# Sea Realisations 2017 Limited (07415067)

> Why UK company 07415067 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/07415067

- **Status:** Administration ended
- **Administration began:** 2017-09-26
- **Administrators:** Andrew Graham Mackenzie, Julian Pitts
- **Administrators' firm:** Begbies Traynor
- **Formerly:** Seahorse Marine Ltd
- **Incorporated:** 2010-10-21
- **Location:** Hull
- **Industry:** 30110 Building of ships and floating structures

## Why it went into administration

- Cash flow / liquidity pressure
- Sustained trading losses

## From the administrators' statement

The Company was a family run business which was incorporated in 2010 as a maintenance, repair and builder of ships and floating structures. Roger Prince and Anthony Tait were appointed directors and each owning 50 ordinary £1 shares. The Company traded successfully for a number of years and has continued to be owned and operated by the same directors since incorporation.

The Company’s accounts for the year ended 31 March 2016 reported a profit of £59,499 however the Company began to experience financial difficulties throughout the last 12 months of trading The Company had a good pipeline of work however new projects were constantly being delayed and debtor payments were postponed which resulted in cash flow constraints. The Company's management accounts as at 31 March 2017 and 26 September 2017 reported losses of £64,952 and £281,100 respectively.

In early September 2017 the Company had fully utilised its overdraft facility and in order to avoid breaching the facility the directors took the decision to meet with Begbies Traynor (Central) LLP on 08 September 2017 to seek advice regarding the Company's financial position. The directors considered a Company Voluntary Arrangement however ruled out the idea due to the uncertainty of cashflow meaning a proposal could not effectively be made The directors made the decision to cease to trade in order not to worsen the position of creditors as a whole. Therefore the Company's options were to either voluntarily enter into liquidation or administration or alternatively if the Company had done nothing a creditor may have petitioned to wind-up the Company.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/07415067/filing-history/MzE5MTc5MDg0MGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/07415067

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.