CALCEUS LIMITED
Company number 07100997 · 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: CALCEUS LIMITED (07100997)
1. Credit Opinion: CONDITIONAL
Calceus Limited presents a mixed credit profile that warrants caution. While the company demonstrates positive net asset growth and a healthy current ratio, the absence of profit & loss disclosure, zero employees, and extremely small scale (total assets under £22k) create significant visibility gaps for credit assessment. Any facility would require personal guarantees from both director-shareholders and appropriate security. The opinion is conditional rather than approve due to the inability to verify revenue generation or debt service capacity from filed information, and conditional rather than decline because the balance sheet is solvent with no signs of distress.
2. Financial Strength
Balance Sheet Summary (2024 vs 2023):
| Metric | 2024 | 2023 | Movement |
|---|---|---|---|
| Fixed Assets | £7,949 | £2,061 | +286% |
| Current Assets | £13,682 | £13,907 | -1.6% |
| Current Liabilities | (£4,496) | (£3,526) | +27.5% |
| Net Current Assets | £9,186 | £10,381 | -11.5% |
| Long-term Liabilities | (£140) | (£140) | Nil |
| Net Assets | £16,995 | £12,302 | +38.1% |
Key Observations:
- Positive equity trajectory: Net assets have grown consistently from £7,774 (2022) to £16,995 (2024), indicating retained profitability. This is encouraging.
- Significant fixed asset increase: The jump from £2,061 to £7,949 in fixed assets warrants explanation—this may represent a capital investment or asset reclassification that could affect liquidity.
- Minimal leverage: Long-term liabilities are negligible at £140, suggesting no material debt obligations. Current liabilities appear to be trade creditors or related-party balances rather than institutional debt.
- Historical volatility: Net assets fell from £22,506 (2017) to £3,517 (2020) before recovering. This suggests the business is susceptible to significant value fluctuations, raising questions about resilience.
- Share capital remains at £100: The entire equity position is built on retained profits/losses rather than capital injection, which is typical for micro-entities but offers no buffer beyond accumulated earnings.
Concern: The cash position has deteriorated significantly from £25,007 (2017) and £16,605 (2015) to undisclosed levels in recent years. Without current cash figures, liquidity quality is uncertain.
3. Cash Flow Assessment
Severe Limitations on Assessment:
As a micro-entity filing under FRS 105, the company is exempt from filing a profit & loss account and cash flow statement. This creates fundamental gaps:
- No turnover data: Only 2020 shows revenue (£631), which is de minimis. We cannot assess revenue trends, margins, or EBITDA for debt service coverage.
- No cash flow visibility: Without operating cash flow figures, we cannot evaluate the company's ability to generate cash from operations to service new debt.
- Current ratio: Calculated at approximately 3.04x (£13,682/£4,496), which appears healthy. However, the composition of current assets is unknown—if heavily weighted toward debtors rather than cash, realizable liquidity may be lower.
- Working capital: Net current assets of £9,186 provide some headroom, but the 11.5% decline from 2023 warrants monitoring.
Assessment: The company appears liquid on a static balance sheet basis, but without cash flow information, we cannot confirm that liquidity is being generated operationally. The entity may be sustained through director loans, investment returns, or sporadic consultancy income rather than recurring revenue.
4. Monitoring Points
| Metric | Rationale | Threshold for Concern |
|---|---|---|
| Net asset trend | Primary indicator of business viability | Decline over two consecutive years |
| Current ratio | Liquidity health | Below 2.0x |
| Current liabilities growth | May indicate cash flow stress | Outpacing current asset growth |
| Filing timeliness | Governance hygiene | Any overdue filings |
| Director changes | Succession risk for husband-wife business | Resignation of either director |
| Creditors due within one year | Short-term obligation burden | Rapid increase without corresponding asset growth |
Additional Due Diligence Required:
- Request management accounts to establish turnover, profitability, and cash generation capacity
- Obtain bank statements (minimum 6 months) to verify transactional activity and cash flow patterns
- Confirm nature of fixed assets—the significant increase requires explanation (tangible vs. intangible, related-party?)
- Clarify business model—management consultancy with zero employees and minimal visible revenue raises questions about the nature and sustainability of income
- Verify current asset composition—understand what comprises the £13,682 in current assets (cash, debtors, other?)
- Establish purpose of facility—whether working capital, asset acquisition, or other will inform appropriate structure and security requirements
Security Considerations:
- Personal guarantees from both Mr D G W Gyves (>75% shareholder) and Mrs T Gyves (25-50% shareholder) should be mandatory given the micro-entity structure and limited disclosure
- Consider whether the fixed assets (£7,949) offer any security value
- The company's net asset position (£16,995) provides limited cover for any meaningful facility