Climate and Power Limited (07231478): administration
- Status
- Administration ended
- Administration began
- 2022-12-16
- Administrators' firm
- CRG Financial Recovery
- Incorporated
- 2010-04-22
- Location
- Grimsby
- Industry
- 33190 Repair of other equipment
Why it went into administration
- Cash flow / liquidity pressure
- Property / lease costs
From the administrators' statement
Prior to reading the below, which tries to provide some more detail, it is appropriate to provide a summary that before administration, it was not clear how the accounting information reflected the trading. It was very apparent that insufficient funds could be made available for creditors, to ensure continued trading, and that Administration was therefore the chosen route by the Company.
Prior to administration, a budget of some £50,000 was used for the directors loan account, but work conducted by the Administrator and others, including a creditor, suggests that this should be increased to £100,460 for the purposes of these proposals, to reflect the accounting information that is now being considered as more appropriate.
The company was also receiving warnings from its accountants that the work in progress was not seemingly being fully invoiced. This was an indication of concerns regarding the overall position of how the Company was conirolling and recording its accounting information, and indeed was conducting its business.
Administrators' statement of proposals (2023-02-16) · Companies House register