Company Number: 14154569

Analysis Date: 2025-07-29 12:57 UTC

1. Risk Rating: HIGH
   The company exhibits significant solvency risk, evidenced by negative net assets of £273,240 as of the latest accounts date (31 March 2024). The liabilities exceeding assets by a substantial margin and growing creditor obligations raise concerns about its ability to meet obligations.

2. Key Concerns:

• Negative Net Assets: The company’s net liabilities have increased from £174,163 in 2023 to £273,240 in 2024, indicating deteriorating financial health and potential insolvency risk.
• High Long-Term Creditors: Creditors falling due after more than one year stand at £687,568, significantly exceeding current assets, which implies substantial debt obligations that may strain liquidity and solvency.
• Lack of Employees & Operational Scale: The company reports zero employees, which may indicate limited operational activity or reliance on external contractors; sustainability and revenue generation capacity should be questioned given this.

3. Positive Indicators:

• Increasing Current Assets: Current assets have grown from £272,360 in 2023 to £390,353 in 2024, showing some improvement in short-term asset base.
• Timely Filing Compliance: The company is up to date with both accounts and confirmation statement filings, suggesting good regulatory compliance and governance practices.
• Clear Control Structure: Welford Asset Management Limited holds 75-100% ownership and voting rights, providing clarity on control and decision-making authority.

4. Due Diligence Notes:

• Confirm the nature and terms of the significant long-term creditors (e.g., loans, supplier credit) to assess repayment risk and covenants.
• Investigate the company’s business operations, revenue streams, and strategic plans given the absence of employees and ongoing losses reflected in negative equity.
• Review any off-balance sheet liabilities or contingent risks not captured in the filleted accounts, especially related to the equine raising activities (SIC 1430).
• Assess related-party transactions, especially given the director and PSC addresses overlap, to ensure arms-length dealings and proper governance.