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Re: Board Update
Posted by: Albert Fishwick
Date: 15/06/2019 10:55
The last available accounts at 30 June 2017 showed creditors of 283,000, including 93,000 owed for payroll taxes and VAT. Any settlement which doesn't pay the taxman in full is unlikely to fly.

The balance sheet was in deficit by 54,000. This was only achieved by treating 2.73 million of shareholder loans as equity, on the basis that the loan providers had undertaken not to request repayment. Sufficient comfort was apparently provided to convince the auditors that this treatment was appropriate.

From what we have heard you can only assume that the position has worsened substantially since then.

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