BLINDATA LIMITED
Company number 07348423 · Monitor this company
This analysis was written by an AI from the company's public filings. It may contain errors or omissions and is not financial or professional advice.
Credit Analysis: BLINDATA LIMITED (07348423)
1. Credit Opinion: CONDITIONAL
Recommendation with significant reservations. Any credit facility should be considered only with enhanced security, personal guarantees, and stringent covenants. The company's financial history contains material red flags that constrain confidence in long-term repayment capacity.
Key concerns driving conditional rating: - Historical deep insolvency (£9M+ deficit in 2018-2019) with no transparent explanation of recovery - Marked deterioration in 2024 with liabilities tripling year-on-year - Micro-entity filing provides minimal financial disclosure — no P&L, no cash flow, limited notes - Principal operations based in Switzerland, creating jurisdictional and enforcement risk - Concentrated ownership under single PSC with >75% control
2. Financial Strength
Balance Sheet Trajectory — Significant Volatility:
| Year | Net Assets | Movement |
|---|---|---|
| 2018 | (£8,771,936) | Deeply insolvent |
| 2019 | (£8,784,931) | Still deeply insolvent |
| 2020 | £500,871 | Swing of +£9.6M |
| 2021 | £487,865 | Minor decline |
| 2022 | £463,486 | Gradual erosion |
| 2023 | £425,330 | Continued erosion |
| 2024 | £144,578 | Sharp decline of £280,752 |
The transition from a £9M deficit to positive net assets between 2019 and 2020 is the most concerning feature of this file. With micro-entity accounts, there is no requirement to disclose the nature of this reversal. The most likely explanations are:
- Related party debt forgiveness — liabilities owed to shareholders or group entities were written off
- Capital injection — the £400,000 share capital may have been introduced as part of a restructuring
- Debt-for-equity swap — converting creditor claims into share capital
Without audited accounts or full notes, the quality and sustainability of this "recovery" cannot be verified. The balance sheet may be artificially strengthened through intra-group arrangements rather than genuine operational performance.
2024 Deterioration: - Current liabilities increased from £112,224 to £383,703 (+242%) - Net assets fell by 66% in a single year - This suggests either accumulated trading losses, new borrowing, or increased creditor balances
Share Capital: £400,000 — provides a modest equity cushion but has been static, suggesting no recent capital raises.
3. Cash Flow Assessment
Liquidity Position — Adequate but Deteriorating:
| Metric | 2024 | 2023 |
|---|---|---|
| Current Assets | £500,000 | £500,192 |
| Current Liabilities | £383,703 | £112,224 |
| Net Current Assets | £116,297 | £387,968 |
| Current Ratio | 1.30:1 | 4.46:1 |
The current ratio has collapsed from 4.46:1 to 1.30:1 in twelve months. While still above 1.0, the trajectory is alarming. A further deterioration of similar magnitude would push the company into negative working capital.
Working capital concerns: - Current assets are dominated by what appears to be intercompany or financial instruments (£500,000 classified under "Current Financial Instruments" per the accounts text) — not trade debtors or cash - If these financial instruments represent loans to related parties, real liquidity may be significantly worse than reported - Cash position is not disclosed in 2024 accounts (was only £3,265 in 2019 — negligible) - No P&L data means we cannot assess whether the business is cash-generative
Cash generation capacity is unproven. The company appears to operate as a low-activity entity (2 employees, micro-entity status) with significant balance sheet transactions that may be intercompany in nature rather than arising from genuine trading.
4. Monitoring Points
| Risk Factor | Metric to Monitor | Current Status | Concern Level |
|---|---|---|---|
| Liability Growth | Year-on-year creditor movement | +242% increase | 🔴 High |
| Net Asset Erosion | Net assets trend | -66% in 2024 | 🔴 High |
| Current Ratio | Current assets / current liabilities | 1.30:1 (was 4.46:1) | 🟠 Medium-High |
| Related Party Exposure | Disclosed related party balances | Not disclosed (micro-entity) | 🔴 High |
| Jurisdiction Risk | Swiss-based operations | Principal place of business in Switzerland | 🟠 Medium |
| Filing Compliance | Accounts & confirmation statement | Up to date | 🟢 Low |
| Director Conduct | Disqualification records | None identified | 🟢 Low |
| Ownership Concentration | PSC control level | >75% shares, voting rights, director appointment | 🟠 Medium |
Specific monitoring requirements if facility is granted: 1. Quarterly management accounts — essential given micro-entity filing provides insufficient visibility 2. Related party transaction disclosure — critical to understanding the true nature of the £500k current assets and £384k current liabilities 3. Cash flow forecasting — to confirm debt service capacity 4. Personal guarantees — from PSC name shown to subscribers given concentrated control 5. Negative pledge — to prevent further liability growth without consent 6. Minimum net worth covenant — to arrest the current erosion trajectory
Additional Context:
- The company was formerly a PLC (reverted to Ltd in 2018), suggesting a prior restructuring or downscaling
- Both directors are Swiss nationals — potential complications for enforcement
- The nature of business (SIC 82990 — other business support services) is deliberately broad and provides little insight into actual operations
- The company's registered address appears to be a serviced/virtual office suite