years

• Net assets

  -118.7%

  -£11,001,141 → -£24,064,263

  lowest in 5 filed years

• Employees

  +10.3%

  78 → 86

  highest in 5 filed years

• Operating profit

  -16%

  -£11,128,320 → -£12,903,926

• Profit before tax

  -11%

  -£11,750,689 → -£13,041,152

• Wages

  +51.2%

  £1,811,425 → £2,738,278

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

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. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

AMS Audit Limited

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The financial statements are prepared on a going concern basis as the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. However, the director is aware of certain material uncertainties which may cast doubt on the company's ability to continue as a going concern. As set out in Note 1.2, a significant proportion of the company's income and economic value relates to work in progress ('WIP') arising from legal cases operated on a contingent fee basis. Under the applicable accounting standards, such contingent WIP cannot be recognised as an asset until the outcome of a case becomes certain and measurable. Consequently, the substantial work performed on ongoing cases is not reflected on the balance sheet, whereas the associated funding costs and liabilities are recognised, contributing to the reported deficit at the year end. In addition, delays in the progression of one of the company's principal case types deferred the timing of WIP realisation during the period. Since the reporting date, the FCA has announced its intention to introduce a redress scheme and has provided further updated and clarification regarding the ongoing review. While the final structure is not yet confirmed, this increased visibility has contributed to renewed progression and activity within affected case types. The director remains confident in the recoverability of unrecognised WIP and the company's continued trading performance, this along with the other matters as set forth in Note 1.2, indicate that a material uncertainty exists that may cause significant doubt on the company's ability to continue as a going concern but the director deems it appropriate to prepare the financial statements on a going concern basis. Our opinion is not modified in respect of this matter.”

Significant events

• “High Court's 2025 ruling in "Angel & Others" endorsed omnibus claimant approach for motor vehicle finance claims.”
• “Company prevailed in six 'test' cases concerning business interruption insurance policy claim triggers, with successful Court of Appeal judgment in 2024, on track to establish settlement pattern.”
• “On track to be one of the leading Data Breach and Privacy firms.”
• “Re-stated the firm's 2023 financial statements and undertook a retrospective review of ongoing claims, resulting in a write-off and correction to asset values as at 30th March 2024.”
• “FCA announced its intention to create a redress scheme for motor vehicle finance claims.”
• “Angel case appeal by lender against High Court decision is due to be heard by the Court of Appeal in Spring 2026.”
• “Aim to settle a large unfunded book of Business Interruption cases by Q3 2026.”
• “Successes with Data Breach claims, involved in high profile claims in the UK, including MOD Afghan data breach.”

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

Filings

10

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

2

last 12 months

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