MIRA
INFORM REPORT
|
Report Date : |
8th March, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
POTTER & SOAR LIMITED |
|
|
|
|
Registered Office : |
Beaumont Road, Banbury, OXON, OX16 1SD. |
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|
|
|
Country : |
United Kingdom |
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|
|
|
Financials (as on) : |
28.02.2005 |
|
|
|
|
Date of Incorporation : |
09.05.1979 |
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|
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|
Com. Reg. No.: |
01418524 |
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|
|
Legal Form : |
Private Limited |
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|
|
|
Line of Business : |
Wire weavers and wireworkers. |
RATING &
COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
Company Identification Details
|
Subject Reported on |
POTTER & SOAR LIMITED |
|
Address |
BEAUMONT ROAD, BANBURY, OXON, OX16 1SD. |
|
Telephone |
01295 253 344 |
|
Facsimile |
01295 272 132 |
|
Email |
potter.soar@btinternet.co.uk |
|
Web Address |
www.wiremesh.co.uk |
Creditline Recommendations
|
Monthly Credit Guide |
GBP 0 |
|
Risk Category |
HIGH RISK |
XSeption Summary
|
Number of XSeptions |
0 |
|
Note : An 'XSeption' is only recorded when unusual patterns of behavior
or financial results have been identified. |
Official Company Data
|
Legal Form |
Private Limited |
|
Registration Number |
01418524 |
|
Date of Incorporation |
09/05/1979 |
|
Registered Office |
BEAUMONT ROAD, BANBURY, OXON, OX16 1SD. |
|
History |
24/01/2001 : The
Registered Office address changed from BEAUMONT ROAD, BANBURY, OXON, OX16
7SD. |
|
|
1/09/1979 : Change of
name from WICKRICK LIMITED. |
|
Date of Last Annual Return to Registry |
28/12/2006 |
|
Accounts |
The last filed accounts at Companies House are those to 28/02/2005 |
|
Accounting Reference Date |
28/02 |
Operations
|
Activities |
Wireweavers and wireworkers. |
|
Nace Code |
2873 |
|
Premises |
Leased,Offices,Factory |
|
Staff Employed |
57 |
|
Import Countries |
No Import Activity |
|
Export Countries |
No Export Activity |
|
Bankers |
BARCLAYS BANK PLC |
|
Address |
OXFORD. |
|
Sort Code |
206518 |
|
Auditors |
Grant Thornton UK LLP |
Public Record Information
|
Summary of CCJ's/Scottish Decrees |
|
Period |
Last 72 Months |
Last 36 Months |
|
Amount Summary |
430 |
430 |
|
Count Summary |
1 |
1 |
|
Unsettled Amount Summary |
430 |
430 |
|
Details of the most recent CCJ's/Scottish Decrees |
|
Date |
Amount |
Type |
Case No |
Satisfied |
Court |
|
30/03/2004 |
430 |
Judgment |
4IP00834 |
|
IPSWICH |
Summary of Mortgages, Charges and Satisfactions
|
Total Number of Mortgages/Charges Registered |
6 |
|
Number Outstanding |
6 |
|
Number Partially Satisfied |
0 |
|
Number Satisfied |
0 |
|
|
|
|
Date of Latest Mortgage Created |
16/10/2006 |
Details of most recent Mortgages, Charges and Satisfactions
|
Date Fully |
Date |
Date |
Charge |
Form Type |
Lender |
|
|
03/11/2006 |
16/10/2006 |
Debenture |
395 |
Havelet Investments Limited |
|
|
02/12/2005 |
23/11/2005 |
Guarantee Debenture |
395 |
Barclays Bank Plc |
|
|
12/11/2003 |
24/10/2003 |
Deed Of Variation Relating To A Debenture Dated 6 July 2000 |
395 |
Havelet Investments Limited |
|
|
13/07/2000 |
13/07/2000 |
Fixed And Floating Charge |
395 |
Royal Bank Invoice Finance Limited |
|
|
08/07/2000 |
06/07/2000 |
Debenture |
395 |
Duncan Richard Docharty Soar And Robert William Horton Soar |
|
|
09/09/1999 |
27/08/1999 |
Mortgage Debenture |
395 |
National Westminster Bank Plc |
|
It should be noted that there is no legal requirement to file satisfaction
details of mortgages/charges at Companies House. |
Other Filings and Notices
|
Date |
Source |
Description |
|
11/10/2006 |
Companies House Gazette |
Change among the directors of a company |
|
16/03/2006 |
Companies House Gazette |
Change among the directors of a company |
|
10/01/2006 |
Companies House Gazette |
Change among the directors of a company |
|
11/08/2005 |
Companies House Gazette |
Change among the directors of a company |
|
30/12/2004 |
Companies House Gazette |
Change among the directors of a company |
|
01/05/2002 |
Companies House Gazette |
Change among the directors of a company |
|
15/09/2001 |
Companies House Gazette |
Change among the directors of a company |
|
17/10/2000 |
Companies House Gazette |
Change among the directors of a company |
|
07/04/2000 |
Companies House Gazette |
Change among the directors of a company |
|
02/02/2000 |
Companies House Gazette |
Change among the directors of a company |
|
25/03/1988 |
Companies House Gazette |
Documents delivered by a company under section 241 (annual accounts) |
|
22/10/1985 |
Companies House Gazette |
Change among the directors of a company |
Company Secretary
|
Secretary |
MR PETER ANTHONY MILLS |
|
Address |
5 BOWERS CROFT, LEAMINGTON SPA, WARWICKSHIRE, CV32 6QJ. |
|
Country of Origin |
UNITED KINGDOM |
|
Date of Birth |
16/06/1949 |
|
Appointment Date |
28/12/1990 |
|
Other Directorships |
BEDFORD,STEER,END & COMPANY,LIMITED, MULTI MESH
LIMITED, EASTMAN-VAUGHAN WIRE PRODUCTS LIMITED, BEDFORD & SOAR
LIMITED, SOAR ENGINEERING LIMITED, WELVEN LIMITED |
Directors
|
Director |
NIGEL JOHN WALSH |
|
Address |
2 WAYSIDE COTTAGES, NAGS HEAD LANE, GREAT MISSENDEN, BUCKINGHAMSHIRE,
HP16 0HG. |
|
Country of Origin |
UNITED KINGDOM |
|
Date of Birth |
05/03/1967 |
|
Appointment Date |
01/08/2005 |
|
|
|
|
Address |
9 WESTMINSTER WAY, BANBURY, OXFORDSHIRE, OX16 4FA. |
|
Country of Origin |
UNITED KINGDOM |
|
Date of Birth |
25/08/1957 |
|
Appointment Date |
01/01/2006 |
|
Other Directorships |
OXFORD & DISTRICT TRAINING GROUP LIMITED |
|
|
|
|
Address |
3 THE CAMELLIAS, BANBURY, OXON, OX16 1YT. |
|
Country of Origin |
UNITED KINGDOM |
|
Date of Birth |
25/03/1966 |
|
Appointment Date |
20/07/2001 |
|
|
|
|
Address |
5 BOWERS CROFT, LEAMINGTON SPA, WARWICKSHIRE, CV32 6QJ. |
|
Country of Origin |
UNITED KINGDOM |
|
Date of Birth |
16/06/1949 |
|
Appointment Date |
28/12/1990 |
|
Other Directorships |
BEDFORD,STEER,END & COMPANY,LIMITED, MULTI MESH
LIMITED, EASTMAN-VAUGHAN WIRE PRODUCTS LIMITED, BEDFORD & SOAR
LIMITED, SOAR ENGINEERING LIMITED, WELVEN LIMITED |
Share Capital
|
Shares |
Ordinary GBP 1.00 |
|
Issued Number |
25,000 |
|
Principal Shareholder |
25,000 Soar Engineering Ltd |
|
The above reflects the principle shareholder(s) by number of shares
held, irrespective of share classification type. |
|
Holding Company |
SEL 99 LIMITED |
|
Ultimate Parent |
WELVEN LIMITED |
Payment Analysis
|
( No Payment Analysis Data is Available ) |
Financial Data
Profit and Loss
The following figures are shown in units of 1000
|
Number of Weeks |
52 |
52 |
52 |
78 |
|
Accounts Date |
28/02/2005 |
28/02/2004 |
28/02/2003 |
28/02/2002 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
SALES |
4048 |
4511 |
4122 |
7425 |
|
Wages and Salaries |
1190 |
1108 |
1108 |
2002 |
|
Directors Emoluments |
90 |
77 |
130 |
206 |
|
Auditors Fees |
11 |
10 |
9 |
9 |
|
Trading Profit |
(42) |
164 |
107 |
70 |
|
Depreciation |
46 |
53 |
22 |
62 |
|
OPERATING PROFIT |
(88) |
111 |
85 |
8 |
|
Interest Payable |
132 |
109 |
118 |
204 |
|
PRE TAX PROFIT |
(220) |
2 |
(33) |
(196) |
|
Taxation |
|
|
|
(32) |
|
PROFIT AFTER TAX |
(220) |
2 |
(33) |
(164) |
|
RETAINED PROFITS |
(220) |
2 |
(33) |
(164) |
Balance Sheet
The following figures are shown in units of 1000
|
Number of Weeks |
52 |
52 |
52 |
78 |
|
Accounts Date |
28/02/2005 |
28/02/2004 |
28/02/2003 |
28/02/2002 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
TOTAL FIXED ASSETS |
219 |
221 |
251 |
156 |
|
Tangible Assets |
219 |
221 |
251 |
156 |
|
Fixed Assets |
219 |
221 |
251 |
156 |
|
TOTAL CURRENT ASSETS |
4237 |
3886 |
3891 |
4254 |
|
Trade debtors |
1041 |
927 |
988 |
1145 |
|
Stocks |
570 |
505 |
422 |
568 |
|
Other Current Assets |
2626 |
2454 |
2481 |
2541 |
|
Misc Current Assets |
70 |
43 |
81 |
51 |
|
Due From Group |
2554 |
2409 |
2397 |
2488 |
|
Cash |
2 |
2 |
3 |
2 |
|
TOTAL ASSETS |
4456 |
4107 |
4142 |
4410 |
|
TOTAL CURRENT LIABILITIES |
1789 |
1220 |
1257 |
1492 |
|
Trade creditors |
876 |
472 |
359 |
252 |
|
Short Term Loans |
782 |
688 |
749 |
1064 |
|
Bank Overdraft |
744 |
511 |
658 |
868 |
|
Due To Group |
38 |
177 |
91 |
196 |
|
Other Liabilities |
131 |
60 |
149 |
176 |
|
WORKING CAPITAL |
2448 |
2666 |
2634 |
2762 |
|
NET ASSETS/(LIABILITIES) |
2667 |
2887 |
2885 |
2918 |
|
SHARE CAPITAL + RESERVES |
2667 |
2887 |
2885 |
2918 |
|
Share Cap + Sundry Res |
25 |
25 |
25 |
25 |
|
Issued Share Capital |
25 |
25 |
25 |
25 |
|
Profit and Loss account |
2642 |
2862 |
2860 |
2893 |
|
SHAREHOLDERS FUNDS |
2667 |
2887 |
2885 |
2918 |
|
CAPITAL EMPLOYED |
2667 |
2887 |
2885 |
2918 |
Financial Comparison
The following figures are shown in units of 1000
|
Number of Weeks |
52 |
52 |
52 |
78 |
|
Accounts Date |
28/02/2005 |
28/02/2004 |
28/02/2003 |
28/02/2002 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
Net Cashflow from Oper. |
(57) |
278 |
432 |
301 |
|
Increase in Cash |
(233) |
146 |
211 |
36 |
|
Directors Remuneration |
90 |
77 |
130 |
206 |
|
Auditors Remuneration |
11 |
10 |
9 |
9 |
|
Liquid Assets |
1043 |
929 |
991 |
1147 |
|
Net Working Capital |
2448 |
2666 |
2634 |
2762 |
|
Tangible Net Worth(T.N.W) |
2667 |
2887 |
2885 |
2918 |
|
Equity |
2667 |
2887 |
2885 |
2918 |
|
Number of Years Trading |
26 |
25 |
24 |
23 |
|
Number of Employees |
57 |
56 |
60 |
77 |
|
Profit per Employee |
(3859.6) |
35.7 |
(550) |
(2545.5) |
|
Sales per Employee |
71017.5 |
80553.6 |
68700 |
96428.6 |
Key Credit Ratios
The following figures are shown as Ratios or Percentages
|
Accounts Date |
28/02/2005 |
28/02/2004 |
28/02/2003 |
28/02/2002 |
|
Current Ratio |
2.4 |
3.2 |
3.1 |
2.9 |
|
Pre Tax Profit Margin% |
(5.4) |
|
(0.8) |
(2.6) |
|
Debtors Days (D.S.O) |
94 |
75 |
87 |
56 |
|
Creditors Days (D.P.O) |
79 |
38 |
32 |
12 |
|
Quick Ratio |
2 |
2.8 |
2.8 |
2.5 |
|
Return on Investment% |
(2.6) |
3.1 |
2.3 |
0.2 |
|
Return on Assets% |
(4.9) |
|
(0.8) |
(4.4) |
|
T.N.W/Total Assets% |
59.9 |
70.3 |
69.7 |
66.2 |
|
Return on Capital% |
(8.2) |
0.1 |
(1.1) |
(6.7) |
|
Rtn on Shareholders Funds% |
(8.2) |
0.1 |
(1.1) |
(6.7) |
|
Working Capital/Sales% |
60.5 |
59.1 |
63.9 |
37.2 |
|
Borrowing Ratio% |
29.3 |
23.8 |
26 |
36.5 |
|
Equity Gearing% |
149.1 |
236.6 |
229.5 |
195.6 |
|
Stock Turnover |
7.1 |
8.9 |
9.8 |
13.1 |
Key Industry Sector Trends
|
Year |
2006 |
2005 |
2004 |
2003 |
|
Sample Size |
2137 |
4987 |
5088 |
4875 |
|
Pre-Tax Profit Margin |
12.8 |
7.2 |
6.7 |
4.8 |
|
Current Ratio |
1.7 |
1.6 |
1.5 |
1.5 |
|
Borrowing Ratio |
54.2 |
40.1 |
36.5 |
39.1 |
|
Return on Capital |
54.8 |
37.9 |
37.3 |
28.6 |
|
Creditors Days |
38 |
50 |
46 |
59 |
|
Above figures relate to companies in 1992 Standard Industry
Classification (Nace) sector : Manufacture of other fabricated metal products |
Financial Summary
Auditors Qualification
The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 28/02/2005.
Turnover
Turnover decreased by more than 10 % in the year and totalled GBP 4,048,000 for the period.
Operating Loss
Totalled GBP 88,000. In the year prior a Profit of GBP 111,000 was achieved.
Pre Tax Profit
The subject made a loss of GBP 220,000 in the period compared with a profit of GBP 2,000 in the previous period.
Working Capital
The company's working capital remains positive but reduced by 8 % in the period.
Fixed Assets
The subject's fixed assets reduced during the year by GBP 2,000 to GBP 219,000 and are now 4 % of total assets compared with 5 % in the previous year.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)