Early Oak Reproductions Ltd - Why Confidence is Better than Faith

But what about our financial strength and stability? With the recent demise of several long established reproduction furniture companies and one currently in a voluntary winding up process, you may understandably want to know that we're still going to be around three months after placing your order. Or three years on, for that matter! After all, if a company is in trouble, you'll likely be the last to know.

So, as yet another example of our innovative approach (and possibly a first), we'll allay any possible concerns you may have, from a purely company stability point of view, by confirming the strong health of our business in this article.

Do We Pay Our Bills On Time?

Probably the best barometer of the financial strength of a company, is its ability to pay its suppliers. For us, it's essential we pay our suppliers on time. In fact we make a habit of paying received invoices on the day, or at least within a few days (no matter what the amount), even if our creditors allow thirty days! 

Why do we do this? 

a) Well, we can afford to! 

b) But, more importantly, our promptness is paid back in droves, by our suppliers. Because we look after them, they in turn look after us. In my view, this is just plain good business sense because, in the end, you the client benefit.

But, as always, we don't just expect you to take our word for it. To confirm what we say, here are a few endorsements from our business colleagues:

• "I have been supplying furniture for Nick Berry for over 16 years and can say it is a pleasure doing business with him. I have never had a single problem regards payment as Nick has always been prompt with payment, never had to chase and if ever I needed a payment up front Nick is always extremely helpful making my life easier and I’m very grateful to him and I would and do highly recommend him." 
  12th August 2014
  
  
• "Just a note to say that Early Oak Reproductions have been with us as licencees since 2009 and are model licencees, they pay on time and as per the terms of the licence. They fit in well with all the other businesses at Berwick Court Farm. I would highly recommend them to anyone both for their business to business supplier dealings and also for their products supplied - their showroom is wonderful and their work exemplary - well worth a view. I know Nick and Christopher are committed to providing and giving a professional service at all times."
  Courtney Commercial Ltd. 6th August 2014
  
  
• "To whom it may concern, I have been a supplier to Early Oak Reproductions for the last five years or so. I can confirm that they are Trust Worthy, Fair, Honest, act with Integrity, Prompt Payers and do what they say they are going to do. I feel strongly about the above so much so that I am happy to give them stock on a sale or return basis with no formal contract and have had reasonable amounts of money on deposit with them with no worry that it would be paid to me on demand, all done with a simple promise! I hope your business with them goes as well as mine has done."
  6th August 2014
  
  
• "I write to confirm that during the time since 2013 when we started working together, that you operate a trustworthy and reliable business. I have no problem recommending my customers to you who wish to purchase furniture for their homes. It is also good that you pay us so promptly, this enables us to keep our costs down. I look forward to a good working relationship between our companies for the future."
  Martin Brothers Removals Ltd 14th August 2014

Note: Our creditors, i.e. suppliers, are happy to run invoice values, ranging from less than £100 to well over £10,000. As confirmed above, Early Oak Reproductions consistently pays these before, or on time.

A- Credit Score & 'Below Average Risk'

We are currently considered to be a below average risk company, with an A- credit rating, scoring 80/100. This is against an average of 63/100 for other companies in the same industry sector and 48/100 for companies of a similar age.

Early Oak Reproductions risk of failure is calculated at odds of 41:1 against an average of 29:1 for other companies in the same industry sector and 20:1 for companies of a similar age. 

Separate from our actual accounts, we are confirmed to have no County Court Judgments against us whatsoever, no mortgages or other charges and none of the directors have been officers of previously failed companies. On this basis, we are currently enjoying a Risk Score of +10 (the Risk Score for this aspect is not considered a cause for concern unless down as low as -300).

Note: The above figures and statements have been accurately taken from our latest Credit Reports and explanations, which we have on file and can be inspected on request.

Our Accountants

Small companies (sales below £6.5 million) only have to submit abbreviated accounts to Companies House. These consist of little more than a balance sheet, which can often throw up misleading figures. 

Our accountants state:

"Early Oak Reproductions Ltd was formed from a previous business carried on successfully by the existing directors, but as a partnership. As a result, for accounting purposes, the company's current liabilities are almost entirely made up of the amounts introduced by the directors as working capital. Effectively, the company owes the directors, as opposed to an outside creditor. There is no necessity for the liability to be settled within a 12 month period and indeed, can remain on the balance sheet for an indefinite period, as the directors are not looking for repayment."