Azure Natural Energy Systems Limited (05542503): administration
- Status
- Administration ended
- Administration began
- 2012-02-21
- Administrators
- Ben Robson
- Formerly
- Energy 4 Life Limited
- Incorporated
- 2005-08-22
- Location
- Rugby
- Industry
- 2852
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated on 2and August 2005 in order to provide a complete design, supply and installation service of renewable heating systems primarily specialising in heat pump technology to both the domestic and commercial market The Company’s submitted annual accounts showed that the Company produced profits since incorporation, until the year to March 2010 when a loss of £94,486 was made _ A further loss in the subsequent year of £239,883 was then made and as a result, the Director was forced to place the Company into a Company Voluntary Arrangement in February of that year.
The Director mainly attributes the losses to overtrading as the costs of expansion outweighed the increased revenue being received. It should be noted that since the Company was subject to the Company Voluntary Arrangement, trading improved, partly due to an investment of approximately £100,000 from an associated Company, however the management accounts still show that an overall loss of £17,985 for the year to date .
As a result of the high costs, and the sporadic trading, the Company suffered from cash flow difficulties. These problems were made worse due to the downturn in the economic climate resulting in the forecasted sales not being achieved and In December 2011, a Winding up Petition was presented against the Company from a mechanical design contractor. 1 am advised by the Director of the Company that this debt was disputed (however this 1s in contradiction to the creditor's view) Evidently, whilst part of the debt was paid, it was not paid in full which resulted in the petition being advertised in the London Gazette on the 5” January 2012 immediately forcing the company to cease to trade.
Administrators' statement of proposals (2012-04-17) · Companies House register