Formrite Precision Limited

Formrite Precision Ltd, based in Coventry, UK, is a small, holding company with an active status. Founded eighteen years ago in 2006, the company employs twenty-two people and holds £2,319,965 in assets. It operates from a virtual address, registered at Cash's Business Centre, which is shared by ninety-three other companies. Two directors and one owner manage the business, with G And M Holdings Ltd listed as the owner.

The company’s core business involves precision sheet metal fabrications, catering to a diverse range of products from electronic enclosures to aerospace components. It operates a website, formritesheetmetal.com, showcasing its services, including sheet metalwork, machining, and finishing options like screen printing, paint, and powder coating. The website also mentions a plant list and downloadable resources. It’s a one-stop-shop approach, handling everything from enquiry to completion.

Financially, Formrite Precision Ltd presents a mixed picture. Current assets decreased by 7%, falling to £2,300,000, while net assets also declined by 18%, reaching £570,000. Bank borrowings increased slightly, reaching £1,200, and cash reserves grew substantially, jumping 250% to £180,000. Creditors decreased by 17%, suggesting improved debt management. The company meets the criteria for a small company, with turnover under £10.2 million and assets under £5.1 million. The accounts are unaudited, as is typical for small companies.

The significant drop in equity, however, is a cause for concern. While the company has managed to increase its cash reserves, the overall financial health appears somewhat precarious. The company’s focus on precision sheet metal work and its diverse finishing options, however, position it well to serve a range of industries. The company’s reliance on a virtual address, while convenient, could also pose risks.

Registered in England/Wales under the registration number 05803087, with a registered address at CV1 4PB, United Kingdom, Coventry, West Midlands, Cash's Business Centre 1st Floor, 228 Widdrington Road.

WARNING:The numbers have been rounded for simplicity and may be inaccurate.Please, refer to the latest financial report for verification.