Company Number: 14500054

Analysis Date: 2025-07-20 15:58 UTC

1. Credit Opinion: CONDITIONAL APPROVAL. HAM EXPRESS LTD is a newly incorporated private limited company operating in the retail food sector. The limited financial history and current net current liabilities position indicate some liquidity pressures. However, there is positive net asset value and no overdue filings. Credit exposure should be limited initially and reviewed as trading history develops. The sole director and controlling shareholder appears committed, but the early stage of the business means risks remain.

2. Financial Strength: The company’s balance sheet as at 30 November 2023 shows total fixed assets of £52,799 and current assets of £55,251, including cash of £19,278 and debtors of £8,320. Current liabilities total £95,672 resulting in net current liabilities of £40,421. Despite this working capital deficit, net assets stand at £12,378, reflecting the net of fixed assets less current liabilities. Shareholders’ funds mirror this net asset figure. Overall, the balance sheet is modestly capitalised with a small equity base and a working capital shortfall, typical for a start-up retail business.

3. Cash Flow Assessment: Cash holdings of £19,278 provide some liquidity buffer but are outweighed by the sizeable current liabilities. The negative net current assets position signals potential short-term cash flow constraints. The small number of employees (average 2) and limited operational scale may help contain overheads. Tight management of payables and stock levels will be critical to maintain liquidity. Close monitoring of cash conversion cycles and receivables collection is recommended.

4. Monitoring Points:

• Improvement in net current assets and reduction of current liabilities over time.
• Growth in turnover and profitability to build retained earnings and strengthen equity.
• Regular timely filing of accounts and confirmation statements to ensure compliance.
• Cash flow trends and ability to meet short-term obligations without external support.
• Stability and continuity of management under sole director Manno Singh Chopra.
• Any material changes in stock levels or debtor balances affecting liquidity.