# Freedom Paper Converters Limited (03746716)

> Why UK company 03746716 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/03746716

- **Status:** Administration ended
- **Administration began:** 2016-08-12
- **Administrators:** John Malcolm Titley, Conrad Alan Beighton
- **Administrators' firm:** Leonard Curtis
- **Formerly:** Accrol Midlands Limited
- **Incorporated:** 1999-04-07
- **Location:** Manchester
- **Industry:** 17220 Manufacture of household and sanitary goods and of toilet requisites

## Why it went into administration

- HMRC / tax arrears
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Sustained trading losses
- Credit insurance / supplier credit withdrawn
- Competition / price pressure

## From the administrators' statement

A review of the accounts for the year ended 31 May 2014 and the comparatives for 2013 and 2012 demonstrate a profitable business that had enjoyed considerable growth The Company had distributable reserves as at 31 May 2014 of £2 075m and a balance sheet reserve position in excess of

In the 12 month period ending 31 May 2015 the Company undertook the purchase of plant and machinery costing in the region of c£E5m The acquisition was funded by finance agreements and grants In the same accounting period, the Company saw a small increase in its turnover, although expenenced a fall in its gross profitability by approximately 7%

In the 12 months to 31 May 2015 the Company reduced its overheads by c£330k, although suffered a net loss of c£122k in the following 12 months to 31 May 2016, the Company saw turnover fall by in excess of £2 4m from £13 3m in 2015 to £10 9m in 2016 The gross profit margin fell again in the period from 19% to 16%

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/03746716/filing-history/MzE1ODQ1OTIwOGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/03746716

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