Vital NUT Co. Limited (03798257): administration
- Status
- Administration ended
- Administration began
- 2020-11-06
- Administrators' firm
- BDO
- Formerly
- The Virgin NUT Co Limited
- Incorporated
- 1999-06-30
- Location
- Liverpool
- Industry
- 46310 Wholesale of fruit and vegetables
Why it went into administration
- COVID-19
- HMRC / tax arrears
- Weak consumer demand
- Cash flow / liquidity pressure
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 30 June 1999 and its principal trading activity was the import and distribution of edible nuts and dried fruit. The Company sold predominantly within UK market, with limited export overseas.
In FY11, the Company entered into an Employer Financed Retirement Benefits Scheme (“EFRBS”) for the benefit of the Director. The EFRBS was registered with HM Revenue and Customs (“HMRC”). In the 2016 budget Her Majesty’s Government (“HMG”) announced measures to tackle existing and prevent future use of disguised remuneration avoidance schemes and, in 2017, it legislated that schemes of this nature were to be treated as disguised remuneration with a loan charge to be introduced from 5 April 2019.
The impact of this on the Company was that HMRC opened an enquiry into whether the loan charge would become payable and in 2016 the Company received Advanced Payment Notices (“APNs”) from HMRC to make payments in respect of PAYE, NIC, other tax and interest ahead of the implementation of the charge. Over the course of FY16 to FY19 the Company paid £623k in respect of the APNs and in April 2019 HMRC and the Company agreed a settlement of the Company’s liability under the EFRBS.
Administrators' statement of proposals (2020-12-31) · Companies House register