Investment Risk Analysis: CML REALISATIONS LIMITED (SC043599)

1. Risk Rating: HIGH — DISSOLVED

This company is no longer a going concern. It was dissolved on 10 September 2022, meaning it has been struck from the register and no longer exists as a legal entity. Any investment exposure to this company would represent a total loss position. The company's renaming to "CML Realisations Limited" in January 2019 is a clear signal that the business had entered a wind-down phase, with "Realisations" being a term commonly used when a company is disposing of assets and ceasing operations.

2. Key Concerns

1. Dissolved Status: The company has been dissolved since September 2022. It cannot trade, hold assets, or enter into contracts. Any outstanding obligations to creditors would have been addressed (or left unaddressed) through the dissolution process.

2. Accounts Lag: The last accounts were made up to 31 December 2017 — nearly five years before dissolution. No financial data is available for the period 2018–2022, meaning there is a complete information blackout during the critical wind-down period. The company's financial position in its final years is opaque.

3. Operational Cessation: Formerly known as Cairngorm Mountain Ltd (and originally Cairngorm Chairlift Company Limited), this entity operated the Cairngorm Mountain visitor attraction and funicular railway. The name change to "Realisations" in 2019 strongly indicates the operating business was either transferred to another entity or wound down entirely. The PSC, Natural Assets Investments Limited, may hold related entities worth investigating if assessing the broader group.

3. Positive Indicators

• Long Corporate History: The company was incorporated in 1966 and operated for over 50 years, demonstrating historical resilience and a longstanding operational track record in the leisure/recreation sector.
• No Liquidation Flag: The data indicates the company was not in formal liquidation (in_liquidation: False), suggesting dissolution may have been voluntary rather than creditor-driven, though this cannot be confirmed without further investigation.
• Filings Not Overdue: At the time of the last available data, filings were not marked as overdue, suggesting the company maintained basic compliance in its final reporting period.

4. Due Diligence Notes

• Successor Entity: Investigate whether the Cairngorm Mountain operations were transferred to another vehicle under Natural Assets Investments Limited or another party. The operating business may continue under a different company.
• Dissolution Route: Determine whether dissolution was voluntary (strike-off) or involuntary. A voluntary strike-off would typically require a declaration that the company has no debts or has creditor consent.
• Final Accounts Gap: The absence of accounts from 2018 onwards is significant. Check Companies House for any late filings or notifications regarding the accounting period leading up to dissolution.
• Creditor Position: If assessing exposure, investigate whether any creditor claims were outstanding at dissolution. The Gazette should be checked for any statutory notices.
• Group Structure: Natural Assets Investments Limited as PSC warrants investigation to understand the broader corporate group and whether obligations or assets were transferred intra-group prior to dissolution.
• Funicular Railway Issues: Public records indicate the Cairngorm funicular railway faced significant structural and operational problems. The extent to which these contributed to the company's demise should be assessed through public news sources and any government involvement (the site received public funding).