Saxton Scaffolding Limited (07068944): administration
- Status
- Administration ended
- Administration began
- 2015-02-18
- Incorporated
- 2009-11-06
- Location
- Droitwich
- Industry
- 43991 Scaffold erection
Why it went into administration
- HMRC / tax arrears
- Weather / natural events
From the administrators' statement
1 started Saxton Scaffolding Ltd (The Company) on 9" November 2009 and arranged for Colin Gillard of Northams Accountants to look after the accounts of the business My key strength within the business ts business development and | rapidly started to grow the company’s client base With growing the client base meant we had to increase the purchase of stock, labour and vehicles We then decided that we had outgrown our orginal premises at Heathfield Farm, Clyst St Mary, Devon We relocated the business after two years of trading into bigger premises in Marsh Barton Ind Est, Exeter
We then approached Darnells Accountants, Newton Abbot, Devon to take over the accounts for the company as they had been recommended to me by a friend with numerous business interests Upon Darneils reviewing the records they identified accounting errors which resulted in unpaid PAYE and VAT to the value of £240k, this was arranged to be paid back by a time to pay agreement | had also acquired private funding of £100k from a business college and a further £50K from a family member in order to make a lump sum payment against the HMRC debt, however as a result of a winding up-petition issued by one of our suppliers DSL this was used to clear the account in full
From January to March 2014 we then suffered great losses due to adverse weather conditions a lot of the main sites had been put on stop which had a knock on effect to our production this swallowed up all additional funding that | had managed to obtain, however with such a strong order book it was believed we would recoup the losses over the summer months in December 2014 the turnover of the business increased above threshold for cash accounting, as a result an additional vat liability of 90k was incurred We contacted HMRC with a view to paying this balance over 3 months but this offer was declined and we were advised that the full lability including balance of time to pay would be recovered in full
Administrators' statement of proposals (2015-03-30) · Companies House register