ACCURX LIMITED

1. Risk Rating: MEDIUM

Justification: Accurx Limited is an active private company with no overdue filings and no insolvency proceedings. Its last available detailed accounts (year ended 30 June 2020) showed a strong liquidity position, with £5.5m of cash and net current assets of £6.5m. However, those accounts also reported a decline in cash from £8.3m to £5.5m and accumulated losses of £2.6m, and the supplied data contains no financial statements after 2020 despite metadata indicating more recent accounts may exist. This gap prevents verification of the current financial position.

2. Key Concerns

• Limited financial recency: The most recent detailed financial statements provided are for the year ended 30 June 2020. No profit and loss or balance sheet data for 2021–2025 is included, so current solvency and liquidity cannot be assessed from the available evidence.
• Historical cash burn and losses: Between 30 June 2019 and 30 June 2020, cash at bank fell from £8.3m to £5.5m, and the profit and loss reserve moved from an accumulated deficit of £0.57m to £2.59m, indicating negative retained earnings and cash consumption during that period.
• Concentrated ownership: Two persons with significant control—Xxxxxx Xxxxxxxxname shown to subscribers and Xxxxxx Xxxxxxxxname shown to subscribers—each hold between 25% and 50% of the company's shares and voting rights, creating potential for concentrated influence over corporate decisions.

3. Positive Indicators

• Strong historical liquidity: As at 30 June 2020, current assets of £6.9m (including £5.5m cash) substantially exceeded current liabilities of £0.47m, and long-term creditors were minimal at £13k.
• Filing compliance: Accounts and confirmation statement filings are recorded as not overdue; the company is active and not in liquidation, administration, or receivership.
• Low balance sheet gearing: The 2020 accounts show negligible long-term debt and no material secured borrowings.
• Sector focus: The company operates in healthcare software (SIC 62012), providing communication software for NHS professionals and patients.

4. Due Diligence Notes

• Obtain filed accounts for the years ending 2021 through 2025 to verify current cash, net assets, and trading results.
• Request the profit and loss account, which was not delivered to the Registrar with the 2020 accounts, to assess revenue, margins, and operating expenditure.
• Investigate the increase in debtors from £0.26m (2019) to £1.43m (2020), alongside growth in creditors and deferred income.
• Confirm current board and PSC composition; Xxxxxx Xxxxxxxxname shown to subscribers is recorded as a person with significant control but is not listed as a current director, and one director resigned on 22 April 2026.
• Assess customer concentration and reliance on NHS or public sector contracts given the company's stated business model.
• Verify the registered office at 7 Curtain Road, London, and any operational changes since the address listed in the 2020 accounts.

Names of the people mentioned are shown to subscribers. See subscription