Company Number: 13742355

Analysis Date: 2025-07-20 18:28 UTC

1. Credit Opinion: CONDITIONAL APPROVAL
   Antedia Limited shows a moderate working capital surplus but remains in a net liability position with negative equity. The company is relatively young (incorporated 2021) and operates in real estate investment and leasing. While the directors assert going concern and have no overdue filings, the negative net assets and reliance on bank loans secured against property indicate some financial vulnerability. Credit approval should be conditional on close monitoring of cash flow and asset valuations, as well as confirmation of ongoing support or refinancing options.

2. Financial Strength:

• Net Current Assets (working capital) improved slightly to £223,638 (2024) from £256,552 (2023), indicating the company manages short-term obligations adequately.
• However, net liabilities increased to £82,512 negative equity, worsening from £54,922 the prior year, driven by significant long-term debt (£306,150) secured on property assets.
• Fixed assets (stock) represent a large portion of current assets (£421,601) and relate to real estate holdings, which may be illiquid or subject to valuation risk.
• Shareholders’ funds are negative, reflecting accumulated losses or revaluation shortfalls, which weakens the capital base.

3. Cash Flow Assessment:

• Cash on hand is very low (£1,884), suggesting limited liquidity buffer.
• Debtors are modest (£20,733), indicating limited receivables exposure but also a small inflow base.
• Current liabilities are high (£220,580) but covered by current assets, maintaining positive net working capital.
• The company depends heavily on bank financing (£306,150), which is secured by a fixed charge on property assets. This implies refinancing risk if property values decline or if cash flow tightens.
• Operating cash flow details are unavailable, but the directors’ note on going concern implies stable expected cash inflows.

4. Monitoring Points:

• Track net asset position and any changes to property valuations affecting security coverage.
• Monitor bank loan covenant compliance and any refinancing terms, especially related to the Aldermore Bank facility.
• Review cash flow trends closely to ensure adequate liquidity and ability to meet short-term creditors.
• Watch for any indication of increasing overdue payables or director loans that may signal distress.
• Keep an eye on the company’s ability to convert stock (real estate holdings) into cash or income.
• Maintain oversight of director conduct and company filings to avoid compliance risks.