Watermills Events Limited (06768524): administration
- Status
- Administration ended
- Administration began
- 2018-05-08
- Administrators
- Jonathan James Beard, Lloyd Christopher Biscoe
- Administrators' firm
- Begbies Traynor
- Formerly
- W.H.A.T. Training Limited; Kentyarn Ltd
- Incorporated
- 2008-12-09
- Location
- Woking
- Industry
- 36000 Water collection, treatment and supply
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
Fult details of the background to the matter and reasons for insolvency our detailed in the SIP 16 statement attached at Appendix 4.
To summarise the information provide there, the Company provided temporary drinking water supplies and waste water facilities to festivals, film productions sets and construction sites. The Company was accredited by the British Standards Institution ("BSI") and held a Licence for the operation of fleet vehicles.
The Company began to experience financial difficulties during late 2016 as a consequence of the discovery of funds being purportedly misapplied by a former employee and consequentially from a shareholder dispute within its former parent company, Adam Water Limited, which has since entered into a formal insolvency procedure. This was coupled with difficulties arising between the Company and its former accountants which fed to the appointment of alternative accountants who subsequently discovered a number of discrepancies in its financial records, along with a substantial number of late, erroneous or non-submitted tax returns. The Company was subject to a Company Voluntary Arrangement (“CVA”) prior to the administration. This assisted with the Company's cash flow initially but trading was not profitable enough to allow the Company to meet its post CVA tax liabilities. As a result of which HM Revenue & Customs (“HMRC”) issued a winding up petition against the Company, which was filed at Court on 26 March 2018.
Administrators' statement of proposals (2018-05-30) · Companies House register