How reliable is data from duedil?

[bonerp]

Hi,
A colleague gave me a link to duedil about a business I am interested in.
How reliable is the info available on here? Just as a guide?
Thanks
Paul

 

[businessfunding]

It is pretty much Companies House data

It isn't the most up to date - what are you trying to achieve?

 

[bonerp]

Check how viable a business currently is before I take further any discussions about offers/buying....
Thanks

 

[edmondscommerce]

I knew someone that compared a large list of companies with actual companies house data they purchased and the conclusion was that the duedil data was completely inaccurate I'm afraid

pretty disappointing but there you go - I would regard the data as no more than a rough indication of the current situation for any company

 

[Anna Chandley]

The financial information provided by Duedil which shows estimated turnover, profits etc is not at all reliable. Most small companies file abbreviated accounts which do not give enough information for profits or turnover to be calculated.

Net profit is estimated from the difference between current year and prior year profit and loss reserve figures but doesn't take into account the fact that dividends may have been paid. An estimated net profit on Duedil of £500 could mean that there were profits of £100,000 with a dividend of £99,500 paid or they could mean that there were profits of only £500.


Anna

 

[businessfunding]

I knew someone that compared a large list of companies with actual companies house data they purchased and the conclusion was that the duedil data was completely inaccurate I'm afraid

pretty disappointing but there you go - I would regard the data as no more than a rough indication of the current situation for any company

I can't really see how that would happen on factual data - and it certainly hasn't been my experience

The key weaknesses are firstly that Companies House date tends to be fairly old (and sometimes mis-entered) and secondly that the information is quite limited - particularly with abbreviated accounts

If you are buying a business you want to be looking at bank up-to-date info from the vendor.

 

[Paul_Rosser]

The info on Deudil is not bad but shouldn't be relied upton to be that up to date or correct, it's usually very good but I've had a few times when it's not quite right.

As Anna said the estimated turnover based on the abreviated accounts is often very wrong as it's based on a best guess.

But for free it's not bad and lets you search by lots of criteria for companies which a lot of the other free solutions dont.

Personally we use deudil for marketing purposes and then companysearchesmadesimple for the actual accounts etc

 

[Moneyman]

When buying small companies very few of the figures are so large that small factors don't completely change the outlook. Only take the accounts as a rough guideline. It is a guess more than a fine transaction that you can calculate.

Look for things that are missing...people working long hours that are unpaid. Car trips taken and not charged to the account. that sort of thing. they all add up to something that you will have to do or pay someone to do. The income is normally the correct part. the expenses are often the weak point in the numbers.