SINKS AND THINGS LIMITED
Company number 02283486 · 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 Assessment: SINKS AND THINGS LIMITED
1. Credit Opinion: DECLINE (Standalone) / CONDITIONAL (with Group Support)
Reasoning: On a standalone basis, this entity presents an unacceptable credit risk. The company has reported £1 in total assets, net assets, and shareholders' funds consistently for at least five years, with zero employees and no discernible trading activity. The balance sheet is effectively dormant. Any credit facility would require an explicit parent company guarantee from Franke UK Ltd or the ultimate holding company to be considered.
2. Financial Strength
Balance Sheet Position: Critically Weak (Standalone)
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Total Assets | £1 | £1 | £1 | £1 | £1 |
| Net Assets | £1 | £1 | £1 | £1 | £1 |
| Shareholders' Funds | £1 | £1 | £1 | £1 | £1 |
- The stated share capital of £331,800 versus net assets of £1 indicates either substantial accumulated losses have been written off against reserves, or the company has undergone a capital reorganisation with intra-group distributions.
- The balance sheet carries no meaningful assets — no fixed assets, no debtors, no cash balances of substance.
- This entity is functionally a shell within a larger corporate group structure.
Group Context: The PSC register identifies Franke UK Ltd (a subsidiary of the Swiss-listed Franke Group, a major kitchen systems manufacturer) as holding more than 75% of shares. This aligns with the SIC code (46150 — agents involved in sale of hardware/ironmongery). The standalone entity's creditworthiness is inseparable from its parent.
PSC Anomaly: Two entities (Franke UK Ltd and Fallbase Holdings Ltd) are both listed as owning more than 75% of shares, which is arithmetically impossible. This suggests either a lag in updating the PSC register following a share transfer, or an administrative error. This requires clarification before any facility is extended, even with guarantees.
3. Cash Flow Assessment
Liquidity: Non-existent on standalone basis
- Current assets of £1 provide zero working capital capacity.
- Zero employees for consecutive years confirms no operational trading activity.
- No revenue, cost, or profit & loss data is disclosed (micro-entity exemption).
- The company cannot service any debt obligation from its own resources.
Working Capital: There is no working capital cycle to assess. The entity exists as a legal vehicle within the Franke Group structure, likely holding intellectual property, trade names, or acting as an agent for group transactions. All funding and cash flow dependencies route through the parent.
4. Monitoring Points
| Risk Area | Action Required |
|---|---|
| PSC Register Discrepancy | Clarify true ownership structure — two entities cannot each hold >75%. Obtain current share register. |
| Parent Guarantee | Any facility must be supported by a legally enforceable guarantee from Franke UK Ltd (or ultimate parent). Verify parent's creditworthiness separately. |
| Purpose of Entity | Understand why this shell exists within the group — is it a brand-holding company, an agent for intercompany sales, or being wound down? |
| Filing Compliance | Accounts are currently up to date, but monitor for any change in filing frequency or status that may signal group restructuring. |
| Name Change History | Company traded as FALLBASE LIMITED until 2017 — verify whether the rebrand to SINKS AND THINGS coincided with the Franke acquisition and asset stripping. |
| Officer Capacity | Five directors (including a CEO and CFO) for a £1 company with zero employees is disproportionate. Confirm these are group-appointed officers with governance rather than operational roles. |