Has Autotrip lost its way with the latest accounts

Autotrip have raised equity finance twice with Crowdcube - from what appears to be 500 shareholders, they have a total raised of £490k. Or so we thought.

Looking at the latest filed accounts to YE Mar17, they appear to have virtually no equity finance - or £202 to be precise. This is some achievement considering last year they had £137,516. The latest confirmation statement confirms they still have 500 shareholders. 

A little odd.

We wrote about them before here 

In the so called accounts for YE Mar17, they declare a profit of over £250k which is clearly complete nonsense, given the fact that in that year they raised another £435k on Crowdcube, which as we know has not been shown. This might be a timing issue but the original share cap of £137,516 has vanished. In fact, figures from the previous year show that the latest accounts are totally wrong.

So either they have filed false accounts or they haven't a clue how to file accounts - possibly both. If I was one of the 500, I would like to know either way. Accounts are important for companies - even in this crazy world. 

Alexander Nicholson, the lead in both Crowdcube raises, has resigned. Hmmm.

No change in information asymmetry

AutoTrip are back on Crowdcube. Its been less than a year.

Now you would think that the best policy with this would be for Crowdcube to publish the first campaigns projections so that we can all see how the company has fared?

Unfortunately this has not happened.

The original campaign last Spring had YE dates of December. So in order to make it easier for potential investors to compare like with like, you would expect this raise to have those same dates.

Unfortunately this has not happened, either.

The projections now are YE September. This is the company's filing date.

What is clear from a comparison is that the investment predicted for 2015 of £700k has not materialised. Sales seem short of predictions and losses higher but its simply impossible to make a real judegment, given the date obstructions placed in our way.

Maybe that's the way they planned it - it is ceratinly a ploy used by Crowdcube on a very regular basis.

Whatever the real state of affairs, the company which was 'valued' at £750k 10 months ago is now valued at £2.5m; having done very little. Amazing how good Crowdcube are at getting their investors on an upward value curve.