BLACKTHORN GR LIMITED
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Cash
£13m
+0.6% vs 2024
Net assets
£43m
+8.2% vs 2024
Employees
0
Average over period
Profit before tax
£4.8m
+110.8% highest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Material uncertainty over going concern
The going concern accounting policy in note 16 indicates that the group may be adversely affected by the uncertainty surrounding enacted legislative changes (Leasehold Reform (Ground Rent) Act 2022, Leasehold and Freehold Reform Act 2024, Building Safety Act 2022 and potential future changes to legislation including the draft Commonhold and Leasehold Reform Bill) and their potential impact on cashflows. These events, along with other matters, indicate a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern.
-
Going-concern uncertainty disclosed
Net assets
3-year trend · vs Real Estate median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £2,438,638 | £2,928,290 | £3,146,561 | +7.5% | |
| Operating profit | £1,902,016 | £2,374,290 | £2,531,119 | +6.6% | |
| Profit before tax | -£32,855,191 | -£43,950,592 | £4,751,848 | +110.8% | |
| Net profit | -£25,039,448 | -£33,321,592 | £3,252,848 | +109.8% | |
| Cash | £14,302,715 | £12,843,024 | £12,918,601 | +0.6% | |
| Total assets less current liabilities | £232,175,298 | £190,427,695 | £197,257,767 | +3.6% | |
| Net assets | £73,040,910 | £39,719,318 | £42,972,166 | +8.2% | |
| Equity | £73,040,910 | £39,719,318 | £42,972,166 | +8.2% | |
| Average employees | — | 0 | 0 | — | |
| Wages | — | — | — | — | |
| Directors' remuneration | — | — | — | — |
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
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | 78.0% | 81.1% | 80.4% | |
| Net margin | — | — | 103.4% | |
| Return on capital employed | 0.8% | 1.2% | 1.3% | |
| Gearing (liabilities / total assets) | 68.9% | 79.5% | — | |
| Current ratio | 5.57x | 5.30x | 5.12x | |
| Interest cover | 0.39x | 0.53x | 0.56x |
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.
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Consolidated group
- Auditor
- RSM UK Audit LLP, Statutory Auditor
- Audit opinion
- Unqualified (clean)
- Going concern
- Material uncertainty disclosed
“The going concern accounting policy in note 16 indicates that the group may be adversely affected by the uncertainty surrounding enacted legislative changes (Leasehold Reform (Ground Rent) Act 2022, Leasehold and Freehold Reform Act 2024, Building Safety Act 2022 and potential future changes to legislation including the draft Commonhold and Leasehold Reform Bill) and their potential impact on cashflows. These events, along with other matters, indicate a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern.”
Group structure
- BLACKTHORN GR LIMITED · parent
- This is G2 Limited 100%
- Iris GR Limited 100%
- Twinleaf GR Limited 100%
- Kamario Limited 100%
- Worsley Investment Properties Limited 100%
- Venus GR Limited 100%
Significant events
- “On 4 August 2022 the group agreed undertakings with the CMA that ended the CMA's investigation into the wider group These undertakings restrict certain group companies' ability to charge uplift rents on certain leases and create obligations to refund certain rents and fund certain costs for the variation of leases, should a leaseholder choose to enter into such lease vanation As a result, payments were received from certain developers in 2022 and a provision was made for obligations to leaseholders As at 31 December 2025, the element of the provision related to the group is £61k (2024 £72k)”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
4 active · 2 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| LAU, Daniel | Secretary | 2019-07-10 | — | — |
| MCGILL, Christopher Charles | Director | 2017-11-08 | Apr 1960 | British |
| PROCTER, William Kenneth | Director | 2017-11-08 | May 1953 | British |
| WATSON, Michael David | Director | 2021-02-22 | Dec 1958 | British |
Show 2 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| HALLAM, Paul | Secretary | 2017-11-08 | 2019-07-10 |
| HALLAM, Paul | Director | 2019-07-10 | 2019-07-10 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Fairhold Holdings Limited | Corporate entity | Shares 75–100% | 2022-01-28 | Ceased 2022-01-28 |
| Arctic Gr Limited | Corporate entity | Shares 75–100% | 2022-01-28 | Active |
| Lightyear Estate Holdings Limited | Corporate entity | Shares 75–100%, Voting 75–100% (as firm) | 2017-11-08 | Ceased 2022-01-28 |
Filing timeline
Last 20 of 38 total filings
Material constitutional events — rename, articles re-file, resolution
- 2022-09-06 RESOLUTIONS Resolution
- 2022-09-02 MA Memorandum articles
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-07-28 | AA | accounts | Accounts with accounts type group | |
| 2026-04-10 | CH01 | officers | Change person director company with change date | |
| 2026-03-12 | CH01 | officers | Change person director company with change date | |
| 2026-03-12 | CH01 | officers | Change person director company with change date | |
| 2026-03-12 | CH01 | officers | Change person director company with change date | |
| 2025-12-12 | AA | accounts | Accounts with accounts type group | |
| 2025-11-07 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-11-26 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-10-22 | AA | accounts | Accounts with accounts type group | |
| 2023-11-16 | AA | accounts | Accounts with accounts type group | |
| 2023-11-14 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2022-11-15 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2022-09-06 | RESOLUTIONS | resolution | Resolution | |
| 2022-09-02 | MA | incorporation | Memorandum articles | |
| 2022-09-01 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2022-08-08 | AA | accounts | Accounts with accounts type dormant | |
| 2022-03-14 | PSC02 | persons-with-significant-control | Notification of a person with significant control | |
| 2022-03-14 | PSC07 | persons-with-significant-control | Cessation of a person with significant control | |
| 2022-01-28 | PSC02 | persons-with-significant-control | Notification of a person with significant control | |
| 2022-01-28 | PSC07 | persons-with-significant-control | Cessation of a person with significant control |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 7
- Capital events
- 0
- Officers appointed
- 0
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.