SP & AJ Building & Development Limited (06905989): administration
- Status
- Administration ended
- Administration began
- 2018-03-08
- Administrators' firm
- MT Insolvency
- Incorporated
- 2009-05-14
- Location
- Coventry
- Industry
- 43390 Other building completion and finishing
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Creditor pressure / legal action
- Loss-making contracts / project overruns
- Competition / price pressure
From the administrators' statement
The company was formed and incorporated in July 2009. The company, which was based in the East Midlands, operated as a building & development contractor and offered a nationwide service in all construction sectors. It got involved in full tender packages, developing projects from initial or even sketch drawings through to final handover. The company handled a variety of projects, both commercial and residential, refurbishments and restorations.
The company traded successfully for a number of years. The last set of filed accounts to the year ended 30 June 2016 showing that the company had made a pre tax profit of £220,234 with the company having retained reserves of £106,031.
At this time, the business was growing and new members of staff had to be engaged in order to cater for this growth. Due to the rapid increase in the number of contracts taken on by the company, it latterly transpired that some level of control was lost in the delegation to the newly acquired staff and as such, costs were not as well controlled.
Administrators' statement of proposals (2018-05-17) · Companies House register