FIRSURE LIMITED
Company number 01479111 · 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: FIRSURE LIMITED
1. Credit Opinion: CONDITIONAL
Rationale: While FIRSURE LIMITED benefits from a 44-year trading history and current compliance with filing obligations, a meaningful credit assessment is significantly constrained by the absence of detailed financial data. The property letting/operating business model typically offers asset-backed security, but the minimal share capital of £200 raises questions about the equity cushion available to creditors. Full financial statements must be obtained before extending meaningful credit facilities.
2. Financial Strength
Limited Assessment Available
- Share Capital: £200 — Exceptionally low, even for a property company where value typically sits in reserves rather than share capital. This alone is not unusual but warrants examination of retained profits and reserves.
- Trading Longevity: Incorporated February 1980 — Survival through multiple economic cycles (early 90s recession, 2008 financial crisis, COVID-19) suggests business resilience, though this does not guarantee current financial health.
- Accounts Category: Total Exemption Full — Company files full accounts but benefits from small company exemptions, consistent with a sub-medium enterprise.
- Filing Compliance: Accounts and confirmation statements are current with no overdue filings — positive indicator of management attention to statutory obligations.
Critical Gap: No balance sheet figures, turnover, or profitability data available. Cannot assess gearing, net asset position, or working capital adequacy without full accounts.
3. Cash Flow Assessment
Insufficient Data for Meaningful Evaluation
- Property Sector Considerations: SIC Code 68209 (letting and operating of own/leased real estate) typically generates rental income streams. Cash flow predictability can be favorable with secure tenancies, but depends heavily on occupancy rates, lease terms, and debt service requirements.
- Working Capital: Cannot assess current asset/liability position or liquidity ratios.
- Debt Service: Unknown whether the company carries mortgage debt on properties — a material factor for cash flow availability.
Required Information: - Latest filed accounts showing profit & loss and balance sheet - Bank statements covering 6-12 months - Rental income schedule and tenant credit quality - Details of any secured lending against properties
4. Monitoring Points
| Metric | Rationale |
|---|---|
| Full Accounts Retrieval | Obtain latest filed accounts from Companies House to determine net assets, profitability, and gearing |
| Property Valuations | Independent valuations needed to assess asset coverage of any proposed facilities |
| Tenant Concentration | Evaluate rental income dependency on key tenants |
| Capital Structure | Clarify debt positions, particularly any existing mortgage charges |
| Related Party Transactions | Two PSCs (Graves and Parkin) each holding 25-50% — assess intercompany exposures |
| Filing Continuity | Continue monitoring for timely filing; overdue accounts would be an early warning indicator |
| Director Disqualification Checks | No adverse records noted, but ongoing monitoring recommended |
Additional Observations
- Ownership Structure: Split between two PSCs (Angela Jane Graves and Gail Michelle Parkin) each holding 25-50% stakes. Director Gail Michelle Parkin is also a PSC, aligning ownership with management — generally positive for governance.
- Secretary Appointments: Two secretaries including Paul Healand and Christine Fletcher — somewhat unusual for a company of this size and may indicate historical structure or administrative preference.
- Sector Risk: UK commercial and residential property sectors face headwinds from interest rate environment, changing work patterns, and regulatory changes (energy efficiency requirements). Sector-specific stress should be factored into any facility pricing.