BUCKSHEE LIMITED
Company number NI061839 · Monitor this company
This analysis was written by an AI from the company's public filings. It may contain errors or omissions and is not financial or professional advice.
Credit Analysis: BUCKSHEE LIMITED (NI061839)
1. Credit Opinion: DECLINE
This application must be declined without further consideration. The company is currently in liquidation, rendering any credit assessment moot. Even absent the liquidation status, the financial position is catastrophically insolvent with no viable path to debt service capability.
Key Decline Factors: - Company status confirmed as "In Liquidation" — assets under control of insolvency practitioner - Net liabilities of £794,598 against total assets of just £1,045 - Zero trading activity, zero employees, and negligible cash (£412) - Accumulated losses have eroded all shareholders' funds and more — deficit of £794,613
2. Financial Strength: Critically Deficient
| Metric | 2024 | 2023 | 2022 | Trend |
|---|---|---|---|---|
| Total Assets | £1,045 | £1,045 | £1,045 | Flat |
| Total Liabilities | £795,643 | £795,169 | £794,719 | Deteriorating |
| Net Assets | (£794,598) | (£794,124) | (£793,674) | Worsening |
| Shareholders' Funds | (£794,613) | (£794,139) | (£793,689) | Worsening |
| Cash | £412 | £412 | £412 | Flat |
Balance Sheet Observations: - The company is technically and deeply insolvent — liabilities exceed assets by a factor of approximately 760:1 - Net current liabilities of £794,598 with no realistic prospect of repayment - Share capital stands at a nominal £15 (15 ordinary shares of £1 each), meaning no meaningful equity cushion exists or has ever existed - The P&L reserve shows accumulated losses of £794,613, indicating sustained losses over many years with no profitable trading - Asset base consists solely of £633 in debtors and £412 cash — no fixed assets, no property holdings despite the SIC code (68100 — Buying and selling of own real estate) - Liabilities between 2014 and 2017 reduced from ~£1.55M to ~£790K, suggesting a partial creditor settlement or write-off, but have since crept upward again
Going Concern: The accounts are prepared on a going concern basis, which appears questionable given the liquidation status and chronic insolvency. This basis is not sustainable or credible.
3. Cash Flow Assessment: No Liquidity Whatsoever
Liquidity Position: - Current ratio: 0.001x (current assets of £1,045 vs current liabilities of £795,643) - Cash represents 0.05% of total liabilities - No revenue streams evident — zero employees, no trading activity disclosed - No description of principal activities provided in the accounts
Working Capital: - Net current liabilities of £794,598 - No inventory, no trade debtors of substance, no operating assets - The company cannot fund day-to-day operations, let alone service debt
Debt Service Capacity: Non-existent. With £412 in cash and no visible income generation, the company has zero capacity to service any credit facility. The creditors (likely related parties or historical obligations given the nature of the entity) far exceed any conceivable recovery from the asset base.
4. Monitoring Points
While a decline recommendation means ongoing monitoring is not applicable for new lending, the following are noteworthy for any existing exposure or connected party analysis:
| Risk Factor | Observation | Severity |
|---|---|---|
| Liquidation Status | Company formally in liquidation | 🔴 Critical |
| Insolvency Depth | Liabilities exceed assets by £795K | 🔴 Critical |
| No Trading Activity | Zero employees, no revenue evident | 🔴 Critical |
| Going Concern Viability | Accounts prepared on going concern basis despite liquidation | 🔴 Critical |
| PSC Transparency | No persons with significant control identified | 🟡 Moderate |
| Director Count | 11 directors for a company with no operations — unusual | 🟡 Moderate |
| Creditor Composition | Creditors of £795K with no disclosed related party analysis in abridged accounts | 🟡 Moderate |
| Filing Timeliness | Accounts approved 8 months after year end (Aug 2025 for Nov 2024 YE) | 🟡 Moderate |
Director Considerations: The company has an unusually large board (11 directors, 2 secretaries) for an entity with no employees and no trading activity. This may indicate historical significance or connected party relationships that warrant investigation if any directors are involved with other borrowing entities. No director disqualifications are noted in the data provided, but the structure is atypical for a dormant/insolvent entity.
Creditor Analysis Concern: The abridged accounts provide no breakdown of the £795,643 creditor balance. Given the company's history (liabilities reduced from ~£1.55M to ~£790K between 2014-2017), understanding whether these are related-party debts, bank obligations, or trade creditors would be essential for any recovery analysis in the liquidation context.