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 02322892 Name of Company Eurocom Limited | bbe” John Keimanson, Brook Point, 1412-1420 High Road, London, N20 9BH the liquidator(s) of the above named company attach a statement of the company affairs as at 28 May 2015 we LLL Day 28 May 2015 Kelmanson Insolvency Solutions Brook Point For | Use 1412-1420 High Road insolvency Section Post Room London N20 9BH > .-¢ a Ref E206L/JSK/JC/KC n w 2 ra Software Supplied by Turnkey Computer Technology Limited Glasgow ‘o7oeno1s5 COMPANIES HOUSE 1 Rule 4 34-CVL Form 4 19 Statement of Affairs Statement as to affatrs of Eurocom Limited on the 28 May 2015 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 \ LY. VL PS Sf Signed \ WE Ar OS eae Dated ZS Wey SS Eurocom Limited Statement Of Affairs as at 28 May 2015 A - Summary of Assets Estimated to Assets Book Value Realise £ £ Assets subject to fixed charge: Assets subject to floating charge Uncharged assets: Book Debts - 1,614,342 00 Uncertain Investment in Holding Company Shares 1,942,794 00 Uncertain Investments & Shares 100 NIL VAT Refund 3,541 00 3,541 00 Cash at Bank 42 00 42 00 Estimated total assets available for preferential creditors 3,583 00 aN Signature eN Date LE ny \S Eurocom Limited Statement Of Affairs as at 28 May 2015 A1 - Summary of Liabilities Estimated to Realise £ Estimated total assets available for preferential creditors (Carried from Page A) 3,583 00 Liabilities Preferential Creditors - Department of Employment 5,013 00 Employees Wage Arrears 498 00 Employees Holiday Pay 462 00 Director Wage Arrears 800 00 6,773 00 Estimated deficiency/surplus as regards preferential creditors (3,190 00) Debts secured by floating charge pre 15 September 2003 Other Pre 15 September 2003 Floating Charge Creditors NIL (3,190 00) Estimated prescribed part of net property where applicable (to carry forward) NiL Estimated total assets available for floating charge holders (3,190 00) Debts secured by floating charges post 15 September 2003 NIL Estimated deficiency/surplus of assets after floating charges (3,190 00) Estimated prescribed part of net property where applicable (brought down) NIL Total assets available to unsecured creditors (3,190 00) Unsecured non-preferential claims (excluding any shortfall to floating charge holders) Trade & Expense Creditors 984,452 00 Employees 730 00 Department of Employment 29,682 00 Directors 35,203 00 Trans-Eurocom Limited (Loans) 693,743 00 Trans-Eurocom Limited (SIP / QUEST) 237,660 00 1,981,470 00 Estimated deficiency/surpius as regards non-preferential creditors . (excluding any shortfall in respect of F.C's post 14 September 2003) (1,984,660 00) Estimated deficiency/surplus as regards creditors (1,984,660 00) Issued and called up capital Ordinary Shareholders . 3,000 00 3,000 00 Estimated total deficiency/surplus as regards members (1,987,660 00) Signature AN Date 23 sy \ S —~ Kelmanson Insolvency Solutions Eurocom Limited Aé4 - Preferential Creditors Statement of Affairs Figures Key Name ‘ £ cpDo0 National Insurance Fund §,012 71 INSOL Ni Contributions (Insolvency) Longbenton Newcastle Upon Tyne NE98 1ZZ CE0O Employees 959 81 CKO1 Lawrence Kenney. 800 00 26A Hillyard Steet London SW9 ONL 3 Entries Totafling 6,772 52 Ny Signature TA =e> Page 1 of t \ IPS SQL Ver 2010 28 May 2015 11 09 Kelmanson Insolvency Solutions Eurocom Limited AS - Unsecured Creditors Statement of Affairs Figures Key Name £ CBOO Mr Anthony Bingham 19,080 00 3 Paper Building, Temple - London EC4Y 7EU CBO01 British Gas Business 275 63 601095040 clo Baker Tilly, Salisbury House 31 Finsbury Circus London EC2M 5SQ Cccoo HM Customs & Excise 000 Enforcement Division Queens Dock Queens Wharf Liverpool L74 4AA CD00 National Insurance Fund 29,682 07 INSOL NI Contributions (insolvency) Longbenton Newcastle Upon Tyne NE98 122 CE00 Employees 730 21 Cloo HM Revenue & Customs 000 insolvency & Securities 3rd Floor, Euston Tower 286 Euston Road London, NW1 3UQ CKOO Knowles Limited 831,896 65 26-28 Bedford Row London WC1R 4HE CK01 Lawrence Kenney 35,202 61 26A Hillyard Steet London SW9 ONL CROO Rodells 5,757 52 Cell Barnes House Cell Barnes Lane St Albans Herts AL1 5AS csoo Siemens 123,000 00 Faraday House, Sir William Stemens Sq Frimley Camberley Surrey GU16 8QD Signature ExCne SN Page 1 of 2 IPS SQL Ver 2010 28 May 2015 13 24 Kelmanson Insolvency Solutions Eurocom Limited A5 - Unsecured Creditors Statement of Affairs Figures Key Name £ crag Trans-Eurocom Limited 931,403 00 W13-W15 , Westminster Business Square Durham Street London SE11 5JH Cwoo Wheelers LLP 4,442 15 Vale House Wharf Road Ash Vale Surrey GU12 5AR 12 Entries Totalling 4,981,469 84 @ - Denotes associate creditor Signature —Snces Page 2 of 2 IPS SQL Ver 2010 28 May 2015 13 24 Notes Statement of Affaurs This Statement of Affairs 1s presented * subject to verbal explanation at the meeting of creditors * subject to the costs and expenses of the liquidation, and e with applicable trade creditors shown inclusive of VAT Book Debts The sum of £1,614,342 was awarded to the Company against Siemens at an Adjudication hearing held on 28 January 2014 in respect of contractual sums outstanding plus damages This award was subsequently set aside The director considers that the amount previously awarded in favour of the Company, totalling £1,614,342, remains payable Investment m Holding Company Holding Company Shares The Company set up a Share Incentive Plan (SIP) in 2003 and a Qualifying Employee Share Ownership Trust (QUEST) in 2008 The SIP and QUEST holding in the parent Company shares amounts to £1,942,794, however the director believes there 1s no realisable value in the shareholding Investments & Shares Eurocom Limited own 100% of the shareholding in Eurocom Trustees Lumited This Company 1s dormant and therefore has no realisable value VAT Refund The sum of £3,541 1s due in respect of the VAT return for the quarter ended 31 March 2015 Typically, HM Revenue and Customs offset any refund due against any sums payable to them The director 1s not aware of any liability outstanding to HM Revenue & Customs and therefore considers the VAT refund realisable in full Knowles Limited As detailed above, Knowles Limited were engaged by the Company to bring a claim against Siemens 1n respect of contractual sums outstanding and damages The award of £1,614,342 in favour of the Company was later overturned Knowles Limited have submitted a claim for the sum of £831,896 65 in respect of their outstanding fees It should be noted that the director considers the claim as extremely excessive and furthermore considers the Company has a valid against Knowles Limited e The claim of £831,896 65 1s both disputed and unliquidated and accordingly is marked as objected to Lawrence Kenney The director’s claim of £36,003 1s made up as follows e Outstanding salary for the period Apnil 2014 to April 2015 - £21,769 « Outstanding payments due in respect of rent for [T Recovery - £11,200 * Outstanding travel expenses - £3,033 Trans-Eurocom Limited Trans-Eurocom Limuted hold 100% of the Company’s shareholding and 1s a company with common directors and shareholders The total amount of £931,403 outstanding to Trans-Eurocom Limited 1s made up as follows ¢ Amounts due in respect of loans provided - £693,743 * Outstanding contribution due in respect of Share Incentive Plan (SIP) and Qualifying Employee Share Ownership Trust (QUEST) - £237,660