Printing and Allied Industries: suppliers and customers ‘spooked’ as YM Group blame Companies House for delays to publishing their accounts; plus a list of who has gone bust recently
Print Week’s Jo Francis has reported on the YM Group and the reason why their accounts are overdue. She wrote: “The £117.6m turnover business was due to file its accounts for the financial year ending 31 May 2020 by the end of May 2021, having used the filing extension granted to all businesses because of the Covid-19 pandemic. The accounts have been flagged as overdue at Companies House since early last month.”
It can be a serious offence if the filing of accounts is deliberate with fines running to thousands of pounds depending on how late they are. It is a criminal offence if a firm fails to file accounts with Companies House and directors or LLP designated members could be personally fined in the criminal courts.
Companies House states on their website: “Failing to pay your late filing penalty can result in enforcement proceedings. Any criminal proceedings for not filing confirmation statements, annual returns or accounts is separate from (and in addition to) any late filing penalties issued by Companies House against the company. There’s no penalty for filing your confirmation statements or annual returns late - but the registrar could take steps to strike off your company.”
Francis wrote: “Filings made online at Companies House usually appear within 24 hours. If the accounts were filed on paper it can take up to a week to process and sometimes longer at peak times. The late filing has caused the business issues, with suppliers and customers questioning YM’s financial position.”
She added: “An industry source commented: ‘People are very spooked that they haven’t put their accounts in.’”
A year ago the print outfit made large scale redundancies as the slump in newspaper and magazine sales speeded up as the first lockdowns took effect. Concerns have been raised as the company filed accounts for the 2018-2019 financial year per-tax losses were over £6 million. Print Week also reported YM were in the running for the Associated Newspaper contract which is currently up for grabs.
Meanwhile more printing firms and those related and allied to the trade continue to hit the buffers.
Runners and Riders
Below is a collated list taken from the Government’s London Gazette of allied businesses who are experiencing problems in the last few weeks.
PRINTING AND ALLIED INDUSTRIES
Administrators Meetings Para 51
Monument Paper Bag Company Limited (The) 00481099
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
Premium Brand Management Limited 07252881
Ipex Communications Limited 12109835
Liquidators Appointed
Clarendon Press Gloucestershire Limited 05144567
Crawford Shopfitters Limited 11217755
Devon Paper Bedding Limited 08858005
Doublesix Digital Publishing Limited 06429398
Kedoku Limited 09945999
Samantha Maria Limited 09226756
SK Publications Limited 034988366
Reevo Media LIMITED 11378857
RPW Design Limited 09073948
The Branding Team Limited 06594483
The Office Product Network Limited 06904772
The Shopfittings Store London Limited 11211206
TLS Marketing Limited 12341983
Members Voluntary Liquidations
Buzzword Media Limited 09072793
CJ Design Consultancy Limited 08351069
DQH Design Limited 08242731
Expression Marketing Limited 08141812
Griffin Design Consultancy Limited 07600568
Larkmoor Advisory Limited 11390206
Smudge Media Limited 10251647
Tech & Media Group Limited 10414860
Petitions to Wind Up
Aequitas Packing (UK) Limited 08913537
SGK Interiors Limited 09450679
ICSM CREDIT
For information on ICSM visit www.icsmcredit.com or call 0844 854 1850.
ICSM, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR. Tel: 0844 854 1850. www.icsmcredit.com. Ian.carrotte@icsmcredit.com