ADELPHI STREET LTD

1. Credit Opinion: DECLINE

Adelphi Street Ltd lacks the financial capacity to service any credit facility. It is a micro private limited company with £100 net assets, no employees, no disclosed turnover and no evidence of trading activity in the filed accounts. Its role is limited to acting as trustee for service charge monies at a Salford development, with those funds excluded from its balance sheet. There is no identifiable income stream to cover interest or capital repayments, and no security or parental guarantee is evidenced in the filing.

2. Financial Strength

Balance sheet strength is nominal. Total assets, net assets and shareholders’ funds have remained at £100 in every reported year from 2016 to 2025. The balance sheet comprises £100 current assets and no fixed assets; share capital is £100. No liabilities are disclosed, but there is equally no tangible net worth beyond the nominal incorporation amount. Corporate entities hold more than 75% of shares and voting rights, but the PSC register does not demonstrate financial support for this entity. Accounts are filleted micro-entity statements, audit-exempt, and provide limited disclosure.

3. Cash Flow Assessment

No profit and loss account is presented in the filleted accounts. With nil employees and no trading activity disclosed, operating cash flow is effectively zero. Historical cash balances of £100 provide negligible liquidity. Working capital of £100 cannot absorb debt service, and the company has no demonstrated ability to generate cash from operations. Any expenditure would depend on external funding or shareholder support, neither of which is evidenced in the filing.

4. Monitoring Points

• Movement in net assets or shareholders’ funds away from the £100 nominal position.
• Any reported turnover, employees or fixed assets in future accounts.
• Timeliness of statutory filings (accounts and confirmation statement).
• Changes to the PSC register or board composition; a director resigned in June 2026, leaving two current directors.
• Any indication that the company has commenced property development activity under SIC 41100.