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UKCPM money problems??


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Just been looking at the last set of accounts posted by UKCPM; ytd Sept 2013.

 

Debts of £73k, all owed to the Directors. Directors loaned the firm an additional £64k in the financial year to keep it afloat, but the end of the accounting period (Sept 2013) they only had £35k of it left. And made a £17k loss in the financial year.

 

Think I'll buy them a paddle, as they are well and truly up s**t creek.....!!

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Thanks for this. Very interesting.

 

Would you mind posting a link to the accounts so that others can get a direct look as well.

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Don't have a link - I downloaded them from Company Check's website - need to have an account to get them.

 

As I still have an ongoing argument with them & DRP, and a complaint in place with BPA, I thought I do a little sniffing about as to their financial ability to take me to court as they keep threatening too and their ability to pay me when I counter-claim against them!

Edited by Meekyou
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£35k is how much of it they had left in SEPT 2013... one year ago, they spent over half the money the directors loaned in under a year.... so how much have they got left now!!!

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most of these companies are built on sand but there is another thing to consider with this one and that is by making a loan to the company the directors get a big tax write-off against other income. despite nearly all of these outfits being on paper broke the directors still draw a salary and drive very nice cars thank you very much. If the company is wound up who do you think loses out- the creditors, tax man and any person who is fool enough to have a contract with them. The directors always have other irons in the fire.

On the plus side though, when one or two go to the wall the bigger retilers will think again about employing these outfits to do a job that should be done in house and would cost them less financially and create a lot more goodwill with their customers.

One day....

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