Credit Assessment: YOUR BOURSE LIMITED

1. Credit Opinion: DECLINE

Reasoning: This company presents unacceptable credit risk for standard commercial lending. The business has been technically insolvent throughout its entire 11-year trading history, with accumulated losses of £335,243 against share capital of just £100. Cash reserves are negligible at £1,159, and the company is entirely dependent on group and director funding to continue as a going concern. There is no visible revenue stream, no tangible asset base to provide security, and net current liabilities of £77,363. The recent improvement in the balance sheet is attributable to group debt reorganisation rather than operational performance.

2. Financial Strength

Balance Sheet Position: CRITICALLY WEAK

The apparent improvement in net assets of approximately £910k is misleading. This reduction in the deficit is driven entirely by a decrease in amounts owed to group undertakings (from £1,255,480 to £257,780). This represents a reorganisation of intra-group obligations rather than genuine debt repayment from trading profits.

Key concerns: - Share capital of £100 provides no meaningful equity cushion - Accumulated losses have eroded any retained capital - Tangible fixed assets are fully depreciated with £0 net book value - The company has no independent asset base

Group Structure: The PSC register shows overlapping control claims from Your Bourse Limited (corporate), Avex Holdings Limited (corporate), and Xxxxxx Xxxxxxxxname shown to subscribers (individual) — all claiming >75% ownership and voting rights. This layered structure obscures the ultimate controlling interests and raises questions about where operational substance truly resides.

3. Cash Flow Assessment

Liquidity: CRITICALLY IMPAIRED

The deterioration in the current ratio from 3.53x to 0.01x is alarming. While 2023 appeared liquid, this was inflated by a £10,000 director's current account (debtor). In 2024, that debtor has been replaced by a £74,400 creditor — a swing of £84,400 in related party balances.

Cash position: £1,159 is insufficient to cover even one month of operational costs. The company cannot meet obligations from its own resources.

Working capital dependency: The business is entirely funded by: - Director current accounts (£74,400 current) - Group undertakings (£257,780 non-current)

Without continued related-party support, the company would be unable to trade.

No turnover data: The company files under the small companies regime and has not disclosed an income statement. The absence of revenue data makes it impossible to assess trading viability or debt service coverage.

4. Monitoring Points

If any credit exposure is being considered (against recommendation), the following require ongoing surveillance:

1. Group/Parent Support Confirmation — Written comfort letters or guarantees from the parent entity (Your Bourse Limited / Avex Holdings Limited) confirming continued financial support would be essential. Without this, the company cannot be considered a going concern.

2. Cash Position — Monthly bank statement monitoring required. Cash at £1,159 provides zero buffer for unexpected costs or revenue disruption.

3. Director Current Account Movements — The shift from £10,000 debtor to £74,400 creditor within the director current account requires explanation. Monitor whether this represents genuine lending or accounting reclassification.

4. Revenue Visibility — Request management accounts to establish whether the business generates any independent income. The company's website describes technology services (MT5 gateway, liquidity aggregation) which should generate revenue, but none is visible in filed accounts.

5. Group Debt Reduction — The £997,700 reduction in group undertakings requires clarification. Determine whether this was capitalised, forgiven, or transferred to another group entity.

6. Filing Compliance — Monitor that accounts and confirmation statements remain filed on time. Current status shows compliance, but any deterioration could signal governance concerns.

7. Related Party Transactions — All transactions with directors and group entities should be disclosed and monitored for preferential treatment that could prejudice creditors.

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