Corporation and Revenue

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  • loopy #5507

    Bat Tech was incorporated in September of last year, but the business appears to have been operating longer than that. How long have you been running this business? What is the source of the supplied financials for dates prior to incorporation?

    Balance Sheets are supplied for both Bat Tech and Kevin Orchard. What is the current relationship between those corporations? Have the assets of Kevin Orchard been pledged as security for this loan?

    Why has the revenue for Bat Tech declined so dramatically between Q3 2015 and Q1 2016?

    BAT TECH PTY LTD 608271432 #5530

    Please see below for your enquiry;

    1) Business has been operating since 2005. We have moved to corporate structure to assist us with the growth of the business and tax purposes.

    2) The source of financials is from our MYOB database as qualified by accountant and also 2014/15 ATO Submitted Financials.

    3) Relationship between Bat Tech and Kevin Orchard is that Bat Tech PTY LTD is owned by Kevin Orchard as sole shareholder and director. The Kevin Orchard financials are for Kevin’s own ABN as a sole trader. Kevin Orchard is a guarantor for the loan.

    4) Revenue has declined from Sole Trader ABN (Kevin Orchard T/as Bat Tech) as moving more income to the Bat Tech PTY LTD account. From 1st June all income will be in the company account and expected revenue will be around the $35K/month on current figures not including likely increase terms of trade when signage at new location is completed in Pyrmont and that is open and operating.

    Please let me know if require further details.

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