S.H. Service Hydraulics Limited (01237223): administration
- Status
- Administration ended
- Administration began
- 2016-08-19
- Administrators' firm
- Mazars
- Incorporated
- 1975-12-11
- Location
- Birmingham
- Industry
- 28131 Manufacture of pumps
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
A company connected to Mazars LLP, Mazars Financial Planning Limited trading as Mazars Receivables Management (‘MRM’), were initially engaged by the Company on 1 April 2016 following an introduction by Lloyds Bank Commercial Finance Limited to undertake a debt verification exercise
The work involved a two-day site visit, verification of debtor balances by telephone and assessment of the collectability and accuracy of the ledger The engagement was in respect of the Company and a connected company, Albion Hose Limited, the Company’s immediate parent, and MRM were paid £2,500 plus disbursements and VAT im total across both companies Subsequently on 27 June 2016, MRM were engaged to assist both companies with credit control resource initially concentrating on older debts and maximising cash generation through debtor chasing They have charged £700 per company plus VAT per week for six weeks, totalling £4,200 plus VAT per company
Subsequently, Simon Chandler and Rebecca Jane Dacre attended the Company’s trading premises on 31 May 2016 and 24 June 2016 following an initia! introduction from Lloyds Bank Commercial Finance Limited Rebecca Dacre additionally attended the Company’s trading premises alone on 1 and 6 June 2016 They prepared cash flow forecasts with the assistance of the Company and provided a report to the Company and the Bank with commentary on the balance sheet and cash position The engagement was in respect of the Company and the connected company, Albion Hose Limited, the Company’s immediate parent and the fee charged amounted to £1,750 plus disbursements and VAT by each Company
Administrators' statement of proposals (2016-09-22) · Companies House register