Brosea Solutions Limited (06520399): administration
- Status
- Administration ended
- Administration began
- 2011-07-01
- Administrators' firm
- Leonard Curtis
- Formerly
- Spearpoint Risk Management Ltd
- Incorporated
- 2008-03-03
- Location
- London
- Industry
- 7487
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated in March 2008 to provide secunty risk assessments and specialist protection services to private individuals, government departments and corporate clients pnmanily through the provision and monitonng of electronic secunty systems
Although the Company was profitable up until the year to 31 March 2011, turnover for the year dropped significantly compared to that in the previous year as a result of a large contract coming to an end Although a similar project was lined up to commence shortly after it completed the project was later cancelled In addition some other pnvate clients were also lost and consequently since early 2011 the Company had been experiencing cash flow problems
As a result the Company built up HM Revenue & Customs ("HMRC") arrears of some £110,000 in respect of unpaid Corporation Tax ("CT") The Company was able to make payments totalling £70,000 in order to reduce the liability However, HMRC wrote to the Company on 4 February 2011 notifying that it had referred the case to its distraint section for unpaid CT of £40,000
Administrators' statement of proposals (2011-08-11) · Companies House register