Company Number: 13917021

Analysis Date: 2025-07-29 20:18 UTC

1. Risk Rating: HIGH
   The company exhibits significant solvency risk as its total liabilities exceed its assets, resulting in negative shareholders' funds. The net liabilities and negative equity position raise concerns about its ability to meet obligations.

2. Key Concerns:

• Negative Net Assets: Shareholders’ funds are negative (£-761 as of 31 Dec 2024), indicating the company is technically insolvent on a balance sheet basis.
• High Long-Term Creditors: Creditors due after more than one year match the fixed assets value (£6.1M), suggesting substantial long-term debt or related party funding that may pose refinancing or repayment challenges.
• No Employees and Limited Operational Data: The company reports zero employees and no profit and loss account is included, limiting insight into operational viability and cash flows.

3. Positive Indicators:

• Compliance with Filing Deadlines: Both accounts and confirmation statements are up to date with no overdue filings, reflecting regulatory compliance.
• Clear Ownership and Control: The company is wholly controlled by Silver Reel Limited, which may provide strategic or financial support.
• Micro Entity Reporting: The company uses micro entity reporting provisions, reducing administrative burden and suggesting a small operational scale consistent with early-stage or holding company status.

4. Due Diligence Notes:

• Investigate the nature and terms of the £6.1M creditors due after more than one year, including whether this debt is related party financing and any repayment obligations.
• Assess the company’s cash flow generation or funding arrangements to cover current liabilities and ongoing operational costs given negative equity and no employees.
• Clarify the business model and revenue streams under SIC code 96090 ("Other service activities not elsewhere classified") to understand operational sustainability.
• Review director Florian Rudiger Dargel’s background and any associated entities for financial or operational support.
• Confirm the currency presentation (financial statements mention US dollars) and any currency risk impact.