Credit Assessment: FIM Services Limited (Company No. 01418579)

1. Credit Opinion

DECLINE for any standalone credit facility based on this company's own financial standing.

Reasoning: FIM Services Limited is classified as Dormant at Companies House, meaning it has no significant financial transactions and generates no trading revenue. A dormant entity has no independent cash flow to service debt obligations. While the company benefits from a long incorporation history (since 1979) and ownership by Gresham House Holdings Limited (a financial services group), the entity itself presents no basis for standalone credit assessment. Any lending would effectively rely on parent/group support rather than the borrower's own merits.

If a facility is being considered, it should be assessed at the group level (Gresham House Holdings Limited) with appropriate guarantees or a corporate comfort letter from the parent entity. Without such structural support, this entity is not creditworthy on a standalone basis.

2. Financial Strength

The company files dormant accounts, meaning no balance sheet, P&L, or cash flow data is available for analysis. Key observations:

• Share Capital: £16,325 — nominal only, providing negligible equity cushion
• Net Assets: Unknown, but dormant status suggests minimal or nil retained earnings
• No trading activity: The company conducts no business operations that would generate assets or liabilities of material significance
• Group structure: 100% owned (directly or indirectly) by Gresham House Holdings Limited, which appears to be part of a broader asset management/financial services group. The previous name "Forestry Investment Management Limited" suggests this entity was historically involved in forestry investment management before becoming dormant

Assessment: Balance sheet health cannot be evaluated because the entity is dormant. The company exists as a legal shell within the Gresham House group structure, likely retained for historical, regulatory, or structural purposes.

3. Cash Flow Assessment

Not applicable. A dormant company generates no operating cash flow, has no working capital cycle, and maintains no liquidity reserves of commercial significance. There is no revenue stream, no debtor book, and no trading creditors to assess.

Any debt servicing capacity would need to come from: - Parent company funding (Gresham House Holdings Limited) - Group-level cash flow support - External guarantees or comfort letters

Without sight of group consolidated financials, no meaningful cash flow assessment can be performed.

4. Monitoring Points

If the bank proceeds with group-supported lending, the following should be monitored: