HIDEAWAY HOLDINGS LIMITED
Company number 05992213 · 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: HIDEAWAY HOLDINGS LIMITED
1. Credit Opinion: CONDITIONAL
The credit opinion is CONDITIONAL. While the company presents a conservatively leveraged balance sheet with strong liquidity ratios, the sustained erosion of net assets over multiple years (a 35% decline from the 2019 peak) raises material concerns about underlying profitability and financial trajectory. The micro-entity filing status severely limits visibility into trading performance, making it impossible to assess debt service capacity from income generation. Any credit facility should be secured against the company's substantial asset base and subject to stepped monitoring covenants.
2. Financial Strength
Balance Sheet Summary (Year Ending 30 November 2024):
| Item | 2024 | 2023 | Movement |
|---|---|---|---|
| Fixed Assets | £110,729 | £110,729 | £0 |
| Current Assets | £395,829 | £374,054 | +£21,775 |
| Current Liabilities | (£30,855) | (£30,247) | +£608 |
| Net Current Assets | £364,974 | £343,807 | +£21,167 |
| Net Assets | £475,703 | £454,536 | +£21,167 |
Key Observations:
- Leverage is minimal: Total liabilities represent only 6.1% of total assets (£30,855 / £506,558). The company carries negligible debt burden.
- Equity base is substantial but declining long-term: Net assets peaked at £730,093 in 2019 and have fallen by £254,390 (34.8%) over five years. This indicates persistent losses being absorbed by the balance sheet.
- Recent stabilisation: Net assets grew by £21,167 (4.7%) in the latest year, suggesting a partial recovery, though this remains well below historical levels.
- Fixed assets are static: No movement in fixed assets year-on-year, and no depreciation charge visible, suggesting these may be investment assets or property held at cost rather than operational plant.
Net Asset Trajectory (Long-term decline evident):
| Year | Net Assets | Year-on-Year Change |
|---|---|---|
| 2019 | £730,093 | — |
| 2020 | £711,929 | -£18,164 (-2.5%) |
| 2021 | £576,885 | -£135,044 (-19.0%) |
| 2022 | £471,630 | -£105,255 (-18.2%) |
| 2023 | £454,536 | -£17,094 (-3.6%) |
| 2024 | £475,703 | +£21,167 (+4.7%) |
The two significant drops in 2021 and 2022 (cumulative £240k reduction) are concerning and suggest material trading losses or asset write-downs during that period.
3. Cash Flow Assessment
Liquidity Position: - Current Ratio: 12.8x (£395,829 / £30,855) — exceptionally strong short-term liquidity - Quick Asset Cover: Current assets less any inventory concerns appear minimal given the nature of the business - Working Capital: £364,974 — more than adequate to meet near-term obligations
Critical Limitation — No P&L Visibility:
As a micro-entity, the company files only a balance sheet. The profit and loss account is deliberately excluded per the directors' election. This means:
- No turnover figure — cannot assess revenue scale or trends
- No profitability data — cannot determine whether the business generates operating surpluses
- No cash flow statement — cannot evaluate operating cash generation
- No dividend information — cannot assess whether equity erosion is due to trading losses or shareholder distributions
The net asset movements provide the only proxy for profitability. The £21,167 increase in 2024 suggests a modest profit or revaluation gain, but the substantial declines in prior years indicate the company has been loss-making or distributing capital.
Cash Flow Concerns:
Given zero employees and the SIC codes (horse breeding, management consultancy, sports activities), this entity appears to function as a personal holding or lifestyle vehicle rather than a trading business with predictable revenue streams. Cash generation may be irregular and dependent on asset realisations or consultancy engagements.
4. Monitoring Points
| Metric | Current Position | Threshold for Concern |
|---|---|---|
| Net Assets | £475,703 | Below £400,000 would signal continued structural decline |
| Current Ratio | 12.8x | Below 3.0x would indicate deteriorating liquidity |
| Total Liabilities / Total Assets | 6.1% | Above 25% would indicate increasing leverage risk |
| Filing Compliance | Up to date | Any overdue filings — immediate review trigger |
Specific Monitoring Requirements:
-
Annual net asset movement — Track whether the 2024 recovery continues or reverts to decline. Two consecutive years of growth would provide comfort; a return to decline would warrant facility review.
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Composition of current assets — The £395,829 in current assets requires understanding. If predominantly cash, liquidity is genuine. If trade debtors, collectibility and concentration risk need assessment. The filed accounts do not provide this breakdown.
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Nature of creditor liabilities — The £30,855 in current liabilities should be characterised (trade creditors, HMRC, related party). Related-party lending could subordinate the bank's position.
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Shareholder/director withdrawals — Given the PSC (Mr Simon Andrew Fryer, >75% shareholding) controls the company, there is risk of asset extraction via dividends or director loans. Any material reduction in net assets without corresponding trading losses should be investigated.
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Related-party transactions — With a corporate secretary (Elliot Stennett) and family involvement (Ruby Alberta Fryer as co-director), related-party dealings should be disclosed and monitored.
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Business activity verification — The disparate SIC codes (equine, consultancy, sports) and zero employees suggest the company may not be actively trading in the manner a credit facility might assume. Site visits or management accounts should confirm the operating model.