Supplements That Work Limited (SC384667): administration
- Status
- Administration ended
- Administration began
- 2018-05-29
- Administrators' firm
- Jamie Buchanan of Recovery & Turnaround
- Incorporated
- 2010-09-02
- Location
- Milngavie
- Industry
- 47910 Retail sale via mail order houses or via Internet
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Company was formed in September 2010 for the purpose of selling nutritional supplements, focussing on the sale of dietary supplements on eBay, Amazon and via its own website. The vast majority of the Company’s stock has always been imported. The Company initially traded successfully and grew its market presence until it received notice from HM Revenue & Customs (‘HMRC’) that they had changed the tariff for a number of products that the Company imported and exported. They also decided to back-date these changes to the tariff for the three preceding years at a high rate of interest. A legal dispute ensued with HMRC and included DHL, the Company’s main logistics partner, who were jointly and severally liable to HMRC. Subsequently, in 2017, the German tax authority adopted the same tariff as HMRC leading to even further backdated liability from which the Company was not able to recover.
Asummary of the Company's recent trading performance is shown below.
Y/E 30Sept 2017 Y/E 30 Sept 2016 Y/E 30 Sept 2015
Administrators' statement of proposals (2018-08-07) · Companies House register