ABSTRACT We present dynamical models of the star-forming galaxy NGC 5474 based on N-body hydrodynamical numerical simulations. We investigate the possible origin of the compact round stellar structure, generally interpreted as the bulge of the galaxy, but unusually off-set by ${≃} 1\, {\rm kpc}$ in projection from the visual and the kinematic centres of both the star and the gas discs. We argue that it is very unlikely that the putative bulge is in a coplanar orbit in the disc plane, showing that such a configuration would be hardly compatible with its smooth and regular spatial distribution, and, in case its mass is above $10^8\, \mathrm{ M}_{⊙ }$, also with the regular ${\rm H\,{\small I}}$ velocity field of NGC 5474. Instead, if the putative bulge is in fact an early-type satellite galaxy orbiting around NGC 5474, not only the off-set can be easily produced by projection effects, but our simulations suggest that the gravitational interaction between the two systems can explain also the warped ${\rm H\,{\small I}}$ distribution of NGC 5474 and the formation of its loose spiral arms. As a by-product of the simulations, we find that the peculiar overdensity of old stars detected in the south-west region of NGC 5474 may be explained with the interaction between NGC 5474 and a smaller stellar system, unrelated to the putative bulge, accreted in the disc plane.