Form 4.20 Rule 4 34 - CVL The Insolvency Act 1986 Statement of Company's Affairs S.95/99 Pursuant to Section 95/99 of the Insolvency Act 1986 For official use To the Registrar of Companies LTT | Company Number 01179683 | Name of Company Insert fullname of | CLEANBRITE LIMITED company insert full names Richard Rones and addresses ’ of | ThorntonRones Limited 311 High Road Loughton Essex 1G10 1AH Insert date the liquidator(s) of the above named company attach a statement of the company's affairs as at 14 April 2011 Signed Date if, Presenter's name, ThorntonRones Limited For Official Use address and | reference 311 High Road Liquidation section] Post room Ne (fany) Loughton Essex IG10 1AH 19/04/2011 COMPANIES HOUSE Rule 4 34-CVL Form 4 19 Statement of Affairs Statement as to affairs of CLEANBRITE LIMITED onthe 14 Apml 2011, the date of the resolution for winding up Statement of Truth | believe that the facts stated in this statement of affairs are a full, true and complete statement of the affairs of the above named company as at 14 April 2011 Fullname ©s>OsUSN GELGS EDrersswor Signed or —— Dated Vig HM HO, CLEANBRITE LIMITED DIRECTOR'S ESTIMATED STATEMENT OF AFFAIRS AS AT 14 APRIL 2011 Notes Book Estimated to Value Realise £ £ ASSETS Assets Not Specifically Pledged:- Goodwill and Trading Style 4 - Uncertain Plant, Machinery, Fixtures & Fittings 2 525,993 85,700 Stock 3 2,000 2,000 Motor Vehicies 4 31,193 2,200 Cash at Bank 5 102,714 102,714 Connected Company Debtor - The Withindale Gallery Ltd 6 974,284 - Estimated total assets available for preferential creditors 1,636,184 192,614 LIABILITIES.- Preferential creditors:- None Estimated surplus/(deficit) to non-preferential creditors 192,614 Non-preferential claims:- Trade & Expense Creditors 39,384 H M Revenue & Customs (PAYE/NIC) 7 343,361 H M Revenue & Customs (VAT) 8 1,048,762 (1,431,506) Estimated deficiency as regards creditors (1,238,892) Issued and called up capital:- 100 Ordinary Share of £1 - issued and fully paid (100) Estimated total deficiency as regards members (1,238,992) Signature.. oe oe casvense nee Tassssensaee cones oe : cee cee cses Date..cccscccte Darren Edmonston Al CLEANBRITE LIMITED NOTES TO DIRECTOR'S ESTIMATED STATEMENT OF AFFAIRS AS AT 14 APRIL 2011 1 Goodwill and Trading Style The Goodwill compnses of the Company's remaining client base as well as the trading name of "Cleanbrite” Professional and Independent valuers, Messrs Agentcie Limited, have been instructed to value this asset, and have advised that a consideration of around 2 5 - 3% of turnover for the first year would be an appropnate value However, the value of this is noted as uncertain, for the purposes of the Statement of Affairs, in view of the potential habilitties, both present and future, that may arise from personal injury claims from accidents at the supermarket sites for which the company provided cleaning services At present it 1s believed that the Company's exposure for ongoing personal injury claims ts around £85,000, being the amounts up to the insurance excess levels in place at the time of the accident, which would be payable by the Company Up to March 2009, this excess was £10,000, which was reduced to £5,000 and then, from March 2010, it was reduced to Nil At present, there are believed to be 13 such claims ongoing, however, as there is a 3 year time limit for claims, therefore the possibility of future ability remains open until March 2013 In order to protect any such Goodwill, such claims may need to be taken over and met by the purchaser of the Goodwill and trading style, which ts anticipated to be Cleanbrite (UK) Limited, of which Mrs Ulrike Powlesiand ts director, as should the claimant attempt to take legal action against the supermarket, this may then prove onerous for any ongoing contracts, or their renewa! This issue will therefore have to be reviewed by a duly appointed liquidator with a view to reaching an agreement as to the value of thts asset 2 Plant, Machinery, Fixtures & Fittings This mainly comprises of cleaning machinery that is located at the various Sainsbury's stores from which the company operated These assets has been valued by an independent and professional valuer, Messrs Agentcite Limited, for the purposes of the Statement of Affairs, at £85,700 if sold to a willing buyer and £15,200 on a "forced sale" (!e if broken up and sold at auction) basis However, Messrs Agentcite have also advised that they are aware that, in addition to the items valued, there may be a large amount of defunct and obsolete machinery held in storage, having been previously used on the former Tesco's sites !t has not been possible to value these items and, consequently, the duly appointed Liquidator will take steps to review and value these Items 3 Stock This comprises of sundry cleaning consumables, workwear etc These assets has been valued by Messrs Agentcite Limited, at £2,000 on a “willing buyer" basis and £500 on a "forced sale" basis 4 Motor Vehicles This comprises of three Ford Transit vans These have been valued by Messrs Agentcite Limited, for the purposes of the Statement of Affairs, at £2,200 on a "willing buyer" basis and £1,200 on a “forced sale" basis § Cash at Bank . This is the current credit balance believed to be held in the Company's current account with National Westminster Bank plc and should therefore be fully recoverable in to the liquidation 6 Connected Company Debtor - The Withindale Gallery Ltd The Withindale Gallery Ltd (“Withindale") provided management services to the Company and ts also the 100% owner of the Company's shares However, Withindale now also has no option but to cease trading and enter into Creditors Voluntary Liquidation, and a meeting of its creditors has also been cailed for 14 April 2011 for the purposes of passing a Winding Up Resolution and appointing a liquidator It is not currently anticipated that there will be funds available from the liquidation of Withindale to distribute to its creditors CLEANBRITE LIMITED l NOTES TO DIRECTOR'S ESTIMATED STATEMENT OF AFFAIRS AS AT 14 APRIL 2011 (continued) 7 HM Revenue & Customs (PAYE/NIC) The outstanding PAYE and NIC relates to sums owed from November 2010 onwards 8 H M Revenue & Customs (VAT) The outstanding VAT relates to sums owed following the ending of the Company's payment plan with H M Revenue & Customs, and includes VAT and surcharges owed for periods from November 2008 9 The costs and expenses of the Ibquidation have not been accounted for 92 90S'LEr'LS 60 $z0'% SPP LOM ‘UOPUCT ‘MOY Plcypag ZZ - OZ poy] BojayaL b9 O2L LZ 0109 ‘young ‘Aungpng ‘peoy yuomBp3 sayddng aay Aingpns $6 0z0'E HML 0109 ‘young ‘Aungpng ‘ye sseuisng ||eEYypooAA ‘aAuq Ainiq uBisaq julodajpaay vS 192'8P0'L AL BESS ‘Bag Uo PUuaYNOS ‘anusay eLOJOIA |Z ‘asnoH Jepuexaly (LWA) Swojsng 9 anuaAay WH 26 O9€'Ere VVI 62D ‘mobse|y ‘apiigiy jseq ‘asnoH Aemsuaany ‘suojesedo Jawojsng ' wea] sjeuayay JeAo|dwy (OIN/AAVd) Swojsn9 9 anueAay WH zy COE Ta8 €289 ‘eBpuques ‘IIH Jeg ‘Aeag Buri, ‘pp wun Syola 00 087'% AN tdi ‘WOYNs ‘yoImsd] ‘peoy sieUAeIs ‘NOD |[eMWOID € ‘JOO]4 JSUI4 dT] dnoig ABojouyoe, Sdd 66 vLS'L V8 0109 ‘MOYNS ‘YysIPUsAeD ‘Jea/15 J8MO7 'SASOY PIIAA PI} SUONNOS jusWaBeuUeY {tyounyD 92 089'€ Oy 9OD ‘IoyNs ‘pueAen ‘spuelde uojBuissi~y ‘aBuesD opispoopy a0 PV 86 Zep'9 DO OLOd ‘IONS ‘Aingpng ‘pieWOD JealD ‘peoy UIIy 10d 4g saoias poddns sulyoe, Buea 00 000'02 O3Z OZIND 'xeSS3 ‘WI MOHEH ‘peoy eBpuques ‘asnoy abpuqwed ‘oo)4 puz s]uB}UNODOYW poomysng 3 ssaippy awen SYHOLIGAYS QAYNDASNN SYOLIGAYD ANVdWOD G3LIAN ALMENV3aI15