ALFRED CHEYNE ENGINEERING LIMITED

Credit Opinion: DECLINE
On the information provided, I cannot support a credit approval. The company is active and compliant with filing obligations, but the core financial statements—turnover, profit, balance sheet, and cash flow—are not available. Without these, there is no basis to assess repayment capacity, financial trajectory, or business resilience. A decline on information grounds is the appropriate decision.

Financial Strength
Unable to assess. No balance sheet data has been provided, so I cannot determine fixed assets, current assets, liabilities, net assets, or gearing. The £36,667 share capital figure is nominal and gives no indication of operating performance. The ownership structure also appears complex, with multiple corporate and individual PSCs showing overlapping shareholding bands. If group support from Ashtead Technology Limited, Balmoral Group Holdings Limited, or Rathmay Limited is intended, a formal guarantee and group accounts would be required.

Cash Flow Assessment
Unable to assess. There is no profit and loss account or cash flow statement available, so I cannot evaluate EBITDA, net debt, interest cover, or working capital movements. There is no evidence of the company’s ability to service debt. To proceed with any facility, I would need at least three years’ full statutory accounts, recent management accounts, an aged receivables/payables summary, and a cash flow forecast.

Monitoring Points
If the company were to be reconsidered, the following would need close monitoring:

• Revenue trend and gross margin stability.
• EBITDA and net debt levels.
• Current ratio and quick ratio.
• Order book strength in the lifting and handling equipment sector.
• Any changes in ownership or control, particularly the overlapping PSC structure.
• Intercompany lending or reliance on group funding.
• Continued on-time filing of accounts and confirmation statements.
• Any director conduct or disqualification updates.