GROSVENOR SQUARE RMBS 2023-1 PLC

• ⚠

  Material uncertainty over going concern

  The Directors have prepared the financial statements on the going concern basis which assumes that the Company will continue in operational existence for the foreseeable future and will have adequate funds available to meet its obligations as they fall due. However, due to the existence of a call option to purchase the mortgage loan portfolio as described in the subsequent paragraphs, there is a material uncertainty related to going concern. Based on this assessment, the Directors are confident that the Company will continue to meet its obligations when they fall due. However, a call option on purchasing the mortgage loan portfolio becomes available to the option holder from the interest payment date in March 2026. The directors are therefore of the opinion that a material uncertainty on going concern exists due to the potential that the call option may be exercised when it becomes available. As at the date of signing these financial statements, the option holder has not yet determined whether they will exercise this option. This indicates the existence of a material uncertainty related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business.

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

  —

  Not reported

• Cash

  -2.6%

  £65,520,848 → £63,798,614

• Net assets

  -380.9%

  £1,828,902 → -£5,137,348

• Employees

  —

  Not reported

• Profit before tax

  -483.5%

  £1,816,626 → -£6,965,950

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. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Directors have prepared the financial statements on the going concern basis which assumes that the Company will continue in operational existence for the foreseeable future and will have adequate funds available to meet its obligations as they fall due. However, due to the existence of a call option to purchase the mortgage loan portfolio as described in the subsequent paragraphs, there is a material uncertainty related to going concern. Based on this assessment, the Directors are confident that the Company will continue to meet its obligations when they fall due. However, a call option on purchasing the mortgage loan portfolio becomes available to the option holder from the interest payment date in March 2026. The directors are therefore of the opinion that a material uncertainty on going concern exists due to the potential that the call option may be exercised when it becomes available. As at the date of signing these financial statements, the option holder has not yet determined whether they will exercise this option. This indicates the existence of a material uncertainty related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business.”

Significant events

• “The UK has been exposed to significant economic uncertainty in recent years, although some indicators are showing signs of improvement. The Consumer Price Index (CPI) inflation rate decreased significantly, from 4.00% in 2023. By August 2024, inflation had declined further to 2.20% but rose slightly to 2.50% in October 2024, as reported by the Office for National Statistics (ONS).”
• “This fluctuation reflects the ongoing volatility in inflation trends, driven by both global and domestic factors. In response to economic conditions, the Bank of England reduced the base rate. The rate decreased from 5.25% to 5.00% in August 2024 and further to 4.75% in November 2024, 4.5% in February 2025 with the latest decrease to 4.25% in May 2025. The rate remained at 4.25% in June 2025. These reductions aim to support economic recovery amidst signs of easing inflationary pressures.”

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

Filings

2

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.