Company Number: 13507885

Analysis Date: 2025-07-20 16:25 UTC

1. Risk Rating: HIGH
   Justification: The company exhibits significant negative net assets and net current assets, indicating an inability to meet short-term liabilities with current assets. The scale of current liabilities (£1.48m) vastly exceeds current assets (£19.8k), showing severe liquidity stress. The company is also small with minimal fixed assets, increasing solvency risk.

2. Key Concerns:

• Extreme negative working capital: Net current liabilities of £1.46m as of 31 Dec 2023, worsening from prior years.
• Large accumulated losses reflected in shareholders’ funds of -£1.49m, indicating ongoing financial deterioration.
• Limited fixed assets and current assets base relative to liabilities, raising concerns about operational sustainability and ability to cover debts.

3. Positive Indicators:

• Compliance with filing deadlines: No overdue accounts or confirmation statements, suggesting regulatory compliance and governance adherence.
• Growing headcount from 5 to 7 employees, which may indicate ongoing business activity and operational scale-up efforts.
• Clear ownership and control structure with Doorfeed Sas holding 75-100% shares and voting rights, providing governance clarity.

4. Due Diligence Notes:

• Investigate the nature of the large current liabilities: Are these trade payables, loans, or accruals? Assess maturity and repayment terms.
• Review cash flow statements and profit & loss accounts (not filed here) to understand cash generation and operational performance.
• Understand business model and revenue streams given the mix of SIC codes including real estate management and IT services.
• Confirm related party transactions or intercompany balances, especially considering the PSC is an overseas entity.
• Ascertain any contingent liabilities or guarantees not disclosed in micro-entity accounts.