Amberjac Projects Limited (04790245): administration
- Status
- Administration ended
- Administration began
- 2013-05-22
- Administrators
- John Edmund Paylor
- Administrators' firm
- Edmund Paylor of Guardian Business Recovery
- Incorporated
- 2003-06-06
- Location
- London
- Industry
- 27200 Manufacture of batteries and accumulators
Why it went into administration
- Loss of a key customer, supplier or contract
- Sustained trading losses
From the administrators' statement
The Company was incorporated in 2003 to develop and market high capacity battenes for road vehicles, particularly commercial vehicles. Funding was provided by investors and the accounts show a share premium of nearly £800,000 Further funding was provided by secured borrowing from HSBC Bank PLC (“HSBC”) which was given a debenture and chattel mortgages When the company went into administration the bank was owed some £60,000. One of the directors, who has also personally guaranteed the bank facility, Mr Sheldon, recently made a secured loan of £25,000 and his stepfather, Mr J Lipman, has also loaned some £55,000 In addition, other unsecured loans have been advanced by shareholders
Trading losses are shown 1n the accounts until 2010 and 2011 and the accounts for the year to 30 Apnl 2012 show a further trading loss of £85,000 The Company had a major customer based in Portugal which delayed ordering due to economic uncertainty In the circumstances the investors did not feel able to provide further support for the Company
Initial discussions were held with this firm in October 2012, and the investigations and reporting of asset valuers Charterfields Limited (“Charterfields”) of 4th Floor, 4-5 Castle Court , London EC3V 9DL, led to the business and assets being marketed for
Administrators' statement of proposals (2013-07-18) · Companies House register