Monday, 4 April 2016
More basic errors by Crowdcube due diligence - What a Mess!
It does seem hard to believe that the Crowdcube DD department can be so utterly useless - but it's true.
DW Clothing raised over £876k on CC just last year.
In the Crowdcube thoroughly vetted projections they stated the following for the previous 12 month period (ie historic verifiable data) - to YE May 2015
Total FA £694,000
Paid in Capital £ 70,000
Acccum Profits £220,000
The CH filed accounts for YE May 2015, filed 7 March 2016 show a very different picture -
Total FA £241,239
Paid in Capital £ 1,000
Accum Profits £155,497
Someone is not telling the truth and someone has a lot of questions to answer when it comes to publishing complete tripe on an FCA regulated website, which is taking money off the public.
The upshot of this mess is that DW Clothing's claim to have £296,000 on its balance sheet, on 31 May 2015 when it asked for funding, actually is nonsense. It only had £156,000 or just over half its spurious claim.
Clean up your act will you, please Crowdcube.