Form 4 20 Rule 4 34 - CVL The Insolvency Act 1986 Statement of Company's Affairs Pursuant to section 95/99 of the Insolvency Act 1986 For Official Use To the Registrar of Companies Company Number 00264891 Name of Company South Wales Motor Factors Limited At We | Bethan Loutse Walker ACCA MABRP John Dean Cullen FCCA FABRP Coptic House Coptic House 4-5 Mount Stuart Square 4-5 Mount Stuart Square Cardiff Bay Cardiff Bay CF10 5EE CF10 5EE the liquidator(s) of the above named company attach a statement of the company affairs as at 19 April 2013 0 | atts Date 19 April 2013 Harris Lipman LLP Coptic House For Official Use 4-5 Mount Stuart Square Insolvency Section _ | Post Room Cardiff Bay CF10 SEE > | Ref $3410/BLW/JDC/AAD Es2 | | 2 *A2711H23" | Software Supplied by Tumkey Computer Technology Limited Glasgow #148 | mm ANB 25/04/2013 COMPANIES HOUSE | Rule 4 34-CVL Form 4 19 Statement of Affairs Statement as to affairs of South Wales Motor Factors Limited on the 19 April 2013 the date of the resolution for winding up Statement of truth | believe that the facts stated in this Statement of Affairs are true Full Name Pomivic Avmewy OhHEFAE Signed Ora a F Dated 14-4 - 2013 South Wales Motor Factors Limited Statement Of Affairs as at 19 April 2013 A- Summary of Assets Estimated to Assets Book Value Realise £ £ Assets subject to fixed charge Assets subject to floating charge: Uncharged assets Cash Held by Agents 14,424 00 14,424 00 Book Debts 15,987 30 7,994 00 Cash held in Clrent Account 857 45 857 45 Estimated total assets available for preferential creditors 23,275 45 Signature L, Lee Date 1A- 4t- 2G al South Wales Motor Factors Limited Statement Of Affairs as at 19 April 2013 Ai - Summary of Liabilities Estimated to Realise £ Estimated total assets available for preferential creditors (Carried from Page A) 23,275 45 Liabilities Preferential Creditors - NIL Estimated deficiency/surplus as regards preferential creditors 23,275 45 Debts secured by floating charge pre 15 September 2003 Other Pre 15 September 2003 Floating Charge Creditors NIL 23,275 45 Estimated prescribed part of net property where applicable (to carry forward) NIL Estimated total assets available for floating charge holders 23,275 45 Debts secured by floating charges post 15 September 2003 NIL Estimated deficiency/surplus of assets after floating charges 23,275 45 Estimated prescribed part of net property where applicable (brought down) NIL Total assets available to unsecured creditors 23,275 45 Unsecured non-preferential claims (excluding any shortfall to floating charge holders) Trade & Expense Creditors 56,966 96 Directors 50,228 20 Banks/Institutions 9,954 69 HM Revenue and Customs - PAYE & NIC 1,892 62 HM Revenue and Customs - VAT 3,607 98 Legal Claim 140,174 24 262,824 69 Estimated deficiency/surplus as regards non-preferential creditors (excluding any shortfall in respect of F C's post 14 September 2003) (239,549 24) Estimated deficiency/surplus as regards creditors (239,549 24) Issued and called up capital Ordinary Shareholders 795 00 Share Premium 6,155 00 6,950 00 Estimated total deficiency/surplus as regards members (246,499 24) Signature eS A Date! 9~*e~ Zor 3 Be PL E102 ldy gL LO €L02 48A IDS Sdi 740 | e6eq hoa Ko 31 ez-+4-G1 00 aunyeuBig 10 62z VGZ 9NM ‘soue7 ‘uebiay ‘oue] Boy 701 PY] SHEd Jo}oW SAE Z0d9 6zZ €0Z' I dOs 8LOS ‘aiyspiojpog ‘espemsa/Gbig ‘y1eg ssauisng Uo}eNS ‘aue7 APUBWWON ‘H Un seysiulg eanowojny Aeidsg-o1g 10d9 66 102 dds +1S¢ ‘loysiig ‘unowUoAy ‘}s3 Bulper) ynowuory ‘Aen YUNG ‘uoBAjog aUL g HUN PY] S}ONPOld OyNy d8/00q 00d9 ZEGL/LO/FE UAAID BJeq Buneol4 gy paxi4 uaAIg AUNIaS 69 ¥S6'6 HOL OZdN ‘HOdMeN ‘Jeans UBIH ‘wea! diysuoneiey sewoysng Lodmen oid yueg semen QOND eed SVE PrN ‘SaleAA UINOg ‘ue;qUIMD ‘}Sy PU] peoy NOD EE saiddng jeusnpul poomssow, ZOWD ve 166 APL ZLOY ‘aulysyiag ‘}ouxoeIg ‘| XOg Od ‘@SNOH WE pr] uophury payiun We LOWwo 89 960'1 VOL PH ‘song ‘saukay UO} ‘axe7 UO}ZIN ‘jUaOSeI9D |JamMaYS ‘asnoy UOxeS parwiy (MN) BIW OOWD Oz 29s‘ ADO OLAAD ‘es1ysaUd ‘yoImalppiyy ‘ABA UIYDOd ‘Zp UN) py] sBuneod 49/4997] 0019 SZ v09 YW. 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SII = ZOWH os 0 os 0 dA0 6LdN ‘HOdmaN ‘joe4g MO}sMOQ EZ 3j80y,0 Auoyjuy diulLOg JW) LOWH Je} 49430 Pio Jed ssesppy owen Aay siapjoyaseys - 9 pow] SiojoRY JOJOW SajeAy yNOS D -— Deficiency Account SOUTH WALES MOTOR FACTORS LIMITED Notes £ Surplus to the shareholders per the Company’s 1 61,694 financial statements as at 31 August 2012 Estimated deficiency on realisation of sale of 2 (7,993) assets in the liquidation Estimate loss on trading for the period from 3 (293,250) 31 August 2012 to 21 March 2013 (8) Estimated deficiency as regards Creditors (239,549) Less Write off of the share capital and share 4 (6,950) premium Estimated deficiency as regards Members 5 (246,499) The following notes form an integral part of the above statement 4 This ts the shareholders funds detailed on the last filed financial statements It 1s made up of share capital, share premium and the balance on the profit and loss account This is the amount that the company's assets have decreased by in estimated value by compared with the last set of financial statements filed This is an estimated figure for the loss in the final trading period since the last filed financial statements In this instance it is the estimated loss for the 7 month penod since the last financial statements The figure ts a balancing figure (8) and therefore an estimate This is the amount owing to the shareholders in respect of the shareholding that they purchased in the company This figure is the total Estimated Deficiency to Members taken from the bottom of sheet A1 - Summary of Liabilities The assets have been professionally valued by Nicholas D'Alroye Westlake MRICS of Hicks Day Jones Westlake, Property House, 14 Churchill Way, Cardiff CF 10 2DX Signature LLA 19~&r 2013 Yr 05 April 2013 D — Deficiency Account Cash held by Agents relates to proceeds held following the sale of the remaining assets of the company consisting of stock, fixtures and fittings, office equipment, goodwill and intangible assets The balance of these funds after the deduction of costs Is being held for the benefit of the Liquidation in the sum of £14,424 The book debts are stated after accounting for creditor contras Cash held in Client Account relates to payments received from debtors 10 There ts a fixed and floating charge which was granted to Natwest Bank PLC 41 Lothbury, London EC29 2BP on 31 January 1992 and registered at Companies House on 18 February 1992 11 A proof of debt in respect of a legal claim has been received in the total sum of £140,174 24 The breakdown of the debt includes the initial judgement amount of £50,000, however with additional losses the total amount being claimed is £88,91312 There are also costs including disbursements that have yet to be assessed in the sum of £51,261 12 12 No provision has been made for the claims which could arise in respect of insolvency payments to staff 13 Trade and other creditors’ balances are provisional and subject to agreement in due course by the liquidator Inclusion or exclusion from the list of creditors does not constitute admission or rejection of claims by the liquidator 14 There are provisions of the insolvency legislation that require a liquidator to set aside a percentage of a company’s assets for the benefit of the unsecured creditors in cases where the company gave a “floating charge” over Its assets to a lender on or after 15 September 2003 This ts known as the “prescribed part of the net property” A company’s net property 1s that left after paying the preferential creditors, but before paying the lender who holds a floating charge A liquidator has to set aside © 50% of the first £10,000 of the net property, and e 20% of the remaining net property up to a maximum of £600,000 The company gave a floating charge to Natwest Bank plc on 31 January 1992 Since this charge was given before 15 September 2003 the prescribed part provisions will not apply 15 The director, Janet Newcombe has given a personal guarantee in respect of the overdraft facility liability due to NatWest Bank Plc to a maximum of £25,000 Signature Ly (Ie we 2oL? ym 05 April 2013 D — Deficiency Account 16 The Statement of Affairs does not take into account the cost of realisation of the assets or the cost of the liquidation and it ts subject to verbal explanations given at the meeting of creditors Prepared by HARRIS LIPMAN LLP | COPTIC HOUSE 4-5 MOUNT STUART SQUARE CARDIFF BAY CF10 5EE Signature Vy, hod 19r e- 20¢3 7 7 05 April 2013