Answers
What do investors ask for first?, Management accounts, cap table, the model, bank statements, key contracts and any HMRC correspondence. Consistency between them is what shortens diligence.
How early should we prepare?, Three to six months. Restating accounts and fixing unfiled share issues takes weeks, and doing it mid-round costs leverage.
What are information rights?, Contractual obligations in your investment or shareholders' agreement to provide management accounts, budgets and updates within set timeframes. Missing them repeatedly is a breach and a credibility issue.
What must be filed after a round?, Share allotment returns at Companies House, updated statutory registers and PSC record, plus SEIS/EIS compliance statements where relevant.
What are the most common diligence findings?, Revenue recognised too early, unfiled share issues, promised but ungranted options, contractor arrangements resembling employment, and R&D claims without contemporaneous evidence.
Can you attend investor calls?, Yes. We present the numbers, take the finance questions and send supporting schedules afterwards.