Company Number: 12575373

Analysis Date: 2025-07-20 13:19 UTC

1. Credit Opinion: APPROVE
   Belasis Ltd demonstrates a solid improvement in financial position over recent years, with positive net current assets and shareholders’ funds. The company shows increasing working capital and cash balances, indicating enhanced ability to meet short-term obligations. The directors’ statement confirms the company is a going concern with no audit exceptions. The company operates in a specialized software development sector, which is typically resilient and scalable. Management changes have been recent but appear orderly, with significant control held by experienced individuals. No red flags such as director disqualifications or overdue filings are present.

2. Financial Strength:
   The balance sheet as at 30 April 2024 shows net current assets of £58,945, up significantly from £5,118 the previous year. Shareholders’ funds have increased from £5,118 to £58,945, reflecting accumulated retained earnings of £58,345 and a small capital base of £600. The company holds no fixed assets, consistent with a software development business model relying on intellectual property and services. Current liabilities remain modest at £17,580, primarily tax and social security liabilities, which are manageable given the cash position. The financial trajectory since incorporation in 2020 shows steady improvement from initial negative equity to a strong net asset position.

3. Cash Flow Assessment:
   Cash balances have risen to £38,728 from £7,943 the prior year, supporting liquidity. Debtors of £37,797 indicate a growing revenue base, although credit control should be monitored. Current liabilities of £17,580 are well covered by current assets of £76,525, giving a current ratio of approximately 4.35x, indicative of strong short-term liquidity. The absence of borrowings or bank overdrafts reduces financial risk. Working capital management appears sound, with sufficient cash to fund operations without reliance on external finance.

4. Monitoring Points:

• Debtor aging and collection performance to ensure cash inflows remain timely and minimize bad debts.
• Continuation of profitable operations to sustain and grow retained earnings and shareholders’ funds.
• Potential impact of management changes on business continuity and strategy execution.
• Tax liabilities and payment schedules to avoid arrears or penalties.
• Market conditions in software development impacting revenue growth and client retention.