I.C.S. (NORTHERN) HOLDINGS LIMITED

Executive Summary

I.C.S. (Northern) Holdings Limited exhibits a strong net asset position and timely regulatory compliance, but its liquidity profile is weak due to negligible cash and large debtor balances. The lack of audited financials and full income statements constrains assessment of operational stability. Further due diligence on receivables quality and group financials is recommended to fully understand the company’s risk profile.

I.C.S. (NORTHERN) HOLDINGS LIMITED - Analysis Report

Company Number: 13760074

Analysis Date: 2025-07-29 18:58 UTC

1. Risk Rating: MEDIUM
   While the company shows a strong equity base and substantial net current assets, the financial position is unusual due to the extremely low cash balance (£2) and very high debtor balances (£973,970). The absence of an income statement and reliance on unaudited abridged accounts limit transparency. The company is a holding entity, which generally entails lower operational risk but depends on the financial health of subsidiaries.

2. Key Concerns:

• Liquidity Risk: Cash on hand is negligible (£2) despite high current assets, which consist almost entirely of debtors. This could indicate potential issues in converting receivables into cash to meet short-term obligations.
• Transparency and Audit: Accounts are unaudited and abridged, and no profit and loss account is filed, limiting insight into operational performance and cash flow generation.
• Concentration of Control: One individual (Mr Siddik Bhamji) controls 75-100% of shares and voting rights, which may raise governance and succession concerns.

3. Positive Indicators:

• Strong Equity Position: Shareholders’ funds stand at £2,638,600, reflecting a solid net asset base with no indication of debt liabilities.
• Compliance: Company filings (accounts and confirmation statements) are up to date and not overdue, indicating good regulatory compliance.
• No Insolvency Indicators: The company is active, not in liquidation, administration, or receivership, with no director disqualifications reported.

4. Due Diligence Notes:

• Investigate the nature and collectability of the debtor balances (£973,970) to assess liquidity risk and verify whether these are intercompany balances or trade receivables.
• Obtain or review consolidated group accounts or subsidiary financials to understand the operational and financial health of underlying investments.
• Clarify why cash balances are minimal and whether there are any short-term funding arrangements or credit facilities in place.
• Review governance structure and risk management policies given concentrated ownership and control.