Company Number: 13802554

Analysis Date: 2025-07-29 20:41 UTC

1. Risk Rating: HIGH
   ENASU LIMITED exhibits significant solvency and liquidity risks. The company has persistent negative net assets and net current assets, indicating it is unable to cover its short-term liabilities with available assets. The sole creditor appears to be a director loan, which suggests reliance on related-party financing rather than third-party funding.

2. Key Concerns:

• Negative Net Assets and Working Capital: As of the latest accounts (2023), the company shows net liabilities of £2,516 and negative working capital of £2,516, worsening from the prior year. This points to an ongoing solvency issue.
• Reliance on Director Loans: Current liabilities consist entirely of a £3,597 loan from the director, indicating no external financing and potential risk if the director withdraws support.
• No Employees and Limited Operational Data: The company reports zero employees and minimal operational assets, which raises doubts about operational sustainability and business activity scale.

3. Positive Indicators:

• Compliance with Filing Requirements: The company is up to date with its annual accounts and confirmation statement filings, demonstrating regulatory compliance and good governance in terms of statutory obligations.
• Clear Ownership and Control: The sole director and 75-100% shareholder is identified, simplifying accountability and decision-making processes.
• Small Company Filing Exemption: The company qualifies for small company audit exemption, reducing compliance burden and costs.

4. Due Diligence Notes:

• Verify the nature and terms of the director loan, including repayment obligations and whether it is interest-bearing.
• Investigate the company’s business model and revenue streams given the minimal assets and lack of employees, to assess operational viability.
• Review any subsequent financial developments or director plans to address the negative equity position.
• Confirm no undisclosed contingent liabilities or related-party transactions that may exacerbate financial stress.
• Assess market conditions and competitive positioning in the retail mail order/Internet sales space (SIC 47910) relevant to the company’s prospects.