Proved Ltd

Proved Ltd from Ilford, UK, is a small, active company founded three years ago. With just one employee and £16,058 in assets, it’s a solo founder operation managed by a single director and owner, Farooq Raheel. The company operates in the retail sale via mail order houses or via internet industries. It’s classified as a small company, meeting two of three conditions: turnover under £10.2 million, balance sheet total under £5.1 million, and fewer than 50 employees. The company’s registered address is real, with only one other business registered at the same location.

The company’s website, prove.com, isn't selling products directly. Instead, it’s a digital identity verification platform. It offers solutions like Prove PreFill (accelerating digital onboarding), Prove Identity (verifying consumers), and Prove Auth (passwordless authentication). The site targets businesses in industries like banking, healthcare, cryptocurrency, and insurance, positioning itself as a provider of secure and frictionless identity verification. The website has a lot of content and seems to be very active.

Financially, Proved Ltd’s picture is a bit mixed. Current assets increased by 100% to £16,000, which is good, but net assets remain negative at -£2,100. Cash bank on hand has seen a significant jump, increasing by 370% to £13,000—a positive sign. However, creditors have also risen by 84% to £18,000, and loans from directors increased by 84% to £18,000, suggesting the company is relying on external funding. Trade debtors have also increased significantly, by 350%, to £2,400. The company’s small size helps it stay nimble, but the negative equity and reliance on loans indicate a startup still working to achieve profitability. No auditor is mentioned, which is typical for small, exempt companies. The company seems to be burning through money, but the increase in cash reserves suggests it's managed to secure funding or improve its cash flow.

Registered in England/Wales under the registration number 13743661, with a registered address at IG1 2JH, England, Ilford, 24 Bluebell Way.

WARNING:The numbers have been rounded for simplicity and may be inaccurate.Please, refer to the latest financial report for verification.