PINNER LIMITED

Credit Opinion: CONDITIONAL

Pinner Limited is an active, long-established private company (incorporated 1972) operating in textile and fur cleaning. The latest filed balance sheet (31 December 2025) shows net assets of £84,294, cash at bank of £132,120, and current liabilities of £57,751, producing a current ratio of approximately 2.3:1. The company is funded entirely by equity and has no visible long-term debt. Statutory filings are up to date.

However, the accounts are filleted under the small companies regime, so the profit and loss account is not publicly available. Turnover, gross margin and net profit cannot be verified from the filed documents. The sharp rise in shareholders’ funds from £1,141 in 2023 to £84,294 in 2025 also requires confirmation of the source of funds. Approval is conditional on receipt of recent management accounts, evidence of sustainable profitability, and clarity on the purpose and structure of any requested facility.

Financial Strength

The balance sheet is strong. Total assets of £142,045 are dominated by cash (£132,120), with tangible fixed assets of only £6,775. Net assets have grown from £37,886 in 2024 to £84,294 in 2025, and shareholders’ funds stand at £84,294. Share capital is nominal, so the balance sheet is effectively built from retained earnings. There are no long-term liabilities; current liabilities of £57,751 are all due within one year. Gearing is effectively nil, giving the company substantial solvency headroom.

Cash Flow Assessment

Liquidity is robust. Cash at bank increased from £78,397 in 2024 to £132,120 in 2025. Net current assets (working capital) improved from £33,630 to £77,519 over the same period. Current assets consist almost entirely of cash plus a small prepayment balance, meaning the company has minimal exposure to trade debtor defaults. Cash comfortably covers current liabilities more than twice over. The accounts do not include a cash flow statement, so the sustainability of cash generation cannot be fully assessed from the public filing alone.

Monitoring Points

• Obtain and review management accounts, including the profit and loss account, to verify turnover and profit trends.
• Confirm the source of the material increase in reserves between 2023 and 2025.
• Monitor cash balances and any large drawings or dividends that could erode liquidity.
• Track continued compliance with accounts and confirmation statement filing deadlines.
• Request details of any existing credit facilities, director loan accounts, or contingent liabilities not visible on the balance sheet.
• Review bank account conduct and overdraft usage if a facility is granted.