SPRING GARDENS III LIMITED

• ◆

  Material uncertainty over going concern

  We draw attention to Note 1.2 to the financial statements, which indicates that the Company's ability to continue as a going concern is dependent on continued financial support from its ultimate parent company, which is not guaranteed. Additionally, the Company's property serves as security for its Immediate Parent Company's loan. If the Immediate Parent Company is unable to continue as a going concern or comply with the terms of the loan agreement, its lenders may seek to exercise their rights in the loan agreement over the Company's property. As stated in note 1.2, these events or conditions, along with other matters as set forth in Note 1.2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Notwithstanding this material uncertainty on the going concern assumption, the Directors are confident that given the Group's track record, the Group and the Ultimate Parent Company's debt falling due for repayment in the going concern period, will be refinanced or settled in line with plans, rather than requiring repayment on maturity, or will be extinguished as part of property disposals in the period - and consequently, the Ultimate Parent Company will be able to provide the required financial support to the Company. The Directors also believe that the Parent Company's debt will be repaid and therefore, the Company's property will be released from acting as security to the Parent Company's loan. Therefore, the Directors continue to adopt the going concern basis in preparing these Company financial statements. The financial statements do not include any adjustments that would be required if the financial statements were prepared on a basis other than going concern.

• ·

  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

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. SPRING GARDENS III LIMITED 1996-06-26 → present
2. INGRAM HOUSE LIMITED 1994-11-21 → 1996-06-26
3. SOMERMOOR INVESTMENTS LIMITED 1987-04-02 → 1994-11-21

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

BDO LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to Note 1.2 to the financial statements, which indicates that the Company's ability to continue as a going concern is dependent on continued financial support from its ultimate parent company, which is not guaranteed. Additionally, the Company's property serves as security for its Immediate Parent Company's loan. If the Immediate Parent Company is unable to continue as a going concern or comply with the terms of the loan agreement, its lenders may seek to exercise their rights in the loan agreement over the Company's property. As stated in note 1.2, these events or conditions, along with other matters as set forth in Note 1.2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Notwithstanding this material uncertainty on the going concern assumption, the Directors are confident that given the Group's track record, the Group and the Ultimate Parent Company's debt falling due for repayment in the going concern period, will be refinanced or settled in line with plans, rather than requiring repayment on maturity, or will be extinguished as part of property disposals in the period - and consequently, the Ultimate Parent Company will be able to provide the required financial support to the Company. The Directors also believe that the Parent Company's debt will be repaid and therefore, the Company's property will be released from acting as security to the Parent Company's loan. Therefore, the Directors continue to adopt the going concern basis in preparing these Company financial statements. The financial statements do not include any adjustments that would be required if the financial statements were prepared on a basis other than going concern.”

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

Filings

6

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

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