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Credit Analysts Report on - ASSAM AND RIPON DISTRIBUTION LIMITED

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
8500000
CREDIT RISK RATING
See Credit Limit FAQ
This is the credit risk assessment used by one of the top UK credit reference agencies.
Risk Score (1-100): 67 Risk Guide
Risk Assessment:
Low Risk
Credit Rating: £335,000 
BUSINESS INFORMATION
Legal Form: Private company limited by shares
Previous Names: ASSAM AND RIPON WHOLESALE LIMITED
Registered Number: 88136714
Annual Return: 30 June 2023
Registered Office: Milton House Judd Street LONDON  WC1H 
Trading Address: Enterprise Estate Roper Road  London  E19 4JP Map
Telephone Number:
Auditors: OAKLEY BROWN
SIC Code and Operations: 46190 (2007) AGENTS INVOLVED IN THE SALE OF A VARIETY OF GOODS
GROUP STRUCTURE
Parent Company: -  
Ultimate Parent: ASSAM AND RIPON HOLDINGS LTD (88148821) Check this Company  
Full Group Structure: Expand Group structureClick here to expand data (no charge)Click to see full Group Structure.   
PRINCIPAL SHAREHOLDERS
ASSAM AND RIPON HOLDINGS LTD  
5,000,000 ORDINARY GBP 0.01
DIRECTORS
Director Mr MARK ANTHONY JOSSLINGExpand Director data
Date of Birth 17 May 1965
Date Appointed 09 July 1994
Nationality British
Other Directorships and disqualifications
Director Mr PETER MICHAEL NORMANExpand Director data
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 Graph
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

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

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)
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 0 0 0    
(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: Cross Inconsistent trend with previous growth but recent decline.
EBITDA: Cross Trend not consistent with a previous increase and later EBITDA falling back.
Dividends: Cross No dividends have been declared in any of the three most recent periods.
Retained Profits: Cross Retained profits declined during the most recent period.
CCJs: Cross CCJs are recorded suggesting credit control may require additional attention.
Age of Company: Tick Established business with sufficient trading history to provide some confidence.
Solvency: Tick Solvency appears satisfactory with liabilities well enough covered by the asset base.
Secured Creditors: Neutral There are mortgages or charges on certain assets of the company.
Ownership: Neutral No holding company is indicated and the credit status is not supported or reliant upon a parent or group.
FINANCIAL STATUS ANALYSIS
In this section we present the risk assessment of our financial status model developed over 20 years of corporate risk assessment.

Analysis:

The overall assessment and score 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.
Credit Score: (0-10): 8
Financial Status Guide:
10 Very Strong
9 Strong
8 Arrow Very Good
7 Good
6 Above Average
5 Average
4 Below Average
3 Poor
2 Weak
1 Very Weak
0 Critical
Risk Score Trend
CREDIT RISK RATING
See Credit Limit FAQ
This is the credit risk assessment used by one of the top UK credit reference agencies.
Risk Score (1-100): 67 Risk Guide
Risk Assessment:
Low Risk
Credit Rating: £335,000 
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 25 April 2024 Copyright © 2024 Check Free
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