KTF X SPACEX LLP

Executive Summary

KTF X SPACEX LLP is a recently formed LLP with a strong net asset base primarily composed of unlisted investments and no current liabilities, reflecting low immediate solvency risk. However, the lack of operational activity and reliance on unlisted assets introduce valuation and liquidity uncertainties. The company maintains timely statutory filings and presents no immediate compliance issues, but governance complexity warrants further review.

KTF X SPACEX LLP - Analysis Report

Company Number: OC449591

Analysis Date: 2025-07-29 20:18 UTC

1. Risk Rating: LOW

Justification: KTF X SPACEX LLP is a newly incorporated limited liability partnership (incorporated October 2023) with a strong net asset position (£16.5 million in unlisted investments) and no current liabilities reported. It is compliant with filing deadlines and its financial statements are prepared under applicable accounting standards with no overdue filings. The absence of employees and operating expenses suggests it is either a holding or investment entity rather than an operational business with cash flow pressures.

2. Key Concerns:

• Lack of operational activity: The accounts show no employees and no profit and loss information disclosed, indicating minimal or no trading activity. This may raise concerns about the sustainability of the LLP as an operational entity.
• Investment valuation risk: The entire asset base consists of unlisted investments valued at £16.5 million. These valuations can be subjective and illiquid, potentially impacting solvency if asset values decline.
• Governance complexity: The LLP has multiple designated members from various international jurisdictions and a corporate designated member that resigned shortly after formation. This complexity requires careful oversight to ensure effective control and regulatory compliance.

3. Positive Indicators:

• Strong net asset position with no current liabilities, indicating solid solvency at reporting date.
• Compliance with all statutory filing deadlines to date, demonstrating good governance and regulatory compliance.
• Transparency in reporting functional currency as USD under UK accounting standards, showing appropriate accounting treatment.

4. Due Diligence Notes:

• Verify the nature and valuation methodology of the unlisted investments to assess asset quality and liquidity.
• Investigate the business model and strategy of the LLP to understand revenue generation potential and operational plans.
• Review governance arrangements given the multinational designated members and recent resignation of a corporate member to assess decision-making and control risks.
• Confirm whether the LLP has any contingent liabilities or off-balance sheet obligations not reflected in the accounts.