Communications & Surveillance Systems Limited (02682999): administration
- Status
- Administration ended
- Administration began
- 2017-07-31
- Administrators
- Henry Lan, Asher Miller
- Administrators' firm
- Begbies Traynor
- Formerly
- Gailyform Limited
- Incorporated
- 1992-01-31
- Location
- London
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
From the administrators' statement
Whilst the more specialised products remained quite unique to the Company, many of its most popular surveillance products have become more ‘Mainstream’ over the years and with many of these products becoming available on the internet at low prices. The Company failed to compete with online suppliers and its website was not attractive to potential customers and did not give customers the opportunity to purchase products online.
Plans to develop the e-commerce side of the business had coincided with a decline in taumover resulting in cash flow problems and together with trading costs increasing, the Company was unable to remain profitable, relying on loans from the Directors pension funds, Nss Trustees Limited and an associated company, PDL Limited to continue its trading.
The historical financial results of the Company, as set out above, showed that the Company had made a loss in the previous year. Without fresh a injection of capital this has resulted in a severe strain on cash flow and suppliers’ credit terms being exceeded. In addition, payment of Crown debts was also being delayed.
Administrators' statement of proposals (2017-10-05) · Companies House register