Island Spring Sourcing Ltd

Island Spring Sourcing Ltd, based in Leigh On Sea, UK, is a small, active company founded eleven years ago. With two employees and £721,451 in assets, it operates from a virtual address – a detail flagged by the registration of 697 other companies at the same location. The business is led by one director and one owner, and regularly imports furniture, lighting, and prefabricated buildings, with 16 months of import activity recorded, the last in June 2023.

The company’s website, Island Spring Home Gallery, showcases a range of furniture and outdoor living sets, primarily targeting furniture retailers, hotels, and commercial projects. It appears to operate as a wholesale supplier, offering items like corner sofas, rattan sets, loungers, bistro sets, and outdoor heaters. The site’s menu and contact details suggest a focus on sourcing and distribution rather than direct retail.

Financially, Island Spring Sourcing Ltd’s recent performance shows a concerning trend. Current assets have decreased by 35%, dropping to £720,000, while net current assets and liabilities have also seen a decline. Bank borrowings have decreased significantly, falling by 32%, and cash reserves have plummeted 75%, leaving just £22,000. However, creditors have also decreased by 33%, which could indicate improved debt management. The company’s size – meeting two of three conditions for a small business – allows for flexibility, but the sharp decline in equity (a 190% increase, though from a very low base) warrants closer scrutiny. With no auditor mentioned, the figures are unaudited.

Overall, Island Spring Sourcing Ltd is facing financial headwinds. While its sourcing business seems active, the declining asset base and plummeting cash reserves suggest a need for careful management. The company's ability to sustain its operations and navigate these challenges will depend on its ability to secure new contracts and improve its financial stability.

Registered in England/Wales under the registration number 08763995, with a registered address at SS9 2UJ, England, Leigh On Sea, Essex, 1386 London Road.

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