MYCSP LIMITED

Risk Rating: MEDIUM Justification: The risk rating is primarily driven by severe data opacity rather than confirmed financial distress. The available financial data is a decade old (2014) and reflects a dormant entity with negligible assets, which fundamentally conflicts with the company's current operational profile. Without current financials, solvency and liquidity cannot be properly evaluated, necessitating a medium risk classification until up-to-date financial performance can be verified.

Key Concerns: * Severe Data Staleness and Status Discrepancy: The only available financial data dates back to 2014, showing the company as dormant with £100 in net assets. This directly contradicts the current operational profile, which includes an active website offering pension administration services and a large board of directors including a CEO and Finance Directors. This gap makes it impossible to assess current solvency or liquidity. * Minimal Capital Base: The share capital stands at a mere £400, and historical net assets were only £100. For a company operating in financial intermediation and pension administration, this suggests the company may function merely as a non-trading holding vehicle within a larger corporate group, or it relies entirely on inter-company funding, which can present concentration risks. * Complex Ownership and Control: The PSC register shows overlapping control structures. Paymaster (1836) Ltd owns 50-75% of shares and holds over 75% of voting rights, while Mycsp Trustee Company Ltd is also listed twice with "significant influence or control." This dual-control structure requires careful examination to understand whose interests are prioritized in financial distress scenarios.

Positive Indicators: * Strong Filing Compliance: The company is fully up to date with its statutory filing requirements. Accounts are not overdue (last made up to 31 December 2024, with the next deadline in September 2026), and the confirmation statement is current. This indicates administrative stability and adherence to regulatory compliance. * Robust Governance Structure: The company maintains a large, professionally structured board of 15 officers, including specific roles such as a Chief Executive, Finance Directors, and a Professional Non-Executive Director. The use of a corporate secretary (PRISM COSEC LIMITED) further points to mature, institutional-grade governance practices. * Institutional Backing: The presence of Paymaster (1836) Ltd as the majority shareholder provides a degree of reassurance. Paymaster is an established entity in the UK pensions sector, suggesting that MYCSP LIMITED has the backing of a significant industry player should financial support be required.

Due Diligence Notes: * Obtain Recent Accounts: The immediate priority is to acquire the filed accounts from 2015 through to the most recent 2024 filing. This will reveal when the company transitioned from dormant to active and provide the necessary balance sheet and cash flow data to assess current financial stability. * Group Structure Analysis: Investigate the exact relationship between MYCSP LIMITED, Mycsp Trustee Company Ltd, and Paymaster (1836) Ltd. Determine if MYCSP LIMITED is merely a dormant shell or special purpose vehicle, or if it actively generates revenue. Understanding the flow of funds and potential parent guarantees is critical. * Director Disqualification Checks: Given the large board of 15 directors, cross-referencing the directors against the Insolvency Service's disqualification register would be prudent to ensure no undisclosed governance risks exist, though no red flags are present in the provided data.