# Tiku Homes Limited (04032485)

> Why UK company 04032485 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/04032485

- **Status:** Administration ended
- **Administration began:** 2019-01-31
- **Incorporated:** 2000-07-12
- **Location:** Fareham
- **Industry:** 41100 Development of building projects

## Why it went into administration

- Property / lease costs
- Sustained trading losses
- Loss-making contracts / project overruns

## From the administrators' statement

The company was incorporated on 12% July 2000 and began trading shortly thereafter. The sole director from the outset was Mr Rameshchandra Shah. Mr Shah passed away suddenly in 2018, leaving the company for a period with no active director. Mr Shah’s son in law, Dr Nishel Patel agreed to be appointed as director to deal with the orderly wind down of the company. This appointment was confirmed on 15‘ October 2018. The company traded from Mr Shah’s home, West Country House, Cherry Tree Avenue, Clacton-On-Sea. Mr Shah’s daughter Dipa Patel was appointed as a director on 21 January 2019.

The company’s business was primarily property development and acting as landlord for a number of properties that the company had previously developed. The company had built up a property portfolio, consisting of a freehold property known as 121~129A Old Road, Clacton-On-Sea, Essex. The property consists of seven self-contained flats arranged across the upper floors, and a dental practice situated on the ground floor. The seven flats are all currently let on assured shorthold tenancy (ASTs) and are fully managed by a managing agent, who is paid a 5% fee on rents received. The current monthly rent being received from the flats is £4,700. The lease of the dental practice is over a term of 15 years which commenced on 21% January 2014. The monthly rental income being received is £3,200.

The company also holds an interest in two freehold reversions at 39 Carnarvon Road, Clacton-OnSea Essex and 46 High Street, Clacton-On-Sea. Both properties consist of four flats, all of which were sold by the company on long leaseholds in 2003. The company receives ground rent of £50 per flat per annum. The company managed both blocks and charged a management fee of 10% based on the actual bills paid in that year. The company had one employee who managed the maintenance and upkéep of the surrounding grounds of the two blocks.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/04032485/filing-history/MzIzMTM3MDE5NmFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/04032485

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