From the administrators' statement

The Company was incorporated on 17 July 2007. The Company developed a residential site in Cambuslang and with stow sales, began letting the residential flats within the development.

The development comprises of 14 residential units of which 11 units were retained by the Company to let out. Abbreviated filed accounts show that the Company generated turnover from rental income of £56k in the year ended 31 March 2013 and £34k in the year ended 31 March 2014. Also for the latter period, sales are reported as £95k. Losses for the periods are £219k and £148k respectively.

Initiatly the Company obtained a development loan from Clydesdale Bank plc (“the Bank”) for 75% of the development costs. The remaining 25% funding requirement was made up of equity injected by the members. The property was built in 2008. .

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Hamilton Road Developments LLP (SO301440)

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