SCOTNORONE LIMITED (FSTEER LIMITED)

Construction

Funds raised

£25,000.00

Final AER

16.02%

Loan term

60 MONTHS

Deadline

2016-01-14

Recovery News
This loan is 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.
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: SCOTNORONE LIMITED (FSTEER LIMITED) Company Number: 08284087
Business Type: Construction Years Trading: 2-3 years
Business Location: Wandsworth

About the Risk

Risk rating

C

Default rate

14.10%

Bad debt rate

5.04%

About the Security

Security Offered:

Cross Corporate Guarantee - CCG from Fsteer Holding Limited

Est. Equity: 0.00

Personal Guarantee - PG from director and majority shareholder

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

FSteer Limited is wholly owned by FSteer Holdings limited. In effect they are building contractors who design and build new build properties for clients.

The construction method used is different to normal builders. The company use a more advanced type of modular constructions.. Fsteer use a fireproof, well insulated panel called Velox that comes from the Czech Republic delivered in sheets of 2 meters long and 0.5 metres high. We send these panels to a CNC factory to get them cut into exact shape. The job on site is to assemble “like building Lego” - the panels includes opening for windows and doors and can have all different shapes designed by the architect.

The company first designs the complete building in the computer (3D so you can “walk” inside each room and see inside and outside exactly what it looks like. The computer model is then sent to the CNC factory who cuts each panel into exact shapes and send them to site for construction.

FSteer Limited has taken on building a 3 storey 8 flats house in Acton, West London using that methodology. The contract started in November 2014 and the building stands there today. Internal work such as electricity, heating, painting and decoration will be completed during Q1 2016. The project is profitable.

We are in talks to take on between three and five similar projects within the coming two to three months. Since we are using both the building principles and the methodology it is a low risk business.

The Directors are Tore John Hele and Jan Martin. Tore is a former management consultant from Norway with extensive experience from the construction industry. He sold his Swedish based management firm to Price Waterhouse Coopers and moved with them to London. He is now concentrating all his efforts on FSteer. Jan Martin is married to Tore and is an experienced business woman in her own right. She is a designer with an extensive experience in marketing, film and video productions.

Both Jan and Tore have established and run several businesses in the past with a successful track record in business.

Read more

Loan Offers

What is the loan for?

FSteer Ltd builds new homes. This means that such projects are exempt from VAT. That, however, creates a cash flow problem because everything required to build must be purchased inclusive VAT and it takes a full quarter until that money can be claimed back from the VAT office. Therefore the loan is required to assist cash flow.

The new projects will run over the next four/five years and the company anticipates an increase in Net Profit of approx. £20,000 in years one and two, rising further thereafter. This cannot be achieved without the ability assist our cash flow.

Why consider investing?

Whilst developing FSteer Holdings Ltd they did not borrow money, fully funding it all from their own resources. Jan and Tore have lived in London for 13 years in their own home with a low mortgage. They have never failed to maintain any payments on any debt or credit agreement.

Security

The Loan is to be secured by a directors guarantee and a corporate guarantee from the parent company Fsteer Holding Limited SC465979.

The director has an estimate net worth of £265k. Through ownership of a property with an estimate value of £350k and equity of £273k

Rebs Disclosure

1. Rebs have amended the June 2015 accounts in the Financials tab to represent the true interest charges as being £20849 rather than £17199

2. FSteer Limited is wholly owned by FSteer Holdings Ltd and we want any profit from FSteer Limited to be transferred to FSteer Holdings Limited. We have named the transfer account “License Fee” and we have preliminary set the cost to be charged at 30% but it will only be charged in the future if FSteer Limited is in profit. The amount charged per 30 June 2015 was £135,900 and the amount added per 30 November was £22,500 bringing the total for a full 12 month period £158,400.

DateAmountCapitalInterestReceived
14/02/2016£608.22£274.47£333.75
14/03/2016£608.22£278.13£330.09
14/04/2016£608.22£281.84£326.37
14/05/2016£608.22£285.61£322.61
14/06/2016£608.22£289.42£318.80
14/07/2016£608.22£293.28£314.93
14/08/2016£608.22£297.20£311.02
14/09/2016£608.22£301.17£307.05
14/10/2016£608.22£305.19£303.03
14/11/2016£608.22£309.26£298.96
14/12/2016£608.22£313.39£294.83
14/01/2017£608.22£317.57£290.64
14/02/2017£608.22£321.81£286.40
14/03/2017£608.22£326.11£282.11
14/04/2017£608.22£330.46£277.75
14/05/2017£608.22£334.87£273.34 (12 days late)
14/06/2017£608.22£339.35£268.87
14/07/2017£608.22£343.88£264.34
14/08/2017£608.22£348.47£259.75 (38 days late)
14/09/2017£608.22£353.12£255.10 (7 days late)
14/10/2017£608.22£357.83£250.38
14/11/2017£608.22£362.61£245.61
14/12/2017£608.22£367.45£240.77 (13 days late)
14/01/2018£608.22£372.36£235.86
14/02/2018£608.22£377.33£230.89 (76 days late)
14/03/2018£608.22£382.36£225.85 (48 days late)
14/04/2018£608.22£387.47£220.75 (18 days late)
14/05/2018£608.22£392.64£215.58
14/06/2018£608.22£397.88£210.33 (7 days late)
14/07/2018£608.22£403.19£205.02 (18 days late)
14/08/2018£608.22£408.58£199.64 (10 days late)
14/09/2018£608.22£414.03£194.19 (18 days late)
14/10/2018£608.22£419.56£188.66 (22 days late)
14/11/2018£608.22£425.16£183.06 (6 days late)
14/12/2018£608.22£430.84£177.38220 days overdue
14/01/2019£608.22£436.59£171.63189 days overdue
14/02/2019£608.22£442.42£165.80158 days overdue
14/03/2019£608.22£448.32£159.89130 days overdue
14/04/2019£608.22£454.31£153.9199 days overdue
14/05/2019£608.22£460.37£147.8469 days overdue
14/06/2019£608.22£466.52£141.7038 days overdue
14/07/2019£608.22£472.75£135.478 days overdue
14/08/2019£608.22£479.06£129.16Not Due
14/09/2019£608.22£485.45£122.76Not Due
14/10/2019£608.22£491.93£116.28Not Due
14/11/2019£608.22£498.50£109.72Not Due
14/12/2019£608.22£505.16£103.06Not Due
14/01/2020£608.22£511.90£96.32Not Due
14/02/2020£608.22£518.73£89.48Not Due
14/03/2020£608.22£525.66£82.56Not Due
14/04/2020£608.22£532.68£75.54Not Due
14/05/2020£608.22£539.79£68.43Not Due
14/06/2020£608.22£546.99£61.22Not Due
14/07/2020£608.22£554.30£53.92Not Due
14/08/2020£608.22£561.70£46.52Not Due
14/09/2020£608.22£569.20£39.02Not Due
14/10/2020£608.22£576.79£31.42Not Due
14/11/2020£608.22£584.49£23.72Not Due
14/12/2020£608.22£592.30£15.92Not Due
14/01/2021£608.22£600.20£8.01Not Due
Total:£25,000.00£11,493.03