Rule 4 34-CVL The insolvency Act 1986 Form 4 20 5.95/99 STATEMENT OF COMPANY'S AFFAIRS Pursuant to Section 95/99 of the Insolvency Act 1986 For official use Company Number 02560194 To the Registrar of Companies Company Number MORGAN POLYMERS LIMITED [Insert full name(s) and address(es)] I,J M Titley the Joint Liquidator of the above named Company, attach a statement of the Company's affairs as at 10 February 2012 J = Signed Cat Date 10 February 2012 ze Presentor's name, address and reference (if any) oT For official use Leonard Curtis For official use 15/02/2012 COMPANIES HOUSE Rule 4 34-CVL Form 4 19 Statement of Affairs Statement as to affairs of MORGAN POLYMERS LIMITED on the 10 February 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 Fullname UMiCeer erebdieric. Me 2a aS Signed 22 ar Hove Dated \o\z\ iea CVLMF419 06-04-10 MORGAN POLYMERS LIMITED APPENDIX | DIRECTOR'S ESTIMATED STATEMENT OF AFFAIRS AS AT 10 FEBRUARY 2012 Book value Estimated to Realise Note £ £ £ £ Assets specifically pledged Debtors 1 28,196 28,196 less RBS Invoice Finance (24,036) (24,036) Surplus / (Shortfall) as regards charge holder 4,160 4,160 Assets not specifically pledged Cash at Bank / in Hand 3 3,000 3,000 Plant & Machinery 3 15,860 3,100 Fixtures & Fittings 3 4,668 1,500 Non Factored Debtor 3 5,000 2,500 Stock 3 5,000 1,500 33,528 11,600 37,688 15,760 Preferential creditors Employee claims / ERA 2006 claims (est ) 4 (5,000) (5,000) Net property available for prescribed part 32,688 10,760 Less: Prescribed part calculation 5 (N/a) (Nia) Available for floating charge creditor 32,688 10,760 Shortfall as regards charge holder (Nil) (Nil) Surplus/ (shortfall) - floating charge holder 32,688 10,760 Add back prescribed part N/a Nia Available for unsecured creditors 32,688 10,760 Ordinary Unsecured creditors Employee claims / ERA 2006 claims (est ) 4 (10,000) (10,000) HM Revenue & Customs — PAYE / NI (est) 6 (7,490) (7,490) HM Revenue & Customs - VAT (est ) 6 (30,000) (30,000) Directors’ Loan Account 7 (2,951) (2,951) Trade and expense creditors (est ) 8 (69,706) (69,706) Total value of unsecured creditors (120,147) _(120,147) (87,459) (109,387) Shortfall as regards floating charge creditor (Nil) _ {Ni Total estimated deficiency as regards creditors (87,459) (109,387) Issued share capital (1,000) ___ (1,000) Estimated deficiency as regards members (88,459) (110,387) Signed De ar Jog 10 February 2012 Maureen Morgan ‘ MORGAN POLYMERS LIMITED APPENDIX II NOTES TO THE ESTIMATED STATEMENT OF AFFAIRS All book values have been taken from the Company's {atest financial information or from valuations obtained from independent valuation agents It should be noted that the no provision has been made for the costs of preparation of the same, the costs of convening the meetings of members and creditors, agents’ costs or the costs and expenses of the Liquidation Factored Debtors The book value of the Factored Debtors has been provided from information from the director and from information in the company books and records The debtors are factored by RBS Invoice Finance, It is understood that the debtors will be realised in full The potential surplus will be subject to final fees and termination charges which may be applied by RBSIF RBS Commercial Services /RBS invoice Finance (“RBS”) RBS hold a fixed and floating charge against the Company created on 28 November 2005 and registered on 2 December 2005 Cash at Bank/ In Hand Leonard Curtis is holding an amount of £3,000 in respect of monies received from the Company's bank account Plant & Machinery The book value of the Plant & Machinery has been extracted from the financial statements for the year ended 31 March 2010 and has been subject to an independent valuation by the firm Charles Taylor, who have been provisionally instructed by the nominated liquidators The estimated to realise value has been extracted from the valuation report for the purpose in the Statement of Affairs Fixtures & Fittings The book value of the Fixtures & Fittings has been has been extracted from the financial statements for the year ended 31 March 2010 and has been subject to an independent valuation by the firm Charles Taylor, who have been provisionally instructed by the nominated liquidators The estimated to realise value have been extracted from the valuation report for the purpose in the Statement of Affairs Motor Vehicles The director has indicated that the motor vehicle previously shown in the in the financial statements for the year ended 31 March 2010 with a book value Motor Vehicle was £5,041has been disposed of and is no longer an asset of the Company Non-factored debtor The book value of the Non Factored Debtor has been provided from information provided by the directors A general bad debt provision of 50% has been applied fro the purposes of the statement of affairs Stock The Stock has been subject to an independent valuation by the firm Charles Taylor, who have been provisionally instructed by the nominated liquidators The book value and estimated to realise value have been extracted from the valuation report for the purpose in the Statement of Affairs The Stock 1s also subject to Retention of Title claims p. wear . On tag — 10 February 2012 Maureen Morgan MORGAN POLYMERS LIMITED APPENDIX II NOTES TO THE ESTIMATED STATEMENT OF AFFAIRS (cont.) 4, Preferential creditors The Company had 5 employees who will be entitled to claim arrears of pay and holiday pay (subject to certain limits) from the Redundancy Payments Office (“RPO”) (a government department) The RPO will then lodge a preferential claim against the Company in respect of the payments it has made Preferential claims have been estimated at £5,000 for the purposes of the statement of affairs Employees will also be able to lodge redundancy claims and compensation claims as a result of not receiving statutory notice of redundancy with the RPO These claims will also be paid by the RPO (subject to certain limits), who will lodge an unsecured claim against the Company 5. Prescribed part The Insolvency Act 1986 provides that, where a company has created a floating charge after 15 September 2003, a prescribed part of the company's net property must be made available to the unsecured creditors and not be distributed to the floating charge holder except in so far as it exceeds the amount required for the satisfaction of unsecured claims The method of calculating the prescribed part is given below Where the net property does not exceed £10,000 50% of that property Where the net property exceeds £10,000 50% of the first £10,000, plus 20% of the property which exceeds £10,000, up to a maximum prescribed part of £600,000 Based upon the information currently available, it is estimated that no prescribed part fund will be available in this case. 6. H M Revenue & Customs — PAYE / NI & VAT The liability to HMRC in respect of unpaid PAYE, NIC and VAT has been extracted from the Company's books and records The outstanding liabilities are in respect of the following periods PAYE /NIC - 2010/2011 VAT - 2010/2011 T. Directors’ Loan Account The directors have introduced personal funds into the Company over its trading life, which remain outstanding The figures are not regarded as agreed amounts for the purposes of the liquidation procedure 8. Trade and expense creditors Details of the Company's trade and expense creditors have been extracted from the Company's books and records A detailed list of these amounts has been provided at Appendix Il The amounts shown should not be regarded as agreed sored, Sk Q\ Jeg 10 February 2012 Maureen Morgan MORGAN POLYMERS LIMITED APPENDIX Ill SCHEDULE OF CREDITORS See attached list Signed De Gq DOG 10 February 2012 Maureen Mofgan B - Company Creditors Page 4 Code Name & Address Amount of Debt C0001 Clarkes Transport Limited £733 74 PO Box 9837 Station Road Oldbury West Midlands Bés 4WD co0002 H & M Distribution Limited £433 20 Junction Lane Sankey Valley Ind Est Newton Le Willows WA12 8DN C0003 Hammond Chemicals £1,481 16 Canal Street Brierley Hill West Midlands DY5 1JR C0004 Brenntag UK Limited £12,885 10 Westingtonhouse Road Trafford Park Manchester M17 1QB C0005 Eckart UK Limited £433 20 Unit C The Sidings Station Road Ampthill Bedfordshire MK45 2QY C0006 Floor Prep Surfaces £2,147 30 38c Hoylake Road Southpark ind Est Scunthorpe North Lincs DN17 2AZ C0007 Omya UK Limited £5,376 88 Wyvern Business Park Stephensons Way Derby Derbyshire DE21 6LY C0008 Cambrian £205 55 Unit 32 Mochdre Ind Est Newton Powys SY16 4LE signature 0-2 en Jeq_ Date M672Q B - Company Creditors Page 2 Code Name & Address Amount of Debt co009 Fenton Packaging Ltd £7,611 06 Bridge Street Morley LS27 OLE C0010 IMCD UK Limited £786 60 Times House Throwley Way Sutton Surrey SM1 4AF ca0t4 Angel Springs Limited £26 11 Signature House Spring Road Lanesfield Drive Ettingshall Wolverhampton WV4 6UB C0012 Bostick £705 98 Common Road Staffordshire ST16 3EH C0013 Incorez Limited £7,020 00 lotech House Miller Street Preston Lancs PR1 1EA co0t4 RLM Packaging Limited £2,341 91 Dairycoates Ind Est Wiltshire Road Hull HU4 6PA C0015 Stort £1,022 54 6 Ducketts Wharf South Street Bishops Stortford Herts CM23 3AR C0016 Tennants Distribution Limited £10,299 60 Hazelbottom Road Cheetham Manchester M8 0OGR signature 8s Oo dat M672Q B - Company Creditors Page “Code Name & Address Amount of Debt C0017 Amphorea £656 64 6a Riverside Dukinfield SK16 4HE C0018 Pearl Chemicals £3,600 00 Whitebridge Est Whitebndge Lane Stone Staffordshire ST15 8LQ C0019 Rodo £475 14 Lumb Lane Droylsden Manchester M43 7BU C0020 Travis Perkins £4,942 20 Po Box 5227 Northampton NN5 7ZE co021 B&Q £518 92 Trade UK Account Selectapost 28 Sheffield S97 3GE C0022 Whitchem Limited £754 44 23 Albert Street Newcastle Under Lyme Staffordshire ST5 1JP C0023 RBS £24,036 00 3rd Floor Spinningfields Square Manchester M3 3AP c0024 Npower £66 91 Po Box $3 Peterlee SRB 2XX Signature Je epee Date M672Q B - Company Creditors Page 4 ‘Code Name & Address Amount of Debt C0025 Trafford MBC £4,237 48 Sale Waterside Sale M33 72F C0026 British Telecom £485 05 tvte Newcastle Upon Tyne NE82 6XX C0027 02 £458 93 Po Box 202 Houghton Regis LU6 SAG C0028 HM Revenue & Customs £7,490 00 Durrington Bridge House Barrington Road Worthing West Sussex co0029 HM Revenue & Customs £30,000 00 Durrington Bridge House Barrington Road Worthing West Sussex C0030 Redundancy Payments Office £5,000 00 Colbalt Square 83-85 Hagley Road Birmingham B16 8QG C0031 Redundancy Payments Office £10,000 00 Colbalt Square 83-85 Hagley Road Birmingham B16 8QG C0032 Maureen Morgan - DLA £2,951 00 Unit 2 Century Park Pacific Road Altrincham WA14 5BJ TOTAL CREDITORS’ CLAIM £149,182 64 signature 2 Io Date M672Q