Company Number: 15162984

Analysis Date: 2025-07-20 18:25 UTC

1. Credit Opinion: DECLINE. Integrum SPV 22566 Limited is a recently incorporated private limited company with a short trading history (incorporated September 2023). Its first set of accounts shows net current liabilities of £12,049 and net liabilities of £2,049, indicating an immediate working capital deficiency and negative equity. The company is reliant on financial support from its 100% parent Enray Power Ltd to continue as a going concern, which introduces dependency risk. Given the limited trading history, negative net assets, and working capital shortfall, there is insufficient evidence to support the company’s ability to service debt or meet commercial obligations independently at this stage.

2. Financial Strength: The balance sheet reflects a tangible fixed asset under construction valued at £10,000, but current liabilities of £14,089 exceed current assets of £2,040, resulting in net current liabilities of £12,049. Shareholders’ funds stand at negative £2,050. The capital structure is minimal with only one issued share of £1 nominal value, and retained losses absorbed the equity base. The reliance on amounts owed to group undertakings (£12,239) further indicates that the company is currently funded through intra-group financing rather than operational cash generation. Overall, the company’s financial position is weak with no buffer against unforeseen costs or downturns.

3. Cash Flow Assessment: The company’s working capital position is negative, with current liabilities exceeding current assets by over £12,000. The small debtor balance of £2,040 is insufficient to cover short-term liabilities of £14,089. The absence of cash or bank balances reported suggests constrained liquidity. The company’s cash flow is likely dependent on continued financial support from its parent company to meet liabilities. The lack of historical profit and operating cash flow data makes it impossible to assess internal cash generation capacity. Liquidity risk is high in the absence of immediate external funding or operational cash inflows.

4. Monitoring Points:

• Monitor subsequent trading results and cash flow statements to assess if operational activities improve liquidity and reduce reliance on parent funding.
• Track any movements in amounts owed to group undertakings and related party transactions for signs of increasing intra-group indebtedness.
• Watch for timely filing of next accounts and confirmation statements to ensure compliance and transparency.
• Review any changes in management or ownership structure that could affect financial support or business strategy.
• Evaluate progress on the fixed asset under construction and its potential to generate future revenue or cash flow.