Company Number: 12933319

Analysis Date: 2025-07-29 14:43 UTC

1. Credit Opinion: CONDITIONAL APPROVAL
   Andurs Ltd presents a minimal but positive net asset position and a stable current asset-to-liability ratio. However, liquidity is constrained with no cash balance at the year-end 2024 and a reliance on debtors as the main current asset (£1,548). The presence of a bank loan (£1,100) increases financial risk. Approval should be conditional on monitoring improved cash flow management and repayment capacity.

2. Financial Strength:
   The company is micro-sized with very modest equity (£30) and net assets, showing a slight improvement from previous years (£20 in 2023). Share capital remains nominal (£1). The balance sheet is very lean, with current assets just covering current liabilities, resulting in low net current assets (£30). The company has no fixed assets, and its financial buffer is minimal, reflecting limited financial strength.

3. Cash Flow Assessment:
   Cash reserves were zero at the latest year-end, down from £379 the prior year, indicating potential liquidity pressure. Debtors constitute nearly all current assets, implying cash conversion depends heavily on timely collection. Current liabilities include bank loans and tax obligations totaling £1,518, suggesting short-term repayment obligations that could strain working capital. Net current assets are positive but marginal.

4. Monitoring Points:

• Liquidity ratios, particularly current ratio and quick ratio, to ensure ability to meet short-term liabilities.
• Cash flow forecasts and debtor aging reports to confirm timely collections.
• Bank loan repayment schedule and compliance with any loan covenants.
• Profit and loss account development (not filed publicly) to evaluate earnings capacity.
• Any changes in director or ownership structure impacting governance or control.