Cavill Fabrications Limited (02694615): administration
- Status
- Administration ended
- Administration began
- 2011-06-01
- Administrators' firm
- Begbies Traynor
- Formerly
- Nelaocean Limited
- Incorporated
- 1992-03-06
- Location
- Nottingham
- Industry
- 2875
Why it went into administration
- Bad debts / customer insolvency
From the administrators' statement
The Company had been under some financial pressure for the past two years, sustaining a net loss of £349k in respect of the year ended September 2009 and just about breaking even in 2010 Trading in 2011 proved to be significantly more difficult with trading at a loss of £166k being reported for the first 7 months of the financial year
The directors confirmed that during the past 12-18 months, there had been a significant deciine in turnover, together with clients applying pressure on the Company to reduce its margins The Company had attempted to take a number of steps to remedy the deciine tn financial performance, including laying off a number of staff and applying short-time working Regretfully, these steps failed to stem the loss-maktng activity This was further compounded by a bad debt of £75k, which, when added to the actual trading loss for the 7 months to April 2011 of £92k, resulted in the aggregate loss for that period of £166k
Immediately prior to our appointment the Company was currently working on a number of contracts, with an estimated outstanding realisable value when completed, of approximately £780k Having reviewed the contracts in some detail, it was anticipated that the estimated costs to complete would have been approximately £760k if no issues arose in the completion of the contracts
Administrators' statement of proposals (2011-07-29) · Companies House register