Company Number: 13596125

Analysis Date: 2025-07-20 14:50 UTC

1. Credit Opinion: APPROVE.
   Hadrian Security Limited demonstrates a solid financial position with increasing net assets and positive working capital, indicating good ability to meet short-term obligations. The company shows a strong liquidity position with cash balances increasing significantly in 2023. The business is growing as seen in the doubling of shareholders' funds in one year, and it operates in the stable IT consultancy sector. Management appears competent with timely filing of accounts and no negative director conduct records. The company’s affiliation with a parent group (Hadrian Security B.V.) also supports stability.

2. Financial Strength:
   The balance sheet shows fixed assets of £11.9k and current assets of £131.3k as at 31 Dec 2023, up from £67k in 2022, indicating asset growth. Current liabilities are modest at £21.1k, yielding net current assets of £110.2k, which is a strong liquidity buffer. Net assets have improved from £59.4k to £122.1k, reflecting retained earnings and equity growth. The company is classified as a small private limited company with no indication of overdrafts or long-term debt, suggesting a conservative financial structure.

3. Cash Flow Assessment:
   Year-end cash at bank is £87.5k, up from £35.3k, evidencing improved cash generation or capital injections. Debtors have increased but remain manageable relative to cash and liabilities. Creditors are low and predominantly consist of taxation and social security liabilities, which should be regularly monitored. The company’s positive net current assets and strong cash position point to good short-term liquidity and working capital management.

4. Monitoring Points:

• Debtor collection efficiency going forward to ensure cash inflows remain consistent.
• Taxation and social security creditor levels, as these represent a significant proportion of current liabilities.
• Profitability trends and revenue growth to confirm continued financial improvement.
• Impact of the rental commitment (£41,730 per annum) on operating cash flow.
• Any changes in ownership or control from the parent group Hadrian Security B.V.