SPEEDY POWER LIMITED

Credit Opinion: DECLINE

Speedy Power Limited is a dormant subsidiary of Speedy Hire Plc. On a standalone legal-entity basis, there is no evidence of trading, revenue, cash generation, or meaningful assets. The company has share capital of only £2 and files dormant accounts, which means it has no significant financial transactions to support a lending proposition. Without a parent company guarantee or tangible security, the entity cannot service debt from its own resources.

Financial Strength - Dormant status: The company is categorised as dormant for the year ended 31 March 2026. No profit and loss account, balance sheet trading activity, or operational figures are available. - Minimal capital base: Share capital is £2. There is no evidence of retained reserves, fixed assets, debtors, cash, or other balance sheet strength. - Subsidiary status: Speedy Hire Plc owns more than 75% of the shares and has control rights. However, group ownership does not automatically make this entity creditworthy; the parent is not liable for the subsidiary’s debts unless it provides a formal guarantee. - Compliance: The company is active and up to date with filings, which is positive, but administrative compliance does not substitute for financial capacity.

Cash Flow Assessment - No operating cash flow: As a dormant company, there is no trading income or operating expenditure. There is no cash flow from which loan repayments could be made. - No working capital cycle: No debtors, stock, creditors, or intercompany balances have been filed. There is no visible liquidity buffer. - No independent debt capacity: The company has no demonstrated ability to service interest or principal repayments from its own cash generation.

Monitoring Points If the bank is asked to consider exposure to the wider Speedy group, or if this entity is included in a group facility, the following should be monitored: - Parent guarantee: Obtain an unconditional and irrevocable guarantee from Speedy Hire Plc before any exposure is taken to this entity. - Security: If applicable, take a debenture over the company’s assets and a share charge over the parent’s interest. - Change in trading status: Monitor any movement from dormant to active status, which would require full management accounts and a reassessment. - Group financial health: Monitor the published financial statements and credit strength of Speedy Hire Plc, as this is the ultimate source of support. - Filing compliance: Continue to monitor that statutory accounts and confirmation statements are filed on time.

Executive Summary

Speedy Power Limited is a dormant, non-trading subsidiary of Speedy Hire Plc with no financial capacity of its own. On a standalone basis, it cannot support any form of borrowing, and the correct credit decision is to decline. Lending could only be considered against a formal parent guarantee and security, and would more appropriately be provided at group level.