Company Number: 13721424

Analysis Date: 2025-07-29 15:07 UTC

1. Risk Rating: LOW
   IHM Surgical Limited demonstrates a strong net asset position with positive working capital and no overdue filings. The company’s financials, while limited due to micro-entity reporting, show growth in net current assets and shareholders' funds, indicating solvency and operational stability at this stage.

2. Key Concerns:

• Limited Financial Detail: As a micro-entity, detailed profit and loss data, cash flow statements, and auditor verification are unavailable, restricting full financial transparency.
• Small Scale and Employee Base: With only 2 employees and micro classification, the company may be vulnerable to operational disruptions or lack of scalability.
• Director Concentration: Control is heavily concentrated with one individual owning 75-100% shares and voting rights, which could present governance risks if not properly managed.

3. Positive Indicators:

• Healthy Liquidity: Net current assets increased significantly from £72k to £140k year-on-year, indicating effective short-term liquidity management.
• Positive Equity Growth: Shareholders’ funds increased by over £53k (from £127k to £181k) within two years, reflecting retained earnings or capital infusion.
• Compliance and Timeliness: All statutory filings including accounts and confirmation statements are up to date with no overdue notices, reflecting good regulatory compliance.
• Business Focus: Operating in hospital activities (SIC 86101) with a director who is also a hospital consultant suggests operational knowledge and alignment with industry.

4. Due Diligence Notes:

• Obtain detailed management accounts and cash flow projections to assess operational sustainability beyond balance sheet snapshots.
• Review any intercompany transactions or related party dealings given the family/director control structure.
• Investigate contracts and revenue streams to evaluate business model robustness and dependency risks.
• Confirm absence of any contingent liabilities or off-balance sheet obligations.
• Assess directors’ background and governance controls given shareholding concentration.