Company Number: 14739131

Analysis Date: 2025-07-29 13:04 UTC

1. Credit Opinion: APPROVE with conditions.
   Haymacs Limited is a newly incorporated private limited company with its first financial statements filed showing modest but positive net assets and working capital. The company’s balance sheet indicates a small but positive net current asset position (£6,362) and shareholders’ funds totaling £9,257. However, as a start-up with limited trading history (fiscal period just over one year), there is inherent risk due to lack of demonstrated profitability and cash flow track record. Approval is recommended conditional on ongoing monitoring of trading performance and timely submission of future accounts and returns.

2. Financial Strength:
   The balance sheet shows total assets less current liabilities of £9,257, composed of tangible fixed assets (£2,895) primarily computer equipment, and current assets (£10,212) mainly debtors (£9,746) with minimal cash (£466). Current liabilities of £3,850 are comprised predominantly of taxation and social security liabilities (£2,431) and other creditors (£1,419). The net current asset position is positive, indicating the company can meet short-term obligations. Shareholders’ funds are positive, reflecting initial capital and retained earnings, but overall financial strength remains limited due to size and early stage.

3. Cash Flow Assessment:
   Cash at bank is low at £466, which may constrain liquidity. Debtors are the major component of current assets, so the company is reliant on timely collection of receivables to maintain operating cash flow. Current liabilities are manageable but include tax and social security obligations that require regular servicing. Working capital is positive but modest. The company should maintain tight credit control and monitor cash conversion cycle closely to avoid liquidity shortfalls.

4. Monitoring Points:

• Receivables collection efficiency and ageing profile to ensure cash inflows match obligations.
• Profitability trends in subsequent accounting periods to confirm sustainable earnings.
• Timely payment of tax and social security liabilities.
• Ongoing compliance with filing deadlines for accounts and confirmation statements.
• Any material changes in ownership or management that may affect governance or financial stewardship.