Fit Pink - Jenni Timony
Technology - Lemmy.org
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In early 2021, an Irish ecommerce outfit (Sasity Limited t/a Fit Pink) appeared on a crowdfunding platform, promising the usual online-retail nirvana: booming sales, exploding margins, and world domination via brightly-coloured leggings (made in China). Investors were told the company had already chalked up €470k turnover and €70k profit in its first full year of 2020 [unbelievable figures!], and was “on course” for €1.2m in 2021, the year of the fundraiser.
Duly impressed, crowdfunders stumped up €356k, which obligingly appeared as share premium in the 2021 accounts. Pink champagne all round.
The reality, as quietly documented in the Companies Registration Office filings, has been somewhat less glamorous.
Losing streak
Despite the glowing pitch, the fledgling fashionistas (mother and daughter duo Jenni Timony and Jasmine Kennedy) immediately began clocking up losses. The micro-entity accounts (helpfully free of awkward details like turnover, VAT or director salaries) record:-
2021: -€205k (crowdfunding year….)
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2022: -€191k
-
2023: still negative
-
2024: -€98k
By 31 December 2024, the accumulated deficit had reached -€431k. Which is at least a number beginning with four hundred thousand, just not the direction investors were promised.
Beg & Borrow
Despite Enterprise Ireland programme manager, Jenni, receiving startup funds from Enterprise Ireland via the Donegal LEO in 2020, profits were refusing to appear. Luckily the crowdfunding bounty of 2021 was able to cushion some of the -€205k loss that year. Then the company turned to the traditional “serial entrepreneur” survival strategy — borrow money. Next up was an unlucky punter called Jack Arthur who lumped in €25k in 2022.By 2024, filings show:
Bank loan: €189,470
Hire purchase / finance leases: €60,528
Director current accounts: €19,115
To the untrained eye, that looks rather like a retailer living on credit. To the trained eye, it looks exactly like the same thing.The balance sheet now shows net liabilities of -€50k. That’s “balance sheet insolvent” to professionals, and “time for another pitch deck” to optimists.
The micro-entity magic trick
Like many plucky startups, the company files micro-entity accounts, allowing it to omit such minor details as:- Sales
- VAT
- Payroll
- Marketing costs
- Cashflow
- The meaning of life
Investors hoping to discover how the stated €470k → €1.2m revenue trajectory actually went will, alas, find only total assets and total liabilities, a useful summary if you’re an actuary, less so if you’re curious where the money went.
The eye-watering question
Crowdfunding “investors” (the people who believed the numbers on the pitch deck rather than the numbers on the balance sheet) could be forgiven for scratching their heads.After all, they were told:
€470k turnover
€70k profit
€1.2m projected sales by 2022 and €10m by end of 2025
Yet the only figures available in cold, hard CRO filings reveal:No published revenue at all
Losses every single year since the raise
A steadily growing pile of debt to keep the lights on
Perhaps the difference between “turnover” and “left over” could have been explained somewhere in the micro-entity notes, if such notes existed.Current mood
As of the latest filings, the business is still officially a “going concern”, which means:The equity capital is gone
The losses exceed the investment
The liabilities exceed the assets
The debt needs feeding
Anyone think it can avoid the fate of the Director’s last 2 ventures?
Frankleyweb Ltd | Irish Retail Company & Director Check
Ordering large quantity of Goods with Frankleyweb Limited, view their latest Company Report for added confidence.
(www.solocheck.ie)
Doolittles Donegal Ltd | Irish Legal & Business Services Company & Director Check
For reliable company reports for Doolittles Donegal Limited visit SoloCheck - One of Ireland's most trusted company information websites
(www.solocheck.ie)
Sources:
https://www.thephoenix.ie/article/jenni-timonys-sales-pitch/
“We’re two years ahead of where we’d hope to be before the pandemic hit” - The Currency
Power is knowing
The Currency (thecurrency.news)
-
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In early 2021, an Irish ecommerce outfit (Sasity Limited t/a Fit Pink) appeared on a crowdfunding platform, promising the usual online-retail nirvana: booming sales, exploding margins, and world domination via brightly-coloured leggings (made in China). Investors were told the company had already chalked up €470k turnover and €70k profit in its first full year of 2020 [unbelievable figures!], and was “on course” for €1.2m in 2021, the year of the fundraiser.
Duly impressed, crowdfunders stumped up €356k, which obligingly appeared as share premium in the 2021 accounts. Pink champagne all round.
The reality, as quietly documented in the Companies Registration Office filings, has been somewhat less glamorous.
Losing streak
Despite the glowing pitch, the fledgling fashionistas (mother and daughter duo Jenni Timony and Jasmine Kennedy) immediately began clocking up losses. The micro-entity accounts (helpfully free of awkward details like turnover, VAT or director salaries) record:-
2021: -€205k (crowdfunding year….)
-
2022: -€191k
-
2023: still negative
-
2024: -€98k
By 31 December 2024, the accumulated deficit had reached -€431k. Which is at least a number beginning with four hundred thousand, just not the direction investors were promised.
Beg & Borrow
Despite Enterprise Ireland programme manager, Jenni, receiving startup funds from Enterprise Ireland via the Donegal LEO in 2020, profits were refusing to appear. Luckily the crowdfunding bounty of 2021 was able to cushion some of the -€205k loss that year. Then the company turned to the traditional “serial entrepreneur” survival strategy — borrow money. Next up was an unlucky punter called Jack Arthur who lumped in €25k in 2022.By 2024, filings show:
Bank loan: €189,470
Hire purchase / finance leases: €60,528
Director current accounts: €19,115
To the untrained eye, that looks rather like a retailer living on credit. To the trained eye, it looks exactly like the same thing.The balance sheet now shows net liabilities of -€50k. That’s “balance sheet insolvent” to professionals, and “time for another pitch deck” to optimists.
The micro-entity magic trick
Like many plucky startups, the company files micro-entity accounts, allowing it to omit such minor details as:- Sales
- VAT
- Payroll
- Marketing costs
- Cashflow
- The meaning of life
Investors hoping to discover how the stated €470k → €1.2m revenue trajectory actually went will, alas, find only total assets and total liabilities, a useful summary if you’re an actuary, less so if you’re curious where the money went.
The eye-watering question
Crowdfunding “investors” (the people who believed the numbers on the pitch deck rather than the numbers on the balance sheet) could be forgiven for scratching their heads.After all, they were told:
€470k turnover
€70k profit
€1.2m projected sales by 2022 and €10m by end of 2025
Yet the only figures available in cold, hard CRO filings reveal:No published revenue at all
Losses every single year since the raise
A steadily growing pile of debt to keep the lights on
Perhaps the difference between “turnover” and “left over” could have been explained somewhere in the micro-entity notes, if such notes existed.Current mood
As of the latest filings, the business is still officially a “going concern”, which means:The equity capital is gone
The losses exceed the investment
The liabilities exceed the assets
The debt needs feeding
Anyone think it can avoid the fate of the Director’s last 2 ventures?
Frankleyweb Ltd | Irish Retail Company & Director Check
Ordering large quantity of Goods with Frankleyweb Limited, view their latest Company Report for added confidence.
(www.solocheck.ie)
Doolittles Donegal Ltd | Irish Legal & Business Services Company & Director Check
For reliable company reports for Doolittles Donegal Limited visit SoloCheck - One of Ireland's most trusted company information websites
(www.solocheck.ie)
Sources:
https://www.thephoenix.ie/article/jenni-timonys-sales-pitch/
“We’re two years ahead of where we’d hope to be before the pandemic hit” - The Currency
Power is knowing
The Currency (thecurrency.news)
This seem very much like self promotion from a 11 minute old account with a username matching the title and company throughout the post.
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