I read a lot of threads on here about people getting stitched up by dodgy companies for one reason or another, from buying naff bikes, to dealers going bust, gear repairs not happening or even home improvements ending in disaster. It would be cool, would it not, if for a couple of quid you could work out the chances of this happening in advance before handing over thousands of folding stuff. Thought you might be interested to know that a good friend of mine has developed an app called CompanyAce that accesses all the data records at Companies House. So now for a tiny fee, you can in minutes look at the latest accounts, or check out who the directors are, and what else they are directors of, and if the company has changed hands recently etc etc etc. Brilliant for avoiding doing business with concerns on the verge of bankruptcy or in major difficulties. Also interesting to assess the health of future employers, or just for getting nosey with your business competitors. All companies have to file accounts, and these are public. This little app gets you the gen on your mobile device in a couple of clicks. Neat! For the interested: CompanyAce > Home (and yes, I know their website somewhat undersells their excellent product!). You've got no excuses now.
looks a useful development, will have a look and play- thanks for sharing. Its fascinating sometimes just googling companies, and looking at latest accounts etc etc, this, from what you describe , brings it all together.nice one
There are other websites that give Directors addresses etc etc.........and you don't have to pay fees for info. AL
It's accessing the data at Companies House that costs. But it's only like about £1 for the full set of accounts - cheap at the price in many circs. I found out a ream of interesting stuff on a competitor in the market I am planning on entering, which proved it is worth entering the market. Prior to that, it was all supposition and dodgy website stats.
What does CompanyAce have to say about CompanyAce And just how good a friend are we talking about here Glidd ?
Have known the creator since we were at Cambridge together 30 years ago. So, a good friend. CompanyAce is just a small beertoken money start-up affair. There are may app developers and many many apps. Some are more useful than others, but this one would be very useful for all sorts of people, professional and private. It is interesting that we often entrust companies and people we know little about with thousands of pounds on the basic understanding that they are going to come up with their side of the bargain. Sometimes they do, and sometimes they don't. If you were thinking of buying a bike on EvilBay from some garage or someone you knew nothing about, wouldn't it be wise to check up on them first? Obviously you can't do this with a private seller, but it's a lot more use than "feedback".
App just accesses Company House data, so if the accounts are a total fiction (illegal) then you will get rubbish. But normally speaking, you are getting the real McCoy. This is the info that the law makes companies publish. Sadly, not many people seem to be aware that all this info is available.
As I am a service provider, I always use companies house to see what the set ups like and if they are paying tax etc so more likely to pay up! Its an underused tool for sure!
Yes I know. At work we use experian which does the same thing, and for the annual fee we pay we get detailed info on companies and individuals. This app would be good for me on the move.
Sounds like a good app,but Companies House data does not and cannot tell the whole story on a business. It's a historical snapshot,but if the management has changed since accounts were filed,(and the new bunch have a different business ethic),you can still come unstuck. And in my experience Experian and similar can paint a picture very different to reality For instance,a low bank balance may be caused by a firm paying it's suppliers bills religiously on 30 days:if they are not getting paid for 120,bank balance is depleted until they get paid. At first glance it looks like they are poverty stricken,in reality they are the best kind of firm to deal with,as you're likely to get paid and on time. Also,historical profitability.If you look back and see that a firm doesn't make any money,you might be put off doing business with them. In reality,many businesses,(like mine!),believe in re-investing any money we make into improving the business,buying newer vehicles/expansion etc.So they don't show a profit in the annual accounts. But if you knew the Directors weren't wasting money on a Bentley or a helicopter other firms would be falling over thenselves to do business with them The only things that Companies House data will tell you are: A company has existed for whatever period It has filed accounts saying whatever/whatever,(can be fiddled if independent audit is not required) The list of Directors,and what other Directorships they have/Companies the'yve been involved with And a few other bits and bobs Sorry to be so wordy,but best thing if you're concerned is speak to some of their other suppliers/Customers,you'll get a better picture. Still no guarantees,but there are no magic bullets to shoot the cowboys....useful tools and apps,yes,but don't hang your hat on them....
