Company Number: 13772922

Analysis Date: 2025-07-20 15:09 UTC

1. Credit Opinion: APPROVE
   PBS SPV 1 LIMITED demonstrates strong financial stability with substantial net assets (£6.1M) primarily tied to investment property valued at £3.35M. The company has a robust cash position (£2.66M) and minimal current liabilities (£75.8k), indicating good liquidity to meet short-term obligations. The recent issuance of shares at a premium (£5.89M) strengthens the equity base, showing sound financial stewardship and capital support from owners. No audit was required, but the accounts comply with small company regime standards. The company’s active status, absence of overdue filings, and clear ownership and control by established related entities further support creditworthiness.

2. Financial Strength
   The balance sheet reflects a very strong equity position with net assets exceeding £6M and a healthy working capital surplus of approximately £2.75M. The company's fixed assets consist solely of investment property, which was revalued and reduced from prior holdings but still represents a significant asset base. Deferred tax liability is minimal (-£147), and current liabilities are very low compared to assets. The capital structure is predominantly equity-financed, with no indication of external debt, reducing gearing risk.

3. Cash Flow Assessment
   Cash at bank and in hand of £2.66M provides ample liquidity, covering current liabilities more than 35 times. Debtors are relatively small (£168.7k) and appear manageable. The company’s rental income revenue stream is stable given its investment property focus. The working capital position is strong, indicating effective short-term liquidity management. There are contingent liabilities connected to intercompany guarantees, but these were satisfied shortly after year-end, mitigating risk.

4. Monitoring Points

• Monitor property market conditions that could impact investment property valuations and rental income stability.
• Watch for any changes in intercompany guarantees or contingent liabilities which might affect liquidity.
• Keep an eye on tax position and any deferred tax adjustments.
• Track any changes in shareholding or director appointments that could affect governance.
• Review future cash flow statements if available to confirm ongoing ability to service liabilities and support growth.