Company Number: 15075153

Analysis Date: 2025-07-29 12:18 UTC

1. Credit Opinion: DECLINE

LP SD Ninety Five Limited is a recently incorporated private limited company (established August 2023) operating as a dispensing chemist in specialised stores. The latest accounts to September 2024 show a net current liability position of £208,102 and negative shareholders’ funds of the same amount, indicating the company is currently insolvent on a balance sheet basis. Current liabilities of £284,847 far exceed current assets of £76,745, demonstrating a significant working capital deficiency. The company has minimal cash (£24) and substantial debtors (£76,721), which may reflect receivables from related parties or customers, but this is not sufficient to cover current obligations. The company is controlled by SNJ Health Limited and Lloyds Pharmacy Limited, both holding majority ownership and control rights, suggesting it may be part of a larger group structure.

Given the negative net assets and working capital deficit so soon after incorporation, the company lacks financial strength and resilience to withstand adverse conditions or meet short-term liabilities without continued support from its parent companies. There is no evidence yet of profitability or positive cash flow generation. This immature financial position and reliance on related party backing raise concerns about the company’s standalone ability to service new debt or credit facilities.

2. Financial Strength:

• Negative net assets of £208k driven by current liabilities exceeding current assets.
• Minimal equity capital of £1, fully eroded by accumulated losses.
• No fixed assets reported, so no tangible asset backing.
• Dependence on other creditors and related party funding (not fully detailed).
• The balance sheet structure reflects a start-up in early development, not yet financially stable.

3. Cash Flow Assessment:

• Cash balance at only £24 indicates very limited liquidity.
• Large debtor balance (£76,721) could be a liquidity source if collectible but timing and quality uncertain.
• Current liabilities of £284,847 suggest imminent cash demands far beyond available liquid assets.
• Working capital is heavily negative (-£208,102), indicating cash flow strain.
• No profit and loss account details provided, but negative reserves imply cumulative losses and no retained earnings to support operations.

4. Monitoring Points:

• Prompt collection of debts and management of payables to improve working capital.
• Cash flow trends in subsequent periods to assess liquidity improvements or further deterioration.
• Parent company support commitments or intercompany financing arrangements that could mitigate insolvency risk.
• Early signs of revenue growth, operational profitability, or capital injections to restore balance sheet strength.
• Changes in director or ownership structure that might impact strategic or financial control.