SEETHRU (TORQUAY) LIMITED

Risk Rating: LOW Justification: The company is a dormant, non-trading entity with a static balance sheet of £1 in net assets and no recorded liabilities. It has maintained full compliance with statutory filing requirements. In its current state, the company presents negligible solvency and liquidity risk, though its operational capacity is entirely inert.

Key Concerns: * Operational Inactivity: The filed accounts explicitly state the entity has never traded. Incorporated in 2004, it has maintained a dormant status for at least a decade with no revenue generation, operating purely as a corporate shell. * PSC and Share Capital Discrepancy: The latest balance sheet confirms only "1 Ordinary Share of £1 each" totaling £1 in issued share capital. However, the PSC register lists Mr. Peter William Harris as owning between 25% and 50% of the company's shares. This mathematical inconsistency suggests either an error in the PSC filing, the existence of unrecorded share classes, or share allotments not yet reflected in the latest filed accounts. * Latent Sector Risk: The registered SIC code is 41100 (Development of building projects). While currently dormant, if the company is activated for its intended purpose, it will transition from a zero-risk shell to an entity exposed to the high-capital, high-risk nature of property development.

Positive Indicators: * Regulatory Compliance: The company has a clean filing record. Accounts for the period ending 31 August 2025 were filed on time (approved May 2026), and the confirmation statement is up to date with no overdue notices. * Absence of Debt: As a dormant company, there are no current or long-term liabilities, meaning there are no creditor claims or solvency threats under the current structural status. * Administrative Stability: The company has maintained its registered office and active status for 20 years without facing dissolution or administrative action, indicating consistent, if minimal, administrative oversight.

Due Diligence Notes: * Share Structure Verification: Investigate the discrepancy between the £1 share capital and the 25-50% ownership declared by the PSC. The accounts template mentions "Preference Share Classes," which may explain the PSC's percentage, but this requires confirmation with the company's constitutional documents. * Purpose of Dormancy: Clarify with management the strategic intent behind maintaining a dormant property development vehicle for two decades. Determine if it holds latent assets (such as land with planning potential) off-balance sheet or if it is simply an unused vehicle. * Director and PSC Backgrounds: Conduct standard background checks on Joanne Elizabeth Harris (Director/Secretary) and Peter William Harris (PSC). Given the dormant nature of this entity, it is important to establish whether they are actively managing other, potentially leveraged, property ventures that could impact this company if it is brought into use.