Company Number: 13169630

Analysis Date: 2025-07-29 16:55 UTC

Credit Opinion:
CONDITIONAL APPROVAL. Whiteoak (Yorkshire) Ltd is a very small private limited company operating in joinery installation with limited financial history since incorporation in 2021. The latest financials to 31 March 2024 show a net current liability position and reduced net assets compared to prior year, indicating some liquidity pressure. However, the company remains solvent with positive net assets and no overdue filings. Credit is recommended with limits aligned to the company’s modest scale and subject to ongoing review of cash flow and working capital improvements.

Financial Strength:

• Net assets decreased from £6,628 at 31 March 2023 to £4,464 at 31 March 2024, reflecting a decline in retained earnings and overall equity.
• Fixed assets remain significant at £23,466, mostly motor vehicles and plant & machinery, providing collateral value.
• Current liabilities (£12,143) exceed current assets (£7,741) resulting in negative net current assets of £4,402, down from a small positive working capital position of £144 in the previous year.
• Long-term liabilities (hire purchase contracts) decreased slightly to £10,884 but still represent a significant debt burden relative to equity.
• Deferred tax provision remains stable around £3,700, indicating timing differences in tax accounting but no immediate cash impact.

Cash Flow Assessment:

• Cash on hand is low at £1,107, though increased from prior year, indicating tight liquidity.
• Debtors have decreased substantially from £12,489 to £6,634, which may reflect reduced sales or improved collection. The negative trade debtor balance is minor (-£19) but unusual and should be clarified.
• The company’s working capital deficit signals potential difficulties in meeting short-term obligations without additional financing or improved cash conversion.
• No employees are reported, suggesting a lean operation which may reduce fixed overhead costs but also limits operational scale.
• The director appears to be the sole key individual, with no external management, which centralizes control but may limit management depth.

Monitoring Points:

• Monitor cash flow closely, especially the ability to generate positive operating cash and manage creditor payments.
• Watch debtor collection trends and investigate the negative trade debtor figure for accuracy or risk indication.
• Review the impact of hire purchase liabilities on cash requirements and potential refinancing needs.
• Track profitability and retained earnings in future accounts to assess sustainability of equity base.
• Keep oversight on director loans and any informal credit arrangements that may affect liquidity.
• Confirm no further deterioration in net current assets or delays in statutory filing compliance.