From the administrators' statement

3.1 In February 2023, the Opus Restructuring LLP were introduced to the Directors by the Company’s accountants, Clarity Accounting Limited to provide advice in regard to its financial affairs. During the initial conversation, the directors advised that they were concerned as to cash flow of the company and inevitably insolvency.

3.2 Following this meeting, the Company produced a cashflow forecast to establish if the Company could return to profitability. Unfortunately, this confirmed that the Company would become insolvent and not be able to meets its liabilities, within

usual credit terms, past May 2023. With the recent increases in rent and energy costs, it would have found it challenging to return to profitability.

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Kenads Limited (05278252)

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