Friday, 2 November 2018

Crowdcube's Ideas Britain makes the case for full reporting.

Ideas Britain raised £270k on Crowdcube in 2015 at a valuation just shy of £5m.  It has not done much since. Crowdcube projections had the company making a nice £3m profit in 2017. There appears to be no website, which for an online company seems a little careless. 

We wrote about Adan Shaw and his company a year ago and received threats of legal action from Jonathan Coed, who is a consultant solicitor at Keystone Law and a director of another one of Adam's dormant companies. What is a consultant solicitor?

There is more about Adam and Ideas Britain here 

The accounts for 2017, just filed at CH, are odd. The figures for the previous year in this filing are materially different to the filing at CH for YE Dec16. The bottom line, which was in deficit at the end of 2016 is now in credit to tune of £287k. No new cash is filed as being raised in the year and the cash balance is £4k. FA remain constant. 

The long term debt has been hugely reduced. Can it be that large profits have been used to pay this down? Without a website? 

None of this makes much sense to us. Micro accounts really are a bit of a farce and shouldn't be allowed when companies access cash from the public. Fine if you play by the rules and access your capital privately, but enter the public arena and you should be obliged to file a P&L, balance sheet and notes.  We have notified HMRC about the 16-17 issues and asked Adam to comment; via his consultant solicitor.

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