Search

Suffolk building company calls in liquidators owing nearly £140,000

PUBLISHED: 16:35 15 May 2020 | UPDATED: 16:35 15 May 2020

A Newmarket based building company which specialises in plumbing, heating and air-conditioning has gone in liquidation.  Picture: GETTY IMAGES

A Newmarket based building company which specialises in plumbing, heating and air-conditioning has gone in liquidation. Picture: GETTY IMAGES

milicad

A Newmarket-based building company has collapsed owing nearly £140,000 including almost £100,000 in tax.

A Newmarket-based building company has collapsed owing nearly £140,000 including almost £100,000 in tax.

Masters Building Solutions, which specialised in installing plumbing, heating and air-conditioning, appointed liquidators from Wilkins Kennedy owing £138,272.75 to 10 creditors including HMRC and builder’s merchants.

Stephen Paul Grant was appointed as liquidator on April 9.

MORE: Could more Londoners move to Suffolk as housing market reopens?

The company owed HMRC nearly £100,000 in unpaid tax according to the statement of affairs.

You may also want to watch:

Of this, £34,237.90 was unpaid income tax and national insurance that the company would pay for it’s sub-contractors as part of the Construction Industry Scheme (CIS).

The firm also owed £62,365.71 in VAT and £2,078.99 in corporation tax.

Three finance companies are also owed a total of £16,015.62.

Ridgeons, a builder’s merchant, is owed £9,442.14 and Wolseley, another builder’s merchant, is owed £4,260.82.

The statement of affairs also shows that the value of the company’s assets are lower in reality than recorded on the books.
Three vans on finance deals recorded on the books as worth £14,461 are now only valued at £834.95.

Similarly, the firm recorded being owed £8,297, but the liquidator estimates only £6,222.75 will be realised.

According to the latest information filed with companies house, the company employed three people in 2019 – no wages were listed as outstanding to staff on the companies statement of affairs.

The company’s director was David Masters and it was run from a home address in Newmarket.


If you value what this story gives you, please consider supporting the East Anglian Daily Times. Click the link in the orange box below for details.

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad, serving as your advocate and trusted source of local information. Our industry is facing testing times, which is why I’m asking for your support. Every single contribution will help us continue to produce award-winning local journalism that makes a measurable difference to our community.

Thank you.

Most Read

Most Read

Latest from the East Anglian Daily Times