Company Number: 14330063

Analysis Date: 2025-07-29 19:49 UTC

1. Credit Opinion: APPROVE
   Inverid Limited shows a stable financial position with positive net assets and increasing working capital. The company is backed by its parent undertaking, Inverid BV, which provides committed financial support, strengthening its going concern status. The directors have demonstrated sound financial stewardship with prudent cash management and no overdue filings. Given the company’s software development and publishing focus with a niche NFC identity verification product, it operates in a growth-oriented sector, supporting future revenue potential. Overall, credit risk appears low with a manageable level of current liabilities relative to current assets.

2. Financial Strength:
   The balance sheet as of 31 December 2024 shows net assets of £34,122, up from £20,965 the previous year, indicating capital growth and retained earnings accumulation (£24,122 in profit and loss reserves). Fixed assets are minimal (£683), typical for a software company, with most assets held as current assets (£120,232). The company’s equity base is modest but growing, supported by £10,000 share capital fully paid. No long-term liabilities or provisions other than a small deferred tax liability (£171) are noted, suggesting a conservative capital structure.

3. Cash Flow Assessment:
   Cash at bank has increased from £65,314 to £79,467, reflecting positive liquidity trends. Current liabilities rose to £86,622 but remain well covered by current assets (£120,232), resulting in a healthy net working capital of £33,610 (up from £20,087). The increase in debtors, notably amounts owed by group undertakings (£31,282), is a key component of current assets and should be monitored for collectability, although intra-group exposure is less risky due to common ownership. Accruals are the largest creditor component (£75,343), likely reflecting accrued expenses or ongoing operational costs rather than immediate cash outflows.

4. Monitoring Points:

• Continued support from the parent company Inverid BV and any changes in this arrangement.
• Growth and collectability of intra-group receivables.
• Accruals composition and timing of settlement to avoid liquidity strains.
• Revenue diversification beyond parent group to reduce dependency risk.
• Profitability trends and cash flow generation as the company scales.
• Any changes in director composition or control structure.