Company Number: 13159196

Analysis Date: 2025-07-20 13:50 UTC

1. Credit Opinion: CONDITIONAL APPROVAL. ACEMARK GLAZING LTD is a relatively young private limited company incorporated in 2021, operating in the glazing sector. The latest unaudited abridged accounts (year ended March 2024) show a net asset base of £82.6k, down from £106.2k in early 2023. Working capital remains positive at £31.3k, but has contracted substantially from the prior period (£106.2k). The reduction in net current assets and net assets signals some financial strain. The company has limited equity (£100 share capital) and no reported profit and loss details, limiting visibility on profitability and cash generation. The change in shareholding and directorship in early 2024 indicates possible restructuring or management transition. Given the limited trading history, modest asset base, and shrinking working capital, credit approval should be conditional on receipt of updated management accounts, cash flow forecasts, and satisfactory trade references to confirm ongoing trading viability and debt servicing capacity.

2. Financial Strength: The balance sheet shows fixed tangible assets of £51,242 acquired during the year, which are depreciated over their useful life, reflecting investment in operational capacity. Current assets of £180,253 are mostly debtors (£168,893) with relatively low cash of £11,360, indicating a high reliance on receivables collection. Current liabilities stand at £148,925, leading to a modest net current asset position of £31,328. The drop in net assets from £106,216 to £82,570 suggests that the company may have experienced losses or asset write-downs. Shareholders' funds are equal to net assets at £82,570, demonstrating no long-term debt reported, which is positive from a solvency perspective. However, the thin equity buffer and significant debtor balance expose the company to collection risk.

3. Cash Flow Assessment: Cash on hand is low at £11,360 relative to current liabilities of £148,925, indicating potential liquidity constraints. The high debtor amount (£168,893) suggests that trade receivables management and timely collections will be critical for liquidity. The absence of reported profit and loss data limits the ability to evaluate operating cash flows precisely. The company’s ability to meet short term liabilities depends heavily on converting receivables into cash promptly. The working capital position is positive but has contracted sharply from the prior year, requiring monitoring. There is no evidence of external borrowings, reducing financial risk but also limiting liquidity sources.

4. Monitoring Points:

• Receivables aging and collection performance to ensure liquidity.
• Profitability trends once profit and loss data becomes available.
• Cash flow forecasts and management’s ability to maintain positive working capital.
• Stability and experience of management following recent director changes.
• Any material changes in debtor or creditor profiles.
• Compliance with filing deadlines to avoid regulatory risk.