STEVENAGE CIRCUITS LIMITED

1. Credit Opinion: DECLINE

Reasoning: The credit application must be declined outright as Stevenage Circuits Limited is a dissolved entity. The company’s own website confirms that its operating assets have been acquired by Merlin PCB Group. A dissolved legal entity cannot enter into new commercial agreements, generate trading revenue, or service debt. Furthermore, the company's People with Significant Control (PSC), Trackwise Designs Plc, experienced severe financial difficulties, which likely precipitated the distressed sale of these assets. There is no going concern to underwrite.

2. Financial Strength: Non-Existent / Defunct

The balance sheet health of this entity is irrelevant for new lending, as the company is legally dissolved and the operating assets are no longer within the corporate shell. The nominal share capital of £121 remains, but the underlying business value has been stripped and transferred to the acquirer. The historical parent and majority shareholder (Trackwise Designs Plc) has faced well-publicized financial distress, indicating that the transfer of assets to Merlin PCB Group was likely a distressed sale or part of an insolvency process. Consequently, the legal entity presents zero financial strength or collateral value to the bank.

3. Cash Flow Assessment: No Operational Cash Flow

As the entity is dissolved and its assets acquired by a third party, there is no operational activity, liquidity, or working capital cycle to assess. The company cannot generate cash flow to service debt obligations. Any historical cash flow metrics are obsolete, and any remaining liabilities within the shell may rank ahead of any new unsecured lending, with no asset coverage to satisfy those claims.

4. Monitoring Points

• Successor Entity Risk: If the borrowing request is actually intended for the acquiring business (Merlin PCB Group), a completely new credit application must be submitted for that specific legal entity. The historical financials of Stevenage Circuits should not be relied upon as a proxy for the new owner's creditworthiness.
• Predecessor Liability: Monitor for any potential preference claims or transactions at undervalue if Trackwise Designs Plc enters or is already in formal insolvency. Assets sold prior to dissolution may be subject to review by insolvency practitioners.
• Filing Status: The entity has filed up to its last made-up date of 31 December 2021, but as a dissolved company, no further filings will be made. The register should be updated to reflect the cessation of exposure.