Company Number: 12494111

Analysis Date: 2025-07-29 14:04 UTC

1. Risk Rating: LOW
   Mindpin Limited demonstrates strong liquidity and solvency metrics, with substantial net current assets and shareholders’ funds relative to current liabilities. There are no overdue filings or indications of financial distress or regulatory non-compliance.

2. Key Concerns:

• Significant decrease in cash reserves: Cash dropped from approximately £674k in 2023 to £256k in 2024, which may warrant investigation regarding cash flow management or extraordinary expenditures.
• Reduction in net assets and shareholders’ funds by nearly 50% from previous year, indicating potential operational losses or asset write-downs not fully detailed in abridged accounts.
• Limited disclosure due to abridged accounts format; lack of income statement and cash flow details restricts full operational performance assessment.

3. Positive Indicators:

• Current liabilities are low (£8,164) relative to cash and net current assets, indicating strong short-term liquidity.
• The company has no overdue filings for accounts or confirmation statements, reflecting good compliance with Companies House requirements.
• Positive net assets of £307k suggest solvency and cushion against liabilities.
• Continuity of directorship with no disqualifications or governance issues noted; director responsibilities acknowledged.
• The business operates under a clear SIC code (66120 - Security and commodity contracts dealing activities), indicating a defined business scope.

4. Due Diligence Notes:

• Review the notes to accounts or request full accounts to clarify reasons for the substantial cash reduction and decline in net assets between 2023 and 2024.
• Investigate the nature and performance of the fixed asset investments (£53k) that increased year-over-year, to understand asset quality and risk exposure.
• Confirm operational revenues and profitability trends, as abridged accounts do not include the income statement.
• Validate whether the company’s current cash levels and working capital are sufficient to sustain ongoing operations given its industry and business model.
• Confirm the identity and control structure of persons with significant control (PSC), as no PSC data was provided.