CELADON PHARMACEUTICALS LIMITED

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  Material uncertainty over going concern

  The Directors have prepared the financial statements on a going concern basis, which assumes the Group will continue in operational existence for the foreseeable future. However, there is material uncertainty over the timing and quantum of revenue... additional funding is required... these facts constitute a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern.

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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

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. CELADON PHARMACEUTICALS LIMITED 2025-08-14 → present
2. CELADON PHARMACEUTICALS PLC 2022-03-25 → 2025-08-14
3. SUMMERWAY CAPITAL PLC 2018-08-31 → 2022-03-25

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

RSM UK Audit LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Directors have prepared the financial statements on a going concern basis, which assumes the Group will continue in operational existence for the foreseeable future. However, there is material uncertainty over the timing and quantum of revenue... additional funding is required... these facts constitute a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern.”

Group structure

1. CELADON PHARMACEUTICALS LIMITED · parent
   1. Celadon Subco Limited · UK · equity incentive company
   2. Celadon Property Co Limited · UK · property holding company
   3. Celadon Pharma Limited · UK · operating company growing medicinal cannabis
   4. Celadon Pharmaceuticals (UK) Limited · UK · dormant company

Significant events

• “On 8 August 2025, the Company's shares were delisted from the Alternative Investment Market (AIM) of the London Stock Exchange and the Company re-registered as a private limited company.”
• “During 2025, the Group incorporated Holford Pharma Limited as an internal pharmacy function to facilitate direct dispensing of medicines to patients.”
• “On 28 June 2025, the Group entered into a new three-year loan facility (£1.5M) with a related party, secured by a floating charge.”
• “On 1 April 2026, the related party agreed to provide a further £0.5M loan, increasing the total outstanding to £2.0M, with a fixed charge.”
• “On 6 August 2025, the Revolving Credit Facility (RCF) maturity date was extended to 30 November 2026, and the committed facility amount was reduced to £1.01M.”
• “In December 2025, the Group exercised a call option to re-acquire Harley Street (CPC) Limited, which was originally disposed of in March 2024.”

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

Filings

16

last 12 months

Capital events

2

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.