Monster Travel’s last filed accounts for the year ending February 28, 2009, showed the agency had short-term debts of £602,246.
Filing the unaudited accounts under Monstertravel Ltd, the company revealed it held £200,401 in cash and also held fixed assets of £76,019. However, it had debts of £878,666 due to be repaid by February 2010, leaving its accounts with a net short-term debt of £602,246.
Further long-term debts of £192,708 were due to be repaid after February 2010.
As well as the debts, it took nearly a year for the directors to sign off the accounts as they were only agreed in January this year. Private companies normally have to file accounts within nine months of their year end.
A travel accountant said: “The company was in the red to the tune of £800,000. I don’t know how this company could have traded with this balance sheet within the framework of The Freedom Travel Group with its cashflow constraints.”
Monster Travel went into administration yesterday, leaving 94 members of staff unemployed.
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