Company Number: 12720309

Analysis Date: 2025-07-20 19:04 UTC

1. Risk Rating: MEDIUM
   Justification: Fuller Surfacing Limited is a micro-entity with modest net assets and an improving financial position over recent years. However, the presence of long-term creditors (over £37k) and relatively low share capital (£100) combined with limited financial scale introduces moderate solvency and liquidity risk. The company is active and compliant with filings, which reduces governance concerns but operational scale and financial buffer remain limited.

2. Key Concerns:

• Long-term Creditors: The company reports £37,062 in creditors due after more than one year, which is significant relative to net assets (£11,679). This could pressure solvency if cash flows are insufficient to service this debt.
• Modest Net Assets and Equity Base: The net assets figure is low, and the company’s share capital is minimal at £100, indicating limited equity cushion against financial shocks or downturns.
• Limited Scale and Revenue Visibility: As a micro-entity, the business size and turnover are small, with no detailed revenue or profitability data disclosed, limiting insight into operational sustainability and cash generation.

3. Positive Indicators:

• Improving Financial Position: Net current assets increased from £3,278 in 2023 to £17,256 in 2024, indicating improved short-term liquidity. Fixed assets also increased significantly (£8,647 to £31,985), suggesting investment in operational capacity.
• No Overdue Filings: Accounts and confirmation statements are up to date, demonstrating regulatory compliance and good governance practices.
• Stable Ownership and Management: The sole director and 75-100% shareholder is William Fuller, suggesting clear control and decision-making which can facilitate agile management.

4. Due Diligence Notes:

• Clarify Nature and Terms of Long-term Creditors: Understanding the composition, interest rates, covenants, and repayment schedule of the £37k long-term liabilities is critical to assess solvency risk.
• Obtain Cash Flow and Profit & Loss Data: Review underlying profitability, cash flow statements, and turnover figures to evaluate ongoing operational viability and working capital cycle.
• Assess Business Model and Market Position: Given the SIC code indicates specialised construction activities, further investigation into client base, contract pipeline, and competitive positioning is advised.
• Confirm Asset Valuation and Usage: Verify the nature and valuation method for fixed assets of £31,985 to understand if these are productive assets or capitalized costs.