PROXIMA NL 1B LIMITED

Executive Summary

Proxima NL 1B Limited is a non-trading holding company with minimal financial assets and no operational cash flow. Its creditworthiness depends entirely on ongoing support from its parent group, which has committed funding and holds substantial control. Credit approval is conditional on continued parent backing and regular monitoring of group financial health and funding arrangements.

PROXIMA NL 1B LIMITED - Analysis Report

Company Number: 14456956

Analysis Date: 2025-07-29 13:13 UTC

1. Credit Opinion: CONDITIONAL APPROVAL
   Proxima NL 1B Limited is a newly incorporated holding company (since November 2022) with minimal operational activity to date. The company has not traded or generated revenues and holds a nominal net asset value of £115 (converted from €115). Its only substantial support comes from its parent entity, Proxima 3b Limited, which owns 75-100% of shares and voting rights and has committed funding support for at least the next twelve months. The company recently secured a significant loan facility at group level (€200.2m) with Deutsche Bank, which may enhance future liquidity and operational funding. Given the lack of trading history, limited assets, and reliance on the parent group for funding, credit approval should be conditional on continued parent support and monitoring of the group’s overall financial health.

2. Financial Strength:
   The balance sheet shows very limited financial strength, with fixed assets and current assets each at £115 and current liabilities equal to current assets, resulting in zero working capital. Shareholders’ funds equal total net assets of £115, reflecting initial share capital issuance only. There are no retained earnings or operational cash flows. The company’s financial position is entirely dependent on the parent company’s investment and guarantees. No trading results or profitability data exist, so there is no evidence of organic growth or operational resilience.

3. Cash Flow Assessment:
   No trading activity or income has been recorded, and the company’s cash flow position is neutral with current assets equaling current liabilities. The going concern basis is supported by parent company cash flow forecasts and funding commitments. However, the company itself generates no independent cash flows and will remain dependent on external funding to meet any operational or financial obligations. The recent registration of charges and a large group loan facility indicate potential access to funds, but these are at the group level, not the company itself.

4. Monitoring Points:

• Ongoing parent company funding commitment and financial health of Proxima 3b Limited and Proxima 1 LP group.
• Any future trading activity, revenues, or changes in asset base within Proxima NL 1B Limited.
• Changes in liabilities or new financial obligations at the company level, including any further charges registered.
• Compliance with filing deadlines and timely submission of accounts and confirmation statements.
• The group’s ability to service its large loan facility with Deutsche Bank and any potential impacts on this company’s obligations.