Friday, 6 April 2018

Rib Club Global illustrate Crowdcube's GAP mentality

Rib Club Global is yet another Crowdcube funded company who have created a large gap between what they promise and what they deliver.

Crowdcube pitch projections in 2014 showed profits of over £200k, when they took £147k off investors. These have vanished into losses for the recent very late filed accounts. They have filed losses of £2k. 

Activity looks very weak - trade creditors zero and trade debtors £1k. You might hope that decreasing losses were a sign of increased business and chances of some good growth in 18 and 19. Well the accounts dont generally lie and to have no trade creditors is either fantastic management or a sign of little activity. The main activity for the year seems to have been work done for and invoiced to a 100% owned loss making subsiduary, registered in Spain. Hmmm.  

Who knows. Until we start to demand more information from Limited Liability Co's, its just a guessing game. Its like the guys in the picture, are they building or removing the bridge? Only Frits knows. 

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