E.& K.BARTLETT LIMITED
Company number 00713553 · 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: E. & K. BARTLETT LIMITED
1. Credit Opinion: CONDITIONAL
Reasoning: The company demonstrates a strong financial trajectory with net assets growing from £-21,311 (2017) to £138,340 (2025), indicating successful turnaround and consistent profit retention. However, the micro-entity filing status provides insufficient financial disclosure to fully assess trading profitability, cash generation, and debt service coverage. The business is essentially a sole-operator concern with significant key-person risk. Credit approval is warranted for moderate facilities, but with conditions around financial transparency and personal guarantees.
2. Financial Strength
Balance Sheet Position - Strengthening Significantly
| Metric | 2025 | 2024 | 2023 | 2020 | 2017 |
|---|---|---|---|---|---|
| Net Assets | £138,340 | £116,005 | £105,865 | £20,717 | £-21,311 |
| Total Assets | £230,336 | £214,261 | £192,632 | £108,538 | £73,037 |
| Total Liabilities | £91,996 | £98,256 | £93,695 | £86,817 | £91,149 |
Key Observations: - Remarkable turnaround: The business has eliminated negative equity (£-21,311 in 2017) and built substantial reserves of £138,340 by 2025 - Consistent growth: Net assets have grown every year since 2017, demonstrating sustained profitability - Asset accumulation: Total assets have tripled from £73k (2017) to £230k (2025), suggesting successful reinvestment - Liability management: Liabilities have remained relatively stable (£91k-£98k range) while assets have grown significantly, improving the debt-to-asset ratio from 125% (2017) to 40% (2025) - Minimal leverage: No long-term liabilities visible on the balance sheet, suggesting the company operates debt-free or with minimal borrowings
Concern: As a micro-entity, the company files abbreviated accounts with no profit & loss disclosure, making it impossible to verify trading performance independently.
3. Cash Flow Assessment
Liquidity Position - Healthy
| Metric | 2025 | 2024 |
|---|---|---|
| Current Assets | £208,286 | £200,423 |
| Prepayments | £7,257 | £6,714 |
| Creditors (< 1 year) | £91,996 | £97,161 |
| Net Current Assets | £123,547 | £109,976 |
| Current Ratio | 2.34x | 2.13x |
Analysis: - Strong working capital: Net current assets of £123,547 provide a comfortable buffer for short-term obligations - Improving current ratio: At 2.34x, the company has more than £2 of current assets for every £1 of current liabilities - well above the 1.0x minimum threshold - Cash generation evident: The £22,335 increase in net assets (2024 to 2025) represents retained profits, indicating positive cash generation - Creditor reduction: Trade and other creditors decreased by £5,165 year-on-year, suggesting the company is paying down obligations
Limitation: Without a cash flow statement or P&L, we cannot determine the quality of current assets (e.g., how much is cash versus trade debtors) or the company's operating cash conversion.
4. Monitoring Points
| Metric | Rationale | Threshold |
|---|---|---|
| Net Asset Trajectory | Primary indicator of continued profitability | Monitor for any reversal below £100k |
| Current Ratio | Liquidity health indicator | Flag if falls below 1.5x |
| Creditor Days | Payment behaviour to suppliers | Significant increase may signal cash pressure |
| Director Status | Key-person dependency | Monitor for director changes or disqualification |
| Filing Timeliness | Governance indicator | Any overdue filings warrant immediate review |
| Credit Utilisation | If facilities granted, monitor drawdown patterns | Unexpected increases require investigation |
Recommended Conditions for Facility: 1. Personal guarantee from Mr Alistair Paul Bartlett given 75%+ ownership and key-person risk 2. Annual financial information sharing requirement (management accounts) to compensate for micro-entity filing limitations 3. Facility size should not exceed £50k without enhanced financial disclosure 4. Notification requirement for any material changes to directorship or shareholding structure
Business Resilience Considerations: - Company has traded for 60+ years (incorporated 1962), demonstrating longevity - Survived the negative equity period (2014-2019) and recovered strongly - Single-employee operation creates significant business continuity risk - Land transportation services (SIC 52219) may be asset-heavy but provides essential services with relatively stable demand