TILSTONE RADWAY LIMITED

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  Material uncertainty over going concern

  The Directors note that as the formal bid for the Ultimate Parent Company and its subsidaries ("Group") is currently ongoing, and at the date of this Financial Statements, the outcome and timing of this process remain uncertain. Due to the possible change in ownership, decisions on the future direction of the Group could be taken by new directors, who are not appointed at the approval date of the financial statements, that affect whether the forecasts used in the current directors' going concern assessment will be achieved. As such, there exists a material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern. The Directors acknowledge this uncertainty and confirm that, notwithstanding this, it is appropriate to prepare the financial statements on a going concern basis.

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  5 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

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

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. TILSTONE RADWAY LIMITED 2020-05-26 → present
2. QUANTUM NORTH LIMITED 2017-11-27 → 2020-05-26

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

BDO LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Directors note that as the formal bid for the Ultimate Parent Company and its subsidaries ("Group") is currently ongoing, and at the date of this Financial Statements, the outcome and timing of this process remain uncertain. Due to the possible change in ownership, decisions on the future direction of the Group could be taken by new directors, who are not appointed at the approval date of the financial statements, that affect whether the forecasts used in the current directors' going concern assessment will be achieved. As such, there exists a material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern. The Directors acknowledge this uncertainty and confirm that, notwithstanding this, it is appropriate to prepare the financial statements on a going concern basis.”

Significant events

• “On 4 June 2025, Warehouse REIT PLC, the parent company of Tilstone Liverpool Limited, announced that it had reached an agreement with Wapping Bidco Ltd... for a recommended cash acquisition of the entire issued and to be issued ordinary share capital of Warehouse REIT.”
• “Subsequently, on 25 June 2025, Warehouse REIT announced it had withdrawn its recommendation of the Blackstone offer in favour of a competing cash-and-share offer from Tritax Big Box REIT PLC, valued at approximately £485.2 million (114.2p per share).”
• “On 10 July 2025, Blackstone announced an increased cash offer of £489 million, equivalent to 115.0p per share (113.4p in cash plus the 1.6p interim dividend).”
• “On 11 July 2025, the Warehouse REIT board reversed its recommendation, unanimously supporting Blackstone's increased offer over the Tritax offer. The acquisition is being implemented by way of a takeover offer, with a deadline for acceptance on 8 September 2025. As of the date of approval of these financial statements, the takeover offer remains subject to shareholder approval and other customary conditions. If completed, the acquisition may result in a change in control of Tilstone Liverpool Limited's parent company, which could impact the group's structure, financing arrangements, or strategic operations. The financial effects of this event cannot be reliably estimated at this time, and no adjustments have been made to these financial statements as this is considered a non-adjusting event under IAS 10.”

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

Filings

20

last 12 months

Capital events

0

last 24 months

Officers appointed

10

last 12 months

Officers resigned

5

last 12 months

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