From the administrators' statement

The accounts previously filed at Companies showed all costs equal to the closing stock value and therefore the accounts did not show any profit or loss because in effect, the directors were carrying forward all costs until the Company had completed the development and were able to sell the apartments.

Immediately prior to the Administration, the directors were in the process of having management accounts prepared for the period to 31 March 2018 since all but three of the apartments had been sold but these management accounts were not finished due to cash constraints. The accountant has not been paid for work already undertaken in the period to date.

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Dudley House (Covent Garden) Ltd (09496586)

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