Powertone Studios Limited

FAILURE

Powertone Studios Limited Company number 04825138 as of 20.06.2011 was put into a Corporate Voluntary Arrangement by its director Peter Penny. This is as a result of the company being insolvent and was unable to pay its creditors.  This is another example of Peter Penny’s conduct as a director towards the many disappointed creditors.

Peter Penny is also a director of a company called Morton Medical which is also in a Corporate Voluntary Arrangement and he has been telling the many suppliers Morton Medical that the flagship of his group of many companies is or was the very successful  Powertone Studios.

He can no longer use this argument. To see more information about his other companies please click here.

Company Identification Details

 

The following information was obtained from Companies House daily Gazette dated 20/03/2009 : First notice from Companies House to dissolve company in 3 months

Graydon Rating

 

Subject Reported on	POWERTONE STUDIOS LIMITED
Registration Number	04825138

Creditline Recommendations

 

Graydon Rating	X Credit is not recommended
Monthly Credit Guide	GBP 0
Risk Category	HIGH RISK

XSeption Summary

Number of XSeptions	0

Note : An ‘XSeption’ is only recorded when unusual patterns of behaviour or financial results have been identified.

Official Company Data

Legal Form	Private Limited
Registration Number	04825138
Subject Status	Unknown
Date of Incorporation	08/07/2003
Registered Office	FINSGATE, 5-7 CRANWOOD STREET, LONDON, EC1V 9EE.
History	The following information was obtained from Companies House daily Gazette dated 20/03/2009 : First notice from Companies House to dissolve company in 3 months
	11/07/2007 : Change of name from PGI TRADING LIMITED.
	25/10/2006 : The Registered Office address changed from 250 KINGS ROAD, LONDON, SW3 5UE.
Date of Last Annual Return to Registry	08/07/2009
Accounts	The last filed accounts at Companies House are those to 30/06/2008
Accounting Reference Date	30/06

Operations

Nace Code	5142

Historical Graydon Rating

Date	Graydon Rating	Monthly Credit Guide
31/10/2009	X	0
31/07/2009	X	0
30/04/2009	X	0
30/01/2009	NIL	0
30/10/2008	NIL	0

Public Record Information

Summary of CCJ’s/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Summary of Mortgages, Charges and Satisfactions

Total Number of Mortgages/Charges Registered	2
Number Outstanding	2
Number Partially Satisfied	0
Number Satisfied	0
Date of Latest Mortgage Created	01/03/2007

Details of most recent Mortgages, Charges and Satisfactions

Date FullySatisfied	DateRegistered	DateCreated	ChargeDescription	Form Type	Lender
	10/03/2007	01/03/2007	Rent Deposit Deed	395	Durham Investments Six Limited
	27/11/2006	15/11/2006	Rent Charge Agreement	395	Nicholas Samuel Usiskin And Victor Sopher

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Other Filings and Notices

Date	Source	Description

03/04/2009	Companies House	First notification of strike-off action in London Gazette (section 652)
20/03/2009	Companies House Gazette	First notice from Companies House to dissolve company in 3 months
12/10/2006	Companies House Gazette	“Resolutions which give vary
12/10/2006	Companies House Gazette	Change among directors of a company
12/10/2006	Companies House Gazette	Alteration in memorandum or articles of association
19/09/2005	Companies House Gazette	Change among directors of a company
13/09/2005	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	INTERNATIONAL REGISTRARS LIMITED
Service Address	FINSGATE, 5-7 CRANWOOD STREET, LONDON, EC1V 9EE.
Country of Origin	UNITED KINGDOM
Appointment Date	25/04/2006

Directors

Director	MR PETER GEORGE WORSLEY PENNY
Service Address	OLD ORCHARD, KEMBLE, CIRENCESTER, GLOUCESTERSHIRE, GL7 6AF.
Country of Origin	UNITED KINGDOM
Date of Birth	08/10/1965
Appointment Date	08/07/2003
Other Directorships	KEYLAW LIMITED, THE ECLIPSE ORGANISATION LTD, STAVELEY INVESTMENTS LIMITED, THE STAVELEY GROUP LIMITED, ROWANTRACK LIMITED, MORTON MEDICAL LIMITED, MEDSCOPE LIMITED, CAMECO LIMITED

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	2,000
Principal Shareholder	1,000 Rory Sweet
	1,000 Peter George Worsley Penny

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

Payment Behaviour

( No Payment Analysis Data is Available )
To contribute sales ledger information to Graydon. please contact the Specialist Product Division – mail@graydon.co.uk

Financial Data– Statutory Accounts

Profit & Loss Accounts are not available for companies categorised as small companies under the companies act.

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52
Accounts Date	30/06/2008	30/06/2007
Currency	GBP	GBP
TOTAL FIXED ASSETS	155	40
Tangible Assets	155	40
TOTAL CURRENT ASSETS	101	59
Trade debtors	93	32
Other Current Assets	8	27
Cash	8	27
TOTAL ASSETS	256	99
TOTAL CURRENT LIABILITIES	200	49
Trade creditors	200	49
WORKING CAPITAL	(99)	10
TOTAL LONG TERM LIABS	176	65
NET ASSETS/(LIABILITIES)	(120)	(15)
SHARE CAPITAL + RESERVES	(120)	(15)
Share Cap + Sundry Res	54	55
Profit and Loss account	(174)	(70)
SHAREHOLDERS FUNDS	(120)	(15)
CAPITAL EMPLOYED	56	50

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52
Accounts Date	30/06/2008	30/06/2007
Currency	GBP	GBP
Liquid Assets	101	59
Net Working Capital	(99)	10
Other Deferred Liabs	176	65
Tangible Net Worth(T.N.W)	(120)	(15)
Equity	(120)	(15)
Number of Years Trading	5	4

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	30/06/2008	30/06/2007
Current Ratio	0.5	1.2
Quick Ratio	0.5	1.2
T.N.W/Total Assets%	(46.9)	(15.2)
Equity Gearing%	(31.9)	(13.2)

Key Industry Sector Trends

Year	2009	2008	2007	2006
Sample Size	1408	10266	12065	12076
Pre-Tax Profit Margin	3	2.3	2.6	1.9
Current Ratio	1.9	1.7	1.6	1.6
Borrowing Ratio	33.6	60.8	54.1	56
Return on Capital	29.4	27.8	29.5	30.7
Creditors Days	69	65	81	75

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Wholesale of household goods

Financial Summary

Auditors Qualification
The company has taken advantage of exemptions under the Companies Act such that the accounts have not been audited or examined.

No Turnover
The company’s balance sheet total is less than GBP 2,800,001 and therefore this is a small company as defined by the Companies Act.It is not required to disclose turnover but it is likely to be less than GBP 5,600,000.

No Pre-Tax Profit
The Company is exempt from the requirement to file a Profit Loss Account. We note that the difference on the Shareholders Funds shown on the Balance Sheet is GBP 105,000 decrease. This suggests that the Company may have made a post-tax loss of GBP 105,000.

Working Capital
The company’s working capital position has reduced from a surplus and is now a deficiency of GBP 99,000.

Net Worth
The company’s negative net worth increased during the year by GBP 105,000 and is now deficient by GBP 120,000.

Fixed Assets
The subject’s fixed assets increased during the year by GBP 115,000 to GBP 155,000 and are now 60 % of total assets compared with 40 % in the previous year.

Long Term Liabilities
The company’s long term liabilities increased during the period by 170% and are now 147 % of net worth compared with 433 % in the previous period.

Long Term Liabilities
Long term liabilities are now 69 % of total liabilities compared with 66 % in the previous period.

Long Term Liabilities
Long term liabilities are 314 % of capital employed, an increase of 184 % over the previous period.

*** End of Report on  POWERTONE STUDIOS LIMITED ***