Risk Assessment: BOARDWALK PROPERTIES LTD. (08037185)

1. Risk Rating: HIGH

The company presents multiple serious red flags including a trajectory from deep insolvency to sudden dormancy, an active proposal to strike off, and a material inconsistency between filed accounts claiming the company has "never traded" and historical financials demonstrating significant trading activity with accumulated losses exceeding £75,000. The combination of prior insolvency and an ongoing strike-off application raises substantial concerns about potential creditor avoidance.

2. Key Concerns

1. Unexplained Elimination of Significant Liabilities (2023 → 2024) The company reported net liabilities of £75,053 as at 30 April 2023 (total assets £347,963 versus total liabilities of £423,015). By 2024, net assets suddenly returned to £2 with the company filing dormant accounts. There is no visible mechanism in the filed records explaining how £423,015 in liabilities was extinguished. This warrants investigation into whether debts were written off, transferred to related parties, or otherwise disposed of—and whether creditors were properly served.

2. Active Proposal to Strike Off Following Insolvency The company status is "Active – Proposal to Strike off," meaning an application has been made to remove the entity from the register. When a company with a history of insolvency seeks dissolution, this is a standard concern area. Creditors are entitled to object to strike-off applications, and the timing—occurring after the transition to dormancy—suggests possible attempts to conclude the entity without formal insolvency proceedings that would scrutinise director conduct.

3. Misrepresentation in Filed Accounts The 2025 dormant accounts contain a declaration that the company "has never traded" during the period. While this may technically refer only to the 2024-2025 period, it sits alongside a financial history clearly showing active trading from at least 2019 through 2023, with total assets reaching £347,963 and liabilities of £423,015. The earlier dormant periods (2017-2018) and the name changes from "Creative Letting Agents (Norwich) Ltd" suggest a pattern of repositioning the entity. The "never traded" declaration, even if period-specific, is misleading in context.

3. Positive Indicators

• Accounts are technically up to date: The latest accounts were made up to 30 April 2025 and are not overdue, suggesting some level of administrative compliance is being maintained.
• No formal insolvency proceedings: The company is not in liquidation, administration, or receivership, which might suggest no creditor has yet forced action.
• Long-standing directorship: The Roffey family directors have been in place since incorporation in 2012, providing continuity of management—though this must be weighed against the concerns above.

4. Due Diligence Notes