QA LIMITED

Risk Rating: MEDIUM While the company exhibits strong operational longevity and perfect regulatory compliance, the risk rating is elevated to Medium due to the complete opacity of its standalone financial health. As a wholly-owned subsidiary, QA LIMITED's solvency and liquidity are inextricably linked to its parent entity, Seckloe 208 Limited, and the minimal share capital (£1) provides no standalone buffer against financial distress without parental support.

Key Concerns - Subsidiary Opacity and Dependency: The company is wholly owned by Seckloe 208 Limited and files as an "Audit Exemption Subsidiary." Consequently, its standalone filed accounts will likely offer minimal insight into its actual trading position, as revenues and debts may be consolidated at the group level. Standalone solvency and liquidity cannot be reliably assessed from the subsidiary's filings alone. - Minimal Share Capital: With share capital listed at only £1, the company lacks an independent equity cushion. In the event of parental financial distress or a withdrawal of group support, the company has virtually no standalone financial resilience. - Duplicate PSC Registration: Seckloe 208 Limited is listed twice in the People with Significant Control (PSC) register with identical thresholds (owning >75% of shares and voting rights). While likely a minor administrative oversight at Companies House, duplicate PSC entries can sometimes indicate administrative sloppiness or complexities in the group structure that warrant clarification.

Positive Indicators - Operational Longevity and Stability: Incorporated in 1989, the company has a 35-year track record of existence. The history of previous names (transitioning from Interquad to QA-IQ, and finally to QA) suggests a smooth evolution of the business rather than a sudden shift to obscure its history. - Regulatory Compliance: All filings with Companies House are current. The accounts (made up to 31 May 2025) and the confirmation statement (made up to 14 August 2026) are not overdue, indicating competent administrative oversight. - Operational Coherence: The company's SIC code (85590 - Other education not elsewhere classified) aligns perfectly with its external facing website description (tech skills training in AI, data, cloud, and cyber security), confirming that the business is actively operating in line with its registered purpose.

Due Diligence Notes - Parent Entity Investigation: The most critical next step is to obtain and analyze the consolidated financial statements of the ultimate parent, Seckloe 208 Limited. The true solvency, liquidity, and operational stability of QA LIMITED can only be evaluated through the group's financials. - Intra-group Liabilities: Review the latest subsidiary accounts to ascertain the nature of intra-group balances. If QA LIMITED owes substantial funds to its parent, these debts could be called in or subordinated, drastically altering the subsidiary's risk profile in a distressed scenario. - Parent Company Guarantees: If considering extending credit or entering into a large contract, standard due diligence requires requesting a formal parent company guarantee from Seckloe 208 Limited, given the subsidiary's £1 share capital. - PSC Register Cleanup: Verify the PSC register to ensure the duplicate entry for Seckloe 208 Limited is addressed to maintain clean statutory records.