MIRA INFORM REPORT

 

           

Report Date :

24.07.2014

 

IDENTIFICATION DETAILS

 

Name :

VOYAGE DECORATION LIMITED

 

 

Formerly Known As :

VOYAGE DISTRIBUTION LIMITED

 

 

Registered Office :

Caledonia House, 89, Seaward Street, Glasgow, G41, 1HJ

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

14.11.1995

 

 

Legal Form :

Private Limited With Share Capital

 

 

Line of Business :

Importing, Wholesaling and Retailing Fabric For Soft Furnishings.

 

 

No. of Employees :

43

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

UNITED KINGDOM - ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

 

Source : CIA

 

 

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Name:                        VOYAGE DECORATION LIMITED

Company No.:                           SC161596

Company Status:                       Active – Accounts Filed

Registered Address:                   Caledonia House, 89, Seaward Street, Glasgow, G41, 1HJ

 

 

 

DIRECTORS/MANAGEMENT

 

Current Directors

Name

Ian Edward Dykes

Date of Birth

19/05/1967

Officers Title

Mr

Nationality

British

Present Appointments

5

Function

Director

Appointment Date

14/11/1995

 

 

Address

Westwood Lodge, 10 Carmunnock Road, Busby, Glasgow, G76 8SZ

 

Previous Director/Company Secretaries

Name

Current Directorships

Previous Directorships

Alastair Lawrence

1

3

Stephen Mabbott

116

8157

Brian Reid

164

18617

NEGATIVE INFORMATION

 

CCJ

 

Total Number of Exact CCJs -

0

Total Value of Exact CCJs -

Total Number of Possible CCJs -

0

Total Value of Possible CCJs -

Total Number of Satisfied CCJs -

0

Total Value of Satisfied CCJs -

Total Number of Writs -

-

 

 

 

Exact CCJ Details

 

No CCJs found

 

Possible CCJs Details

 

There are no possible CCJ details

 

Writ Details

 

No writs found

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Top 20 Shareholders

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

IAN EDWARD DYKES

GBP

1,000

ORDINARY

1

100

 

 

PAYMENT INFORMATION

 

Payment Trend

Stable

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Statistics

 

Group

-

Linkages

0 companies

Countries

In 0 countries

Summary

 

Holding Company

-

Ownership Status

 

Ultimate Holding Company

-

 

Group structure

 

No group structure

 

 

FINANCIAL INFORMATION

 

 

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade

15

Total Value of Documented Trade

£13,412

 

Profit & Loss

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

£9,552,591

18%

£8,094,005

3.8%

£7,798,169

16.1%

£6,717,916

-13.4%

£7,761,840

Export

£1,646,959

12.4%

£1,465,685

4%

£1,408,724

0.8%

£1,397,326

-35.2%

£2,157,792

Cost of Sales

£6,678,858

19.4%

£5,593,353

-

-

-100%

£4,732,642

-18.9%

£5,836,451

Gross Profit

£2,873,733

14.9%

£2,500,652

-

-

-

£1,985,274

3.1%

£1,925,389

Wages & Salaries

£1,414,626

19.9%

£1,179,770

19.9%

£983,659

1.1%

£972,858

-20.9%

£1,230,169

Directors Emoluments

£147,639

2.9%

£143,476

6.5%

£134,699

-29.5%

£191,197

-7.3%

£206,321

Operating Profit

£252,851

-6.6%

£270,778

-14.9%

£318,250

3%

£309,097

244.9%

-£213,248

Depreciation

£4,513

-92.5%

£60,057

51.8%

£39,565

-11.1%

£44,522

-38.2%

£72,008

Audit Fees

£10,200

2%

£10,000

-

£10,000

5.3%

£9,500

-3.6%

£9,850

Interest Payments

£47,410

1.7%

£46,640

41.4%

£32,990

-0.3%

£33,074

-44%

£59,062

Pre Tax Profit

£205,558

-8.3%

£224,195

-21.6%

£285,878

3.6%

£276,023

201.5%

-£271,933

Taxation

-£41,923

2.1%

-£42,810

30.3%

-£61,428

-5.3%

-£58,327

-224.2%

£46,966

Profit After Tax

£163,635

-9.8%

£181,385

-19.2%

£224,450

3.1%

£217,696

196.8%

-£224,967

Dividends Payable

£120,100

80.3%

£66,600

-30.3%

£95,600

58%

£60,500

0.8%

£60,000

Retained Profit

£43,535

-62.1%

£114,785

-10.9%

£128,850

-18%

£157,196

155.2%

-£284,967

 

Balance Sheet

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Tangible Assets

£265,251

-0.9%

£267,713

115%

£124,536

25.3%

£99,381

-36.4%

£156,159

Intangible Assets

£11,052

-30.8%

£15,978

32.5%

£12,055

65.1%

£7,303

-40.2%

£12,210

Total Fixed Assets

£276,303

-2.6%

£283,691

107.7%

£136,591

28%

£106,684

-36.6%

£168,369

Stock

£2,374,484

0.6%

£2,361,193

15.2%

£2,048,963

43.7%

£1,425,857

-23.9%

£1,874,801

Trade Debtors

£2,195,295

29.4%

£1,696,199

-18.9%

£2,091,659

37.9%

£1,517,123

-10%

£1,685,451

Cash

£13,263

-82.7%

£76,844

530.8%

£12,182

-11.8%

£13,805

-83.6%

£84,316

Other Debtors

£109,222

-0.8%

£110,130

131.2%

£47,639

123.3%

£21,334

-72.1%

£76,592

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£4,692,264

10.6%

£4,244,366

1%

£4,200,443

41%

£2,978,119

-20%

£3,721,160

Trade Creditors

£1,412,290

13.2%

£1,247,099

11.4%

£1,119,060

84.7%

£605,987

-36.2%

£949,843

Bank Loans & Overdrafts

£477,833

-1.7%

£486,215

19.9%

£405,570

-40.8%

£685,584

-42.9%

£1,201,362

Other Short Term Finance

£1,778,498

16.4%

£1,528,103

-2.8%

£1,572,828

33.1%

£1,181,744

-9.6%

£1,307,673

Miscellaneous Current Liabilities

£216,768

91.3%

£113,319

-53.9%

£245,578

30%

£188,850

20.2%

£157,054

Total Current Liabilities

£3,885,389

15.1%

£3,374,736

0.9%

£3,343,036

25.6%

£2,662,165

-26.4%

£3,615,932

Bank Loans & Overdrafts and LTL

£853,480

-12.5%

£975,540

14.7%

£850,357

23.6%

£687,861

-43.2%

£1,211,794

Other Long Term Finance

£33,539

-64.9%

£95,685

443.7%

£17,600

-

0

-100%

£5,753

Total Long Term Liabilities

£375,647

-23.2%

£489,325

10%

£444,787

999.9%

£2,277

-78.2%

£10,432

 

Capital & Reserves

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Called Up Share Capital

£1,000

-

£1,000

-

£1,000

-

£1,000

-

£1,000

P & L Account Reserve

£706,531

6.6%

£662,996

20.9%

£548,211

30.7%

£419,361

60%

£262,165

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

£707,531

6.6%

£663,996

20.9%

£549,211

30.7%

£420,361

59.7%

£263,165

 

Other Financial Items

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Net Worth

£696,479

7.5%

£648,018

20.6%

£537,156

30%

£413,058

64.6%

£250,955

Working Capital

£806,875

-7.2%

£869,630

1.4%

£857,407

171.4%

£315,954

200.3%

£105,228

Total Assets

£4,968,567

9.7%

£4,528,057

4.4%

£4,337,034

40.6%

£3,084,803

-20.7%

£3,889,529

Total Liabilities

£4,261,036

10.3%

£3,864,061

2%

£3,787,823

42.2%

£2,664,442

-26.5%

£3,626,364

Net Assets

£707,531

6.6%

£663,996

20.9%

£549,211

30.7%

£420,361

59.7%

£263,165

 

Cash Flow

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Net Cashflow from Operations

£348,797

23.2%

£283,181

104.2%

£138,705

-72.1%

£496,972

472.1%

-£133,557

Net Cashflow before Financing

£85,960

19.4%

£72,010

170.4%

-£102,234

-124%

£425,311

239.9%

-£304,077

Net Cashflow from Financing

-£141,159

-35.4%

-£104,281

-96.4%

-£53,088

-388.7%

£18,388

-91.8%

£225,248

Increase in Cash

-£55,199

-71%

-£32,271

79.2%

-£155,322

-135%

£443,699

662.9%

-£78,829

 

Miscellaneous

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£1,083,178

-6.1%

£1,153,321

16%

£993,998

135.2%

£422,638

54.5%

£273,597

Number of Employees

43

19.4%

36

24.1%

29

20.8%

24

-33.3%

36

Auditors

MARTIN AITKEN & CO

Auditor Comments

The audit report contains no adverse comments

Bankers

CLYDESDALE BANK

Bank Branch Code

82-20-00

 

Ratios

 

Date Of Accounts

31/03/13

31/03/12

31/03/11

31/03/10

31/03/09

Pre-tax profit margin %

2.15

2.77

3.67

4.11

-3.50

Current ratio

1.21

1.26

1.26

1.12

1.03

Sales/Net Working Capital

11.84

9.31

9.10

21.26

73.76

Gearing %

120.60

146.90

154.80

163.60

460.50

Equity in %

14.30

14.70

12.70

13.70

6.80

Creditor Days

53.81

56.08

52.23

32.83

44.54

Debtor Days

83.65

76.28

97.63

82.20

79.04

Liquidity/Acid Test

0.59

0.55

0.64

0.58

0.51

Return On Capital Employed %

18.97

19.43

28.76

65.30

-99.39

Return On Total Assets Employed %

4.13

4.95

6.59

8.94

-6.99

Current Debt Ratio

5.49

5.08

6.08

6.33

13.74

Total Debt Ratio

6.02

5.81

6.89

6.33

13.77

Stock Turnover Ratio %

24.85

29.17

26.27

21.22

24.15

Return on Net Assets Employed %

29.05

33.76

52.05

65.66

-103.33

 

Creditor Details

 

 

Total Number

Total Value

Trade Creditors

0

-

 

No Creditor Data

 

Trade Debtors / Bad Debt Detail

 

 

Total Number of Documented Trade

Total Value of Documented Trade

Trade Debtors

15

£13,412

 

 

Company Name

Amount

Statement Date

Inscape Design Services Limited

£2,307

22/05/2014

Stephen Shillitoe Design Ltd

£1,880

07/06/2012

Modus Interior Design Ltd

£1,810

27/06/2013

East Lancs Curtains & Blinds Limited

£1,518

04/12/2012

East Lancs Curtains & Blinds Limited

£1,518

04/12/2012

Papercool Ltd

£833

12/10/2011

Brown & Cook Limited

£648

02/10/2013

Tolleys Of Tavistock Ltd

£594

07/02/2014

The Anne Sendall Group Limited

£543

10/09/2013

Urbane Interiors Limited

£431

06/12/2012

Curtains Incorporated Ltd

£406

17/04/2013

B Wilson Ltd

£238

28/03/2012

E C Maintenance Ltd

£238

15/09/2011

Sash Curtain Makers Ltd

£237

03/07/2013

Philtex Curtains Limited

£211

05/07/2011

 

 

ADDITIONAL INFORMATION

 

Enquiries Trend

 

There have been 87 enquiries in the last 12 months.

There are an average of 7 reports taken each month.

 

Current Company Secretary

 

Name

Susan Belinda Dykes

Date of Birth

18/09/1958

Officers Title

Ms

Nationality

British

Present Appointments

6

Function

Company Secretary

Appointment Date

14/11/1995

 

 

Address

Merlin Cheapside Street, Eaglesham, Glasgow, G76 0JZ

 

Status History

 

No Status History found

 

Event History

 

Date

Description

23/11/2013

Annual Returns

08/11/2013

New Accounts Filed

08/11/2013

New Accounts Filed

07/01/2013

Annual Returns

03/01/2013

New Accounts Filed

03/01/2013

New Accounts Filed

29/11/2011

Annual Returns

02/11/2011

New Accounts Filed

02/11/2011

New Accounts Filed

02/12/2010

Annual Returns

28/09/2010

New Accounts Filed

28/09/2010

New Accounts Filed

08/02/2010W

New Accounts Filed

08/02/2010

New Accounts Filed

31/12/2009

Annual Returns

 

 

Previous Company Names

 

Date

Previous Name

27/09/2002

VOYAGE DISTRIBUTION LIMITED

19/02/1998

PTARMIGAN CONTRACTS LIMITED

 

NOTES & COMMENTS

 

Commentary

 

No exact match CCJs are recorded against the company.

The company's credit rating has dropped from 53 to 42 but the company is still indicating it is creditworthy.

Sales in the latest trading period increased 18% on the previous trading period.

Net Worth increased by 7.5% during the latest trading period.

 

A 9.7% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 8.3% compared to the previous trading period.

The company saw a decrease in their Cash Balance of 82.7% during the latest trading period.

The audit report contains no adverse comments.

No recent changes in directorship are recorded.

The company is not part of a group.

The company was established over 18 years ago.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.18

UK Pound

1

Rs.102.68

Euro

1

Rs.81.03

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

--

NB

New Business

 

--

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.