Credit Analysis: Thames (Ditton) Marina Limited

1. Credit Opinion: DECLINE

Reasoning: This entity is a dormant company with no trading activity, no revenue generation, and no operational capacity to service debt obligations. The company has been dormant for at least 10 consecutive years with static assets of £3,475 (equal only to its share capital). There is no income stream, no cash flow, and no business operations from which loan repayments could be made. Any credit facility would be entirely reliant on external support from directors or related parties, which is not a sound basis for lending.

2. Financial Strength

Assessment: Negligible

• The balance sheet contains only cash of £3,475, which is entirely attributable to called-up share capital. There are no trading assets, no debtors, no stock, and no fixed assets.
• The company has zero liabilities, but this is a function of inactivity rather than financial strength.
• Net worth is technically positive but immaterial at £3,475.
• The company has been classified as "no longer trading but traded in past" per its own filings.
• No P&L reserve has accumulated, confirming no retained profits — consistent with dormant status.

Key Concern: The registered address has changed to C/O PSP Associates Limited (an accounting firm), suggesting administrative management rather than operational presence. The previous registered office at Thames Ditton (Annecy Court) aligns with the marina business but is no longer the registered address.

3. Cash Flow Assessment

Assessment: Non-existent

• Revenue: £0 — no trading income for at least 10 years
• Operating Cash Flow: £0
• Working Capital: £3,475 (cash only, no current liabilities)
• Debt Service Capacity: Zero — no income to cover any loan repayments

The company has zero liquidity generation capability. The £3,475 cash balance has remained unchanged since at least 2016, indicating this is simply preserved share capital rather than operational liquidity. There are no debtors to collect, no creditors to manage, and no working capital cycle.

4. Monitoring Points

Should any future consideration arise (e.g., group guarantee, reactivation of business):

1. Change of Status: Monitor for any filing indicating resumption of trading activity or change of SIC code from 99999
2. Director Changes: Track any appointments of new directors with operational experience that might signal business reactivation
3. Related Party Exposure: Investigate whether directors (Arnold and Lord) have other active trading entities that might provide group support — this is critical if the company is being proposed as part of a wider credit structure
4. Filing Compliance: Currently up to date (accounts filed to 31 Dec 2025, confirmation statement to 2 Oct 2025) — any future overdue filings could indicate administrative neglect
5. PSC Changes: Monitor for changes in persons with significant control, which could indicate corporate restructuring