Companywatch Report Bhsgroupltd

BHS GROUP LIMITED
Overview Results to Aug 14 Financial Health Profile
Health Profile Factor Profile

Latest H- Score: 7
100 100
75 75
50 50
25 25
0 0
Aug 10 Aug 11 Aug 12 Aug 13 Aug 14 Aug 10 Aug 11 Aug 12 Aug 13 Aug 14
H- Score Industry Average Warning Area Asset Managem ent Funding Managem ent Profit Managem ent
The H-Score is the overall measure of the company's financial health. Companies in the This chart reveals where the company's strengths and weaknesses lie, showing the
Warning Area (H-Score 25 or less) may be vulnerable and should be viewed with care. contribution to the company's financial health from the strength of the Profits in relation to
So long as any company remains outside the Warning Area, it has very little likelihood of the balance sheet, the Management of the assets (liquidity, working capital etc.), and the
financial distress. Management of the funding (equity base, debt, current liabilities).
Health Scores Aug 10 Aug 11 Aug 12 Aug 13 Aug 14 Probability of Distress (within 3 years) = 29.5%
H-Score 7 11 11 11 7
Credit Limit = Distressed company
Risk Rating 10 9 9 9 10 Refer to the LEGAL & INFO section for more information about the credit limit
Financial Profile (£'000s) Warnings

Period Sales Profit Total Assets Net Worth Distressed company: indicated by documents filed (ref. section
Before Tax 10)
Aug 14 0 -630 111,385 3,290 Subsidiary: If possible check ultimate parent.
Aug 13 0 -610 111,647 3,780

Aug 12 0 -646 111,376 4,246
Activity
A holding company.
Corporate Information
Registration no. 03858895 Date of incorp. 14 Oct 1999
Company type Private limited - Unquoted Latest acc. type Full accounts
Address The Shard, 32 London Bridge Street, London, Ultimate parent RETAIL ACQUISITIONS LIMITED
SE1 9SG
Telephone Immediate parent RETAIL ACQUISITIONS LIMITED
Primary SIC 82990: Other business support service activities Bank
Website http://bhs.co.uk Auditor PRICEWATERHOUSECOOPERS LLP
Section 1
Copyright 2016 Company Watch. All rights reserved
Source: Company Watch at 14:24:49 05/12/2016 GMT. FULL Report Strictly confidential to customers of Company Watch
BHS GROUP LIMITED
Financial Trends Financial Health Profile
Income Assets Funding

Sales (£ '000s) Asset structure (£ m illions) Funding structure (£ m illions)
5
100 100
4
75 75
3
50 50
2
25 25
1
0 0
0
Aug 10 Aug 11 Aug 12 Aug 13 Aug 14 Intangibles Fix ed assets Stock Net worth Provisions etc. Long debt
Sales Debtors Net cash Net short debt Creditors
Profit (£ '000s) Net quick assets (£ m illions) How the assets are funded (£ m )
0
25
100
- 100
0
- 200 75
- 25
- 300 50
- 50
- 400
25
- 75
- 500
0
A F A F A F A F A F
- 600 - 100
Aug 10 Aug 11 Aug 12 Aug 13 Aug 14
Aug 10 Aug 11 Aug 12 Aug 13 Aug 14 Intangibles Tangible fix ed Current assets
Retained Operating PBT Debtors Creditors Net cash Net QA Net worth Long liabs Current liabs
Profit m argins (%) Working capital (days sales) Gearing %

5 600
1
4 500
0.75
3 400
2 300
0.50
200
1
0.25
100
0
Aug 10 Aug 11 Aug 12 Aug 13 Aug 14 0
0
Aug 10 Aug 11 Aug 12 Aug 13 Aug 14 All creditor days All debtor days
Operating m argin (%) Pre- tax m argin (%) Stock days Gearing (%)
Look out for

Sales Asset structure Funding structure
• Deteriorating sales • Sharp increases - Have they made an • Sharp changes
• Sales rising sharply – How have the sales acquisition, or large investment in fixed or • Low level of net worth
been funded? Has there been an acquisition? other assets? Has this been well funded? • Deterioration in the proportion of funding from
Has the balance sheet been weakened? • Sharp decreases – Have they made a net worth or from other long term funding
• Rising sales and falling margins – Often a significant disposal? Has there been a • High or rising current liabilities
warning of a weakening balance sheet material change in the business? • High levels of debt, especially short term
• High fixed assets - Have they been
appropriately funded long term?
Profits • High or new levels of intangibles. Usually How the assets are funded
• Low or deteriorating profits signals an acquisition. Has this been well • Have intangibles absorbed a high proportion
• Low profit retentions - Are they sufficient to funded? What effect has this had on the of net worth?
fund the growth? If not, has the balance sheet business? • Have the fixed assets all been funded long
weakened? term?
• Big gaps between operating profits and profit • Is there a good proportion of long term funding
before tax Net quick assets supporting the current assets?
• Weak or deteriorating net quick assets - Is
liquidity becoming a problem?
Profit margins Gearing
• Weak margins or weakening margins • High or rising gearing
Working capital
• High creditor days - Is there too much
dependence on creditor finance?
• High debtor days - Is there a problem?
• High or rising stock days - Is there a risk of
stock obsolescence?
Section 2
BHS GROUP LIMITED
Diagnosis - 1 Results to Aug 14 Financial Health Profile
Strengths and Weaknesses Profile
Profit
Liquidity
Working capital
Current asset cover
Equity base
Current liabilities
Debt
0 25 50 75 100
The above measures score the company simultaneously from seven points of view. Together they are the basis of the calculation of
the H-Score, the measure of a company’s overall financial health. Individually they reveal where the company is strong and where it is
weak. In each case the higher the score the better.
Profit
This is the contribution that profits in the latest period have made to diminish the risk arising from the company’s need to meet its immediate commitments, its current
liabilities. The higher the current liabilities, the greater the need for high profits to make an impact on the score on this measure.
Liquidity
How much cash and other liquid assets (like debtors) are available after meeting all immediate commitments of current liabilities to meet the ongoing expenditure of
the business? The greater the excess of liquid assets over current liabilities, the higher the score.
Working capital
How much support does the investment in debtors and stocks receive from the more secure long-term funding of the business? The greater the long-term funding,
the higher the score.
Current asset cover

How much cover is there over the total liabilities of the business from its current assets. The greater the cover, the higher the score.
Equity base
What proportion of the funding of the business arises from its capital base? The greater the capital base, the higher the score.
Current liabilities
What proportion of the funding of the business is from current liabilities? The higher the current liabilities, the lower the score.
Debt
What proportion of the funding of the business is from debt? The higher the debt the lower the score.
Section 3
BHS GROUP LIMITED
Diagnosis - 2 Financial Health Profile
Profit Management
Profit Management factor Factor Description
The H-Score model reviews any company from 7 points of view simultaneously The Profit
100
in order to obtain a comprehensive evaluation of its financial health. Management
factor measures
The company's strengths and weaknesses on each of these 7 Factors is the contribution
displayed here within the key management groupings: Profit Management, that profits are
Asset Management, and Funding Management. The Factor Scores are making towards
50 minimising immediate
measured from 0 (worst) to 100 (best).
financial risk.
The power that any Factor has to materially affect the H-Score will vary from
company to company depending on the company's nature and financial
structure.
0
The financial data items contributing to each Factor are indicated below each
Period Aug 10 Aug 11 Aug 12 Aug 13 Aug 14
graph. (H) indicates that the higher the better, (L) indicates the lower the better. Factor Score 17 17 16 16 17
PBT + amortisation - 6 (H) n/a n/a n/a n/a n/a
Current liabilities - 1 (L) 106,298 86,647 87,130 87,935 108,085
Asset Management Funding Management

Liquidity factor Factor Description Equity Base factor Factor Description
100 The Liquidity factor 100 The Equity Base

reviews the liquid factor measures
assets of debtors the adequacy of
and cash against the the equity base.
immediate demand on
50
those from the current 50
liabilities, in relation to
the rate of expediture.
0 0
Period Aug 10 Aug 11 Aug 12 Aug 13 Aug 14 Period Aug 10 Aug 11 Aug 12 Aug 13 Aug 14
Factor Score 14 16 16 15 12 Factor Score 8 8 8 8 8
Quick assets - 3 (H) 28,707 28,708 28,708 28,963 28,707 Total liabilities - 1 (L) 106,298 106,647 107,130 107,851 108,085
Current liabilities - 1 (L) 106,298 86,647 87,130 87,935 108,085 Net worth - 2 (H) 5,077 4,729 4,246 3,780 3,290
Expenses - 4,6 (L) n/a n/a n/a n/a n/a
Stock and Debtor Management factor Factor Description Current Funding factor Factor Description
100 The Stock and 100 The Current Funding

Debtor Management factor measures
factor measures the the dependence
degree to which the of the company on
investment in working its current liabilities
capital is supported 50
for the funding of
50
by long term funding its tangible assets.
(net of intangibles). The greater the
dependence on
current liabilities,
the lower the score.
0 0
Stock & WIP (L) 0 0 0 0 0 Current liabilities - 1 (L) 106,298 86,647 87,130 87,935 108,085
Debtors & other (L) 28,707 28,708 28,708 28,851 28,707 Total tangible assets - 2 (H) 111,375 111,376 111,376 111,631 111,375
Capital employed - 5 (H) 5,077 24,729 24,246 23,696 3,290
Current Asset Cover factor Factor Description Debt Dependency factor Factor Description
100 The Current Asset 100 The Debt

Cover factor Dependency factor
measures the amount measures the
of cover the liabilities dependence of the
of the company company on debt
receive from its 50
for the funding of
50
current assets. its tangible assets.
The greater the
dependence on debt,
the lower the score.
0 0
Current assets - 1 (H) 28,707 28,708 28,708 28,963 28,707 Short term debt - 1 (L) 20,000 0 4 0 19,906
Total liabilities - 1 (L) 106,298 106,647 107,130 107,851 108,085 Long term debt (L) 0 20,000 20,000 19,916 0
Total debt (L) 20,000 20,000 20,004 19,916 19,906
Total tangible assets - 2 (H) 111,375 111,376 111,376 111,631 111,375
Explanatory notes
1 - Cash & Short term debt are netted off 5 - Net worth (after netting off Intangibles) + Long term liabilities
2 - Net of Intangibles 6 - In cases where the financial year is shorter or longer than 12 months these
3 - Debtors & Cash (Cash & Short term debt are netted off) data items have been annualised
4 - Sales less Profit before tax (PBT)
Section 4
BHS GROUP LIMITED
Results Financial Health Profile
Profit & Loss (£'000s)

Months in period 12 12 12 12 12
Consolidated (Y=Yes N=No) N N N N N
Sales 0 0 0 0 0
Cost of sales 0 0 0 0 0
Gross profit 0 0 0 0 0
Other operating income/costs 0 0 0 0 0
Operating profit 0 0 0 0 0
Exceptional items 0 0 0 0 0
Interests & other income 0 0 0 0 0
Interest paid -630 -610 -646 -478 -336
Profit before tax -630 -610 -646 -478 -336
Tax 140 144 163 130 94

Profit after tax -490 -466 -483 -348 -242
Other 0 0 0 0 0
Dividends 0 0 0 0 0
Retained profit -490 -466 -483 -348 -242
No. of employees (heads)
Additional items which impact the H-Score (£'000s)

Amortisation of intangibles 0 0 0 0 0
P&L a/c - shareholders' funds 2,765 3,255 3,721 4,204 4,552
Balance sheet (£'000s)

Intangible fixed assets 0 0 0 0 0
Tangible fixed assets 0 0 0 0 0
Other fixed assets 82,668 82,668 82,668 82,668 82,668
Fixed assets 82,668 82,668 82,668 82,668 82,668
Stock & WIP 0 0 0 0 0

Trade debtors 0 0 0 0 0
Other debtors 0 0 0 0 0
Group balances 28,707 28,851 28,708 28,708 28,707
Cash and equivalent 10 128 0 0 0
Current assets 28,717 28,979 28,708 28,708 28,707
Trade creditors 0 0 0 0 0
Accruals & deferred income 0 0 0 0 0
Other creditors, etc 0 0 0 0 0
Group balances 88,179 87,935 87,126 86,647 86,298
Short term debt 19,916 16 4 0 20,000
Current liabilities 108,095 87,951 87,130 86,647 106,298
Working capital -79,378 -58,972 -58,422 -57,939 -77,591
Assets less curr. liab. 3,290 23,696 24,246 24,729 5,077
Long term debt 0 19,916 20,000 20,000 0

Group balances 0 0 0 0 0
Provisions & other creditors > 1yr 0 0 0 0 0
Long term liabilities 0 19,916 20,000 20,000 0
Minority interest 0 0 0 0 0
Shareholders' funds 3,290 3,780 4,246 4,729 5,077
Net worth 3,290 3,780 4,246 4,729 5,077
Capital employed 3,290 23,696 24,246 24,729 5,077
Section 5
BHS GROUP LIMITED
Results Financial Health Profile
Financial Ratios
Profitability Aug 14 Aug 13 Aug 12 Aug 11 Aug 10
Operating margin (%) n/a n/a n/a n/a n/a
Pre tax margin (%) n/a n/a n/a n/a n/a
Return on net worth (%) n/a n/a n/a n/a n/a
Return on capital employed (%) n/a n/a n/a n/a n/a
Return on assets (%) n/a n/a n/a n/a n/a
Interest cover (%)
Dividend cover (%)
Tax rate (%)
Trade/Funding
Sales:Tangible FA (%)
Sales:Net worth (%) n/a n/a n/a n/a n/a
Gearing (%) 605.0 523.9 471.1 422.9 393.9
Liquidity
Current ratio (%) 0.3 0.3 0.3 0.3 0.3
Acid test ratio (%) 0.3 0.3 0.3 0.3 0.3
Working capital:sales
Stock days n/a n/a n/a n/a n/a
Trade debtor days n/a n/a n/a n/a n/a
All other debtor days n/a n/a n/a n/a n/a
Trade creditor days n/a n/a n/a n/a n/a
Trade creditor cost of sales days n/a n/a n/a n/a n/a
All other creditor days n/a n/a n/a n/a n/a
Staff (£'000s)
Sales per head n/a n/a n/a n/a n/a
Profit before tax per head n/a n/a n/a n/a n/a
Employee costs per head n/a n/a n/a n/a n/a
Other ratios
Tangible debt gearing (%) 605.4 527.3 471.1 422.9 393.9
Leverage (%) 3,285.6 2,853.6 2,523.1 2,255.2 2,093.7
Shareholders' funds (£'000s)

Issued share capital 500 500 500 500 500
Share premium account 25 25 25 25 25
Revaluation reserves 0 0 0 0 0
Other reserves 0 0 0 0 0
Profit & loss account 2,765 3,255 3,721 4,204 4,552
Other/unallocated 0 0 0 0 0
Shareholders' funds 3,290 3,780 4,246 4,729 5,077
Cash flow statement (£'000s)

Months in period 12 12 12 12 12
Consolidated (Y=Yes N=No) N N N N N
Operating cash in/(out) flow 0 0 0 0 0
Returns on investment 0 0 0 0 0
Taxation 0 0 0 0 0
Free cash flow 0 0 0 0 0
Investing activities 0 0 0 0 0
Capital expenditure & financial investm 0 0 0 0 0
Acquisitions & disposals 0 0 0 0 0
Equity dividends paid 0 0 0 0 0
Management of liquid resources 0 0 0 0 0
Financing 0 0 0 0 0
Adjustment 0 0 0 0 0
Net increase in cash & cash equiv. 0 0 0 0 0
Section 6
BHS GROUP LIMITED
Supporting Information 1 Financial Health Profile
Group Structure
Name Country (if not Reg. No. Status Latest Consol. Total assets Sales
from UK) year end acc. (£'000s) (£'000s)
RETAIL ACQUISITIONS LIMITED 09320475 Dormant 30/12/14 N 1 0
BHS GROUP LIMITED [Current company] 03858895 In 30/08/14 N 111,385 0
Administration
DARLINGTON SHB LTD 09897471
DAVENBUSH LIMITED 02341207 In 30/08/14 N 22,803 8,299
Administration
SHB PROPERTIES REALISATIONS LIMITED 02139762 In 30/08/14 N 54,060 20,371
Administration
SHB REALISATIONS LIMITED 00229606 Receivership30/08/14 N 295,300 668,037
BHS PENSION TRUSTEES LIMITED 04002330 Dormant 30/08/14 N 0 0
LOWLAND HOMES LIMITED 05565259 In 30/08/14 N 18,880 2,873
Administration
SHB SERVICES REALISATIONS LIMITED 04002328 In 30/08/14 N 0 0
Administration
Section 7
BHS GROUP LIMITED
Company Directors (number of current appointments: 3)

Full Name Date of Birth Position Date Appointed Date Resigned Director Is Major
Status Shareholder
Mr D.L. Topp Sep 1967 Director 09 Apr 2015 Current
K. Smith Aug 1938 Director 18 Mar 2015 Current
Mr D.J.A. Chappell Nov 1966 Director 11 Mar 2015 Current
Mr L.D. Henningson Aug 1955 Director 11 Mar 2015 08 Sep 2016 Resigned
Mrs E.A. Reid Company Secretary 26 Mar 2015 15 Jul 2016 Resigned
Mr D.L.M. Chandler Apr 1972 Director 18 Mar 2015 06 Jul 2016 Resigned
Mr P.E. Budge May 1955 Director 22 Apr 2010 11 Mar 2015 Resigned
Sir P.N.R. Green Mar 1952 Director 24 Mar 2000 11 Mar 2015 Resigned
Mr R.L. Burchill Dec 1971 Director 24 Sep 2009 11 Mar 2015 Resigned
Mr A.A. Goldman Mar 1966 Company Secretary 22 Jun 2009 11 Mar 2015 Resigned
M.J. Gammon Apr 1977 Director 01 Dec 2014 11 Mar 2015 Resigned
Mrs M.J.M. Geraghty Jul 1973 Director 24 Sep 2009 19 Nov 2014 Resigned
Mr M.A. Healey Feb 1962 Director 24 Sep 2009 10 Feb 2012 Resigned
Mr C.J.M. Coles Dec 1959 Director 31 Oct 2001 27 Jan 2011 Resigned
Mr P. Coackley Dec 1960 Director 24 Mar 2000 30 Apr 2010 Resigned
Mr I.M. Allkins Apr 1962 Director 24 Mar 2000 28 Aug 2009 Resigned
E.S. Bell Sep 1969 Company Secretary 18 Sep 2006 22 Jun 2009 Resigned
D.V. Cash Aug 1959 Company Secretary 04 Sep 2000 18 Sep 2006 Resigned
R.E. Saunders Jun 1962 Director 22 May 2000 26 Sep 2003 Resigned
Mr I.M. Allkins Apr 1962 Company Secretary 24 Mar 2000 04 Sep 2000 Resigned
DECHERT NOMINEES LIMITED Director 10 Nov 1999 24 Mar 2000 Resigned
DECHERT NOMINEES LIMITED Company Secretary 10 Nov 1999 24 Mar 2000 Resigned
SWIFT INCORPORATIONS Director 14 Oct 1999 10 Nov 1999 Resigned
LIMITED
INSTANT COMPANIES LIMITED Director 14 Oct 1999 10 Nov 1999 Resigned
SWIFT INCORPORATIONS Company Secretary 14 Oct 1999 10 Nov 1999 Resigned
LIMITED
* reappointed director
Section 8
BHS GROUP LIMITED
Principal Shareholders
Information is based on latest Annual Return plus any subsequent new allotments/issues of shares.
Annual Return Date 01 Jun 2015
Issued Capital GBP 10,500,000
Key Shareholders Shareholding Shareholder Holding Holding

Type (% of (% of
class)* total)*
* The percentages owned by each shareholder should be used as a guide only. Inaccuracies may occur where there are differentiating voting rights or
where there are different classes of shares.
RETAIL ACQUISITIONS LTD 42,000,000 ORDINARY £0.250000 Corporation 100.00 100.00
Section 9
BHS GROUP LIMITED
Name change history

Date Old name New name
02 Apr 2001 MEASUREMARKET LIMITED BHS GROUP LIMITED
05 Apr 2000 MEASUREMARKET PLC MEASUREMARKET LIMITED
Documents filed
Date Document filed
21 Sep 2016 Change of Officers
13 Jul 2016 Change of Officers
10 May 2016 Appointment of Administrator
29 Apr 2016 App of Administrator Gazette
27 Apr 2016 Change in Reg Office Address
25 Jan 2016 Change of Accounting Ref Date
01 Jun 2015 Last Annual Return filed at CH
22 May 2015 30 Aug 2014 accounts filed at Companies House
23 Apr 2015 Charge Lodged
18 Mar 2015 Amendment to Articles
04 Feb 2013 Mem.Satisfaction Lodged
05 Jan 2010 Mem.Satisfaction Lodged
07 Aug 2009 Charge Lodged
23 Jul 2009 Charge Lodged
23 Jul 2009 Memorandum & Articles
20 Oct 2005 Mem.Satisfaction Lodged
21 Nov 2001 Mem.Satisfaction Lodged
04 Apr 2001 Change in Share Capital
02 Apr 2001 Change of Name
26 May 2000 Charge Lodged
Section 10
BHS GROUP LIMITED
County Court Judgments

No county court judgments registered
Summary Update date - N/A

Previous number of months
Total for 6 0-12 13-24 25-36 37-48 49-60 61-72
yrs
Total
Number of CCJs for each period
Value in £'s for each period
Satisfied
Unsatisfied
Details
Date registered Amount (£'s) Status Court Case number Date paid
No county court judgments
County Court Judgment information, which is collected by the Registry Trust, has been provided by Jordans Limited
Section 11
BHS GROUP LIMITED
Trading Addresses
Please be aware that business research data (i.e. trading addresses, and key employee contacts) are subject to inherent inconsistencies since no single central
repository exists for this type of data, and there is no requirement for companies to disclose changes to this information. While Company Watch and their data
providers endeavour to make business research data as rich and accurate as possible, they are not always able to ensure that this data is of the same high
standard as data sourced from Companies House and other central registers. Company Watch and their partners continue to work hard to improve the standard of
the business research data.
Registered Office
Address Phone Number
The Shard, 32 London Bridge Street, London, SE1 9SG
Head Office
No head office details available
Trading Addresses
1 Dolphin Centre, Poole, Dorset, BH15 1DG 0844 4116000
129-137 Marylebone Road, London, London, NW1 5QD 020 73392993
13-21 Midland Road, Bedford, Bedfordshire, MK40 1PL 0344 4116000
County Mall, Crawley, West Sussex, RH10 1FU 0844 4116000
Freeport Village, Anchorage Road, Fleetwood, Lancashire, FY7 6AE 0844 4116000
Lower Ground, Festival Place, Basingstoke, Hampshire, RG21 7BE 0844 4116000
Torre Road, Leeds, West Yorkshire, LS9 7DN 0844 4116000
Unit 92, Almondvale Centre, Livingston, West Lothian, EH54 6NB 01506 442312
Section 12
BHS GROUP LIMITED
Contacts
Please be aware that business research data (i.e. trading addresses, and key employee contacts) are subject to inherent inconsistencies since no single central repository exists for this type of data, and there is no requirement for companies
to disclose changes to this information. While Company Watch and their data providers endeavour to make business research data as rich and accurate as possible, they are not always able to ensure that this data is of the same high
standard as data sourced from Companies House and other central registers. Company Watch and their partners continue to work hard to improve the standard of the business research data.
First name Middle name Surname Job title Contact type Postal title Address
Dominic Chappell Director Executive Mr D. Chappell 129-137 Marylebone Road, London, London, NW1
5QD
George Coupe Manager General Mr G. Coupe 13-21 Midland Road, Bedford, Bedfordshire, MK40
1PL
Michelle Jane Gammon Solicitor General Ms M.J. Gammon The Shard, 32 London Bridge Street, London, SE1
9SG
Lennart David Henningson Company Director Executive Mr L.D. Henningson The Shard, 32 London Bridge Street, London, SE1
9SG
M O'Hoarn Manager General M. O'Hoarn Lower Ground, Festival Place, Basingstoke,
Hampshire, RG21 7BE
Keith Smith Company Director Executive Mr K. Smith The Shard, 32 London Bridge Street, London, SE1
9SG
Keith Smith Director Executive Mr K. Smith 129-137 Marylebone Road, London, London, NW1
5QD
Darren Topp Director Executive Mr D. Topp The Shard, 32 London Bridge Street, London, SE1
9SG
Section 13
BHS GROUP LIMITED
Mortgage Register
Person(s) entitled Charge Created Registered Amount secured Description Property charged - short particulars Restricting provision
satisfied?
BARCLAYS BANK PLC Satisfied 20 22 May 2000 26 May 2000 IN THE DEBENTURE THE COMPANY DEBENTURE Fixed and floating charges over the undertaking and
Oct 2005 COVENANTED WITH AND UNDERTOOK TO THE all property and assets present and future including
SECURITY TRUSTEE AS TRUSTEE FOR THE goodwill bookdebts uncalled capital buildings fixtures
BENEFICIARIES THAT IT SHALL ON DEMAND fixed plant and machinery. PLEASE REFER TO FORM
OF THE CHARGEE (THE SECURITY TRUSTEE) 395 FOR FULL DETAILS OF CHARGED ASSETS
DISCHARGE ON THE DUE DATE FOR PAYMENT
THEREOF ALL SECURED OBLIGATIONS AND
WHETHER INCURRED SOLELY OR JOINTLY
AND WHETHER AS PRINCIPAL OR SURETY
(OR IN SOME OTHER CAPACITY) AND THE
COMPANY AGREED TO PAY TO THE SECURITY
TRUSTEE WHEN DUE AND PAYABLE EVERY
SUM AT ANY TIME OWING, DUE OR INCURRED
BY ANY OBLIGOR TO THE SECURITY TRUSTEE
(WHETHER FOR IT'S OWN ACCOUNT OR AS
TRUSTEE FOR THE BENENEFICIARIES) OR ANY
OF THE OTHER BENEFICIARIES IN RESPECT OF
ANY SUCH LIABILITIES
BANK OF SCOTLAND PLC (AS Satisfied 04 18 Jul 2009 23 Jul 2009 ALL MONIES DUE OR TO BECOME DUE FROM DEBENTURE FIXED AND FLOATING CHARGE OVER THE
SECURITY TRUSTEE FOR THE Feb 2013 THE GROUP TO THE SECURITY TRUSTEE AND/ UNDERTAKING AND ALL PROPERTY AND ASSETS
SECURITY BENEFICIARIES) OR THE OTHER SECURITY BENEFICIARIES (OR PRESENT AND FUTURE, INCLUDING GOODWILL,
ANY OF THEM) ON ANY ACCOUNT WHATSOEVER UNCALLED CAPITAL, BUILDINGS, FIXTURES,
UNDER THE TERMS OF THE AFOREMENTIONED FIXED PLANT & MACHINERY
INSTRUMENT CREATING OR EVIDENCING THE
CHARGE
BANK OF SCOTLAND PLC Satisfied 04 18 Jul 2009 23 Jul 2009 ALL MONIES DUE OR TO BECOME DUE FROM SUPPLEMENTAL DEED OF FIXED AND FLOATING CHARGE OVER THE
(FORMERLY KNOWN AS THE Feb 2013 THE COMPANY TO THE SECURITY TRUSTEE AND/ ACCESSION TO A DEBENTURE UNDERTAKING AND ALL PROPERTY AND ASSETS
GOVERNOR AND COMPANY OF THE OR THE OTHER SECURITY BENEFICIARIES (OR DATED 14 DECEMBER 2004 PRESENT AND FUTURE, INCLUDING GOODWILL,
BANK OF SCOTLAND) (AS S ANY OF THEM) ON ANY ACCOUNT WHATSOEVER UNCALLED CAPITAL, BUILDINGS, FIXTURES,
UNDER THE TERMS OF THE AFOREMENTIONED FIXED PLANT & MACHINERY
INSTRUMENT CREATING OR EVIDENCING THE
CHARGE
BARCLAYS BANK PLC Satisfied 04 18 Jul 2009 07 Aug 2009 ALL MONIES DUE OR TO BECOME DUE FROM GUARANTEE & DEBENTURE FIXED AND FLOATING CHARGE OVER THE
Feb 2013 THE COMPANY AND/OR ALL OR ANY OF THE UNDERTAKING AND ALL PROPERTY AND ASSETS
COMPANIES NAMED THEREIN TO THE CHARGEE PRESENT AND FUTURE, INCLUDING GOODWILL,
ON ANY ACCOUNT WHATSOEVER UNDER THE BOOK DEBTS, UNCALLED CAPITAL, BUILDINGS,
TERMS OF THE AFOREMENTIONED INSTRUMENT FIXTURES, FIXED PLANT & MACHINERY
CREATING OR EVIDENCING THE CHARGE
ARCADIA GROUP LIMITED (AND Outstanding 14 Apr 2015 23 Apr 2015 LEGAL CHARGE CONTAINS FLOATING CHARGE. FLOATING
IT S SUCCESSORS IN TITLE AND CHARGE COVERS ALL THE PROPERTY OR
PERMITTED TRANSFEREES) UNDERTAKING OF THE COMPANY. CONTAINS
NEGATIVE PLEDGE.
Section 14
BHS GROUP LIMITED
LEGAL & INFO FULL Report

Key Descriptions - Health Profile
The H-Score is a measure of the overall financial health of a company. It is based on a statistical evaluation of a company's publicly available financial results, an
evaluation which reviews a company from several different angles simultaneously in order to determine its overall financial health.
Displayed graphically over several years, it is a ranking of all companies on a scale of 0 (worst) to 100 (best). Companies in the Warning Area (H-Score of 25 or
less) share the characteristics of previously failed companies and may be vulnerable. It is rare for companies to fail or experience major distress as long as their H-
Score remains outside the Warning Area.
The Risk Rating places the company into one of ten risk categories, with 1 indicating the lowest Probability of Distress and 10 the highest. Each successive step in
the Risk Rating scale indicates a doubling of the degree of risk.
The PoD (Probability of Distress) gives the statistical likelihood of a company failing or undergoing a major financial reconstruction in the next 3 years. The PoD is
calculated from a combination of the H-Score and the current economic outlook.
The Factor Profile shows the company measured on the three key financial management areas contributing to its overall financial health. The three key financial
management areas are:
Profit management - The contribution of profits to minimising immediate financial risk.
Asset management - Focuses on liquidity, working capital and cover from the current assets.
Funding management - Focuses on the strength of the funding, - the capital base, debt and the current liabilities.
Credit Limit
The Credit Limit is a benchmark unsecured trade limit that could be used as a starting point when considering the amount of credit that should be extended to this
company by a single supplier of goods, services or finance.
The Credit Limit is only a benchmark guide (not a rigid specification) and a supplier should always carry out additional research, particularly when considering extending
credit in respect of relatively larger sums and/or extending credit to companies in the Warning Area.
The calculation gives consideration to the company's size, level of trading activity, the degree to which it is already exposed short term to its creditors, its ability to repay
them and its working capital position. It uses the H-Score, the measure of the company's financial strength, and the Probability of Distress. It also takes into account
the number and value of any County Court Judgments recently served against the company.
The Credit Limit assumes average circumstances, for example a 60-day period before payment is received. It has not been specifically customised, nor does it address
a supplier's own circumstances such as its ability to bear losses, its profit margins and its appetite for risk.
The Credit Limit is not calculated in the following circumstances:
(1) Balance Sheet not in balance
(2) Total tangible assets = 0
(3) Financial SIC (unless specifically allowed through for evaluation)
(4) Distressed documents filed
(5) Company late in filing accounts or dormant
(6) H-Score is 10 or lower
(7) Sales is negative
(8) Company has filed 'dormant' accounts
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BHS GROUP LIMITED

Overview Results to Aug 14 Financial Health Profile

Health Profile Factor Profile

Financial Profile (£'000s) Warnings

Aug 14 0 -630 111,385 3,290 Subsidiary: If possible check ultimate parent.

Aug 13 0 -610 111,647 3,780

Financial Trends Financial Health Profile

Income Assets Funding

Profit m argins (%) Working capital (days sales) Gearing %

Look out for

Diagnosis - 1 Results to Aug 14 Financial Health Profile

Strengths and Weaknesses Profile

Current asset cover

Current asset cover

Diagnosis - 2 Financial Health Profile

Asset Management Funding Management

100 The Liquidity factor 100 The Equity Base

100 The Stock and 100 The Current Funding

100 The Current Asset 100 The Debt

Results Financial Health Profile

Profit & Loss (£'000s)

Tax 140 144 163 130 94

No. of employees (heads)

Additional items which impact the H-Score (£'000s)

Balance sheet (£'000s)

Stock & WIP 0 0 0 0 0

Working capital -79,378 -58,972 -58,422 -57,939 -77,591

Assets less curr. liab. 3,290 23,696 24,246 24,729 5,077

Long term debt 0 19,916 20,000 20,000 0

Capital employed 3,290 23,696 24,246 24,729 5,077

Results Financial Health Profile

Shareholders' funds (£'000s)

Cash flow statement (£'000s)

Supporting Information 1 Financial Health Profile

Supporting Information 2 Financial Health Profile

Company Directors (number of current appointments: 3)

Supporting Information 3 Financial Health Profile

Key Shareholders Shareholding Shareholder Holding Holding

Supporting Information 4 Financial Health Profile

Name change history

Supporting Information 5 Financial Health Profile

County Court Judgments

Summary Update date - N/A

Supporting Information 6 Financial Health Profile

No head office details available

Supporting Information 7 Financial Health Profile

Supporting Information 8 Financial Health Profile

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