APEX MARINE SERVICES LIMITED

Executive Summary

Apex Marine Services Limited operates within a niche marine repair sector with stable asset base and improved cash reserves. However, persistent negative working capital and lease obligations represent liquidity risks that warrant further scrutiny. Compliance and governance appear sound, but close monitoring of cash flow and operational sustainability is recommended.

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Company Analysis

This analysis is opinion only and should not be interpreted as financial advice.

APEX MARINE SERVICES LIMITED - Analysis Report

Company Number: 13529907

Analysis Date: 2025-07-20 14:01 UTC

  1. Risk Rating: MEDIUM
    The company shows ongoing operations with positive net assets but suffers persistent net current liabilities and a small equity base, which indicates moderate solvency risk. No overdue filings or liquidation status mitigate regulatory concerns but the liquidity position is fragile.

  2. Key Concerns:

  • Persistent Negative Working Capital: Net current liabilities of £9,436 (2024) and £9,967 (2023) suggest cash flow pressure and potential difficulty in meeting short-term obligations.
  • Low Shareholders’ Funds: Equity is minimal (£1,807 in 2024), which provides limited buffer against operational or financial shocks.
  • Lease Commitments: Significant non-cancellable operating lease obligations totaling £36,171, with £21,703 due within one year, may strain liquidity further if revenue generation is not robust.
  1. Positive Indicators:
  • Cash Reserves Increased: Cash on hand rose from £27,734 (2023) to £54,782 (2024), indicating improved liquidity management.
  • Stable Tangible Assets: Fixed assets are modest but stable, demonstrating consistent investment in operational capability.
  • No Regulatory Filings Issues: Accounts and confirmation statements are up-to-date with no overdue filings, reflecting good compliance and governance practices.
  • Single Director Control: Ownership and control are consolidated under one director who is actively involved in the business, potentially facilitating decisive management.
  1. Due Diligence Notes:
  • Examine detailed cash flow statements or management accounts to assess operational cash generation and short-term liquidity management.
  • Review the nature and terms of lease commitments to assess flexibility and potential for renegotiation or impact on cash flow.
  • Investigate debtor aging and collectability given the reduction in debtors from £24,429 (2023) to £12,585 (2024) to understand cash conversion cycle.
  • Confirm whether the company has access to any external financing or credit facilities to support liquidity if required.
  • Clarify the company’s revenue trends and profitability, as the abridged accounts do not include a profit and loss account.

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