Rule 4.34-CVL Form 4.20 The Insolvency Act 1986 Statement of Company’s Affairs S 95/99 Pursuant to Section 95/99 of the Insolvency Act 1986 To the Registrar of Companies For Official Use | | Company Number 01051002 Name of Company {a) Insert full name of company Dry Transfers Limited (b) Insert full name 1 Alex Kachan1 of Crawfords Accountants LLP and address Stanton House 41 Blackfnars Road Salford Manchester M3 7DB Insert date (¢) In the Liquidator of the above named company attach a statement of the company’s affairs as at 24 May 2012 Signed nou ae Date 24 May 2012 Presenter’s name, Crawfords Accountants LLP For Official Use address and reference Stanton House Liquidation Section Post Room 41 Blackfnars Road Salford Manchester M3 7DB % C420/5/AK/SH @ & *A1ABBWPS* ° A20 02/06/2012 #130 COMPANIES HOUSE Rule 4.34-CVL Form 4.19 Statement Of Affairs No of In The IN THE MATTER OF Dry Transfers Limited and IN THE MATTER OF THE INSOLVENCY ACT 1986 Statement as to the affairs of Dry Transfers Limited on the 24 May 2012 the date of the resolution for winding up Statement of Truth I Mr Anthony David Brewin of 13 Main Street, Croxton Kerrial, Grantham, Lincs, NG32 1QF Make a Statement of Truth and say that the several pages exhibited hereto and marked “ADB1” are to the best of my knowledge and belief a full, true and complete statement as to the affairs of the above named company as at 24 May 2012 the date of the resolution for winding up and that the said company carried on business as Screen Industrial Printers signature be fw vue _ 24 /sh IN THE MATTER OF Dry Transfers Limited This 1s the exhibit marked “ADB1” referred to in the Statement of Truth of Mr Anthony David Brewin A-~—Summary of Assets ASSETS Book Value } Estimated to Realise Assets specifically pledged:- £ £ Assets not specifically pledged:— Office Equipment NIL Note 2 Plant & Machinery NIL Note 2 Office Equipment Subject to Walking Possession Agreement NIL Note 2 Plant & Machinery Subject to Walking Possession Agreement NIL Note 2 Cash at Bank 10,904 10,904 Cash in Hands of Accountants 4,200 4,200 Trade Debtors 7,600 2,160 Estimated total assets available for creditors 22,704 17,264 Signature ¥ Vz Date 2¢/sh (a Summary of Assets (7/98) Al - Summary of Liabilities Estimated to Reahse Estimated total assets available for 17,264 creditors (from Summary of Assets) Liabilities Estimated surplus as regards creditors 17,264 Debts secured by a floating charge:— Estimated surplus of assets available for non-preferential creditors 17,264 Non-preferential claims:— £ Trade creditors per schedule 9,180 Crown creditors per schedule 62,978 Redundancy Payments Office 10,655 82,813 Estimated deficiency as regards creditors 65,549 £ Issued and called-up capital:- 5,000 5,000 Estimated deficiency as regards members 70,549 cue Uefila Summary of Liabilities (7/98) Dry Transfers Limited Notes to the Statement of Affairs 1 The latest 2011 accounts reported fixed assets at £145,000 comprised a property at Charlotte Street, Melton, Mowbray, Leicestershire in which Lloyds TSB Bank Plc has a legal mortgage registered over the property dated 25 March 1985 The Company’s property was marketed by a local firm of Estate Agents for over 12 months with an asking price of £175,000 In early 2012, the Estate Agents received an offer from Mr N King, an independent third party, for £145,000 The Agents recommended the acceptance of the offer shortly thereafter, as there were no other interests shown in the property. Accordingly, the Company instructed solicitors who then sold the property to Mr N King for £145,000 and the net proceed of £137,000 was discharged as follows - 11 The solicitor acted for the Company made a payment of £61,000 to Lloyds TSB Bank Ple in settlement of a secured loan over the property, together with a further payment of £41,000 in settlement of the Company’s overdraft which was secured over the property 12 The solicitor subsequently transferred the balance of circa £35,000 into the Company’s bank account with Lloyds TSB Bank Plc 13 A sum of circa £5,000 was paid to Lloyds TSB Bank Plc in settlement of outstanding credit card statements incurred by the Company 14 A payment of circa £1,000 to company accountant 1n respect of outstanding professional fees. 15 Various payments totalling approximately £3,000 to trade creditors m respect of outstanding invoices 1.6 Various payments to former staff in lreu of notice totalling approximately £8,200 1.7 Various business expense payments totalling £3,600. 18 A sum of £4,200 was transferred to Crawfords Accountants LLP and the funds are presently held in a clrent account pending the appointment of a Liquidator This sum is shown on the Statement of Affairs as cash in hands of accountants 19 It 1s understood that there 1s still a credit balance at bank in the sum of circa £10,904 subject to final interest and charges The appointed Liquidator will need to make further enquiries to determine whether or not certain payments made by the Company tn the months prior to the commencement of the Irquidation were made m contravention of Section 239 of the Insolvency Act 1986 under preferences On 1 May 2012, HM Revenue and Customs obtained a Waking Possession Agreement over a number of physical assets at the Company’s premises with an estimated market value of £1,800 and a forced sale value of £500. The appomted Liquidator will ascertain the validity of the Walking Possession Agreement and deal with the assets subject to Walking Possession Agreement accordingly The Company also had a number of physical assets which were not subject to a Walking Possession Agreement with an estimated market value of £1,970 and a forced sale value of £800 All assets were sold to Mr P McCafferty trading as LTS Screen Printing, a former employee, in the sum of £1,800 plus VAT on 31 March 2012. No sum has been recetved to date, and this transaction is cluded within the trade debtors of £7,160 The directors advise that there are trade debtors with a total book value of circa £7,160 at the date of Itquidation but the recoverability of these book debts are uncertain, as no details have been received from the directors at the tume of reporting For the purpose of the Statement of Affairs, no value has been placed on the recoverability of the book debts, other than the debtor referred to in paragraph 2 above, against which no provision for reduction has been made Claims of creditors are subject to agreement in due course The amounts stated will not prejudice your claim which will be agreed, 1f appropriate, by the Liquidator in due course No provision has been made in respect of claims by employees under the terms of the Employment Rights Act 1996 The directors advise that a company loan was obtained from Redundancy Payments Office in the sum of circa £10,655 which was then used to pay staff redundancy. The quantum of this claim has not been independently verified at the time of reporting For the purpose of the Statement of Affairs, Redundancy Payments Office is included as an unsecured creditor for the purpose of the report. Section 176A of the Insolvency Act 1986 (as amended) requires the 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 “qualifying 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 is 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 «20% of the remaining net property up to a maximum of £600,000 In cases, there 1s a qualifying floating charge created or registered on or after this date in favour of Lloyds TSB Bank Plc. It 1s understood that the Company ts not indebted to Lloyds TSB Bank Plc at the date of the liquidation Therefore, the prescribed part does not apply in this case Subyect to the costs and expenses of the winding up Subject to the verbal explanations to be given at the meeting of creditors 24 May 2012 Estimated Deficiency Account £ £ Amounts written off assets Book Value 22,704 Estimated to Realise 17,264 5,440 Proceeds from Sale of Property [Note 1] 145,000 Book Value 145,000 NIL Profit and Loss Account — 31 March 2011 37,549 Redundancy costs 10,655 Notice Pay 8,200 Estimated trading losses for the period from 1 April 2011 to cessation 8,705 Estimated Total Deficiency as per Statement of Affairs 70,549 DRY TRANSFERS LIMITED Schedule of Trade Creditors £ 908 Ltd Unit 8, Derwenthaugh Marina,, Blaydon on Tyne,, Tyne & Wear, NE21 SLL 34.20 Acorn Screen Products Limited Unit 10, Meadow Lane Ind Estate, Meadow Lane, 270.96 Loughborough, LE11] 13x Allsigns International Limited 2 Brunel Ind Estate, Blyth Road, Harworth, Doncaster, DN11 112.12 8QA Alpha Find the Needle 26 Hockerill Court, London Road, Bishop's Stortford, Hertfordshire, 234.00 CM23 5SB Apollo Colours Limited Unit E4, Kingfisher Business Park, Hawthorne Road, Bootle, L20 283.98 6PE Biffa Waste Services Limited PO Box 645, High Wycombe, HP12 3WF 136 76 BT Department W, Durham TE, Providence Row, Durham, DH1 IRR 59.47 Cardsave Holdings Limited Parkway Offices, Acorn Business Park, Moss Road, Grimsby, 144 00 North East Lincolnshire, DN32 0LW DevMac Systems Limited 9 Granary Wharf Business Park, Whetmore Road, Burton on 215.64 Trent, Staffs, DEI4 1DU E.ON - Electric PO Box 7750, Nottingham, NG] 6WR unknown E ON - Gas PO Box 7750, Nottingham, NGI 6WR unknown GSM Graphic Arts Limited Castlegarth Works, Thirsk, North Yorkshire, YO7 IPS 5379.55 GSM Industrial Graphics Ltd Avenue One, Station Lane Industrial Estate, Witney, Oxon, 651.80 OX8 6XX Hallmark Tapes Limited Ashwell Street, Netherfield, Nottingham, NG4 2FQ 403.82 Melton Town Centre Partnership Melton Mowbray Building Society, Leicester Road, 60.00 Melton Mowbray, Leicestershire, LE13 ODB Namesco Limited Acton House, Perdiswell Park, Worcester, WR3 7GD 48.98 Premier Screen Services Limited 73/74 Lower Dartmouth Street, Birmingham, B9 4LA 664 13 Print Concern Limited 29 Pony Road, Horspath Industrial Estate, Oxford, OX4 2RD 684.13 R. P.N Limited Unit 7 Barrington Park, Leycroft Road, Leicester, LE4 1ET 129 98 S AS Materials Limited 956 Kingsbury Road, Erdington, Birmingham, B24 9PZ 1,474.80 Self Adhesive Specialities Limited Phoentx House, Strawberry Lane, Willenhall, West 1,049 04 Midlands, WV13 3RS Severn Trent Water Limited PO Box 371, Birmingham, B3 1DL 123.31 Streamline Gateshead Card Centre, PO Box 27, Victory House, Fifth Avenue, Gateshead, 95.79 NE8 |HJ TAS Software Limited North Park, Newcastle upon Tyne, NE13 9AA 243 48 The Signmakers Warehouse Limited Unit 19, The Vanguards, Shoeburyness, Essex, SS3 $29.50 9Q) United Wipes Limited United House, Spring Corpse Business Park, Slinford, Horsham, 197.28 West Sussex, RH13 0SZ Victory Design Limited 753.66 Forest Buildings, 41 Creweli Road, Clowne, Chesterfield, Derbyshire, S43 4PN 9,180.38 Schedule of Crown Creditors H M Revenue & Customs NI Contributions Office, Insolvency Longbenton, Newcastle £ upon Tyne, NE98 1ZZ Ref. 267 PE00142271 45,142 95 H M Revenue & Customs Durrington Bridge House,, Barrington Road, Worthing, BN12 100 00 4SE Ref: 44690 00913 HM Revenue & Customs Central Insolvency Sift Team, INW, Queens Dock, Liverpool, 17,735 17 L74 4AA Ref 290 1409 76 | 62,978.12 | Redundancy Payments Office £ Birmingham RPO, 8-9th Floors Colbalt Square, 83-85 Hagley Road, Birmmgham, B16 10,655 00 8QG 10,655.00 Total | 82,813.50