UTILITIES PLUS LIMITED

1. Credit Opinion: DECLINE

Utilities Plus Limited cannot be approved for credit on a standalone basis. The company is registered for credit granting (SIC 64921), but the latest detailed accounts text provided, for the year ended 31 March 2015, were prepared as dormant company accounts under Section 480 of the Companies Act 2006. They show issued share capital and net assets of only £2, with no trading activity, cash, or assets available to service or secure a loan. Although the company is majority-owned by Utility Warehouse Limited and Telecom Plus Plc—each holding over 75% of shares and voting rights with the right to appoint and remove directors—no parental guarantee or security is evidenced. Any future application would require an enforceable guarantee from those parent entities.

2. Financial Strength

• Balance sheet is nominal: net assets of £2, shareholders’ funds of £2, and issued share capital of £2 (two £1 ordinary shares).
• No fixed assets, current assets, or retained reserves are disclosed in the dormant accounts.
• Net worth has remained static at £2 across the financial years provided (2011–2015).
• The company is controlled by corporate persons with significant control (Utility Warehouse Limited and Telecom Plus Plc), each holding over 75% ownership and voting control, including the right to appoint and remove directors.
• Statutory filings are currently up to date; accounts and confirmation statement are not overdue.

3. Cash Flow Assessment

• The company is dormant and generates no operating cash flow.
• There is no liquidity to cover interest payments, capital repayment, or operating costs.
• Working capital is effectively nil.
• Debt service would depend entirely on cash injections from the parent companies, none of which are evidenced in the accounts provided.

4. Monitoring Points

• Whether the company commences trading or remains dormant.
• Receipt of updated filed accounts beyond the 2015 dormant accounts provided.
• Any change in PSC ownership or parent company support arrangements.
• Any county court judgments, winding-up petitions, or insolvency proceedings against the company.
• Terms of any guarantee or indemnity from Utility Warehouse Limited or Telecom Plus Plc if the facility is re-presented.