Credit Analysis: 13 STRIDES LIMITED (05943663)

1. Credit Opinion: DECLINE

This application must be declined. The company is dissolved and therefore lacks legal capacity to enter into credit facilities or commercial agreements. A dissolved entity cannot borrow, guarantee obligations, or conduct business operations. Any facility extended would be unenforceable.

Even setting aside the dissolution, the financial position renders this entity non-viable for credit: - Net assets have collapsed from £766,928 (Sept 2020) to £1 (Dec 2024) - The company has declared dormant status with no trading activity - No revenue, cash flow, or operational infrastructure remains to service debt

Concerning pattern: The rapid asset depletion between 2020 and 2023—where approximately £767k in shareholders' funds effectively disappeared—warrants scrutiny. This may indicate asset stripping, distribution of reserves, or transfer of business to another entity, potentially leaving this vehicle as an empty shell.

2. Financial Strength

Balance sheet position is negligible:

The historical trajectory shows a company that built significant reserves over 2014-2020 (from £28k to £767k), consistent with a profitable IT services business accumulating retained earnings. The subsequent collapse to £1 represents a near-total erosion of the balance sheet.

The current position—£1 called-up share capital unpaid, £1 net assets, no other assets or liabilities—indicates a stripped entity with no financial substance.

Capital structure: The accounts reference multiple ordinary and preference share classes, suggesting this was previously a more complex vehicle, potentially for investment holding or group restructuring purposes.

3. Cash Flow Assessment

No assessable cash flow exists. The company has filed dormant accounts under Section 480 of the Companies Act 2006, confirming no significant financial transactions during the period.

Historical cash position showed healthy liquidity: - Sept 2020: £420,000 cash - Sept 2019: £201,442 cash

The absence of any cash or current assets in the 2023/2024 filings confirms all liquid resources have been removed. There is zero capacity to service debt obligations from operations or reserves.

4. Monitoring Points

While this entity is not creditworthy, the following observations may be relevant for group exposure or connected party lending:

• Connected entities: Given the six directors (including international nationals) and two PSCs each holding 25-50%, investigate whether business operations and assets transferred to related companies. Kevin Allinson and Anthony Borsumato as controlling shareholders should be assessed for personal guarantees on any connected facilities.

• Asset extraction: The £767k reduction in net assets between 2020 and 2023 should be traced—whether through legitimate dividends, inter-company transfers, or other mechanisms—to understand if value was extracted to the detriment of potential creditors.

• Director conduct: No disqualification records are flagged, but the pattern of asset depletion in a company subsequently dissolved warrants review if directors seek credit through other vehicles.

• Dissolution effective date: While listed as 29 July 2026, the company status is already "Dissolved"—confirm the actual effective date as this impacts any outstanding claims.

• Group structure: The multiple directors with diverse nationalities (American, Irish, British) and the IT services classification (SIC 62090) suggest this may have been a group services or investment company. Identify successor entities.