Company Number: 13843154

Analysis Date: 2025-07-20 16:46 UTC

1. Credit Opinion: CONDITIONAL APPROVAL
   VEDOSE LTD is an active private limited company operating in building project development. The company is very young, incorporated in January 2022, and currently classified as a micro-entity. The latest financials show a marginal net liability position (£-47) with current liabilities slightly exceeding current assets, indicating a fragile working capital position. While the company does not have significant debt, the negative net assets and small scale of operations pose a risk to creditworthiness. The director has sole control and appears to maintain compliance with filings, but the recent overdue confirmation statement filing is a governance concern. Credit approval should be conditional on monitoring improved liquidity and timely statutory filings.

2. Financial Strength:
   The balance sheet shows very limited financial strength. Current assets declined sharply from £62,316 in January 2023 to £19,574 in January 2024, while current liabilities decreased from £62,236 to £19,621, resulting in a slight net current liability of £47. Shareholders’ funds moved from a positive £80 to a negative £47, reflecting a minor erosion of equity capital. No fixed assets are reported, indicating the company likely relies on current assets only. Overall, the company’s net assets are near zero, suggesting minimal buffer to absorb financial shocks.

3. Cash Flow Assessment:
   Working capital is effectively breakeven to slightly negative, which raises concerns about liquidity and the company’s ability to meet short-term obligations without external support. The drop in current assets suggests either reduced cash balances or receivables, and the near-equal current liabilities indicate tight cash flow management. No cash flow statements are provided, but the micro-entity scale and negligible net assets imply limited cash reserves. The company should demonstrate improved cash generation or access to funding to service credit facilities.

4. Monitoring Points:

• Timely filing of confirmation statements to maintain regulatory compliance.
• Improvement in liquidity ratios, particularly current ratio >1.0.
• Stabilization or growth in net assets and working capital.
• Continued oversight of director conduct and governance practices.
• Evidence of revenue growth or contract wins in the building development sector to support cash flows.