Sitebatched Limited (11544508): administration
- Status
- Administration ended
- Administration began
- 2023-03-07
- Administrators' firm
- Mazars
- Formerly
- Sitebatch Limited
- Incorporated
- 2018-08-31
- Location
- London
- Industry
- 23630 Manufacture of ready-mixed concrete
Why it went into administration
- Sustained trading losses
- COVID-19
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Bad debts / customer insolvency
From the administrators' statement
The Company was incorporated on 31 August 2018 as Sitebatch Limited and changed its name to Sitebatched Limited on 11 December 2018. The principal activity of the Company was the manufacture of concrete products which, the Administrators understand, it achieved by the deployment of its financed plant and machinery and workforce of nine to client sites.
During its first accounting period of trading to 31 December 2019, the business appears to have made a promising start and turnover of some £5.3m was achieved, with direct costs of £5.0m. The business appears to have been materially impacted by the COVID19 pandemic which resulted in Government-imposed restrictions in the UK from March 2020. Available accounting information confirms the subsequent year to 31 December 2020 resulted in reduced turnover of £1.8m and the Company appears to have made use of Government financial support during this period. A summary of the available financial information is provided in the table below:
Accounting Turnover Gross Profit | Profit/(Loss) Reserves Directors’ Period End | (Loss) Before Tax Remuneration 31/12/2019 5,416,818 599,247 (166,028) (82,706) 91,195 31/12/2020 1,851,699 291,118 (374,331) (588,410) 81,930 31/12/2021 5,666,520 857,072 (451,240) | (1,022,805) 102,491
Administrators' statement of proposals (2023-05-05) · Companies House register