The company only signed off its latest accounts — for the 12 months to 30 September 2007 — on 12 January 2009.
Turnover of ВЈ10m was up from the figure of ВЈ7.4m in the previous year when Controlled made a pre-tax loss of ВЈ2.0m.
The financial troubles were eased during the period thanks to the issue of 135,000 shares to existing shareholders on 25 July 2007 which brought in ВЈ1.35m.
Even so the shareholder loans, which started the period at a figure of ВЈ1.8m, still ran to ВЈ1.1m at the close.
These loans are repayable on demand. Interest is payable at 2% above LIBOR (the London inter-bank overnight rate) but such was the state of the accounts that “shareholders waived interest on loans for the period 6 Feb 2006 to 30 Sep 2007”.
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That represented a saving of ВЈ180,000.
On the same day as the new shares were printed, Controlled Holdings (formerly Nigg Plant) purchased the entire share capital of Controlled Group and became the immediate controlling party.
Controlled Holdings is owned by the previous shareholders of Controlled Group.
The accounts state: “Since the year-end the company has continued to progress. " But immediately after that up-beat comment it adds: “The company experienced another difficult year in 2007 as it struggled to gain market share while still carrying the overheads required for a much larger operation.”
Progress there might have been, but not enough to bring Controlled’s loss-making run to an end as there will be “an unaudited loss for the 11 months to 30 September 2008 of £245,000”.
There is no explanation as to why the group has only published results for an 11-month period rather than a full year.
Controlled says that the £245,000 loss is a “significant improvement on the results for 2007”.
Trade creditors were paid in the equivalent of 48 days’ purchases.
The balance sheet shows that Controlled started the year in question with a shareholders’ deficit of £480,000 and ended the period with double the deficit, at £900,000.
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