WAFFLE AND MORE LTD

Executive Summary

Waffle and More Ltd presents a low solvency and liquidity risk profile supported by strong net assets and cash holdings. While statutory compliance is up to date and operational expansion appears underway, the concentration of ownership and significant related party debtor balances warrant further scrutiny. Overall, the company shows early signs of financial stability but requires additional due diligence to confirm sustainable operational performance.

WAFFLE AND MORE LTD - Analysis Report

Company Number: 13224663

Analysis Date: 2025-07-29 19:51 UTC

1. Risk Rating: LOW
   Waffle and More Ltd demonstrates a strong balance sheet with significant net current assets and net assets. It has no overdue filings and maintains compliance with statutory requirements. The company’s cash position is robust relative to its current liabilities, indicating low short-term liquidity risk.

2. Key Concerns:

• Concentration of control: One individual (Mrs Ieva Wright) holds 75-100% of shares and voting rights, which may pose governance risk if decision-making is not balanced.
• Related party balances: Debtors include significant amounts owed by associates (£67.5k) and a single debtor (Crispy Waffle Corby Ltd, £97k), which may affect cash flow if these balances are not collectible.
• Limited historical financial data: The company is relatively new (incorporated 2021) and has only recently scaled up operations, so long-term operational stability is unproven.

3. Positive Indicators:

• Strong liquidity: Cash of £265,913 against current liabilities of £50,801 as of the latest accounts.
• Positive net assets and shareholders’ funds of £423,137, reflecting capital adequacy and retained earnings support.
• No overdue statutory filings; the company is compliant with Companies House requirements.
• Employment growth indicated by 4 employees on average during the year, suggesting operational expansion.

4. Due Diligence Notes:

• Investigate the nature and collectability of debtor balances, particularly amounts due from related parties and Crispy Waffle Corby Ltd.
• Review governance practices given the high concentration of shareholding and control by one individual.
• Obtain management accounts or cash flow forecasts to assess ongoing liquidity beyond the annual snapshot.
• Confirm the reason for the recent name change and any operational impact related to the rebranding from “Crispy Waffles and More Ltd.”
• Review directors’ backgrounds and related party transactions for any conflicts of interest or risk exposures.