Company Number: 12522974

Analysis Date: 2025-07-29 16:07 UTC

1. Credit Opinion: DECLINE
   ICON NDT LTD is a dormant company with no trading activity, as reflected by the dormant accounts filed and the absence of any financial transactions or income. The minimal net asset value (£400 share capital) and lack of operating history provide no evidence of cash flow generation or ability to service debt. As such, the company is not currently a viable credit risk for lending or commercial credit facilities.

2. Financial Strength:
   The company’s balance sheet shows only the nominal share capital of £400 with no other assets or liabilities reported. Net assets and shareholders’ funds remain static at £400 over four years, consistent with a dormant status. There is no evidence of fixed or current assets, retained earnings, or financial reserves that would contribute to financial strength.

3. Cash Flow Assessment:
   No trading or financial activity means there is no cash flow or working capital. The company cannot generate income or cash from operations and has no liquidity to meet financial obligations beyond the initial share capital. This absence of cash flow capacity is a critical weakness for credit consideration.

4. Monitoring Points:

• Monitor for any change in trading status or filing of non-dormant accounts indicating commencement of business activity.
• Watch for updates in net assets or shareholders’ funds that may signal investment or capital injection.
• Verify director and PSC changes to assess changes in management or ownership control that could impact financial strategy.