Company Number: 14654895

Analysis Date: 2025-07-29 17:25 UTC

1. Credit Opinion: APPROVE with low risk conditions
   Physique Sculpture Ltd is a newly incorporated private limited company operating in the health services sector (SIC 86900). The company’s first set of accounts shows a modest but positive net asset position and working capital surplus. The director is also the sole significant controller with no adverse records. Given the stable liquidity position and absence of overdue filings, credit facilities can be approved, subject to ongoing monitoring of trading performance and cash flow as the company grows.

2. Financial Strength:
   The balance sheet at 31 March 2024 shows:

• Total current assets (cash) of £29,221 with no reported fixed assets.
• Current liabilities are £13,923, primarily comprising tax and other creditors.
• Net current assets (working capital) stand at £15,298, indicating a positive short-term liquidity buffer.
• Shareholders’ funds equal £15,298, reflecting initial equity and retained earnings.
  These figures suggest a financially stable start with no gearing or external borrowings reported. The company fits within the micro-entity exemption framework, which limits disclosure but does not indicate financial distress.

3. Cash Flow Assessment:
   The company holds £29,221 in cash, sufficient to cover its short-term liabilities of £13,923 comfortably. Net current assets are positive, indicating adequate working capital management at this early stage. However, the absence of detailed profit and loss data and limited operational history means cash flow predictability is untested. Close attention should be given to future cash flow statements and debtor collection as trading develops.

4. Monitoring Points:

• Monitor future annual accounts for revenue growth and profitability trends as the company matures beyond its start-up phase.
• Track changes in cash balances and working capital to ensure liquidity remains healthy.
• Watch for any increase in liabilities or gearing that could strain financial flexibility.
• Review director and PSC status for any changes in control or governance issues.
• Confirm timely filing of accounts and confirmation statements continues.