ADMIRAL GROUND RENTS LIMITED

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  Material uncertainty over going concern

  At 30 September 2025, the Company was in a net current liability position due to an intragroup loan owed to the Parent Company and depends on its financial support. Directors considered it appropriate to prepare the financial statements on a going concern basis, despite increased uncertainty over future ground-rent income for the Group.

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  Audit opinion: Disclaimer of opinion

  Latest auditor's report carried a non-clean opinion.

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  Going-concern uncertainty disclosed

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  Negative shareholders' funds

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. 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. 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.

1. ADMIRAL GROUND RENTS LIMITED 2018-01-31 → present
2. ADMIRAL GROUND RENTS LTD 2014-01-10 → 2018-01-31
3. GRIF029 LIMITED 2012-10-10 → 2014-01-10

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

RSM UK Audit LLP

Audit opinion

Disclaimer of opinion

Going concern

Material uncertainty disclosed

“At 30 September 2025, the Company was in a net current liability position due to an intragroup loan owed to the Parent Company and depends on its financial support. Directors considered it appropriate to prepare the financial statements on a going concern basis, despite increased uncertainty over future ground-rent income for the Group.”

Significant events

• “Government published draft Commonhold and Leasehold Reform Bill (Jan 2026) proposing to cap ground rents at £250 and reducing to peppercorn after 40 years, introducing increased uncertainty for future ground-rent income.”
• “Judicial Review challenging the Leasehold Reform Act was dismissed in Oct 2025, with an appeal decision expected in 2026, affecting ground rent provisions.”
• “On 31 March 2026, the Company's portfolio was independently valued at £855,333, a 56.6% reduction from 30 Sep 2025, and continues to include a material uncertainty clause.”

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

Filings

4

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.