Company Number: 13117844

Analysis Date: 2025-07-20 11:16 UTC

Credit Opinion:
CONDITIONAL APPROVAL. Deliverics Limited shows recent improvement in net current asset position and net assets after a period of negative working capital and very low equity base. However, the company remains small with modest capital (£200 share capital historically, now £100) and limited fixed assets. The positive turnaround in working capital and shareholders’ funds in the latest year suggests improving financial stewardship but the business is still vulnerable to liquidity shocks. Approval should be conditional on continued monitoring of liquidity metrics and timely filing of accounts and returns.

Financial Strength:

• Shareholders’ funds improved from £200 in FY23 to £10,743 in FY24, indicating some retained earnings accumulation.
• Net Current Assets improved from negative £2,680 in FY23 to positive £9,333 in FY24, reflecting enhanced short-term financial health.
• Fixed assets are minimal at £1,741 net book value, so tangible collateral is limited.
• The company’s balance sheet is thin but improving, with total assets less current liabilities rising from £875 in FY23 to £11,074 in FY24.
• Capital structure comprises minimal share capital (£200 previously, now apparently £100) indicating a micro/small sized entity with limited equity buffer.

Cash Flow Assessment:

• Cash holdings increased from £23,759 at 30 June 2023 to £34,192 at 30 June 2024, a positive liquidity trend.
• Debtors increased modestly to £5,952 in FY24 from £210, indicating some revenue generation but still low scale.
• Current liabilities rose slightly but remain well covered by current assets.
• The company demonstrates adequate short-term liquidity with a current ratio above 1 and positive net working capital.
• Average employee count reduced to 1 in FY24, indicating lean operations that may help conserve cash but limit growth potential.

Monitoring Points:

• Monitor liquidity ratios regularly to ensure continued positive net working capital and sufficient cash to meet liabilities as they fall due.
• Watch for any large increases in current liabilities or deterioration in debtor collections that could stress liquidity.
• Review the company’s ability to sustain profitability and build retained earnings to strengthen equity over time.
• Confirm timely filing of accounts and confirmation statements to maintain transparency and regulatory compliance.
• Assess director conduct and operational changes given the resignation of one director in mid-2023.