# Cole Construct Ltd (05977831)

> Why UK company 05977831 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/05977831

- **Status:** Administration ended
- **Administration began:** 2014-10-01
- **Formerly:** Cole Civils & Construction Ltd; Cole Civils Limited
- **Incorporated:** 2006-10-25
- **Location:** Watford
- **Industry:** 41100 Development of building projects

## Why it went into administration

- Over-expansion / investment not recovered
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
- Property / lease costs
- Weather / natural events

## From the administrators' statement

The Company was incorporated on 25 October 2006 (CRN 05977831) under the name Cole Civils Limited, for the purpose of being the vehicle through which the founding directors would trade a new construction business. The Company latterly changed tts name to Cole Civils & Construction Ltd on 26 June 2008, prior to then becoming Cole Construct Ltd on 12 October 2009 We are advised that the two directors at commencement of trading were a Mr Robert Allison and a Mr Trevor Heathcote, and the shareholder was Four Seasons Fencing Limited The Company traded from the premises of Four Seasons Fencing Limited in Bethersden, Ashford

In October 2010, the general manager, Daniel Calnan, became a director, when Trevor Heathcote resigned This followed the acquisition of 50% of the shares by Daniel Calnan Mr Calnan has stated that the Company successfully traded throughout the period 2009 to 2013, achieving modest profits and building a reputation in the industry for quality workmanship and good project management Internal figures show that turnover rose from £1,325,711 for the year to 30 Apnil 2009 to £3,334,516 for the year to 30 April 2013. In the same period, the profit before interest and tax rose from £75,025 in 2009 to £159,727 in 2013

The directors believed that the Company had weathered the downturn in the construction industry caused by the credit crunch well, and that they forecasted a turnover of £6 million for the year to 30 April 2014 The rapid growth had a significant impact on working capital, causing increased pressure on cash-flow and general resources The shareholders were unable to make proprietary capital injections to replenish working capital, and therefore the decision was taken to improve the management of costs and the accounting processes in order to meet the demands of the new projects Additional staff were employed including a chartered surveyor, to manage the commercial aspects of the business, replacing a previously less qualified surveyor This measure was implemented to ensure that detailed cost value reports were provided to the board on a monthly basis to assist in monitoring the financial position of the Company, together with preparation of detailed monthly cash-flow forecasting.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/05977831/filing-history/MzExMjE3NzM2NGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/05977831

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