RE: Re: companies house20 Aug 2025 16:39
Marula now have 2 months to prove they are operating / submit the accounts.
https://www.gov.uk/government/publications/striking-off-or-dissolving-a-limited-company/striking-off-or-dissolving-a-limited-company
The registrar may commence steps to strike a company off the register, if they have a reasonable cause to believe the company is not carrying on business or in operation.
The registrar may form this view if:
they have not received annual documents that the company should have sent, like its confirmation statement or accounts
the company has no directors
Before striking a company off the register, the registrar will try to communicate with the company to ask whether it’s still carrying on business or in operation.
If the registrar is satisfied that it’s not, for example, if the company does not respond, they will publish a notice in the relevant Gazette. This notice will state the registrar’s intention to strike the company off the register unless they’re given reason not to do so.
A copy of the Gazette notice will be placed on the company’s public record.
If the registrar sees no reason to do otherwise, they will strike off the company not less than 2 months after the Gazette notice is published.
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Accounts were submitted 16th September last year
There was also a string of updates to companies house in july and august 2024 likely adverting the gazzette strike off warning publication
I am worried that there is no access to working capital this time around which could make the going concern statement harder to get signed off by the auditor
But, I feel we are closer to revenue with Kilifi requiring less working capital than we were last year, so fundamentally, despite having less access to cash, the company could return a profit quicker on a smaller cash injection. Do we perhaps issue a CLN?
The company has just issued shares at 5p for a new project and 7p for the advisor board members.
To me this suggests the new advisory board will be more engaged and committed to bringing Marula back online and raising the share price.
So yes I am concerned about the next access to funds and the auditor signing off the accounts
But I am also happier about where Marula is. Marula is not, as some would suggest, against the wall. They have Tomra, Rados, 25 year mining licence, 1000ha exploration licence and a $500k environmental bond on Blesburg. What is that worth? Has to be over $1m, potentially over $2m considering the consolidation and drilling/CPR work which has gone on.
They also have I would estimate over $1m of resale value at Kilifi.
Worst case scenario, Marula could trim assets for cheap to get Kilifi working. Kinusi likely needs $1m or more to get a proper steady profitable offtake in place. So thinking about it rationally, we only need $2m in working capital to bring Kilifi and Kinusi online. And both should return $5-10+m profit per year.
It's actually an enviable
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