WORKPLACE BY GOLDEX LIMITED

Executive Summary

Workplace By Goldex Limited is currently in a weak financial position with significant working capital deficits and negative equity. The company relies heavily on shareholder funding to meet liabilities, with no evidence of trading or cash flow generation. Given these factors, the company is not currently creditworthy without substantial improvement or external guarantees.

WORKPLACE BY GOLDEX LIMITED - Analysis Report

Company Number: 13908219

Analysis Date: 2025-07-20 12:50 UTC

1. Credit Opinion: DECLINE
   Workplace By Goldex Limited shows significant net current liabilities (£456k deficit in 2023) and negative shareholders' funds (£4.7k deficit), indicating weak financial stability and insufficient working capital. The company heavily depends on financial support from its shareholder, Goldex Investments Limited, which accounts for the majority of its current liabilities (£459k). Given the absence of trading history (no employees, no income statement filed) and a negative net asset position, the risk of non-repayment or inability to meet short-term obligations is high. The company's going concern assumption relies solely on continued shareholder support, which is uncertain. Therefore, approval for credit facilities is not advisable without substantial improvement or security.

2. Financial Strength:
   The balance sheet shows a fixed asset base of approximately £451k, primarily tangible assets (land and buildings, machinery). However, the company’s current liabilities vastly exceed its current assets, reflecting a working capital deficiency of over £450k. The equity position is negative and deteriorated compared to the prior year. The reliance on intra-group funding (amounts owed to group undertakings) to cover liabilities highlights weak capital structure and limited financial independence. No retained earnings or profitability have been demonstrated, consistent with a start-up or non-trading entity.

3. Cash Flow Assessment:
   Cash on hand is minimal (£10k) relative to the current liabilities of £466k, indicating liquidity risk. The negative net current assets position signals potential difficulties in meeting short-term liabilities as they fall due without continued shareholder injections. The absence of employees and no reported revenues further imply limited operating cash inflows. The company’s cash flow depends on external funding rather than internal generation, which is not sustainable for credit risk purposes.

4. Monitoring Points:

• Monitor ongoing shareholder financial support and any changes in intra-group loan balances.
• Track operating performance including revenue generation and profitability to improve cash flows.
• Review updates on net current asset position and liquidity ratios at next accounts filing.
• Assess management actions to reduce liabilities or increase equity, including capital injections.
• Watch for any changes in director composition or PSC control that could affect governance or financial backing.