RS1 Services Ltd (09539757): administration
- Status
- Administration ended
- Administration began
- 2018-01-08
- Administrators
- David Smithson, Andrew Howard Beckingham
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2015-04-13
- Location
- Bristol
- Industry
- 78200 Temporary employment agency activities
Why it went into administration
- HMRC / tax arrears
From the administrators' statement
The Company was incorporated on 13 April 2015 and commenced to trade immediately as a recruitment agency Specialising in the supply of staff to the automotive industry, including drivers, yard staff, administrative staff, and general labour.
The Company's main source of income was derived from an informal arrangement with an international vehidle remarketer for the supply of drivers for single car deliveries. At peak times, the Company was supplying up to 50 drivers a day to this principal customer. However, demand would fluctuate significantly throughout the year depending on the trading performance of the customer and between November to February business was generally very quiet. The Company therefore utilised an invoice factoring facility with Bibby Financial Services Limited (“Bibby”) in order to assist with cash flow.
The Company made some £40,000 net profit in its first year of trading and this increased to £55,000 in year tao, helped somewhat by the fact that Company operated from shared office premises in Henstridge, Somerset which it occupied on an informal basis with minimal overheads and only 2 full-time employees to manage the day to day operations.
Administrators' statement of proposals (2018-03-06) · Companies House register