E Y C LIMITED

Risk Rating: MEDIUM Justification: While E Y C LIMITED benefits from a long operating history and the structural implication of being a subsidiary within a larger corporate group, the current status of its accounts being overdue represents a regulatory compliance failure. Furthermore, the complete absence of filed financial figures in the dataset prevents a standalone assessment of solvency or liquidity, resulting in information asymmetry risk. The minimal share capital also suggests the UK entity may be operationally dependent on parent group financing.

Key Concerns: * Overdue Accounts: The company's accounts are explicitly marked as overdue. For a company incorporated in 2003 that files "Full" accounts, this failure in statutory compliance is a significant red flag. It may indicate administrative neglect, internal disputes, or potential financial distress that the company is delaying disclosing to the public record. * Lack of Financial Visibility: There is no current balance sheet, profit and loss, or cash flow data available in the provided information. The stated share capital is only £11,960, which is disproportionately low for a firm with a City of London address and an international board of directors. This suggests the company relies heavily on inter-company funding, making its standalone solvency entirely opaque. * Conflicting PSC Shareholding Data: The PSC register lists both "Eyc, Inc." and "Eyc Group Ltd" as owning more than 75% of the company's shares. It is structurally impossible for two separate entities to hold >75% of the ordinary share capital of a single company unless there are different share classes involved. This discrepancy suggests either a historical filing error or a complex ownership structure that obscures the true ultimate controlling party.

Positive Indicators: * Corporate Group Backing: The PSC register indicates that the company is ultimately owned/controlled by larger corporate entities (Eyc, Inc. and Eyc Group Ltd) and individuals with significant influence (the Wadhwani family). Subsidiaries of larger groups often benefit from implicit or explicit parent company guarantees, which can mitigate standalone liquidity risks. * Operational Longevity: Incorporated in 2003, the company has survived multiple economic cycles, suggesting a sustainable underlying business model or ongoing strategic value to its parent group. * Experienced Board Composition: The company maintains a multi-national board of directors (American, French, British, New Zealander) and dedicated secretarial support, which is typically indicative of a well-resourced corporate governance structure rather than a dormant shell.

Due Diligence Notes: * Verify Accounts Status: Immediately check the Companies House register to confirm if the overdue accounts have recently been filed or if penalties are actively accruing. Request the latest management accounts directly from the company's finance team. * Parent Company Guarantee: If considering E Y C LIMITED as a standalone counterparty, explicitly request a parent company guarantee from Eyc, Inc. or Eyc Group Ltd. The minimal UK share capital means the UK entity has negligible standalone recovery value in a distress scenario. * Inter-company Balances: When the Full accounts are obtained, scrutinize the notes for inter-company receivables, payables, and loans. The solvency of this entity is likely entirely dependent on the willingness and ability of its parent to continue funding it. * Clarify Ownership Structure: Request the register of members to clarify the exact shareholding distribution between Eyc, Inc. and Eyc Group Ltd, and to understand the discrepancies in the PSC filings regarding the >75% ownership thresholds.