AMULET DEVELOPMENTS NI LIMITED

1. Credit Opinion: DECLINE

The company is balance-sheet insolvent, with negative shareholders’ funds of £489k and a worsening trend over the last six years. Accounts are overdue, and the vast majority of current assets comprise a single related-party debtor. There is no capacity to service new debt from operating cash flows or asset realisations without significant uncertainty. Unsecured lending would be entirely unsupported.

2. Financial Strength

• Net assets have been negative since at least 2018 and have fallen from -£79k to -£489k (2024).
• Total assets have shrunk sharply from £2.9m (2019) to £485k (2024), while total liabilities remain high at £897k.
• The balance sheet shows negative working capital of -£411k (current liabilities of £897k against current assets of £486k).
• Share capital of £577k has been fully eroded by accumulated losses.
• The company relies entirely on continued support from creditors, including a related-party creditor (Ovalbridge Ltd £108k).

3. Cash Flow Assessment

• No profit and loss account is filed (micro-entity exemption), so operating performance cannot be directly assessed.
• The only material current asset is a £483k debtor due from a related party (Platinum Assets NI Ltd) – this is a concentration risk and may not be readily realisable.
• Cash balances have fallen from £411k (2018) to nil in the latest accounts – liquidity is effectively zero.
• The company is dependent on creditors not calling in their debts and on the related-party debtor being recoverable.

4. Monitoring Points

• Accounts overdue – the latest accounts are overdue, indicating weak compliance/discipline.
• Related-party debtor concentration – 99% of current assets are a single intercompany receivable; impairment would render the company balance-sheet insolvent by a wider margin.
• Negative net worth trajectory – losses are accumulating year on year; there is no sign of turnaround.
• Directors’ loan – a small director loan (£6k due from Xxxxxx Xxxxxxxxname shown to subscribers) is not material but shows informal financial management.
• Corporate nominee PSCs – ultimate beneficial ownership is opaque via nominee companies (Thursday Nominees Ltd, Gaultstown Ten Ltd).

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