WSP TEXTILES LIMITED

Credit Opinion: CONDITIONAL

The company is a well-established subsidiary in a specialist textile niche, with a clean compliance record and apparent backing from its parent, Ludus Capital Limited. However, the absence of filed financial data within this review prevents full validation of payment capacity and balance sheet strength. Approval is recommended but subject to receipt and satisfactory review of the latest statutory accounts and a parent guarantee or letter of comfort.

Financial Strength

• No balance sheet or profit and loss figures were provided. The company files full accounts (not micro/small), which suggests a size above the small-company thresholds.
• Share capital of £70,000 is modest but not unusual for a subsidiary.
• Incorporation in 2011 and continuous active status indicate operational longevity.
• All filing deadlines are current – a positive governance signal.

Cash Flow Assessment

• No cash flow or working capital data is available. Given the manufacturing nature (specialist cloths), the business likely carries moderate inventory and trade debtor levels.
• The parent company (Ludus Capital Limited) owns >75% of shares and may provide financial support if needed, but this has not been confirmed.
• Without liquidity ratios or EBITDA figures, a firm view on debt-service capacity cannot be formed.

Monitoring Points

• Financial statements – Obtain the latest full accounts (year ended 31 Dec 2025) to assess net worth, leverage, profitability, and cash conversion.
• Parent guarantee – Seek a formal guarantee or letter of support from Ludus Capital Limited.
• Trade references – Request bank and key supplier references to confirm payment history.
• Sector exposure – Monitor any shifts in the snooker/pool market or input cost volatility for textiles.
• Director changes – Watch for departures of key directors (e.g., David Ducker, Gregory Prance).