ALCEMI STORAGE DEVELOPMENTS 23 LIMITED

Executive Summary

Alcemi Storage Developments 23 Limited is an early-stage company with capitalized development costs and negative net current assets, funded primarily by its parent group. It currently lacks operating cash flows and has a working capital deficit, which necessitates reliance on group support. Credit approval is conditional on ongoing parent funding and careful monitoring of project progress and liquidity metrics.

ALCEMI STORAGE DEVELOPMENTS 23 LIMITED - Analysis Report

Company Number: 14615636

Analysis Date: 2025-07-29 18:47 UTC

1. Credit Opinion: CONDITIONAL APPROVAL
   Alcemi Storage Developments 23 Limited is a newly incorporated entity engaged in electricity production asset development, currently in the early project phase with capitalized construction costs but no revenue generation yet. The company shows a small net liability position driven primarily by amounts owed to group entities. Given that the controlling shareholder is a related company owning 75-100% of shares and voting rights, there is a likelihood of continued financial support. However, the absence of operating cash flows, negative net current assets, and minimal working capital require cautious credit exposure, contingent upon ongoing support from the parent/group and monitoring of project progress.

2. Financial Strength:
   The balance sheet reflects fixed assets (capitalized development costs) of £67,650 and negligible current assets (£45), against current liabilities of £68,565, resulting in net current liabilities of £(68,520) and overall net liabilities of £(870). Shareholders’ funds are negative at £(970), representing an initial period deficit. The liabilities are mostly intercompany balances (£68,065) indicating funding from the parent. There is no depreciation charged, consistent with assets under development. This structure is typical for a startup project company but shows weak standalone financial strength.

3. Cash Flow Assessment:
   The company has no reported employees, negligible cash or liquid assets, and significant current liabilities falling due within one year. The working capital deficit indicates limited liquidity to meet short-term obligations independently. Reliance on group funding is apparent, and absent external revenues or cash inflows, cash flow sustainability depends on ongoing capital injections from the parent. The directors’ statement supports going concern based on available group resources.

4. Monitoring Points:

• Progress of project development and capitalization of assets to understand timeline to revenue generation.
• Continued financial support from controlling shareholder/group to cover operational and development costs.
• Changes in current liabilities, particularly intercompany balances, and any movement towards external debt.
• Evolution of working capital and liquidity position once trading activities commence.
• Filing of subsequent accounts and confirmation statements to ensure compliance and transparency.