QUALIA CARE DEVELOPMENTS LIMITED
Company number 10031034 · Monitor this company
This analysis was written by an AI from the company's public filings. It may contain errors or omissions and is not financial or professional advice.
Credit Analysis: QUALIA CARE DEVELOPMENTS LIMITED
1. Credit Opinion: DECLINE
Reasoning: The company is currently in Liquidation status. This is an absolute bar to credit approval. No facility should be extended to an entity undergoing formal closure proceedings. The company has effectively ceased to operate as a going concern, and any outstanding debts will be addressed through the liquidation process according to statutory creditor priority.
2. Financial Strength
The balance sheet trajectory reveals a catastrophic decline:
| Period | Net Assets | Total Assets | Total Liabilities |
|---|---|---|---|
| Mar 2017 | £1,352,076 | £6,707,147 | £5,355,071 |
| Mar 2018 | £4,547,772 | £15,568,208 | £7,882,805 |
| Mar 2019 | £5,400 | £1,120,000 | £1,100,000 |
| Apr 2020 | £515,357 | £755,000 | £223,000 |
The 2019 position is particularly alarming—net assets collapsed from £4.5M to just £5,400, representing near-total erosion of shareholder value. While the 2020 accounts show a paper recovery to £515,357 net assets, this is irrelevant given the liquidation status.
Key concerns: - Share capital of only £1—minimal equity cushion - The 2018-to-2019 collapse suggests either massive write-downs on property assets or distribution of reserves, both of which raise serious questions about asset quality and management conduct - Fixed assets declining from £470K to £370K indicates ongoing asset depletion
3. Cash Flow Assessment
The most recent filed accounts (April 2020) show: - Current assets: £385,000 - Current liabilities: £223,000 - Net current assets: £162,000
However, no cash figure is disclosed for 2020. In 2018, cash stood at £2.1M—its disappearance correlates with the overall asset collapse.
Critical filing deficiencies: - Accounts overdue since December 2021 - Confirmation statement overdue since June 2021
The failure to file statutory documents is a strong indicator that the company has ceased meaningful operations and that management has disengaged from compliance obligations.
4. Monitoring Points
While a DECLINE decision is absolute given liquidation status, the following are relevant for any exposure recovery or connected party analysis:
- Liquidation proceedings: Monitor for appointment of liquidator and any distribution to creditors
- Director conduct: Daniel Howarth (listed as accountant) and Robin Scott Forster should be flagged for enhanced due diligence on any future applications. The signature on the 2020 accounts appears to read "Robin forater"—a potential irregularity
- Connected entities: Miss Ashlii-Red Atkinson holds extensive control rights (75%+ shares, voting rights, and right to appoint/remove directors across multiple capacity types)—any associated ventures warrant scrutiny
- PSC overlap: Both Atkinson and Forster claim 75%+ shareholdings, which is logically inconsistent and suggests either filing errors or a complex trust/partnership structure requiring clarification
- Asset realisation: As a real estate company (SIC 68100), fixed assets likely represent property. The liquidator's approach to asset disposal will determine creditor recovery rates