The challenge:

Turning two loss making, insolvent businesses into profitable companies.

As featured in The Worlds Most Inspiring Accountants

As featured in The Worlds Most Inspiring Accountants

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In 2009, Meades Group was appointed by a waste recycling firm at a time when it was making a loss of over £350,000 a year.

The director moved his business to us after Paul Meades demonstrated how we could initially save the owner £16,000 in personal tax per annum.

Today, we provide the company with an all-inclusive service featuring monthly management accounts, management information, ratio analysis, cash flow and profit forecasts and KPI monitoring. Year end accounts, payroll and tax returns are also included.

Furthermore, the business is reliant on significant financial support from a high street bank. Under the terms of the agreement, and to help ensure ongoing funding, we supply extensive information on a regular basis including twice yearly projected profit and loss accounts, balance sheets and cash flow forecasts. This crucial information is essential for the continuation of bank support and loans, hire purchase and business overdraft.

Over the last three and half years, we have held monthly meetings with the owner, helping address other areas of the company requiring improvement. Acting as a sounding board has proved invaluable to the client who historically had only ever worked ‘in’, rather than ‘on’ the business.

During the same period, we have been helping to mentor a second business 2 (for the same client), including the supply of monthly management information, graphs, technical guidance and attending regular meetings.

What did we achieve?

Helped turn a loss of £350,000 in 2009 to £650,000 profit in 2012 – an improvement of £1m over three years

Helped turn a negative balance sheet of £850,000 in 2009 into a positive balance sheet of £1,400,000 in 2012 – an improvement of £2.25m in 3 years

Converted a £300,000 overdraft in 2009 into a positive bank balance of £650,000 in 2012 – an improvement of £1m

Saved the business owner £260,000 in tax to date Most importantly we have been informed by the client’s bank that our guidance enables it to continue to provide financial support, consequently avoiding the forced sale of the family’s assets.

In 2009, this company was not making a profit; in 2012 the profits were circa £200,000

It had a zero balance sheet in 2009. In 2012 the balance sheet stood at £160,000

Saved the business owner £50,000 in tax

What else did we do?

We continue to offer guidance on asset purchases, financing, investments, loan repayments, business rates, personal finances, life insurance etc, thereby providing the owner and his family with additional peace of mind.

Most recently we sourced an alternative new car supplier, resulting in the cancellation of a previous order. Despite the loss of £1,000 deposit, we helped save an additional £8,000.



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