Risk Analysis: PERRANPORTH DEVELOPMENTS LIMITED (08442337)

1. Risk Rating: HIGH

Justification: The company is dissolved and therefore no longer a going concern. During its existence, it operated as a dormant, non-trading entity with share capital that was never paid up, and disclosed acting "as an agent for a person" — a significant transparency concern. The PSC register contains apparent duplicate entries creating an unclear ownership structure. Collectively, these factors present material concerns for any investor assessing historical transactions or residual obligations involving this entity.

2. Key Concerns

a) Dissolved Status with Unpaid Share Capital The company was dissolved on 29 September 2026. The balance sheet consistently shows "Called up share capital not paid" of £100, meaning the nominal share capital was never settled in cash. This leaves no asset base from which any creditor claims could be satisfied, and raises questions about whether the company was adequately capitalised for any purpose it may have served.

b) Agency Relationship Disclosure The accounts state: "During the year the company acted as an agent for a person." This is a material disclosure suggesting the company operated as a nominee or intermediary vehicle rather than an independent trading entity. Agency arrangements can obscure the true beneficial ownership and purpose of transactions, and may create liabilities that are not visible on the company's own balance sheet. The identity of the principal and the nature of the agency arrangement are not disclosed.

c) PSC Register Irregularities The PSC register lists five entries across four corporate entities, with GHL (Perranporth) Limited and Angelrealm Limited each appearing twice. If each entity holds 25-50% of shares and voting rights, the cumulative ownership would exceed 100%, which is mathematically impossible. This suggests either: (i) duplicate filing errors, (ii) changes in ownership not properly updated, or (iii) inconsistent reporting. The right to appoint and remove directors held by multiple external entities also raises governance concerns regarding whose interests the board was serving.

3. Positive Indicators

a) Consistent Regulatory Filing Accounts and confirmation statements were filed on time with no overdue filings recorded. The company maintained dormant status properly throughout its life, with accounts prepared under FRS 102 and the small companies regime consistently from incorporation.

b) No Accumulated Losses or Liabilities Net assets remained stable at £100 (increasing from £1 in 2016) across all filed years, with no deterioration. There are no recorded current liabilities, no P&L reserve deficits, and no indication of creditor claims in the filed accounts.

c) Corporate PSC Transparency Unlike many opaque structures, the PSC register does identify corporate owners by name, providing some traceability. Apg Projects Limited, GHL (Perranporth) Limited, and Angelrealm Limited can theoretically be investigated further through their own Companies House filings.

4. Due Diligence Notes

a) Investigate the Principal in the Agency Arrangement The identity of the person for whom the company acted as agent is not disclosed in the accounts. This should be investigated through any related transaction documentation, correspondence, or by tracing connected party dealings. Understanding this relationship is essential for assessing whether the company was used to facilitate transactions that may have regulatory or tax implications.

b) Resolve PSC Ownership Discrepancies The duplicate PSC entries should be cross-referenced with the full PSC filing history at Companies House to determine the correct current and historical ownership. The four corporate PSCs should each be investigated to identify their ultimate beneficial owners, as this will reveal who truly controlled Perranporth Developments Limited.

c) Examine Related Party Transactions Given the company name references "Perranporth" (a town in Cornwall) and "Developments," there may be connections to property or land transactions not captured in the dormant accounts. Searches should be conducted at HM Land Registry for any property registrations involving this company, and the accounts of the PSC entities should be reviewed for inter-company balances or related party disclosures.

d) Assess Residual Risk from Dissolution Under UK insolvency law, dissolved companies can be restored to the register within certain timeframes. Any party with potential claims against this entity should be aware that the lack of paid-up capital means recovery prospects would be minimal. Confirm whether a formal strike-off application was filed (indicating no outstanding creditors) versus compulsory dissolution.