Company Number: 13888075

Analysis Date: 2025-07-20 16:38 UTC

1. Risk Rating: HIGH
   The company demonstrates persistent negative net current assets and shareholders’ funds over the last three financial years, indicating ongoing losses and insufficient capital to cover liabilities. The small scale of share capital (£100) and absence of an audit or detailed income statement further limit transparency. These factors collectively point to a high solvency and liquidity risk.

2. Key Concerns:

• Negative shareholders’ funds: The company’s equity position is negative (£-1,884 as of 2024), indicating liabilities exceed assets, which is a key solvency red flag.
• Negative net current assets: Working capital is consistently negative, suggesting liquidity constraints to meet short-term obligations (£-1,784 in 2024).
• Very limited financial disclosure: The company filed under the small companies regime with exemption from audit and no income statement filed, restricting insight into profitability and cash flows.

3. Positive Indicators:

• Compliance with filing: Accounts and confirmation statement are filed on time with no overdue filings, indicating regulatory compliance.
• Experienced director with relevant occupation: The current director is an industrial pharmacist, which aligns with the company’s pharmaceutical wholesale SIC codes, suggesting industry experience.
• Active status with no liquidation or administration: The company remains active and not subject to insolvency proceedings.

4. Due Diligence Notes:

• Investigate the nature and timing of creditor obligations totaling £1,784 to assess immediate liquidity pressure.
• Request detailed management accounts or cash flow statements to understand operational cash generation or burn rate.
• Clarify ownership structure and control discrepancies, as PSC records list multiple entities with 75-100% shareholding and voting rights, which appears inconsistent.
• Explore the business model and revenue generation since incorporation in 2022 given the ongoing losses and negative equity.
• Assess any contingent liabilities or related party transactions not disclosed in the abbreviated accounts.