CLAPPERBOARD STUDIOS SPV 12 LIMITED

Executive Summary

CLAPPERBOARD STUDIOS SPV 12 LIMITED operates with a fragile financial position characterized by zero net assets and a strong reliance on intercompany balances and group financial support. While regulatory compliance is current and governance appears sound, the company’s liquidity and solvency risks are elevated, warranting further scrutiny of intercompany transactions and going concern assurances. Investors should exercise caution and consider detailed due diligence on operational cash flows and group support mechanisms.

CLAPPERBOARD STUDIOS SPV 12 LIMITED - Analysis Report

Company Number: 12978381

Analysis Date: 2025-07-19 11:52 UTC

1. Risk Rating: HIGH
   Justification: The company exhibits a net current asset and net asset position of zero, with current liabilities equal to current assets, indicating no working capital buffer. The cash balance is minimal (£1,865), and there are substantial intercompany balances that appear to be cyclical and unsecured. The company relies on financial support from a group entity to continue as a going concern, which raises significant solvency and liquidity risk.

2. Key Concerns:

• Solvency and Liquidity Risk: Zero net assets and zero net current assets, combined with minimal cash on hand, suggest a fragile liquidity position with little capacity to absorb shocks.
• Dependence on Group Support: The going concern statement references financial backing from a related party (Zebra Producciones SA), indicating an inability to sustain operations independently.
• Intercompany Balances: Large receivables (£429k) and payables (£291k) owed to and from group undertakings are unsecured, interest-free, and repayable on demand, which may signal potential cash flow timing issues or lack of external funding.

3. Positive Indicators:

• Compliance with Filing Requirements: The company’s accounts and confirmation statements are up to date, with no overdue filings or apparent regulatory compliance issues.
• Consistent Employee Base: Stable average employee count (2 employees) suggests operational continuity without sudden workforce fluctuations.
• No Director Disqualifications: Directors appear current and without public records of disqualification or governance concerns.
• Active Status and Recent Name Change: The company is active, and the recent name change has been properly filed, indicating ongoing business activity and management oversight.

4. Due Diligence Notes:

• Verify the substance and collectability of the large debtor balances from group companies, including timing and likelihood of repayment.
• Assess the nature and terms of financial support from Zebra Producciones SA, including any contingent liabilities or guarantees.
• Review cash flow forecasts and working capital management to confirm the company’s ability to meet short-term obligations without reliance on group support.
• Investigate the company’s revenue recognition policies and contract statuses, given that revenue recognition is linked to contract delivery and profitability certainty.
• Confirm if there are any off-balance sheet liabilities or contingent exposures not disclosed in the accounts.