The company did not trade this year following the cessation of trading during the year ended 30th November 2020.
The reason for cessation during the year ended 30th November 2020 is set out below:
Peoplesafe commenced trading as a start up in December 2018 and had a profitable first year to 30 November 2019.
During its second year of operations Peoplesafe won a large project contract with Styles and Wood Limited. The directors reviewed the high value of the contract at the time of take up, relying on good credit reports and the fact that Styles & Wood had been trading for many years. The contract had run smoothly and been profitable and Peoplesafe had substantial monies owed at the end of February 2020.
However, with no prior warning, on 28th February 2020 Styles & Wood Limited announced that they had gone into administration and Ernst & Young were appointed as administrators. This left Peoplesafe exposed to a substantial bad debt write off. As a result of this unforeseen event Peoplesafe had no other option than to cease trading.