A quick look into Richard Ells' other companies on Companies House (UK company registry) shows that none of them make enough money to have to file detailed accounts. Every single one of them.
He lied to everyone from the beginning.
This means 1 of 2 things, neither are good:
- He lied about the success of his companies (it was even questioned in the Financial Times)
- He is good at hiding money offshore (his so called profits)
If it's the latter I wonder where the ICO funds will be funneled to. Either way both situations are bad situations for ICO backers.