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Yorkshire contractor collapse costs suppliers £2m

Construction Enquirer

An update from administrator FRP Advisory revealed the scale of debts after the firm went under in March. Total debts at the business were £4.5m Latest accounts for Castlehouse for the year to March 31 2022 showed a turnover of £23.5m including more than £2m owed to HMRC in VAT payments.

Debt 105
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The Impact of ASC 842 – The New Lease Standard Is Here

Construction Business Owner

It is time for contractors to get serious about the new accounting lease standard. 02 ASC 842 Leases, the new lease accounting standard issued by the Financial Accounting Standards Board (FASB). The prior accounting standard (ASC 840) only required capital leases to be included on the balance sheet. Accounting & Finance.

Leases 167
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M&E contractor Mitton files administration notice

Construction Enquirer

Latest accounts filed at Companies House show the H Mitton group had a turnover of for the year to January 27 2022 of £33.7m Subscribers to the Red Flag Alert service benefit from early warnings about the financial health of companies to help them avoid bad debts. generating a pre-tax profit of £583,000 while employing 312 staff.

Debt 96
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Claritas Group went down owing £7m to supply chain

Construction Enquirer

A statement of affairs seen by the Enquirer ahead of the company being wound-up details debt levels across the business. Latest accounts for Claritas Group for the year to March 31 2022 show a £50.4m Details show trade creditors owed £2.7m and subcontractors a further £4.6m with 250 firms hit by the failure of Claritas.

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R&W Civil Engineering files administration notice

Construction Enquirer

Latest accounts for R&W Civil Engineering for the year to March 31 2022 show a turnover of £31.8m At the time of the accounts being filed the company employed 122 staff and owed £3.5m Subscribers to the Red Flag Alert service benefit from early warnings about the financial health of companies to help them avoid bad debts.

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House builder Lane End owes £12m to suppliers

Construction Enquirer

An update from administrator Quantuma Advisory details debts of £11.8m ” Latest accounts filed for the year to May 31 2022 show the company had a turnover of £81m generating a pre-tax profit of £245,000 while employing 106 staff. owed to 412 unsecured creditors left holding unpaid invoices.

Debt 82
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Key Financial & Safety Metrics for Subcontractor Qualification 

Autodesk Construction Cloud

Formula: (Cash and Cash Equivalents + Marketable Securities + Accounts Receivables) / Current Liabilities . Accounts Receivable Turnover . Accounts Receivable Turnover is an activity ratio that measures how efficiently a firm uses its assets. A higher ratio indicates a stronger ability to collect on Accounts Receivable. .

Safety 94