Company Number: NI672438

Analysis Date: 2025-07-29 20:22 UTC

1. Risk Rating: LOW
   WITFAM SPV LIMITED demonstrates a strong net asset base with a solid increase in fixed assets and shareholders' funds over recent years. The company’s current liabilities are well covered by net current assets, and there are no overdue filings or indications of regulatory non-compliance.

2. Key Concerns:

• Concentration of Control: Ownership and control are highly concentrated, with Pi Business Holdings Ltd owning 75-100% of shares and two individuals holding rights to appoint/remove directors. This could pose governance risks if interests are not aligned.
• Minimal Operating Activity: The company reports zero employees and limited current assets relative to fixed assets, indicating a likely asset-holding (property) focus rather than active trading, which may affect cash flow stability.
• Current Liabilities Maturity Profile: Although total net assets are healthy, current liabilities remain significant (£154k in 2024), necessitating monitoring of short-term liquidity and creditor relationships.

3. Positive Indicators:

• Improved Financial Position: Net assets more than doubled from £156k in 2023 to £383k in 2024, driven mainly by an increase in fixed assets and reduction of long-term liabilities. This suggests recent capital injections or asset appreciation.
• Regulatory Compliance: All accounts and confirmation statements are filed on time with no overdue status, reflecting sound compliance and governance practices.
• Stable Ownership and Management: Directors and PSCs appear consistent with no disqualifications or adverse records, supporting operational stability.

4. Due Diligence Notes:

• Verify the nature and valuation of fixed assets (£620k) to confirm asset quality and marketability.
• Assess the composition and terms of current and long-term liabilities, especially the reduction in long-term creditors from £165k to £92.5k in 2024.
• Review cash flow statements and any related party transactions, particularly with Pi Business Holdings Ltd, to evaluate liquidity and potential conflicts of interest.
• Confirm the company’s business model and revenue generation strategy given the micro-entity status and zero employees.