# Horizon Controls Limited (04823156)

> Why UK company 04823156 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/04823156

- **Status:** Administration ended
- **Administration began:** 2022-11-09
- **Administrators:** Anthony John Wright, Alastair Massey
- **Administrators' firm:** FRP Advisory
- **Formerly:** A.J. Fletcher Properties Limited
- **Incorporated:** 2003-07-07
- **Location:** London
- **Industry:** 43220 Plumbing, heat and air-conditioning installation

## Why it went into administration

- Creditor pressure / legal action
- Rising costs / inflation
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Loss-making contracts / project overruns
- Competition / price pressure

## From the administrators' statement

In October 2022, The Company was suffering from cashflow problems as a result of project overruns, increased costs and delayed customer payments. As a result Aldermore Bank PLC (in their capacity as a secured lender providing a Confidential Invoice Discounting facility) approached FRP seeking professional advice regarding a short term funding forecast and cash flow management.

Having met with the managing director of the Company on 24 October 2022 and having reviewed the information provided, FRP advised that the company was insolvent due to creditor pressure and ongoing legal action.

Furthermore, FRP advised that an accelerated M&A process should be undertaken in order to attempt to secure continuation of project delivery for clients thus protecting the goodwill of the Company and the debtor tedger.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/04823156/filing-history/MzM2NTE1MDc3NGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/04823156

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