Office Update Limited

Office Update Ltd from Leicester UK: a small, active company founded 24 years ago, employs nine people, and holds £225,149 in assets. It has a real address, three directors, and one owner. The company is an irregular importer of plastics and plastic products, with just one month of imports recorded in 2022.

Office Update Ltd operates as a wholesale supplier of office furniture, offering a wide range of desking, seating, reception units, meeting solutions, breakout spaces, and storage options. It caters to businesses of all sizes, providing both standard and bespoke furniture solutions. The company boasts over 30 years of experience in manufacturing, delivering, and installing office furniture, with showrooms in Leicester and Loughton, London. It’s a family-run business, and the website emphasizes competitive pricing and a commitment to quality.

Financially, Office Update Ltd’s recent performance presents a mixed picture. Current assets have fallen by a significant 34%, dropping to £230,000, while net assets have plummeted 77%, settling at £44,000. Cash reserves have also declined sharply, falling 79% to £21,000. Creditors have increased by 12%, reaching £200,000, and other debt has increased by a massive 130%. The company’s small size (meeting two of three conditions for being a small company) helps it remain flexible, but the sharp decline in equity is concerning. It’s worth noting that the company’s average number of employees has also decreased by 22%, dropping to seven. As a small company, it’s exempt from an audit, so the figures are unaudited.

The company's financial trends suggest it may be burning through cash. While the business appears to be operating, the significant decrease in assets and equity raises questions about its long-term sustainability. The increase in creditors also indicates a potential need to manage its financial obligations more carefully.

Registered in England/Wales under the registration number 04134893, with a registered address at LE4 1ET, Leicester, 8 Leycroft Road.

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