Company Number: 13099813

Analysis Date: 2025-07-20 14:49 UTC

1. Credit Opinion: DECLINE
   VOX DELTA LTD exhibits significant financial distress, with negative net assets of £1,790 as at 31 December 2022 and a substantial working capital deficiency of £9,290. The company’s liabilities, primarily amounts owed to group undertakings (£9,740), outweigh its current assets (£1,700), indicating poor liquidity and an over-reliance on related party funding. The lack of profitability and negative equity raise concerns about the company’s ability to service external debt or meet ongoing commercial obligations without further capital injection. Given these factors, the risk of default is elevated, and credit approval is not recommended.

2. Financial Strength:
   The balance sheet shows weak financial health. Fixed assets of £7,500 are outweighed by current liabilities nearly seven times larger than current assets. The company’s net liabilities position and negative shareholders’ funds (-£1,890) reflect accumulated losses and insufficient capital base. The reliance on intercompany debt as a significant liability suggests limited external financing and potential liquidity constraints. The small share capital (£100) and minimal cash holdings (£100) further highlight vulnerability in financial strength.

3. Cash Flow Assessment:
   Cash resources are minimal (£100), which is inadequate to cover short-term obligations of £10,990. The negative net current assets position demonstrates a working capital shortage, implying operational cash flow challenges. Debtors of £1,600 provide some short-term inflow potential; however, this is insufficient to close the liquidity gap. No indication of positive operating cash flow or profitability is evident from the accounts, increasing risk that the company cannot meet creditor demands or debt repayments promptly.

4. Monitoring Points:

• Improvement in net current assets and liquidity position
• Reduction or restructuring of amounts owed to group undertakings
• Evidence of positive operating cash flow or profitability in the next financial period
• Director actions to recapitalise or inject funds to restore solvency
• Timely filing of accounts and confirmation statements to monitor compliance and financial updates