BARTRAMS LIMITED

Credit Assessment: BARTRAMS LIMITED

1. Credit Opinion: DECLINE

Reasoning: The company has been dissolved as of 26 September 2026. This is a terminal event for credit purposes. A dissolved company cannot enter into new contracts, hold assets, or service debt. Any credit facility extended would be unenforceable. Regardless of historical financial performance, the company no longer exists as a legal entity. The most recent financial data is from 31 March 2020, which is over six years old and predates the dissolution, rendering it irrelevant for a forward-looking credit decision.

2. Financial Strength (Historical Context)

• Balance Sheet: As of March 2020, the company was thinly capitalised with net assets of only £23,617 against total assets of £295,793. This represents a gearing ratio (total liabilities / shareholders' funds) of approximately 12:1, indicating very high leverage and minimal equity buffer to absorb losses.
• Solvency: The company had been technically insolvent on a net assets basis in 2011 (net liabilities of -£4,173). While it recovered, the equity base remained fragile throughout the period. The dissolution confirms the ultimate failure of the business.
• Asset Base: Fixed assets were modest (£56,711) and largely comprised of plant, machinery, and motor vehicles – assets that depreciate and have limited recovery value in a liquidation scenario.

3. Cash Flow Assessment (Historical Context)

• Liquidity: At the last filing, the company held only £1,037 in cash against current liabilities of £283,182. This is a critically low cash position, indicating a severe liquidity constraint.
• Working Capital: Net current assets were positive at £12,611 in 2020, an improvement from a negative position of -£13,053 in 2019. However, this was almost entirely funded by trade debtors (£247,539) and other debtors. The reliance on debtor collection to meet immediate liabilities is a high-risk working capital cycle.
• Debt Service: The company had existing secured debt (bank overdraft and hire purchase) of £24,421. The thin cash position suggests that debt service was likely a strain, particularly given the high level of trade creditors and other short-term obligations.

4. Monitoring Points (If the entity were still active)

• Legal Status Confirmation: The single most critical point. The dissolution makes all other monitoring redundant.
• Director Conduct: No disqualification records were noted for the director, Xxxxxx Xxxxxxxxname shown to subscribers, but this is not a mitigating factor given the company's status.
• Filing Compliance: The company was up-to-date on its filings at the time of its last accounts, but this is irrelevant post-dissolution.

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