Credit Assessment: DIBLEYS HERITAGE LIMITED

1. Credit Opinion: CONDITIONAL

Reasoning: This is a residents' property management company (SIC 98000), which fundamentally changes the credit risk profile compared to a trading enterprise. The company appears to be a Right to Manage or residents' management company for the Dibleys development in Blewbury. While the underlying business model carries lower credit risk—service charge income is effectively mandatory for leaseholders—several governance concerns warrant a conditional rating:

• Significant board turnover with 7 director resignations in the Sept 2025 – May 2026 period, including reappointments of Alexander and Forrest who resigned and returned
• No financial data available to assess balance sheet strength, cash position, or working capital adequacy
• Nominal share capital of £56 provides zero equity cushion
• No identifiable PSCs declared, which is unusual and may indicate governance opacity

A conditional approval would require production of management accounts and clarification of the recent board upheaval before any facility is extended.

2. Financial Strength

Assessment: INDETERMINATE / WEAK

The filed accounts fall under "Total Exemption Full," meaning abbreviated financials are submitted to Companies House. No balance sheet data, profit and loss figures, or cash positions are available for review.

Key observations: - Share capital of £56 is nominal and typical for residents' management companies, but provides no buffer against losses - No PSC register with identified individuals—only a statement is noted, which may indicate the company hasn't properly identified its controlling parties or is structured with distributed leaseholder control - 36-year track record (incorporated 1988) suggests operational continuity, though this doesn't speak to financial health - The company's assets likely consist of service charge funds held on trust for residents, meaning true company assets may be minimal

Risk factor: Residents' management companies typically hold service charge monies on trust, meaning these funds may not be available to creditors in an insolvency scenario.

3. Cash Flow Assessment

Assessment: CANNOT BE DETERMINED

No financial data is available to evaluate: - Cash reserves or service charge fund balances - Working capital position - Seasonal cash flow patterns (common where service charges are collected annually but expenditure is irregular) - Arrears levels among leaseholders - Provisions for major works or section 20 obligations

Contextual note: Residents' management companies typically operate on a cost-recovery basis. Cash flow risk primarily manifests as: - Leaseholder arrears on service charges - Timing mismatches between collections and major expenditure - Insufficient reserves for cyclical maintenance

Without accounts, we cannot assess whether these risks are being managed.

4. Monitoring Points