Time Machines Limited (01029782): administration
- Status
- Administration ended
- Administration began
- 2012-04-13
- Administrators
- Jeremy Charles Frost, Stephen Patrick Jens Wadsted
- Administrators' firm
- Frost Business Recovery
- Incorporated
- 1971-11-04
- Location
- Croydon
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Property / lease costs
- Competition / price pressure
From the administrators' statement
The history received from the Company directors ts shown below
For the past 40 years Time Machines Ltd had been trading profitably, up until about 2 years ago we noticed a difference in the market the customers requirements started going over to marl order buying, our competitors were reducing the prices of the machines, we found it hard to compete, although through this time we have endeavoured to keep ahead of new technology Our main core business of existing customers’ rental and maintenance remains solid but new business started in fall causing the cashflow problem, we found it hard to invest 1n new computerised time systems which are more profitable To try and cut overheads our landlords at Capital Business Centre were very obliging and reduced our rent to ease the strain Allan Stevens, a company director put his personal money in order to assist cashflow But the financtal problems were building and the directors started falling behind with PAYE/NIC then VAT The directors’ negotiated a stage repayment, managed to keep this going for a short period of time but eventually what ever we tried to do was not working Towards the end of March the directors contacted the Frost Group Ltd for advice
2.1 Directors sought Professional Assistance/Advice As a result of the above, and with mounting pressure from creditors, the Directors of the Company approached Frost Business Recovery for assistance It was concluded that in the circumstances that prevailed, the Directors of the Company had no option other than to appoint Joint Administrators
Administrators' statement of proposals (2012-05-11) · Companies House register