Company Number: 14121545

Analysis Date: 2025-07-29 14:18 UTC

1. Risk Rating: HIGH
   MIGRASH LTD exhibits significant solvency and liquidity concerns, with persistent net liabilities, negative working capital, and zero cash at the latest year-end. The company’s financial position indicates an inability to meet short-term obligations without additional financing or capital injection.

2. Key Concerns:

   • Negative Net Assets and Working Capital: The company’s net assets deteriorated from -£6,758 in 2023 to -£9,064 in 2024, with net current liabilities increasing to £7,928. This indicates ongoing losses and insufficient current assets to cover liabilities.
   • Zero Cash Balance: At the 2024 year-end, the company reported zero cash, which raises serious liquidity issues and questions about its ability to fund day-to-day operations.
   • Reliance on Director Loans: The 2024 accounts show £5,999 of current liabilities as loans from directors, suggesting operational funding is dependent on insider financing rather than sustainable revenue or external credit.

3. Positive Indicators:

   • Timely Filing and Compliance: The company is up to date with both accounts and confirmation statement filings, indicating compliance with statutory requirements.
   • Active Status with No Indication of Insolvency Proceedings: The company remains active and is not in liquidation, administration, or receivership, which suggests ongoing management efforts to sustain operations.
   • Single Director with Full Control: Mrs. Miriam Penny Cahigu’s control may facilitate decisive management actions without shareholder conflicts.

4. Due Diligence Notes:

   • Investigate the business model and revenue generation capability to assess operational sustainability given zero employees and persistent losses.
   • Clarify the nature and terms of director loans and any plans for repayment or further funding.
   • Review cash flow forecasts and management plans to address liquidity shortfalls.
   • Assess potential contingent liabilities or off-balance sheet obligations not reflected in the accounts.
   • Confirm no undisclosed regulatory or compliance issues, especially given the health and social care regulatory environment under SIC 84120.