REFRESH SUPPORT LIMITED
Company number 07832276 · 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.
1. Credit Opinion: CONDITIONAL APPROVE
Refresh Support Limited presents a materially stronger financial position at December 2025 than in recent years. The balance sheet has moved from near-breakeven net assets of £116 in 2024 to £45,445 in 2025, supported by a cash balance of £83,927 against current liabilities of £49,747. The company is technically liquid and holds no disclosed long-term debt.
However, the accounts are unaudited and abridged, with no profit and loss account filed, so the underlying profitability and the source of the £71,134 cash increase during the year cannot be fully verified. Given the historical volatility of reserves and limited financial disclosure, I would support credit only on a conditional basis, with verification of the cash position and creditor composition before drawdown.
2. Financial Strength
The balance sheet at 31 December 2025 is cash-heavy and asset-light:
| 2025 £ | 2024 £ | |
|---|---|---|
| Tangible fixed assets | 809 | Not separately stated |
| Debtors | 10,456 | c. 14,536 |
| Cash at bank | 83,927 | 12,793 |
| Creditors due within one year | (49,747) | (28,544) |
| Net current assets / (liabilities) | 44,636 | (1,215) |
| Net assets | 45,445 | 116 |
| Shareholders’ funds | 45,445 | 116 |
Key observations:
- Strong recovery in net assets: Net assets increased from £116 to £45,445 in one year. This is the strongest balance sheet position in the company’s recent filed history.
- Cash exceeds current liabilities: Cash of £83,927 covers current liabilities of £49,747 by a ratio of approximately 1.7x. On a quick basis, the company is comfortably liquid.
- Minimal fixed assets: Tangible assets are only £809, meaning the company has little asset base for secured lending. Any facility would need to be cash flow-based rather than asset-based.
- Thin historical reserves: In 2022 net assets were just £66 and in 2024 £116. The 2025 improvement is positive but should be assessed for sustainability rather than treated as a stable trend.
3. Cash Flow Assessment
The most notable feature is the increase in cash from £12,793 in 2024 to £83,927 in 2025, an improvement of £71,134. This is a significant positive movement, but the absence of a filed profit and loss account means we cannot confirm whether this came from trading profits, one-off receipts, or favourable working capital movements.
Working capital movements appear to have contributed:
- Debtors reduced from approximately £14,536 to £10,456, releasing cash.
- Creditors increased from £28,544 to £49,747, which also supports cash but may indicate stretched payment terms or a build-up of tax liabilities.
- Employee numbers fell from 4 to 3 on average, suggesting a slight reduction in operating scale.
The company is currently a net cash business with no disclosed bank borrowings. However, the increase in creditors needs explanation, particularly if it includes HMRC arrears or overdue supplier balances. Until the cash build is verified through bank statements and management accounts, the quality of the cash position should be treated with some caution.
4. Monitoring Points
If credit is advanced, I would recommend the following monitoring measures:
- Bank statements: Obtain the last 6–12 months of bank statements to confirm the £83,927 cash balance is genuine, unencumbered, and not client money or third-party funds.
- Creditor composition: Review aged creditor reports to confirm the £49,747 is normal trade credit and not overdue tax, director loans, or other priority liabilities.
- Post-year-end performance: Request management accounts to confirm trading has remained profitable after December 2025.
- Debtor quality: Debtors of £10,456 are modest, but concentration