DASH RIDES LIMITED

1. Credit Opinion: CONDITIONAL

Dash Rides Limited is an active private limited company with up-to-date filings and no insolvency proceedings. Net assets have strengthened to £812,252 at 31 December 2025, and cash of £228,561 exceeds creditors due within one year of £216,503. However, the balance sheet is largely supported by shareholder equity (share premium of £1.49m) rather than retained trading profits, with an accumulated loss of £682,393 in the profit and loss reserve. Debtors have increased sharply from £144,463 to £390,855. Any credit facility should therefore be conditional on a debenture, personal support from the persons with significant control, regular management information, and a facility size capped relative to net current assets.

2. Financial Strength

The balance sheet is small but improving. - Total assets £1,093,300 (2025) versus £734,541 (2024). - Fixed assets £471,445, including £189,322 of capitalised intangible software and £282,122 of tangible assets. - Current assets £621,855 against current liabilities £216,503, giving net current assets of £405,352 (up from £23,470 in 2024). - Creditors due after more than one year have fallen to £64,545 from £104,898. - Net assets £812,252. - Equity composition: share capital £182, share premium £1,494,463, profit and loss reserve (£682,393).

Gearing is low, but equity quality is weak because retained earnings are negative and the balance sheet has been built through capital injection rather than accumulated profits. The accounts are unaudited and abridged, and no profit and loss account is publicly filed, so operating profitability cannot be verified from Companies House data.

3. Cash Flow Assessment

Liquidity is currently strong. - Cash at bank and in hand £228,561 (2025) versus £59,236 (2024). - Cash covers approximately 105% of short-term creditors. - Current ratio is approximately 2.9:1. - Stock is minimal at £2,439. - Debtors have risen by £246,392 year-on-year to £390,855, representing the largest working capital movement. Collectability and ageing of this balance need verification before reliance is placed on it as a liquid asset. - Without a filed profit and loss account or cash flow statement, the company’s ability to generate cash from operations cannot be assessed from public filings.

4. Monitoring Points

• Ageing and collectability of the £390,855 debtor balance.
• Monthly or quarterly management accounts to evidence trading profitability and cash generation.
• Further movements in share premium, including any additional shareholder injections or distributions.
• Potential impairment of capitalised software intangibles.
• Board composition following the resignation of a director on 30 September 2026.
• Exposure to seasonal trading and dependence on the Cycle to Work scheme.