Company Number: 12468409

Analysis Date: 2025-07-20 12:23 UTC

1. Credit Opinion: CONDITIONAL APPROVAL
   DALYAN VENTNOR LTD demonstrates a modest but improving equity position with net assets increasing from £3,002 in 2024 to £7,439 in 2025. However, the company carries substantial bank loans (£14,027 due after one year) and current liabilities (£35,370), which consume a significant portion of current assets (£39,336). The relatively low cash balance (£11,086) against high current liabilities signals some liquidity pressure. Given these factors and the company's young age, approval is recommended with conditions including close monitoring of working capital management and repayment capacity.

2. Financial Strength:
   The company operates within the take-away food sector, a competitive and potentially volatile market. Fixed tangible assets remain stable at £17,500, representing leasehold land/buildings with no depreciation charge yet. Shareholders’ funds have more than doubled over the last year, suggesting an improving equity base. However, the company carries medium-term bank debt that has reduced from £24,027 in 2024 to £14,027 in 2025, indicating active debt repayment. Overall, the balance sheet shows modest net worth but manageable gearing, with liabilities declining.

3. Cash Flow Assessment:
   Cash on hand increased from £4,500 in 2024 to £11,086 in 2025, indicating better cash generation or improved cash management. However, current liabilities have also risen, primarily driven by other creditors increasing from £15,473 to £23,658. Net current assets have dropped from £9,529 to £3,966, revealing tighter working capital. The company’s liquidity is adequate but tight, relying on continuing positive operating cash flows to service short-term liabilities and ongoing loan repayments.

4. Monitoring Points:

• Working capital trends and cash conversion cycles to ensure liquidity is maintained.
• Timely servicing of bank loans and monitoring of any new borrowing.
• Profitability trends (not available here) to verify sustainable earnings supporting cash flow.
• Changes in creditor balances, especially taxation and social security liabilities, to avoid enforcement risks.
• Operational performance in the competitive take-away sector affecting revenue stability.