Company Number: 14104752

Analysis Date: 2025-07-29 12:18 UTC

1. Credit Opinion: CONDITIONAL APPROVAL
   ANGERLO PHARMA SERVICES LTD is a very young private limited company incorporated in 2022, operating in the "Other human health activities" sector. The company has shown improvement in net assets from a negative £759 in 2023 to a positive £1,117 in 2024, indicating a turnaround. However, the current liabilities have increased significantly to £5,750 (mainly corporation tax payable) against modest cash reserves of £6,185, resulting in limited working capital of £435. The company's ability to meet short-term obligations appears strained but manageable given the small scale and controlled shareholder structure (single owner with 75-100% shares). The director has not triggered an audit, and financial statements are abbreviated, limiting detailed analysis. Credit should be extended with caution and limited exposure, with ongoing monitoring recommended.

2. Financial Strength:

• The balance sheet shows growth in tangible fixed assets from £154 to £682, reflecting some investment in plant and machinery.
• Net assets have improved to a positive £1,117, supported by accumulated retained earnings of £1,116, reversing prior losses.
• The company holds a small but positive net current asset position (£435), a critical indicator of short-term solvency.
• Current liabilities have risen notably due to corporation tax of £5,100, which may indicate recent profitability but also a cash outflow risk.
• Shareholders’ funds are limited (£1,117) reflecting the micro size and early stage of the business.

3. Cash Flow Assessment:

• Cash on hand at £6,185 provides a modest liquidity buffer against current liabilities of £5,750.
• The working capital position is marginally positive but could become constrained if tax payments or other creditors accelerate.
• The company employs only one person, indicating low overhead and potentially limited cash burn.
• No detailed cash flow statement is provided, but the positive net assets and retained earnings suggest some operational profitability or capital injection.
• Close attention should be paid to timing of taxation payments and cash inflows to avoid liquidity shortfalls.

4. Monitoring Points:

• Corporation tax liability and timely settlement to avoid penalties or enforcement action.
• Cash flow trends and management of working capital, especially given the tight margin between cash and short-term liabilities.
• Continued profitability and retention of earnings to build equity buffer.
• Changes in director or ownership structure, given the single controlling shareholder.
• Any overdue filings or changes in compliance status.
• Expansion or capital expenditure plans that may impact liquidity.