FUSION BXT HOLDCO LIMITED

Executive Summary

Fusion BXT Holdco Limited is a holding company with a sound balance sheet supported by investments in subsidiaries and intercompany financing. While it shows limited standalone operations, the group’s financial stability and asset security underpin its creditworthiness. Credit approval is recommended on a conditional basis, with close monitoring of group financial health and intercompany funding flows.

FUSION BXT HOLDCO LIMITED - Analysis Report

Company Number: 13520086

Analysis Date: 2025-07-29 18:47 UTC

1. Credit Opinion: CONDITIONAL APPROVAL
   Fusion BXT Holdco Limited is a recently incorporated private limited holding company (2021), with a core business in owning and operating real estate assets via subsidiaries. The company’s balance sheet shows a significant amount of intercompany debt owed to and from group undertakings, essentially netting out to negligible net current liabilities. The presence of substantial intra-group balances suggests reliance on group funding rather than external cash generation. The company has no external trade creditors and holds fixed charges over group assets, indicating some security for lenders. However, limited standalone trading activity and dependence on group cash flows warrant conditions on credit facilities, including ongoing monitoring of group support and underlying asset values.

2. Financial Strength:

• Total net assets stand at approximately £1.15 million, supported mainly by investment in subsidiaries valued at about £1.15 million.
• Current assets (£29.59m) are primarily amounts owed by group companies, matched by current liabilities (£29.59m) owed to group undertakings, resulting in a marginal net current liability of £1,804.
• Share capital is minimal (£1), with capital contribution reserves and retained earnings forming the equity base, showing some accumulated profits (£349k).
• The company is a holding entity with limited direct operational assets or revenues, so balance sheet strength depends on the financial health of its subsidiaries and group.
• A fixed charge over group properties exists, providing security over key assets.
  Overall, the balance sheet is stable but heavily reliant on group structure and intercompany financing.

3. Cash Flow Assessment:

• No direct cash or cash equivalents are reported; liquidity is tied up in intercompany balances.
• No external trade creditors or short-term external debt, reducing immediate liquidity pressure.
• The directors confirm going concern status based on expected group cash flows and support.
• The company employs only 4 staff, indicating low overheads and limited cash burn.
• Cash flow risk arises if group companies face operational or financial stress, potentially impacting intra-group funding and the ability to meet external obligations.
• No audit has been performed, so cash flow details rely on management representations and group reporting.

4. Monitoring Points:

• Group financial performance and liquidity, especially subsidiaries Fusion BXT Devco Limited and Fusion BXT Propco Limited, given the reliance on intercompany balances.
• Changes in fixed charge security and any new encumbrances on group assets.
• Directors’ confirmations of ongoing group support and any related party transactions that affect financial position.
• Timely filing of future accounts and confirmation statements to monitor any adverse changes in status or financial health.
• Any material movements in intercompany balances that could affect net liquidity or solvency.