JD Classics Autos Ltd (14032720): administration
- Status
- In administration
- Administration began
- 2025-01-27
- Administrators
- Hugh Francis Jesseman, William Antony Batty
- Administrators' firm
- Antony Batty
- Formerly
- JD Classics Holdings Limited
- Incorporated
- 2022-04-07
- Location
- Brentwood
- Industry
- 29100 Manufacture of motor vehicles
Why it went into administration
- Cash flow / liquidity pressure
- Property / lease costs
- Weak consumer demand
- HMRC / tax arrears
From the administrators' statement
Provision for Sales or Return Sales and Rent: The balance sheet indicates a significant provision of £312,500 fin respect of sale proceeds due to customers whose vehicles had been sold, on sales or return (“SOR”) terms. In addition, accrued rent liabilities of £94,000 created immediate financial difficulties.
• Stage Payments Received: The company had already received stage payments in adavance of £155,810 linked to ongoing restoration projects where the work had yet to undertaken, further complicating its cash flow position.
• Directors’ and Intercompany Loan Account: The total balance on the loan accounts of £233,789 represented funds provided by the directors and a connected company under their control to support the company, indicating their commitment to the business despite its financial challenges.
Administrators' statement of proposals (2025-03-28) · Companies House register