Company Number: 12408504

Analysis Date: 2025-07-20 15:57 UTC

1. Risk Rating: HIGH
   Justification: Aptiva Thermal Limited has consistently filed dormant accounts since incorporation in 2020, showing only nominal cash and net assets (£1). The company has no trading activity, no revenue, and no operational financial data. This raises significant concerns about the company’s ability to meet obligations or sustain operations.

2. Key Concerns:

• Dormant Status: The company has been dormant with no trading activity or financial transactions reported in the last four financial years.
• Minimal Financial Resources: Cash and net assets of only £1 provide no cushion for liabilities or operational expenses.
• Lack of Operational Evidence: No indication of revenue generation, contracts, or business activity despite SIC classification in specialised construction activities.

3. Positive Indicators:

• Compliance with Filings: The company is up to date with accounts and confirmation statement filings, indicating adherence to statutory requirements.
• Clear Ownership and Control: Mr. Stephen Davies holds 75-100% shares and voting rights, providing clear accountability for governance.
• No Indication of Insolvency Procedures: The company is active and not in liquidation, administration, or receivership.

4. Due Diligence Notes:

• Investigate the company’s business plan or rationale for maintaining an active registration while dormant.
• Confirm if the company is a holding entity or special purpose vehicle within a larger corporate group, which may explain dormancy.
• Assess any related-party transactions or contingent liabilities not visible in dormant accounts.
• Verify whether the company intends to commence trading or is being held for future use.
• Review any contractual or contingent commitments disclosed outside of financial statements.