SIMPLESTYLE LIMITED
Company number 04200000 · 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: SIMPLESTYLE LIMITED (04200000)
1. Credit Opinion: DECLINE
Reasoning: This application must be declined on multiple fundamental grounds. The company has been dormant since ceasing trade on 30 June 2015, is currently subject to a proposal to strike off the register, and has filed overdue statutory documents. The balance sheet shows deeply insolvent position with shareholders' funds of -£454,673 and no visible means of debt service. There is no trading activity, no revenue generation, and no operational capacity to support any credit facility.
2. Financial Strength
Assessment: Critically Weak - Insolvent
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Shareholders' Funds | -£454,673 | -£454,673 | -£454,673 | -£452,448 | -£450,116 |
| Total Liabilities | £454,671 | £454,671 | £454,671 | £520,525 | £587,917 |
| Cash | Not reported | Not reported | Not reported | £68,079 | £137,803 |
Key observations: - The company is deeply insolvent with negative net assets of approximately £454,673, a position that has remained static for three consecutive years - Total liabilities have reduced from £1,344,451 (2015) to £454,671 (2024), but this appears to reflect cash depletion rather than active debt repayment - Share capital is nominal at £2 only - The accumulated losses have grown steadily from -£426,805 (2015) to -£454,673 (2024), with the deficit widening each year - Cash reserves have been systematically depleted: £817,310 (2015) down to £68,079 (2021), with no cash reported in subsequent periods - likely fully exhausted
3. Cash Flow Assessment
Assessment: Non-existent - No operational cash generation
- The company has been dormant since 30 June 2015 - nearly a decade with no trading activity
- No income statement has been filed (exempt under Section 444)
- No employees (NIL throughout all reported periods)
- The sole creditor of £454,671 classified as "other creditors" likely represents director/shareholder loans or related-party obligations
- Cash depletion pattern indicates the company has been drawing down remaining cash reserves to cover ongoing dormant company costs (filing fees, registered office costs)
- No working capital exists - net current liabilities stand at -£454,671
- There is absolutely no capacity to service new debt obligations
4. Monitoring Points
Should any existing exposure exist or circumstances change, the following require immediate attention:
| Priority | Metric | Current Status | Concern Level |
|---|---|---|---|
| CRITICAL | Strike-off proposal | Active proposal to strike off | 🔴 Severe |
| CRITICAL | Accounts overdue | YES | 🔴 Severe |
| CRITICAL | Confirmation statement overdue | YES | 🔴 Severe |
| HIGH | Dormant status | Ceased trading 2015 | 🔴 Severe |
| HIGH | Insolvency | Negative net assets £454,673 | 🔴 Severe |
| HIGH | Cash position | Depleted/nil | 🔴 Severe |
| MEDIUM | Director conduct | Two PSCs, both 25-50% control | ⚠️ Monitor |
| LOW | SIC code (56302) | Public houses - no longer applicable | ℹ️ Note |
Additional concerns: - James Campana is listed as both director and secretary, with occupation noted as "LANDLORD" - potential property connection but no evidence of asset value supporting the creditor balance - The registered office has changed from Covent Garden (WC2H 9JQ) to a residential apartment address in London (SE1 1GF), suggesting reduced operational footprint - The going concern note explicitly states the going concern assumption "does not hold true" - Overdue filings indicate administrative neglect or intentional non-compliance, both negative credit signals