Goldace Estates Limited (04721377): administration
- Status
- Administration ended
- Administration began
- 2011-07-06
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2003-04-03
- Location
- Preston
- Industry
- 9999
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Cash flow / liquidity pressure
From the administrators' statement
31 The Company was incorporated on 3 April 2003 and commenced trading from inception from premises at 1 Fishwick Park, Mercer Street, Preston, Lancashire
32 The Company did not employ any staff and had two directors who managed both the operational and financial functions of the business
33 The Company bought and sold property. in December 2007, the Company sold a commercial property in Preston City Centre Due to a purported administrative error, there became an option to tax on the property which the directors were not aware of after completion of the sale As such, the relevant output tax was not paid or accounted for to H M Revenue & Customs (“HMRC”) The directors became aware of this lability 2 years after the sale when HMRC requested payment of the outstanding VAT, totaling approximately £1,308,125, As the business did not have the reserves to discharge the lrability in full, HMRC advised that a winding up petition was imminent.
Administrators' statement of proposals (2011-09-01) · Companies House register