Company Number: 14070292

Analysis Date: 2025-07-29 20:16 UTC

1. Credit Opinion: APPROVE
   JIGSAW S.E. LIMITED shows positive financial progression with a doubling of net assets from £32k to £66k in one year, indicating growth and strengthening equity. The company maintains a healthy net current asset position and cash balance, suggesting good short-term liquidity to meet obligations. Directors have demonstrated prudent financial management by investing in fixed assets aligned with their trade activities. No adverse status or director disqualifications are noted, supporting creditworthiness. While the company is relatively young (incorporated 2022), the financial trajectory and management appear sound.

2. Financial Strength:
   The balance sheet as of 30 April 2024 shows total net assets of £66,112, up from £32,014 the previous year, reflecting retained earnings buildup. Tangible fixed assets increased significantly to £29,280, mainly motor vehicles and plant, supporting operational capacity. Net current assets stand at £43,947 with current liabilities of £94,959, indicating a moderate gearing of short-term liabilities against current assets. No long-term debt is reported. The equity base is entirely shareholders' funds with no external borrowings, suggesting a low leverage profile and financial stability.

3. Cash Flow Assessment:
   Cash at bank rose substantially from £41,125 to £96,932, demonstrating improved liquidity and cash generation. Debtors decreased from £76,823 to £41,974, which improves working capital efficiency and reduces credit risk. Current liabilities increased slightly but remain well covered by current assets. Working capital is positive and growing, indicating the company can comfortably meet short-term obligations and has capacity to service additional credit facilities.

4. Monitoring Points:

• Debtor days and collection efficiency should be monitored to ensure continued improvement in receivables management.
• The impact of increased fixed asset investment on depreciation and cash flow should be reviewed regularly.
• Given the company is still in a growth phase, profitability trends and cash flow from operations require ongoing assessment to confirm sustained creditworthiness.
• Directors’ continued engagement and absence of negative conduct should be observed as a governance indicator.