Company Number: SO307559

Analysis Date: 2025-07-07 21:25 UTC

1. Risk Rating: HIGH

Justification: Phytogenomics LLP is a very recently incorporated (2022) small limited liability partnership with minimal financial data available. Its net assets and cash are extremely low (£316 as of May 2024), with no employees and negligible working capital. The minimal current assets relative to liabilities and the absence of turnover information raise significant concerns about its ability to meet obligations and operate sustainably.

2. Key Concerns:

• Insufficient Liquidity: Cash at bank has decreased from £426 in 2023 to £316 in 2024, indicating limited liquid resources to cover short-term liabilities or operational expenses.
• Lack of Operational Activity: The accounts reveal zero employees and no disclosed turnover figures, suggesting the business is either not trading actively or is in a very early development stage without revenue generation.
• Negative Other Reserves and Small Net Assets: The presence of a negative reserve (£-157) and very low net assets (£316) could imply accumulated losses or capital adjustments that may weaken the financial foundation.

3. Positive Indicators:

• No Overdue Filings: The company has filed accounts and confirmation statements on time, indicating compliance with statutory requirements.
• Clear Ownership and Control Structure: Two designated members hold controlling interests with clear voting rights and responsibilities, which supports governance clarity.
• Exemption from Audit: As a small LLP, it benefits from simplified reporting requirements, reducing administrative burden at this stage.

4. Due Diligence Notes:

• Clarify Revenue and Business Model: Investigate whether the LLP has generated any revenue or signed contracts, including any pipeline business or development plans.
• Examine Capital Contributions and Members’ Capital Structure: Understand the nature of members’ capital classified partly as debt and the implications for liquidity and solvency.
• Assess Future Funding and Business Plans: Determine the LLP’s strategy for funding operations, including any planned capital injections or external financing.
• Review Reserves and Historical Losses: Request detailed financial statements or management accounts to understand the cause of negative reserves and any prior losses.
• Confirm No Undisclosed Liabilities: Verify that there are no contingent liabilities or overdue debts not reflected in the filleted accounts.

Summary: Based on available data, Phytogenomics LLP currently presents a high-risk profile due to minimal liquidity, lack of operational activity, and very modest net asset base. While compliance and governance appear satisfactory, substantive due diligence is essential before considering any investment or credit exposure.