KMA Procurement Ltd (07084649): administration
- Status
- Administration ended
- Administration began
- 2011-12-14
- Administrators
- Ben Robson
- Formerly
- Directochef Ltd; Sauce Catering Solutions Limited
- Incorporated
- 2009-11-24
- Location
- Rugby
- Industry
- 5552
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 24" November 2009 in order to develop software capable of being used for the procurement of catering businesses Once a business was purchased, their systems could be changed to the online model, increasing efficiency and profitability.
The Company has not submitted any annual accounts however it should be noted that management accounts were prepared. These management accounts show loses being made since incorporation as a result of the high costs incurred in developing the coding for the software / website As a result of the high costs, the Company found itself in cash flow difficulties These problems were made worse due to the downturn in the economic climate resulting in the forecasted sales not being achieved By November 2011, the position has reached a level where the Company was no longer able to pay its debts as and when they fell due therefore, following a review of Bridge Newland Limited’s website, the Director, Mr Cecil Anthony-Mike, contacted Bridge Newland Limited for professional advice.
1 undertook an initial review of the Company's finances and the possibility of proposing a Company Voluntary Arrangement was considered whereby the Company could attempt to repay all of its creditors in full over the next 5 years. However, with an apparent lack of funding to support the further trading of the business and the difficulty in producing an accurate cash flow statement (as a result of irregular sales) it was decided that this was not possible.
Administrators' statement of proposals (2012-02-10) · Companies House register