Industrial and Commercial Mouldings Limited (02758029): administration
- Status
- Administration ended
- Administration began
- 2016-12-08
- Administrators' firm
- MR W Stannard of RS Partnership
- Incorporated
- 1992-10-22
- Location
- Ilford
- Industry
- 32990 Other manufacturing n.e.c.
Why it went into administration
- HMRC / tax arrears
- Loss of a key customer, supplier or contract
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 22 October 1992 Trading started shortly thereafter producing injection moulded products, mainly for the automotive industry Trading was successful and by 31 March 12 the company had accumulated reserves on its profit and loss account of £432,803
During 2013 onwards various tssues adversely affected the performance of the company The market place in which ICM operated became ever more competitive, with margins on products reducing As some of the products produced by the company were priced in Euro’s and payment received in Euro’s, exchange rate variations, until after the EU referendum, adversely affected the profitability on some contracts The company also found itself locked in to an unprofitable contract The company could not extricate itself from this contract without adversely affecting ongoing customer relationships
In March 2016, the company had to undergo a quality audit at the behest of one of its major customers The cost of this audit amounted to £180,000 This had an adverse effect on the company’s cash flow Due to these issues a debt arose with HMRC, who sought to distrain over the company’s assets When HMRC threatened to remove company assets the director sought the advice of their accountant who suggested that the advice of an Insolvency Practitioner should be sought
Administrators' statement of proposals (2017-01-08) · Companies House register