CRYSTAL KITCHENS LTD

Other

Funds raised

£50,000.00

Final AER

14.65%

Loan term

36 MONTHS

Deadline

2015-01-21

Recovery News
This loan may be behind with its repayment schedule and so microloan trading has been suspended while we work to help the business recover its repayment form. Please see the Loan Updates tab for recent updates.

About the Business

Company Name: CRYSTAL KITCHENS LTD Company Number: SC293398
Business Type: Other Years Trading: 6-10 years
Business Location: WESTMUIR

About the Risk

Risk rating

B

Default rate

7.10%

Bad debt rate

5.84%

About the Security

Security Offered:

Personal Guarantee - PG from Ian Atkinson

Est. Equity: 0.00

Personal Guarantee - PG from Charlotte Atkinson

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

New 'Transfer Bids' available for use on this loan! If you already hold a Microloan for Crystal Kitchens previous loan, you can transfer your capital on that loan across to this new loan request. Visit Your Dashboard to see if you currently hold a micro loan .

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Crystal Kitchens through the support of the lenders raised a loan of £25k in July this year to carry out refurbishment works and a marketing campaign.

Crystal Kitchens & Bathrooms is a long standing, very well known local high street business. The original company was created almost 25 years ago, and purchased by the current owner upon the retirement of the original owner almost 10 years ago. We specialise in the design, supply and installation of Kitchens, Bathrooms and Bedrooms. We currently employ our own installation teams and offer a wide range of services including electrical, plumbing, decoration joinery and tiling work. We have worked very hard over the last 10 years to maintain and build on the reputation to the stage that we have not needed to advertise for new business for over 4 years. in addition to this our forward order levels normally sit at approx 3 months ahead. We have a large showroom based in the centre of the city with a varied selection of kitchens and bathrooms on display.

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Loan Offers

What is the loan for?

We are currently half way through a two stage process of refurbishing the showroom with new displays and new products. We have plans in place for the installation of 2 new kitchen displays and 3 new bathroom displays. As a showroom it is imperative we keep the displays up to date and always showing new ideas and innovative concepts. We are also developing a separate area of the showroom building into an area devoted to supply only items, such as tiles, accessories and more budget concious kitchens and bathrooms. The final area of development is to expand our existing installation teams in order to be able to increase turnover and meet the past few years level of demand. This involves new vans and signage, as well as new tools and specific machinery both mobile and also within our existing workshop where we currently manufacture bespoke kitchen items, and area which is very high margin and also offers great versatility to our clients.

Why consider investing?

Crystal Kitchens & Bathrooms is the longest established showroom operating in this sector in the whole of Angus, and has made an excellent reputation for themselves by ensuring they offer the best levels of customer service, workmanship and design levels. They are multiple winners of many industry awards including Kitchen Designer of the year and multiple finalists in specific bathroom design awards. It is owned and operated by a husband and wife team, who have over 25 years experience in this industry and are now starting to involve their children in the business for the future, this is a long term project. If they are successful in this loan then we would generate a further 3-4 local full and part time jobs and allow them to offer further services and expand the range of products to other, currently untapped areas of the market.

Notes on Accounts

In 2014 the company reduced its share capital from £80,000 to £100. The effect of this was to permit the company to pay dividends of £58,000 to the shareholder directors.

During the year 2013 the company made the following related party transactions:

I Atkinson (Director)

During the year 2013 Mr I Atkinson withdrew £27,459 from the company. At the balance sheet date the amount due from I Atkinson was £78,519 (2012 - £51,060).

C Atkinson (Director)

During the year 2013 Mrs C Atkinson withdrew £38,996 from the company. At the balance sheet date the amount due from C Atkinson was £78,519 (2012 - £39,523).

In the 2014 accounts the directors have reduced their loans from the company to £81k.

Security

The Loan is to be secured on 2 Director guarantees.

the directors have a combined est. net worth of £487,500. This is based on ownership of 3 properties with an est. combined value of £965k.and approx equity of £470k

DateAmountCapitalInterestReceived
23/02/2015£1,724.71£1,114.29£610.42
23/03/2015£1,724.71£1,127.90£596.81
23/04/2015£1,724.71£1,141.67£583.04
23/05/2015£1,724.71£1,155.60£569.11
23/06/2015£1,724.71£1,169.71£555.00
23/07/2015£1,724.71£1,183.99£540.72
23/08/2015£1,724.71£1,198.45£526.26
23/09/2015£1,724.71£1,213.08£511.63
23/10/2015£1,724.71£1,227.89£496.82
23/11/2015£1,724.71£1,242.88£481.83
23/12/2015£1,724.71£1,258.05£466.66 (15 days late)
23/01/2016£1,724.71£1,273.41£451.30 (10 days late)
23/02/2016£1,724.71£1,288.96£435.75
23/03/2016£1,724.71£1,304.69£420.02
23/04/2016£1,724.71£1,320.62£404.09
23/05/2016£1,724.71£1,336.74£387.971156 days overdue
23/06/2016£1,724.71£1,353.06£371.651125 days overdue
23/07/2016£1,724.71£1,369.58£355.131095 days overdue
23/08/2016£1,724.71£1,386.30£338.411064 days overdue
23/09/2016£1,724.71£1,403.23£321.481033 days overdue
23/10/2016£1,724.71£1,420.36£304.351003 days overdue
23/11/2016£1,724.71£1,437.70£287.01972 days overdue
23/12/2016£1,724.71£1,455.25£269.46942 days overdue
23/01/2017£1,724.71£1,473.01£251.70911 days overdue
23/02/2017£1,724.71£1,491.00£233.71880 days overdue
23/03/2017£1,724.71£1,509.20£215.51852 days overdue
23/04/2017£1,724.71£1,527.62£197.09821 days overdue
23/05/2017£1,724.71£1,546.27£178.44791 days overdue
23/06/2017£1,724.71£1,565.15£159.56760 days overdue
23/07/2017£1,724.71£1,584.26£140.45730 days overdue
23/08/2017£1,724.71£1,603.60£121.11699 days overdue
23/09/2017£1,724.71£1,623.18£101.53668 days overdue
23/10/2017£1,724.71£1,642.99£81.72638 days overdue
23/11/2017£1,724.71£1,663.05£61.66607 days overdue
23/12/2017£1,724.71£1,683.36£41.35577 days overdue
23/01/2018£1,724.71£1,703.91£20.80546 days overdue
Total:£50,000.01£12,089.55