USP Designs Limited (10346273): administration
- Status
- Administration ended
- Administration began
- 2018-10-09
- Administrators
- Henry Lan, Asher Miller
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2016-08-25
- Location
- London
- Industry
- 23190 Manufacture and processing of other glass, including technical glassware
Why it went into administration
- Property / lease costs
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated on 25 August 2016 and its principal activity was the processing of glass and the manufacture of recycled glass worktops and surfaces. The Company commenced trading on 17 February 2017, having purchased the business and assets of Glasseco Int Limited, a connected company, from its Joint Administrators in a prepackaged deal.
The Company traded from leasehold premises at Units 3B and 3C, Gatwick Gate Industrial Estate, Charlwood Road, Crawley, West Sussex RH11 OTG. The rent on each unit was £120,000 per annum, payable quarterly in advance. At the date of Administration, the Company had failed to meet a deadline to pay the outstanding balance of the June 2018 quarter in the sum of £35,096.95, and the quarterly payment due on 24 September 2018 had also not been paid.
Due to the limited trading period, the Company has only filed one set of statutory accounts, in respect of the period ended 28 February 2017. Draft accounts to 28 February 2018 have been prepared but not yet filed. Extracts from the Company’s Financial Statements are as detailed below:
Administrators' statement of proposals (2018-12-20) · Companies House register