Tippabush Limited (04962098): administration
- Status
- Administration ended
- Administration began
- 2018-03-01
- Incorporated
- 2003-11-12
- Location
- Grimsby
- Industry
- 38110 Collection of non-hazardous waste
Why it went into administration
- Sustained trading losses
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Loss-making contracts / project overruns
From the administrators' statement
Summary
| would first like to refer creditors to the estimated statement of affairs as at 1* March 2018. This shows an estimated deficit of £81,052, which includes an employee termination budget of £32,830. This demonstrates that the former trading deficit was therefore some £48,222. A financial review of the Company had been commenced before this firm’s involvement, as there were evidently cash flow issues becoming apparent. There were questions being raised over the conduct of the Company, due to the marital separation proceedings between the two directors.
The financial results of the recycling business were showing gradually reducing gross margins, and there was little potential for costs reductions without the loss of employment of either of the two directors and / or one staff member, involved in the recycling business. The directors had previously decided to diversify their business by making more use of their business premises, and established a hair salon in early 2017.
Administrators' statement of proposals (2018-05-02) · Companies House register