Powerstack Ltd (06371491): administration
- Status
- Administration ended
- Administration began
- 2013-12-30
- Administrators
- Jamie Playford
- Administrators' firm
- Acuity Professional Partnership
- Incorporated
- 2007-09-14
- Location
- Norwich
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- HMRC / tax arrears
- Loss of a key customer, supplier or contract
- Competition / price pressure
From the administrators' statement
Powerstack Limited (hereinafter referred to as “the Company") was incorporated on 14 September 2007 and provided labour for the devanning containers for the shipping industry, operating from the Port of Felxstowe The directors since incorporation were Gary Gooding and Andrew Holt. The Company's 15 staff were employed on zero-hour contracts to minimise costs that could not be recouped The Company worked for two main customers.
In 2012 a downturn in demand and margin pressure from competitors decreased profits and the Company's cash flow suffered Since the trading performance of the Company has always been seasonally affected, this resulted in a high staff tumover and accordingly, it became increasingly difficult for the Company to meet tts debts as and when they fell due
tn mid-2013 the Company's accountant discovered an error in the treatment and recording of VAT, which resulted in an unexpected lability to HMRC of around £42,000, which the Company was unable to meet The Company looked to move accountants in summer 2013 Mr Gooding sought advice from the Company's new accountants in August 2013, who recommended that the directors seek insolvency advice regarding the outstanding VAT liability Mr Gooding contacted Parker Andrews on 20 August 2013 and initial advice regarding the Company's affairs and directors’ dutres was given
Administrators' statement of proposals (2014-02-17) · Companies House register