Jongleurs Comedy Live Limited (07349866): administration
- Status
- Administration ended
- Administration began
- 2015-09-09
- Administrators
- Simon Matthew Gwinnutt
- Administrators' firm
- Greenfield Recovery
- Incorporated
- 2010-08-18
- Location
- Derby
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
From the administrators' statement
As I have reported to creditors previously, the principal activity of the Company was the provision of entertainment services The Company traded latterly from rented offices at North London Business Park, New Southgate, North London.
The Company returned a profit of circa £48,000, in its trading year ended 31 December 2012. However, in the year ended 31 December 2013, the Company incurred a trading loss of circa £150,000 and its negative shareholder's reserves at the year-end were some £208,000. The Director's review of the business for 2013, cites the insolvency of a customer venue (and a resultant significant bad debt) and the closure of a number of venues, as the main reasons for the 2013 trading loss.
During the year ended 31 December 2014, the Company returned a trading loss of around £70,000, despite the Directors making every effort to reduce overheads. The principal reason for the 2014 toss, is that the Company opened a number of new venues n order to replace those venues which were lost in the preceding year; and this proved to be both cost-intensive and also required a great deal of management time Despite the Company having added five new venues during that year, the overall turnover derived from all its trading activities was simply not sufficient to return a profit. The Company also lacked the required investment in order to develop new venues, which were required in order to reverse this trend. Approximately £200,000 was invested during the year, but this was not sufficient to cover the retained losses and to deal with the immediate cash flow requirements, relating to monies due to comedians and HMRC.
Administrators' statement of proposals (2015-11-10) · Companies House register