METROPOLITAN 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 therefore depends on the Parent Company's financial support. The Parent Company's financial statements for the year ended 30 September 2025 were prepared on a going concern basis. This assessment reflected the Parent Company's financial position, continued covenant compliance and its expectation that it has adequate resources to meet its obligations. Since the publication of those accounts, the Government has issued the draft Commonhold and Leasehold Reform Bill (January 2026), which proposes capping existing long-lease ground rents at £250 and reducing to a peppercorn after 40 years. Although these proposals are not expected to take effect before late 2028, they introduce increased uncertainty over future ground-rent income for the Group. The Directors have considered this development together with the Parent Company's financial position and its intention to continue providing support to the Company. On this basis, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

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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

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. METROPOLITAN GROUND RENTS LIMITED 2012-10-17 → present
2. LOUIS GROUP LAND INVESTMENTS LIMITED 2007-03-12 → 2012-10-17
3. POOLAVON LIMITED 1983-03-18 → 2007-03-12

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 therefore depends on the Parent Company's financial support. The Parent Company's financial statements for the year ended 30 September 2025 were prepared on a going concern basis. This assessment reflected the Parent Company's financial position, continued covenant compliance and its expectation that it has adequate resources to meet its obligations. Since the publication of those accounts, the Government has issued the draft Commonhold and Leasehold Reform Bill (January 2026), which proposes capping existing long-lease ground rents at £250 and reducing to a peppercorn after 40 years. Although these proposals are not expected to take effect before late 2028, they introduce increased uncertainty over future ground-rent income for the Group. The Directors have considered this development together with the Parent Company's financial position and its intention to continue providing support to the Company. On this basis, the Directors consider it appropriate to prepare the financial statements on a going concern basis.”

Significant events

• “The Leasehold Reform (Ground Rent) Act 2022 ended ground rents for new, qualifying long residential leases in England and Wales, reducing the supply of residential ground rents. The Leasehold and Freehold Reform Act 2024 (the 'Act') received Royal Assent in May 2024, with certain provisions, such as the removal of the two-year ownership rule for lease extensions and freehold purchases and enhancing leaseholder rights regarding service charges and management fees, having come into force since. On 27 January 2026, the Government published the draft Commonhold and Leasehold Reform Bill, which proposes to cap ground rents on most existing long residential leases at £250 per year, reducing to a peppercorn after 40 years. The cap would only take effect once the Bill becomes law, which the Government does not expect before late 2028. On 31 March 2026, the Company's portfolio was independently valued at £1,813,996 by the valuer, showing a like-for-like reduction of £728,618 or -28.7% compared with the independent valuation as at 30 September 2025. The independent valuation 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

5

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.