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

A Newmarket based building company which specialises in plumbing, heating and air-conditioning has g

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

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.

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


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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.

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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.

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