Company Number: 13466197

Analysis Date: 2025-07-29 12:10 UTC

1. Credit Opinion: CONDITIONAL APPROVAL
   RB WILBRAHAM LTD demonstrates a stable financial position with positive net assets and working capital, indicating the company can meet short-term obligations. However, the company carries a significant long-term creditor balance (£1.26M) that warrants scrutiny of the nature and terms of this liability to assess repayment risk. The company is relatively young (incorporated in 2021) and operates in real estate development and trading, which can be cyclical and capital-intensive. The director's experience and stable control structure mitigate some risk, but ongoing project performance and cash flow generation are critical for sustained creditworthiness. Approval is recommended subject to satisfactory review of long-term creditor arrangements and monitoring of cash flow.

2. Financial Strength:

• Net assets have improved modestly from £5,764 in 2021 to £29,841 in 2024, showing some retained earnings growth.
• Current assets (~£1.29M) predominantly consist of stock (£1.27M), reflecting property held for development or sale, with only a small cash balance (£18k).
• Current liabilities are low (£7.4k), giving a strong net current asset position (~£1.29M), indicating good short-term liquidity.
• The large creditor balance due after one year (£1.26M) significantly exceeds shareholders’ funds and likely represents project financing or loans. The company’s gearing and leverage risk depend on terms and repayment schedule of this debt.
• Overall, balance sheet shows solid working capital but leverage is high, requiring further detail on long-term creditor terms.

3. Cash Flow Assessment:

• Cash at bank is minimal (£18,176), suggesting limited liquidity buffer.
• Debtors are low (£5,560), indicating minimal receivables risk.
• Large inventory (stock) levels mean cash is tied up in property assets, typical for the sector but potentially impacting operational liquidity.
• The company’s ability to convert stock into cash in a timely manner will be crucial to service debt and operational needs.
• Monitoring cash flow from operating activities and debt servicing capacity is essential, especially given the scale of long-term liabilities.

4. Monitoring Points:

• Nature, terms, and maturity profile of the long-term creditors (£1.26M).
• Progress and sales velocity of property development projects to ensure realization of stock value.
• Cash flow trends and availability of short-term liquidity to cover operational expenses and debt servicing.
• Any changes in director or ownership structure that might impact governance or financial stewardship.
• Compliance with filing deadlines and transparency in financial reporting.