Company Number: 13013980

Analysis Date: 2025-07-20 14:21 UTC

1. Credit Opinion: CONDITIONAL APPROVAL
   Saiborg Ltd demonstrates steady improvement in net assets and working capital, supported by a strong cash position as of the latest accounts. However, the company shows a significant increase in short-term creditors owed to related parties, which raises a potential risk regarding the nature of intercompany financing and dependency. The company’s ability to meet its obligations appears sound currently, but ongoing monitoring of related-party transactions and creditor composition is advised before unconditional approval.

2. Financial Strength:
   The company’s net assets have grown substantially from £30,313 in 2023 to £103,073 in 2024, indicating strengthened equity and retained earnings. Fixed assets show a slight decline due to amortisation of intangible software assets, but these remain significant (£94,500). The absence of long-term liabilities in 2024 (previously £92,000 owed to related parties) improves the balance sheet profile. Overall, the balance sheet is healthy with positive net assets and no long-term debt reported in the latest year.

3. Cash Flow Assessment:
   Current assets increased markedly to £140,861, nearly all of which is cash (£140,711), supporting strong liquidity. Net current assets remain positive at £8,315, demonstrating an ability to cover short-term liabilities of £132,546. However, the rise in current liabilities—largely due to amounts owed to related parties (£92,674) and increased tax liabilities—could pressure cash flow if these creditors demand repayment or if related party funding terms change. The company’s cash reserves provide a comfortable buffer for near-term obligations.

4. Monitoring Points:

• Track related party creditor balances and terms to assess risk of funding withdrawal or demand for repayment.
• Monitor tax and social security liabilities for timely settlement.
• Review ongoing amortisation of software assets and capital expenditure plans.
• Watch for any changes in debtor levels and cash balances to ensure liquidity remains robust.
• Confirm operational profitability trends through future profit and loss disclosures as these are currently not filed.