E901 Realisations Limited (04397660): administration
- Status
- Administration ended
- Administration began
- 2012-06-14
- Administrators' firm
- David Rubin & Partners
- Formerly
- Esentual Limited; Imagescene Limited
- Incorporated
- 2002-03-19
- Location
- London
- Industry
- 78300 Human resources provision and management of human resources functions
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Bad debts / customer insolvency
From the administrators' statement
The Company was incorporated on 19 March 2002 and was dormant until the appointment of Mark Shiel and David Winslow as Directors on 27 October 2004 The Company was one of the first PAYE Umbrella Companies by which contracts for services were replaced by overarching contracts of employment and, thus temporary workers could achieve a more tax efficient structure, obtaining tax relief for expenses such as travel, etc The Directors adopted a business lo business sales approach, and the Company’s key customers were employment agenctes such as Top Temps and Staffline The Company would charge its clients a fee to effectively outsource their payroll function
The initial focus of the Company was in the construction industry, but proposed changes to the Construction Industry Scheme (CIS) Regulations, earmarked by the Government in February 2006, were expected to force many workers out of the CIS scheme and into employment Accordingly, the demand for PAYE services for this specific sector was anticipated to increase commensurately
However, the announced changes to the regulations were initially postponed and then abolished in April 2006 As a result, the original target market for the Company was no longer viable In order to adapt to these changes, the Company decided to target employment agencies operating in the logistics, warehousing and manufacturing sectors
Administrators' statement of proposals (2012-07-17) · Companies House register