Company Number: 15547671

Analysis Date: 2025-07-29 18:15 UTC

1. Credit Opinion: CONDITIONAL APPROVAL
   Licensed Limited is a newly incorporated micro private limited company with modest financial resources. The company's net assets and working capital position indicate initial positive liquidity, but the scale of operation is very small with no employees beyond the director. Given the early stage of the business and limited financial history, credit facilities should be extended cautiously, with conditions including close monitoring of cash flow and operational progress.

2. Financial Strength:
   The balance sheet shows fixed assets of £566 and current assets of £25,725 against current liabilities of £16,380, resulting in net current assets of £9,770. After accounting for accruals and deferred income of £6,080, net assets stand at £4,256. Shareholders’ funds mirror net assets at £4,256, reflecting initial capital and retained earnings since incorporation. The company’s micro classification aligns with its low asset base and small scale. Overall, the balance sheet is solvent but thinly capitalized, typical for a start-up.

3. Cash Flow Assessment:
   Current assets largely consist of cash and receivables, with net current assets positive at £9,770, indicating working capital adequacy in the short term. Current liabilities of £16,380 are manageable relative to current assets, but deferred income and accruals reduce available liquidity. The absence of employees and limited operational history suggest low ongoing cash outflows, but cash flow visibility is limited. The company’s ability to service debt will depend on generating sustainable revenue streams going forward.

4. Monitoring Points:

• Cash flow trends and liquidity ratios on subsequent filings
• Revenue growth and client acquisition given the industry (leasing IP and media representation)
• Timely filing of accounts and confirmation statements
• Changes in director or ownership structure
• Any increase in liabilities or negative working capital positions