Peloton Accountancy Ltd (08244399): administration
- Status
- Administration ended
- Administration began
- 2019-08-29
- Incorporated
- 2012-10-08
- Location
- Emperor Way, Exeter Business Park
- Industry
- 69201 Accounting and auditing activities
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
Peloton Accountancy Ltd (“the Company”) was a Chartered Accountancy and Marketing firm in Penryn, Cornwall, which provided subscription-based accountancy and tax services to its clients, specialising in end-to-end cloud solutions. The company employed 18 persons including Mr Hutchinson (“the Director’).
The Company was incorporated in 2012 as a wholly owned subsidiary of Kelsall Steele Ltd, who continued to hold the shares until 2014 when the holding passed to the Director. The background as to why the shares were originally held by Kelsall Steele Ltd is not known, but | am aware that the Director was also a Director of Kelsall Steele Ltd before he left office in November 2012.
The Company has been solvent and profitable in the main since incorporation, but in the trading year to 31 March 2018 its profit and loss reserves diminished significantly. These recent trading losses, coupled with the uncertainty surrounding potential insurance claims (see below) against the Company, which whilst being impossible to quantify at this stage are considered by the director as being insurmountable if they crystailise, led to the decision to place the Company into Administration. Initial introduction
Administrators' statement of proposals (2019-09-19) · Companies House register