Cardiff Marine Services Limited (01408506): administration
- Status
- Administration ended
- Administration began
- 2023-06-30
- Administrators
- Christopher Lewis, Damian Webb
- Administrators' firm
- RSM
- Formerly
- Cambrian Marine Services Limited
- Incorporated
- 1979-01-11
- Location
- London
- Industry
- 33120 Repair of machinery
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- COVID-19
- Parent or group failure
- Rising costs / inflation
- Property / lease costs
- Sustained trading losses
From the administrators' statement
Relevant extracts from the company’s financial statements and management accounts are summarised below:
£000 Period endin 31 December 31 December 31 December | 5m to 31 May g 2019 2020 2021 2022 Turnover 2,119 2,773 4,102 1,652 Gross profit 852 1,318 2,441 982 Net profit /loss 399 143 1,741 714 Dividend paid 0) 0 0
As mentioned previously, the lack of a finance team has meant that the latest available management accounts for the Company are dated 31 May 2022. Prior to our appointment, an interim finance team were in place and working to bring the management information up to date to December 2022. However, following our appointment, it was not considered cost effective to continue this task noting the management information would not provide any additional value to the Company, as confirmed by agents appointed as set out later in this report.
Administrators' statement of proposals (2023-09-02) · Companies House register