ARMATIRE LIMITED

• ◆

  Material uncertainty over going concern

  While the directors remain confident that a satisfactory outcome will be achieved, they recognise that the successful conclusion of these discussions is not wholly within the Group's control and therefore represents a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern.

• ◆

  Audit opinion: Qualified

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

• ·

  Going-concern uncertainty disclosed

• ·

  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 —. Year-on-year comparison hidden: this filing's period length differs materially from the prior year. 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. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Mercer & Hole LLP

Audit opinion

Qualified

Going concern

Material uncertainty disclosed

“While the directors remain confident that a satisfactory outcome will be achieved, they recognise that the successful conclusion of these discussions is not wholly within the Group's control and therefore represents a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern.”

Group structure

1. ARMATIRE LIMITED · parent
   1. Cadogan Holdings Limited 100% · UK · Holding company
   2. SQIB Limited 75% · UK · Group investment and holding company
   3. VS 109 Limited 100% · UK · Property investment and development
   4. VS 203 Limited 100% · UK · Property investment and development
   5. VS 403 Limited 100% · UK · Property investment and development
   6. VS 602 Limited 100% · UK · Property investment and development
   7. Zenith Property Holdings Limited 100% · Gibraltar · Property holding and investment company
   8. Zenith Longford Investments Limited 100% · Gibraltar · Property holding and investment company
   9. Bewl Events & Waterpark Limited 75% · UK · Property investment and development
   10. Bishops UK Limited 75% · UK · Property investment and development
   11. Connect Centre Limited 75% · UK · Property investment and development
   12. Integra Property Management Limited 75% · UK · Property management
   13. Jeensbannet Investments Limited 100% · UK · Property investment and development
   14. The Air Charter Club Limited 75% · UK · Jet aircraft investment
   15. Salomons UK Limited 75% · UK · Provision of hotel accommodation, venue hire and food and beverage
   16. 55 VS No 1 Limited 75% · UK · Property investment and development
   17. Zenith Aircraft Limited 75% · UK · Jet aircraft investment
   18. 55 VS No 2 Limited 75% · UK · Property investment and development
   19. 55 VS HL N1 Limited 75% · UK · Dormant company
   20. 55 VS HL N2 Limited 75% · UK · Dormant company
   21. 55 VS UL N1 Limited 75% · UK · Dormant company
   22. 55 VS UL N2 Limited 75% · UK · Dormant company
   23. E.J.Markham & Son Limited 75% · UK · Pawnbrokers
   24. One Media and Creative UK Limited 75% · UK · Provision of advertising, publishing and PR services
   25. Lustrum Investments Limited 75% · UK · Loan investment company
   26. Presence & co. Estate Agents Limited 75% · UK · Property management
   27. Zenith Strutton Ground Property Limited 75% · Gibraltar · Property investment and development
   28. Zenith Strutton Ground Holdings Limited 75% · Gibraltar · Property investment and development

Significant events

• “As part of its ongoing restructuring activities, the Group completed the disposal of Zenith Aviation Limited in March 2025, to a third party.”
• “A group subsidiary, Connect Centre Limited, sold its sole property on 2 September 2024 for consideration of £2.8m resulting in a loss on disposal of £112,898. As a result, the company has plans to cease trading and the directors have resolved that they do not consider the company to be a going concern.”
• “A wholly owned subsidiary, SQIB Limited, entered administratior on 7th November 2024, exiting administration on 23rd December 2024, with control being handed back to the directors.”
• “In April 2024, management decided to cease trading in One Media Creative UK Limited.”
• “In July 2025, Zenith Aircraft Limited sold its one remaining aircraft. In March 2026, management made the decision to cease trading within The Air Charter Club Limited, and close down the brokerage with immediate effect.”
• “Zenith Aircraft Limited - The subsidiary sold an aircraft after the year end, on 1 July 2025 for consideration of $6.5 million. Following this the entity has ceased to trade.”
• “The Air Charter Club Limited ceased to trade in April 2026. Accordingly, its subsequent financial statements have been prepared on a basis other than going concern.”
• “Bishops UK Limited - The subsidiary sold Hangar 528 on 20 May 2025 for proceeds of £800,000.”
• “SQIB Limited - Subsequent to the year end, SQIB Limited completed a further renegotiation of its lending arrangements. In June 2025, amended loan terms were agreed with the lender.”

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

Filings

3

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.