Sadborow Farms Limited (04674395): administration
- Status
- Administration ended
- Administration began
- 2013-09-19
- Administrators' firm
- Mazars
- Formerly
- Richmond Homes (South West) Limited
- Incorporated
- 2003-02-21
- Location
- Milton Keynes
- Industry
- 01410 Raising of dairy cattle
Why it went into administration
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
The company operated a dairy farm from premises at Home Farm, Thorncombe, Chard, Somerset (“the Farm”), which were subject to Farm Business Tenancy (FBT) between Sadborow Estate Limited (Landlord) and Mr & Mrs Gambier (Tenants) The FBT expires on 28 February 2016 The company had no permission from the Landlord to trade from or occupy the premises This was a fundamental issue in the continued funding and operation of the company
The company’s financial position had been in decline over the past three years with profits falling from £27k in 2010 to a loss of £105k shown by the draft accounts for the year ended 28 February 2013 The company’s balance sheet as at the end of February 2013 showed it has net assets of just £76k
The company funded its operating assets through finance agreements Working capital was funded by Clydesdale Bank The company’s overdraft facility was due for renewal and the company was asked to submit forecast trading and cash flow proyections The company was
Administrators' statement of proposals (2013-11-19) · Companies House register