EXF Realisations 2014 Limited (05354810): administration
- Status
- Administration ended
- Administration began
- 2014-02-07
- Administrators
- Jonathan James Beard, John Walters
- Administrators' firm
- Begbies Traynor
- Formerly
- Exceat Farmhouse Limited
- Incorporated
- 2005-02-07
- Location
- East Sussex
- Industry
- 56101 Licenced restaurants
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was Incorporated in February 2005 by Mr & Mrs Davey to operate as a tea rooms and bed and breakfast from the leasehold premises at Exceat Farmhouse, Seven Sisters Country Park, Seaford We understand that the Company traded without tssue until early 2013
We are advised that there was a dispute between the Company and the landlord, East Sussex County Council ((ESCC’), over historic utility payments dating back to 2011 The dispute was ultimately resolved and agreement reached for settlement by way of a consent order, although it had a negative impact on the Company's cash-flow
In addition it appears that, historically, the Company had mistakenly not budgeted for payments of PAYE/NIC and VAT, which resulted in arrears of those taxes accumulating from 2010/11 By early 2013 HM Revenue & Customs (‘HMRC’) was seeking to enforce payment of the liability due to it This had a further negative tmpact on the Company's cash-flow
Administrators' statement of proposals (2014-04-08) · Companies House register