Rule 4.34                                                                                                       Form 4.20




                                                                                    S.95/99
                     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
                                                                                                {          01541904

                               Name of Company
(a) Insert full name of        (a) CSG 24 HR Recovery Limited
company



(b) Insert full name and       We   (b)
addresses                      S Watts
                               Adcroft Hilton (Chesterfield) Limited
                               10 Marsden Street
                               Chesterfield
                               Derbyshire
                               $40 1JY                               .
                               United Kingdom

(c) Insert date                the liquidator(s) of the above-named company attaches a statement of the company’s
                               affairs as at (c) 12 October 2012




                               Signed       Rott                             Date    15 October 2012



                                                                                        For Official Use
Presenter’s name,
                               Adcroft Hilton (Chesterfield) Limited     Liquidation Section            Post Room




                                                                                    yuna
address and reference
(if any)                       10 Marsden Street
                               Chesterfield
                               Derbyshire
                               $40 1JY
                               United Kingdom



                                                                                              18/10/2012         #198
                                                                                         COMPANIES HOUSE
Rule 4 34-CVL                                                                     Form 4 19


                Statement of Affairs


                Statement as to affairs of       CSG 24 HR Recovery Limited


                on the 12 October 2012 being a date not more than 14 days before 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     eK      deace        LY ECAUWNIALIC~D>

                       Signed          Lal          vem

                       Dated              (ZfiofizZ




wenatre         <fpz                                            Date   r2/ol         / ZZ
                    c
CSG 24 HR Recovery Limited

A- Summary of Assets

Assets                                                                Book Value                 Estimated to Realise

Assets subject to fixed charge:
None                                                                               Na                                            Nil

Assets Subject to a Floating Charge:
 Leasehold Land & Property (See note 1)                                       20,000                                             Nil
 Goodwill (See note 2)                                                        38,000                                             Na
 Plant & Machinery (See note 3)                                              221,313                                   Uncertain
 Stock (See note 4)                                                           21,175                                          Nil
 Book Debts (See note 5)                                                      50,760                                   Uncertain
 Cash at Bank (See note 6)                                                    26,675                                             Nil



Estimated total assets available for preferential creditors                                                                  NIL

Note 1°
The company operated from two sites The site in Huntingdon is owned by the Director and his wife The site in
Whittlesey is owned by the Director's mother Both sites were rented to CSG 24hr Recovery Limited and due to the rental
of the premises being between related parties there is no formal rental agreement in place.

The accounts for the period to 31 March 2011 showed that the company owned Land & Buildings of £20,000

The Director states that this represents land situated in Horsegate, but was owned by the Director personally and
therefore Is an accounting error and should not have been included in the company’s accounts The land was purchased
in order to extend the garage but due to an unsuccessful planning application was subsequently sold

The Director will make available supporting documentation to the appointed Liquidator with regards to the ownership of
the land and verification will be sought from the company's accountant

Note 2:
The accounts for the period to 31 March 2011 showed goodwill of £37,999 This represents an auto electncal business
which was purchased by CSG 24hr Recovery Limited Since purchase the business has closed due to lack of business
The value ts therefore nil

Note 3:
The accounts for the period to 31 March 2011 showed that the company had plant & machinery of £221,313.

The Director states that this represents the 26 vehtcles within the company and a schedule of the vehicies as at 31 March
2011 has been received by the proposed Liquidator

Vehicles subject to a hire purchase agreement
The company had 5 vehicies which were subject to hire purchase agreements Due to the Director's new company
requiring the vehicles and in view of the personal guarantee given by the Director, these vehicles were then returned to
the dealer and then subsequently issued with new agreements under the Director's new company

At the time of finalising this report the Director has not made available supporting information in relation to the transfer of
assets and therefore it has not been possible to put a value on these vehicles

Vehicles not subject to a hire purchase agreement
Dunng the penod between January 2012 and May 2012            the company's   remaining   10 vehicles were purchased     by the
Director's new company


Signature¢—s—                fn                                           Date / ZL Ht £2
    In view of the vehicles consisting of recovery vehicles with bespoke items fitted, the Director had                 no other form   of
    reference other than basing the vehicle purchase price on the book debt figure of each vehicle

    The amount of £18,025 was received by CSG 24hr Recovery Limited for these vehicles and these monies were used by
    the company to meet its monthly expenditure

    The proposed Liquidator has requested for an independent valuation for these vehicles in order to assess whether full
    consideration was given for the vehicles purchased The appointed Liquidator will investigate this matter

    Of the remaining 11 vehicles, 5 have been scrapped since the accounts for the period ending 31 March 2011, 3 have
    been sold and the money used to meet company expenditure, and the remaining 3 vehicles will be investigated by the
    appointed Liquidator and the required steps taken tn order to realise monies for the consideration of creditors

    Oocumentation will be provided by the Director in support of the vehicle sales and SORN              certificates presented for those
    vehicles that were scrapped

    Note 4:
    The accounts for the period to 31 March       2011   showed   that the company         had stock of £21,175   The   company   did not
    retan stock,   but when   items were   bought and then   installed on   the vehicles    there was   no subsequent   sale of the items
    and therefore was attributed to stock in the accounts    This is an accounting error

    Note 5:
    The accounts for the period to 31 March 2011 showed that the company had outstanding book debts of £50,760 The
    Director states that the majority of these monies were repaid to CSG 24hr Recovery Limited prior to the company ceasing
    to trade The Director deems that the remaining book debtors are irrecoverable

    The Director will make available supporting documentation with regards to the repayment of the book debts and will make
    available invoices to the appointed Liquidator in order to pursue the outstanding book debts, but the level of realisations Is
    doubtfu!

    The monies recetved by CSG 24hr Recovery Limited were used to meet the monthly expenditure of the company

    Note 6:
    The accounts for the period to 31 March 2011 showed that the company had cash at bank of £26,675 This money was
    used by the company to meet the employee salaries and other monthly expenditure The company’s bank account is now
    overdrawn and Is entered into the attached list of creditors




a




    sevoue          fyi.raat                                                      Date_( 2L Hi C2
A1 — Summary of habilities

                                                                                         Estimated to Realise


Estimated total assets available for preferential creditors                                                     NIL
(carned from page A)
Preferential creditors:
                                                                                                  0
Total Preferential Claim
Estimated deficiency / surplus as regards preferenttal creditors                                                   0


Estimated prescribed part of net property where applicable (to carry forward)                                        0

Estimated total assets available for floating charge holders                                                         0

Debts secured by floating charges
   Barclays Bank Risk Operations                                                            45,591
   Shefmore Limited                                                                         30,000
                                                                                                            75,591

Estimated deficiency/surplus of assets after floating charges                                              (75,591)

Estimated prescribed part of net property where applicable (brought down)                                             0


Total assets available to unsecured creditors                                                                   NIL
Unsecured non-preferential claims (excluding any shortfall to floating charge holders)
Bank                                                                                         5,000
Employee                                                                                     4,973
Employees' Claims                                                                                  0
Landlord                                                                                      1,638
PAYE/INiI                                                                                  166,668
VAT                                                                                          2,526
                                                                                                          (177,805)


Estmated surplus / deficiency as regards non-preferential creditors
(excluding any shortfall to floating charge holders)
                                                                                                          (177,805)
Shortfall to floating charge creditors                                   £                                 (75,591)
                                                                                                          (253,396)
issued and called up capital
   Ordinary                                                                                      20
                                                                                                                (20)
Estmated total deficiency / surplus as regards members
                                                                                                          (253,416)


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