Crystal Kitchens Limited

Other

Funds Requested

£25,000.00

Offered so far

£0.00

Loan term

36 MONTHS

Auction Closed

2014-07-03

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About the Business

Company Name: Crystal Kitchens Limited Company Number: SC293398
Business Type: Other Years Trading: more than 10 years
Business Location: Angus

About the Risk

Risk rating

B

Default rate

7.10%

Bad debt rate

5.84%

About the Security

Security Offered:

1st Charge Residential Property

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

Crystal Kitchens

Crystal Kitchens was formed approx 20 years ago by Bruce and Margaret Robertson and are based in Brechin, Angus. It was purchased directly from the previous owners by Ian & Charlotte Atkinson in Dec 2005.

The company originally specialised in supplying and installing fitted kitchens for the local area, subsequently they have added bathrooms and bedrooms in order to offer a more complete service. The business is now split by volume of sales almost 50-50% between bathrooms and kitchens, although by default of their average value the kitchen division of the business develops a higher percentage of the annual turnover.

The original premises were re-located in 1999 to its present position in the main city High Street, which is a prime retail location. The new building provides a combination of retail showroom, office and storage space, over two floors. The current showroom consists of a number of fully completed kitchen and bathroom displays including a variety of integrated appliances. Also on display are a number of ceramic tile stands and optional extras. The upper floor area is used mainly for storage of stock items, new kitchens and appliances as well as general building materials.

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Loan Offers

What is the loan for?

Our target this quarter is to rebuild and extend the showroom, installing new showroom displays and refurbish the existing displays. The money raised will be for this work, as well as an advertising campaign to publicise the new, redeveloped showroom. We currently have a total of 6 bathroom displays and 7 full kitchen displays in the showroom. The oldest is approx 8 years old, the newest was completed in 2010.

Approx 50% of the showroom and unused adjacent office space will be completely refurbished. The new displays will incorporate AV systems, wall mounted led TV for additional advertising and new displays of kitchens and bathrooms. The showroom will also benefit for a redesigned lighting design incorporating metal halide systems.

Why consider investing?

Crystal Kitchens have been trading for over 22 years in a prominent high street location. The 2013 accounts showed a gross profit of £120k and a highest ever profit of just under £58K. For the same period turnover decreased due to the directors restructuring and refocusing the business on maximum profit rather than maximum sales, and focusing on the higher value jobs which have a better margin. This is shown again in our latest management accounts, with a profit for the first 3 months of the year of £22K.

The management team are strong, and the directors have been in the industry for over 20 years. The advertising spend last year was minimal as almost all of our work is based on referrals from existing customers. We are a family run business and this is a long term family commitment for my wife and I. The directors also have personal assets to cover the personal guarantee and also own the business premises which is valued by Shepherds Chartered Surveyors at a value of £135,000.

Notes On Accounts

The Accounts YE Dec 13 are currently draft accounts and have not yet been filed.

Security

This loan is to be secured by a Director's Personal Guarantee. The Director has an est. net worth of £539k . Primarily from equity in a personal and investment property. The personal property has an est.. value of £450k and £139k equity. The investment proerty has an est. value of £200k, with £135k equity.

DateAmountCapitalInterestReceived
04/08/2014£852.38£564.25£288.13
04/09/2014£852.38£570.76£281.62
04/10/2014£852.38£577.33£275.05
04/11/2014£852.38£583.99£268.39
04/12/2014£852.38£590.72£261.66
04/01/2015£852.38£597.53£254.85
04/02/2015£604.41£604.41£0.00
04/03/2015£611.38£611.38£0.00
04/04/2015£618.42£618.42£0.00
04/05/2015£625.55£625.55£0.00
04/06/2015£632.76£632.76£0.00
04/07/2015£640.05£640.05£0.00
04/08/2015£647.43£647.43£0.00
04/09/2015£654.89£654.89£0.00
04/10/2015£662.44£662.44£0.00
04/11/2015£670.07£670.07£0.00
04/12/2015£677.80£677.80£0.00
04/01/2016£685.61£685.61£0.00
04/02/2016£693.51£693.51£0.00
04/03/2016£701.50£701.50£0.00
04/04/2016£709.59£709.59£0.00
04/05/2016£717.77£717.77£0.00
04/06/2016£726.04£726.04£0.00
04/07/2016£734.41£734.41£0.00
04/08/2016£742.87£742.87£0.00
04/09/2016£751.43£751.43£0.00
04/10/2016£760.09£760.09£0.00
04/11/2016£768.85£768.85£0.00
04/12/2016£777.71£777.71£0.00
04/01/2017£786.68£786.68£0.00
04/02/2017£795.74£795.74£0.00
04/03/2017£804.91£804.91£0.00
04/04/2017£814.19£814.19£0.00
04/05/2017£823.57£823.57£0.00
04/06/2017£833.07£833.07£0.00
04/07/2017£842.67£842.67£0.00
Total:£25,000.00£1,629.70