Not for the first time Estates & Management are late with their accounts, and have been Red Flagged by Companies House. This also applies to their parent company Fairhold Services.
No doubt they will be served a compulsory strike off notice before they finally file their accounts. they will of course be liable to pay another penalty to Companies House.
It may be of interest to note, that last year, Estates & Management published their accounts 2 months late.
It showed that turnover declined from £14,354,574 to £10,927,550 with profits falling from £6,209,954 to £306,769.
It appears that the reason for the late return of accounts is not simply because they did not get around to "doing their accounts" (as the public may do by putting everything off to the last minute and then hunting for that invoice that they were certain was in that draw!)
Company accounts must be stated on a Going or Non Going Concern, ie the company must have a reasonable expectation of being able to trade for the ensuing 12 months.
In the case of Estates & Management and Fairhold, they are affected by having several inter- connected companies being in default of loans. These loans at present are not capable of being repaid. Therefore before Estates & Management and Fairhold can produce their accounts they need to provide evidence that the default loans will not be called in and that their parent company (Euro Investments) gives an undertaking to finance the companies for the next trading period.
It is the problem obtaining these assurances that has delayed the accounts being filed on time.
