Construction Rating
← Failures register

Administration · 28 October 2022

Waterstone Homes

Housebuilder · Bridgend · South Wales

Share

What happened

WATERSTONE HOMES LIMITED (company number 04177167), incorporated in 2001, entered administration on 28 October 2022. Its status at Companies House is now: administration.

Why it failed

Pre-pandemic fixed-price contracts with thin margins turned loss-making as costs rose over 25%, delays drained cash, and the bank, an investment search and HMRC time to pay gave no relief.

  • Main reason: Cost inflation
  • Losses on contracts
  • Covid-19
  • Delays
  • Cash flow
  • Funding withdrawn
  • Sale or investment failed
  • HMRC debts

Our summary of the reasons given in the administrators' proposals. These record the administrators' and directors' account of what happened.

An administrator, a licensed insolvency practitioner, takes control of the company to try to rescue it, sell the business or get a better result for creditors than a liquidation.

Previously known as: REDI-48 LIMITED.

Timeline

The last accounts and payment report before the failure, then what happened, with the time between each.

  1. 30 September 2020

    Last accounts filed were made up to this date

    2 years later

  2. 28 October 2022

    Administration started

AccountsPayment reportInsolvency

Before it failed

Key figures

Staff, year to Sept 2020
22
Accounts at Companies House
Net assets, year to Sept 2020
£1.2m
Accounts at Companies House
Owed to suppliers and subcontractors (estimated), as at 28 October 2022
£644k
HMRC owed £128k. Expected return to unsecured creditors: none expected
Administrators' proposals (trade creditors)

The last accounts filed were full accounts made up to 30 September 2020, 25 months before it went into administration. Private companies have nine months after their year end to file, so a gap of more than 21 months usually means the next accounts were overdue, one of the warning signs worth checking for.

The full filing history, including any late filings, charges and director changes, is on Companies House.

Lessons learned report

We're writing plain-English reports on major construction failures: who was involved, why it happened, the warning signs and how long they were visible, and what to look out for next time.

Sign up to be told when reports are out

In the news

We haven't matched any press coverage to this company yet. Search the news for Waterstone Homes.