Credit Assessment: EMAC LIMITED

1. Credit Opinion: CONDITIONAL

Reasoning: Without filed financial statements available for review, a full credit assessment cannot be completed. The company presents a mixed picture: long operational history (incorporated 1996) and current filing compliance are positive, but recent multiple director resignations and an unclear ownership structure with overlapping PSC declarations raise governance concerns. Any credit facility should be conditional upon receipt and satisfactory review of audited financial statements, clarification of the PSC structure, and confirmation of ongoing group support.

2. Financial Strength

Assessment: INDETERMINATE — Data Deficiency

No balance sheet figures, profit and loss data, or financial ratios are available for review. Key concerns based on available information:

Key Issue: The £100 share capital is typical of a subsidiary holding company or special-purpose vehicle and provides no insight into actual trading substance. Full accounts filing suggests the company exceeds micro-entity thresholds, but without the actual figures, leverage, profitability, and asset quality remain unknown.

3. Cash Flow Assessment

Assessment: CANNOT BE DETERMINED

• No cash flow, working capital, or liquidity data available
• No turnover figures to assess debt serviceability
• SIC code 96090 (Other service activities n.e.c.) is uninformative regarding revenue model or working capital requirements
• Group ownership may indicate reliance on parent funding, but this cannot be confirmed

PSC Structure Concern: Two corporate entities — The Innovation Group Limited and Ingleby (1879) Limited — both declare ownership of more than 75% of shares and voting rights. This is either a data error or indicates a complex dual-control structure that requires clarification before assuming any group support.

4. Monitoring Points

If credit is extended, the following require ongoing attention:

Immediate Actions Required: 1. Obtain latest full accounts — Essential before any commitment 2. Clarify PSC structure — Resolve the apparent overlap in >75% ownership declarations 3. Confirm group support — Obtain parent company guarantees or comfort letters if applicable 4. Investigate director resignations — Two resignations within one month (April–May 2026) is unusual and may indicate internal disagreement, restructuring, or strategic concerns

Ongoing Monitoring: - Filing compliance — Watch for future overdue accounts or confirmation statements - Director composition — Monitor for further board changes - Group financial health — Assess The Innovation Group Limited and Ingleby (1879) Limited creditworthiness if group support is relied upon - Trading continuity — Verify the company remains operational given the vague SIC classification

Additional Risk Factors