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back to article Skye IT goes titsup

Skye IT has gone into administration today after running into financial difficulties, appointing Taylor Aitken to manage the wind-down. The Chelmsford-based reseller is a standalone business but CEO Paul Swords, remains the director at other brands in the Skye Group including Skye UAE, Recruit, Direct and Training, each of which …

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A further clue

They filed "total exemption small" accounts, meaning they are exempt from audit.

That means they meet both the turnover and balance sheet criteria.

If for example they met the turnover and staff criteria, but not the balance sheet criteria, a common situation in property companies (big property asset, turnover is rent about 3% to 10% of the value of the property, 1 part time member of staff to bank the rent cheques and pay the mortgage), they would be able to file abbreviated accounts, but would have to have them audited.

Of course abbreviated accounts show the balance sheet and not much else, so you always know if they meet that criteria.

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Big Brother

Inevitable end..

Business threads will no doubt be picked up by associated business activity. It's this constitution that in many ways gave the business it's unexpected longevity of 7 years. I expected it to fail within 4 years. An associated business was sold a while back.

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Coat

It's as if the company was forced to fall on its Sword…

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