# Globe Management Services Limited (02963388)

> Why UK company 02963388 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/02963388

- **Status:** Administration ended
- **Administration began:** 2014-08-21
- **Administrators' firm:** Baker Tilly Restructuring and Recovery
- **Formerly:** Globe Construction Management Limited; NC Services Limited
- **Incorporated:** 1994-08-31
- **Location:** Manchester
- **Industry:** 41201 Construction of commercial buildings

## Why it went into administration

- Cash flow / liquidity pressure
- Sustained trading losses
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Property / lease costs
- Credit insurance / supplier credit withdrawn

## From the administrators' statement

Relevant extracts from the Company’s audited financial statements and management accounts are summarised overleaf

Management Audited Audited Accounts for Accounts for Accounts for Period Ended Year Ended Year Ended 31 May 2014 31 August 2013-31 August 2012 Profit and Loss Account Turnover 25,017,659 29,887,692 26,337,295 Cost of sales (23,556,942) (28,117,385) (25,585,111) Gross profit 1,460,717 1,770,307 752,184 Admunistrative expenses (1,319,902) (1,660,868) (1,240,668) Other operating income - 178,819 169,314 Operating profit/(loss) 140,815 288,258 (319,170) Other interest receivable and similar income - 4 1,894 Interest payable and similar charges (7,348) (13,078) (14,654) Profit/(Loss) on ordinary activities before 133,467 275,184 (331,930) Tax on (loss)/profit on ordinary activities - (4,051) 8,470 Profit/(Loss) for the financial year 133,467 271,133 (323,460) Balance Sheet Fixed Assets Tangible Assets 734,552 883,610 898,938 Current Assets Amounts owed by Aprilis and GCM 706,480 571,025 548,000 Other debtors 7,687,324 7,334,616 6,601,393 Cash at bank and in hand 570,864 935,122 769,586 9,699,220 9,724,373 8,817,917 Creditors Amounts due within | year (8,907,916) (8,672,935) (7,974,863) Net current assets 791,304 1,051,438 843,054 Creditors Amounts due after more than 1 year - (429,919) …

• There 1s a discrepancy in the 31 May 2014 management accounts since they do not reconcile to the position at the year ended 31 August 2013 The Administrators are currently analysing the discrepancies identified

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/02963388/filing-history/MzEwOTU0ODIyOGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/02963388

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.