Autotrip have raised equity finance twice with Crowdcube - from what appears to be 500 shareholders, they have a total raised of £490k. Or so we thought.
Looking at the latest filed accounts to YE Mar17, they appear to have virtually no equity finance - or £202 to be precise. This is some achievement considering last year they had £137,516. The latest confirmation statement confirms they still have 500 shareholders.
A little odd.
We wrote about them before here
In the so called accounts for YE Mar17, they declare a profit of over £250k which is clearly complete nonsense, given the fact that in that year they raised another £435k on Crowdcube, which as we know has not been shown. This might be a timing issue but the original share cap of £137,516 has vanished. In fact, figures from the previous year show that the latest accounts are totally wrong.
So either they have filed false accounts or they haven't a clue how to file accounts - possibly both. If I was one of the 500, I would like to know either way. Accounts are important for companies - even in this crazy world.
Alexander Nicholson, the lead in both Crowdcube raises, has resigned. Hmmm.