Company Number: OC438073

Analysis Date: 2025-07-29 14:13 UTC

1. Risk Rating: LOW
   Pragma EXFI LLP demonstrates a stable financial position with positive net current assets and net assets, no overdue filings, and no signs of financial distress. The limited liabilities partnership structure and absence of employees indicate a low operational complexity and exposure.

2. Key Concerns:

• Limited Operational Activity: The LLP reports no employees and the accounts show investments as the primary current asset, suggesting limited business operations which may affect revenue generation and long-term sustainability.
• Currency Reporting: The accounts are prepared in USD despite being a UK entity, which may introduce foreign exchange risks or indicate cross-border operations requiring further understanding.
• Profit and Loss Omission: The LLP has opted not to file a profit and loss account, limiting insight into profitability and cash flow performance.

3. Positive Indicators:

• Strong Liquidity Position: Current assets exceed current liabilities with net current assets of £186,208 as of 31 March 2024, indicating good short-term liquidity.
• Up-to-date Filings: Both accounts and confirmation statement are filed on time, reflecting good compliance and governance practices.
• Stable Net Assets Growth: Net assets increased from £170,000 in 2023 to £186,208 in 2024, showing some positive movement in financial position.

4. Due Diligence Notes:

• Investigate the nature and valuation of the unlisted investments (£170,000) reported as current assets to assess liquidity and risk associated with these holdings.
• Clarify the rationale and implications of preparing accounts in USD, including any foreign exchange exposure and compliance with UK accounting standards.
• Obtain supplementary financial information such as profit and loss data or cash flow statements, if available, to better understand operational cash flows and profitability.
• Review the business model and income sources given the absence of employees and apparent lack of trading activity.
• Confirm the identity and background of the designated member (Jennifer Rachel Collins) and any related entities to assess governance and control environment.