Credit Analyst Report - Company Credit Check

Credit Analysts Report on - BRESSLING MARTIN DISTRIBUTION LIMITED

CREDIT RISK RATING

See Credit Limit FAQ

Risk Score (1-100):

67 Risk Guide

Risk Assessment:

Credit Rating:

SUMMARY
Registered Number:	88136714	Sales:	£15,884,781
Date Incorporated:	09 July 1994	Pre-Tax Profit/Loss:	£24,458
Date Latest Accounts:	30 November 2023	Working Capital:	£4,437,752
Employees:	62	Net Assets:	£6,765,264

BUSINESS INFORMATION
Legal Form:	Private company limited by shares
Previous Names:	BRESSLING MARTIN WHOLESALE LIMITED
Registered Number:	88136714
Annual Return:	30 June 2023
Registered Office:	Milton House Judd Street LONDON WC1H
Trading:	Enterprise Estate Roper Road London
Auditors:	OAKLEY BROWN
SIC Code and Operations:	46190 (2007) AGENTS INVOLVED IN THE SALE OF A VARIETY OF GOODS

PRINCIPAL SHAREHOLDERS
BRESSLING MARTIN HOLDINGS LTD 5,000,000 ORDINARY GBP 0.01
DIRECTORS
Director	Mr MARK ANTHONY JOSSLING
Date of Birth	17 May 1965
Date Appointed	09 July 1994
Nationality	British
Other Directorships and disqualifications

Director	Mr PETER MICHAEL NORMAN
Date of Birth	01 August 1965
Date Appointed	09 July 1994
Nationality	British
Other Directorships and disqualifications

Secretary	Ms SUSAN WHITE
Date Appointed	09 July 1994
Nationality
Other Directorships and disqualifications

PUBLIC RECORD INFORMATION

Exact Court Judgements

Period of Months:	Last 12m	13-24m	25-36m	37-48m	49-60m	61-72m
Number of Exact CCJs:	0	0	1	1	0	0
Value of Exact CCJs:	£0	£0	£622	£400	£0	£0

Exact Court Judgments Trend

CCJ Details

Date

Court

Amount

Status

Plaintiff Ref

30 September 2022

BIRKENHEAD

£622

Judgement

3BI06167

06 June 2021

BIRKENHEAD

£400

Judgement

3BI01564

Legal Notices / Filing History

Date of Filing

Details

02 January 2024

New Accounts Filed

08 July 2023

Annual Returns

09 June 2022

New Accounts Filed

20 March 2022

Change in Reg.Office

28 July 2021

Annual Returns

23 May 2021

New Accounts Filed

23 May 2021

New Accounts Filed

21 August 2020

Change of Name

02 July 2020

Annual Returns

SUPPLIER CREDIT LIMITS
Date	Sector	Notified	Amount	Terms
Jul-2023	Wholesale	Credit Limit Revised	£100,000	30 days from invoice
Feb-2023	Wholesale	Credit Limit	£100	30 days from invoice
Nov-2021	Wholesale	Credit Limit	£1,000	30 days
Jun-2021	Farming and Agricultural	Credit Limit	£100	30 days from invoice
May-2021	Business Services	Credit Limit	£100	90 days from end of month
Dec-2020	Financial Services	Credit Limit	£10,000	30 days
Feb-2020	Transport and Haulage	Credit Limit	£1,000	30 days
Jun-2019	Transport and Haulage	Credit Limit	£200,000	30 days
Supplier credit limit data is third party data taken on good faith and presented without comment or review.

PAYMENT RECORDS


100% Total	87% Paid Before	9% Paid Late	0% Current Due	4% Current Overdue

Total Invoices	Paid Before 30 days due	Paid After 30 days due	Owing Before 30 days due	Owing after 30 days due
23	20	2	0	1

PROFIT AND LOSS
Date of Accounts	30/11/23	30/11/22	30/11/21
Number of Weeks			(Cons.)
Denomination	£	£	£

Turnover	15,884,781	17,208,058	15,977,751
(Sales excluding VAT)
Cost of Sales	11,546,720	13,121,293	11,423,139
(Raw materials, production costs etc.)

Gross Profit	4,338,061	4,086,765	4,554,612
(Margin on production)

Operating Costs	4,313,603	2,898,874	4,287,072
(Overheads, staff etc.)
Interest Payable	57,335	47,907	21,563
(Bank and loan interest paid)

Pre-Tax Profit/(Loss)	24,458	1,187,891	267,540
(Gross profit less operating costs etc.)

Taxation and Dividends	68,484	53,341	59,887

Retained Profit/(Loss)	(44,026)	1,134,550	-
(Profit or loss after tax and dividends)

Note: The Companies Act does not require all companies to file Profit and Loss figures.


BALANCE SHEET
Date of Accounts	30/11/23	30/11/22	30/11/21
Number of Weeks			(Cons.)
Denomination	£	£	£

Tangible Assets	3,422,951	3,452,281	3,385,028
(Buildings, plant, vehicles etc.)
Intangible Assets	0	24,408	24,746
(Patents, goodwill etc.)
Other Fixed Assets	0	0	0

Total Fixed Assets	3,422,951	3,476,689	3,409,774
(Buildings, plant, vehicles etc.)
Stocks & Work in Progress	3,630,842	2,545,900	2,426,102
(Raw materials and order-book etc.)
Debtors	2,797,939	2,625,723	2,457,620
(Cash due for work already done)
Cash	2,191,706	2,692,699	587,397
(Cash already at bank and in hand)
Other Current Assets	1,052,406	1,087,806	997,162

Total Current Assets	9,672,893	8,952,128	6,468,281
(Stocks, debtors, cash etc.)

Current Liabilities	5,235,141	5,250,842	3,711,612
(Money owed within 1 year)

Working Capital	4,437,752	3,701,286	2,756,669
(Current assets less current liabilities)
Total Long-Term Liabilities	1,095,439	368,685	491,703
(Loans and debts due after 1 year)

Net Assets	6,765,264	6,809,290	5,674,740

(All assets less all debt)

Comprised of:

Share Capital and Reserves	50,000	50,000	50,000
(Money invested in the company etc.)
Retained Earnings	6,715,264	6,759,290	5,624,740
(Undistributed profits to date)
Revaluation Reserve	-	-	-
(Adjustment to perceived asset values)

Shareholders Funds	6,765,264	6,809,290	5,674,740

(Net assets)

NOTES TO THE FINANCIAL STATEMENTS

Date of Accounts	30/11/23	30/11/22	30/11/21
Number of Weeks			(Cons.)
Denomination	£	£	£

TURNOVER
Turnover is stated net of VAT and comprises
UK sales	-	-	-
Export turnover	-	-	-

PROFIT
Profits are stated after charging
Amortisation of Intangible Assets	-	-	-
Depreciation	246,037	227,717	209,339
Directors Remuneration	804,902	873,365	1,013,084
Other expenses	-	-	-
Other income	-	-	-
Interest payable	57,335	47,907	21,563
Exceptional Items	-	-	-
Discontinued operations	-	-	-
Tax	(68,484)	(53,341)	(59,887)
Extraordinary items	-	-	-

DIVIDENDS
Paid during the year	0	0	0

INTANGIBLE FIXED ASSETS
Intangible Fixed Assets	0	24,408	24,746
Amortisation of Intangible Assets	-	-	-

TANGIBLE FIXED ASSETS
Tangible Fixed Assets	3,422,951	3,452,281	3,385,028
Depreciation	246,037	227,717	209,339

CURRENT ASSETS
Stocks	-	-	-
Work in Progress	-	-	-
Group Loans	-	-	-
Trade debtors	-	-	-
Other debtors	-	-	-
Total Debtors	2,797,939	2,625,723	2,457,620
Cash at bank	2,191,706	2,692,699	587,397
Other current assets	1,052,406	1,087,806	997,162
Total Current Assets	9,672,893	8,952,128	6,468,281

DEFERRED TAXATION
Deferred Taxation	-	-	-

CREDITORS DUE WITHIN 1 YEAR
Trade Creditors	-	-	-
Overdraft	-	-	-
Group Loans	-	-	-
Directors Loans	-	-	-
Hire Purchase	-	-	-
Leasing	-	-	-
Short term loans	-	-	-
Corporation Tax due	-	-	-
Accruals and deferred income	-	-	-
Social Security and VAT	-	-	-
Other current liabilities	-	-	-
Total Current Liabilities	5,235,141	5,250,842	3,711,612

CREDITORS
Amounts falling due after more than one year
Group Loans	-	-	-
Directors Loans	-	-	-
Hire Purchase	-	-	-
Leasing	-	-	-
Long term loans	-	-	-
Accruals and deferred income liabilities	-	-	-
Other long term liabilities	-	-	-
Long term liabilities	-	-	-

PROVISIONS
Other provisions for liabilities and charges
Other provisions	-	-	-
Total provisions	-	-	-

CAPITAL AND RESERVES
Issued Share Capital	-	-	-
Share Premium Account	-	-	-
Revaluation Reserve	0	0	0
Retained earnings	6,715,264	6,759,290	5,624,740
Other reserves	-	-	-
Total shareholders funds	6,765,264	6,809,290	5,674,740
Minority Interests	-	-	-

Total employee renumeration:	-	-	-
Total directors remuneration:	804,902	873,365	1,013,084
Highest paid director:	-	-	-

COMMON SIZE ANALYSIS
Date of Accounts	30/11/23	30/11/22	30/11/21
Turnover	100.0	100.0	100.0
Cost of Sales	72.7	76.3	71.5
Gross Profit	27.3	23.7	28.5
Operating Costs	27.2	16.8	26.8
Interest Payable	0.4	0.3	0.1
Pre-Tax Profit/(Loss)	0.2	6.9	1.7
Taxation and Dividends	0.4	0.3	0.4
Retained Profit/(Loss)	(0.3)	6.6	-

Total Assets	100.0	100.0	100.0
Tangible Assets	26.1	27.8	34.3
Intangible Assets	-	0.2	0.3
Other Fixed Assets	-	-	-
Total Fixed Assets	26.1	28.0	34.5
Stocks & Work in Progress	27.7	20.5	24.6
Debtors	21.4	21.1	24.9
Cash	16.7	21.7	5.9
Other Current Assets	8.0	8.8	10.1
Total Current Assets	73.9	72.0	65.5
Current Liabilities	40.0	42.2	37.6
Working Capital	33.9	29.8	27.9
Total Long-Term Liabilities	8.4	3.0	5.0
Net Assets	51.7	54.8	57.4
Retained Earnings	51.3	54.4	56.9
Revaluation Reserve	-	-	-
Shareholders Funds	51.7	54.8	57.4


KEY RATIOS
Guide to Ratios
Date of Accounts	30/11/23	30/11/22	30/11/21
Current Ratio	1.85	1.70	1.74
Acid Test	1.15	1.22	1.08
Stock Turnover	22.85	14.79	15.18
Credit Period	64.11	55.54	55.98
Return on Capital	0.31	16.54	4.33
Return on Assets	0.18	9.55	2.70
Pre-Tax Margin	0.15	6.90	1.67
Return on Shareholders Funds	0.36	17.44	4.71
Equity Gearing	51.66	54.89	57.59
Debt Gearing	0.77	0.77	0.65

SECURED CREDITORS
Number of Mortgages	3
Satisfied Mortgages	0
Unsatisfied Mortgages	3
Most Recent Mortgage	-
Most Recent Satisfaction	-

Charge Type
Satisfied	NO
Amount Secured
Property Details	A GENERAL PLEDGECONTAINS FIXED CHARGE.CONTAINS NEGATIVE PLEDGE.
Lender Details	HSBC BANK PLC;

Charge Type
Satisfied	NO
Amount Secured
Property Details	A LEGAL ASSIGNMENT OF CONTRACT MONIESCONTAINS NEGATIVE PLEDGE.
Lender Details	HSBC BANK PLC;

Charge Type
Satisfied	NO
Amount Secured
Property Details	CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.
Lender Details	HSBC INVOICE FINANCE (UK) LTD;

COMPANY VALUATION ANALYSIS


Going Concern Valuation

The going concern valuations value the company on the basis that it continues to trade without the threat of liquidation for the foreseeable future. These valuations are primarily profit and cashflow based.

Valuations		Valuation Measures
Estimated High Value	£6,800,000	Retained Profit	£(44,026)
Estimated Mid Value	£5,100,000	EBIT	£81,793
Estimated Low Value	£3,400,000	EBITDA	£327,830

Liquidation Valuation

The liquidaton valuation values the company as if it were to cease trading and assets were subject to rapid disposal to cover liabilities. This valuation is primarily asset based.

Valuations		Valuation Measures
Estimated High Value	£4,400,000	Total Assets	£13,095,844
Estimated Mid Value	£3,400,000	Net Assets	£6,765,264
Estimated Low Value	£2,100,000	Tangible Equity	£6,765,264

The above valuations are based on our own algorithms and take no account of many factors that can influence actual valuations realized and should not therefore be assumed to be accurate.

CREDIT STATUS CHECKLIST

Business Growth:		Inconsistent trend with previous growth but recent decline.
EBITDA:		Trend not consistent with a previous increase and later EBITDA falling back.
Dividends:		No dividends have been declared in any of the three most recent periods.
Retained Profits:		Retained profits declined during the most recent period.
CCJs:		CCJs are recorded suggesting credit control may require additional attention.
Age of Company:		Established business with sufficient trading history to provide some confidence.
Solvency:		Solvency appears satisfactory with liabilities well enough covered by the asset base.
Secured Creditors:		There are mortgages or charges on certain assets of the company.
Ownership:		Continued credit worthiness may depend upon the financial status of the holding company or group performance.

CREDIT RISK RATINGS

Credit risk analysis is not an exact science and each credit agency has its own models and score cards. The Credit Analysts Report presents our own risk assessment and a second opinion. Combined with clients' own analysis and further enquiry this provides extra cover for key credit assessments.

FIRST REPORT CREDIT RISK ANALYSIS

In this section we present the risk assessment of the First Report credit risk model developed over 20 years of corporate risk assessment.

First Report Analysis:

The overall credit worthiness presented here is based only on the financial results of the company up to 30 November 2023.

The latest turnover is £15.9m compared to the previous periods of £17.2m and £16.0m. The total change in sales over three years is -0.6%. The average trend over three years is 0.0%. The change in turnover for the latest period was -7.7% which indicates that the pace of growth has slowed.

EBITDA measures earnings before interest and taxation, and depreciation and amortization. The latest accounts show pre-tax profits of £24,458 and £57,335 interest paid. EBITDA for the most recent period was £327,830 as against £1.5m and £498,442 for prior years. The company has an average £763,262 EBITDA over three years, so the latest EBITDA is lower. Income drawn by directors during the latest period was £804,902.

Retained profits after all costs and dividends provides a further key indicator of cash generating potential. Recent retained profits have not been consistent. For the most recent period no profits were retained. For the previous period £1.1m retained profits are shown. When the latest loss and the previous retained profit are taken together, the average level of retained profits is £545,262.

There is a healthy surplus in working capital and all known short term obligations appear to be comfortably covered.

As at the latest accounts the company has net assets of £6.8m. There are no intangible assets included in the net assets value so all assets are tangible.

This appraisal is based on the financial performance and the overall balance sheet status. In view of this information we have qualified our credit opinion. Although the financial status may appear to justify the credit opinion, more information may be necessary before proceeding.

First Report Score: (0-10):

Financial Status Guide:

10			Very Strong
9			Strong
8			Very Good
7			Good
6			Above Average
5			Average
4			Below Average
3			Poor
2			Weak
1			Very Weak
0			Critical

Risk Score Trend

ALTMAN Z SCORE CREDIT RISK RATING
There have been many bankruptcy predictors developed, however none has been so thoroughly tested and broadly accepted as the Altman Z-Score.

Z Score:		5.06
Risk Band:		1
Risk Band Description:		Low Risk

It should be noted that the Z Score model has limited tolerance and therefore sometimes flags increased risk more readily for companies in industries which may normally operate with technically weaker characteristics.
Z Score Bands:

1	Low Risk	3.00 and above
2	Caution	2.63 - 2.99
3	Risk of Failure within 2 years	1.24 - 2.62
4	High Probability Failure	Below 1.24


Report Created On 21 December 2024			Copyright © 2024 First Report Ltd