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 02751333 To the Registrar of Companies Company Number [Foam Factors Limited {insert full name(s) and address(es)} |, J M Titley of Leonard Curtis, Hollins Mount, Hollins Lane, Bury, BL9 8DG, the Joint Liquidator of the above named Company, attach a statement of the Company's affairs as at 02 May 2012 Signed Jey Date 02 May 2012 Presentor's name, address and reference (if any) For official use Leonard Curtis DTE House Hollins Mount Bury BL9 8DG For official use SATURDAY #218 A04 42/05/2012 COMPANIES HOUSE ‘ Rule 4 34-CVL Form 4 19 Statement of Affairs Statement as to affairs of Foam Factors Limited on the 02 May 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 thts Statement of Affairs are true Full name Dawe BAWKC Signed . b& os. Dated 2- 3- ve CVLMF418 06-04-70 FOAM FACTORS LIMITED APPENDIX | DIRECTOR’S ESTIMATED STATEMENT OF AFFAIRS AS AT 02 MAY 2012 Book value Estimated to Realise Note £ £ £ £ Assets specifically pledged Debtors 1 42,680 36,278 less HSBC Invoice Finance 2 (35,316) (35,316) Surplus / (Shortfall) c/fwd 7,364 962 Assets not specifically pledged Debtors 3 40,000 Nil Plant & Machinery 4 4,000 1,500 Office Furniture & Equipment 5 300 150 Stock 6 2,500 500 Motor Vehicles 7 3,500 2,850 50,300 5,000 57,664 5,962 Preferential creditors Employee claims / ERA 2006 claims (est ) 8 (4,800) (4,800) Net property (subject to costs) 52,864 1,162 Less: Prescribed part calculation 9 (N/a) (N/a) Available for floating charge creditor 52,864 1,162 HSBC Bank Ple 2 (21,115) (21,115) Surplus / Shortfall c/wd — HSBC Bank 31,752 (19,953) Add back prescribed part 9 Nia Nia Available for unsecured creditors 31,752 Ni Ordinary Unsecured creditors Shortfall b/wd — HSBC Bank (Ni) (19,953) Employee clams / ERA 2006 claims (est ) 8 (9,600) (9,600) HM Revenue & Customs ~ PAYE / NI (est ) 10 (4,500) (4,500) HM Revenue & Customs - VAT (est ) 10 (7,296) (7,296) Trade and expense creditors (est ) 11 (141,405) (141,405) Director's Loan Account (est ) 12 (50,000) (50,000) Total value of unsecured creditors (212,801) (232,754) (181,049) (232,754) Issued share capital (100) (100) Estimated deficiency as regards members {181,149} (232,854) Signed Woods 02 May 2012 Mrs Diane Banks FOAM FACTORS LIMITED APPENDIX II NOTES TO THE ESTIMATED STATEMENT OF AFFAIRS All book values have been taken from the Company's latest 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 Debtors HSBC Invoice Finance hold a debenture incorporating a fixed & floating charge created on 11 November 2008 and registered on 13 November 2008 The book value of the debtors has been provided by the director from the Company's books and records and from information provided by HSBC Invoice Finance Based on discussions with the invoice discounting provider, the debtors have been written down to account for potentially bad and doubtful debts for the purpose in the Statement of Affairs Midland Bank Pic & HSBC Bank Pic Midland Bank Plc who are now HSBC Bank Pic hold a debenture incorporating a fixed & floating charge created on 10 December 1992 and registered on 21 December 1992 HSBC Bank Pic also hold a debenture incorporating a fixed & floating charge created on 11 November 2008 and registered on 13 November 2008 and a legal assignment created on 22 July 2009 and registered on 23 July 2009 Debtors (Unencumbered) The book value of the debtors has been provided by the director and from the Company’s books and records After discussions with the director, the debtors have been written down to nil due to potentially bad and doubtful debts for the purpose in the Statement of Affairs Plant & Machinery The plant & machinery has been subject to a valuation by independent valuation agents MGR Appraisals The book value and estimated to realise value of the stock has been extracted from the Company's books & records and the valuation report for the purpose in the Statement of Affairs Office Furniture & Equipment The office furniture & equipment has been subject to a valuation by independent valuation agents MGR Appraisals The book value and estimated to realise value of the stock has been extracted from the Company's books & records and the valuation report for the purpose in the Statement of Affairs Stock The stock has been subject to a valuation by independent valuation agents MGR Appraisals The book value and estmated to realise value of the stock has been extracted from the Company's books & records and the valuation report for the purpose in the Statement of Affairs Motor Vehicles The motor vehicles have been subject to a valuation by independent valuation agents MGR Appraisals The book value and estimated to realise value of the stock has been extracted from the Company’s books & records and the valuation report for the purpose in the Statement of Affairs Signed 8) Sak S 02 May 2012 Mrs Diane Banks FOAM FACTORS LIMITED APPENDIX II NOTES TO THE ESTIMATED STATEMENT OF AFFAIRS 8. Preferential creditors The Company had employees who will be entitled to claim arrears of pay and holiday pay (subject to certain Itmits) from the Redundancy Payments Office (“RPO”) (a government department) The RPO will then lodge a preferential claim against the Company tn respect of the payments it has made Preferential claims have been estimated at £4,800 for the purposes of the statement of affairs Employees will also be able to lodge redundancy clams and compensation claims as a result of not receiving statutory notice of redundancy with the RPO These claims will also be patd by the RPO (subject to certain limits), who will lodge an unsecured claim against the Company 9 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 The value of the net property after costs is expected to be less than the prescribed minimum and as such the provision for setting aside a prescribed part is not considered applicable in these circumstances for the purposes of the statement of affairs 10. H M Revenue & Customs - PAYE / NI & VAT The lability to HMRC in respect of unpaid PAYE / NIC and VAT ts based on estimates raised by HMRC The outstanding liabilities for PAYE / NIC and VAT are in respect of the following periods PAYE / NIC - February 2012 to Date VAT — January 2012 to Date 11. 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 Ill The amounts shown should not be regarded as agreed 42. Director’s Loan Account The value of the director's loan account in relation to Stephen & Diane Banks has been extracted from the Company's books and records, as provided by the director The amount shown should not be regarded as an agreed amount Signed Whats 02 May 2012 Mrs Diane Banks FOAM FACTORS LIMITED APPENDIX fll SCHEDULE OF CREDITORS See attached hist soos \ Ny wks 02 May 2012 Mrs Diane Banks B - Company Creditors Page 4 Code Name & Address Amount of Debt C0001 Alan Appleton (Oldham) Limited £41000 Kilburn Street Watersheddings Oldham OL1 4JF co002 Bruce Cooley & Co £250 00 102a Windmill Hill Colley Gate Halesowen West Midlands B63 2BY C0003 Carpenter Limited £12,957 00 Acounting & Administration Dinting Lodge Industrial Estate Off Shaw Lane Glossop Derbyshire SK13 6LE C0004 Chemique Adhesives & Sealants Ltd £780 00 21 Empire Close Aldridge West Midlands WS9 8UR C0005 Lye Service Limited £350 00 Dudley Road tye Stourbridge West Midlands DY9 8EE C0007 Dudley MBC (Rates) £901 00 Council House Dudley West Midlands DY1 1HF C0008 Frankley Packaging Co Ltd £176 00 Unit 40 Delph Road Industrial Estate Delph Road Brierley Hiil West Midlands DY5 2UA co009 G1 Sykes Properties Limited £6,500 00 The Hayes Lye Stourbridge West Midlands DY9 8NX Signature \ Ladys Date F321Q B - Company Creditors Page 2 Code Name & Address Amount of Debt C0013 Hybond £372 00 Bell Lane Shrewsbury Shropshire SY2 SHJ C0014 HSBC Bank Plc £21,115 00 120 High Street Brierley Hill West Midlands DY5 3BD C0015 N Power Business Services £1,700 00 Birch House Joseph Street Oldbury West Midlands B69 2AQ C0016 Recticel Limited £88,099 00 Bluebell Close Clover Nook industrial Park Alfreton Derbyshire DE55 4RD C0017 Sage (UK) Limited £550 00 North Park Newcastle Upon Tyne NE13 9AA C0018 F E Sidaway Son & Co £2,500 00 5-6 Long Lane Rowley Regis Warley West Midiands B65 OLA C0019 Supasplit Limited £140 00 Unt 5 Highcliffe Industrial Estate Bruntcliffe Lane Morley Leeds LS27 9LR c0020 Whiteford Felt & Fillings Limited £2,082 00 Grove Street Longwood Huddersfield West Yorkshire HD3 4TH Signature \ Qaeks F321Q * B - Company Creditors Page 3 Code Name & Address Amount of Debt co0021 Vita Cellular Foams £2,500 00 Oldham Middleton Manchester M24 2DB C0022 Severn Trent Water £23 00 PO Box 5310 Coventry CV3 9FJ C0023 Redundancy Payments Office Pref £4,800 00 Cobalt Square 83-85 Hagley Road Birmingham B16 8QG co024 Redundancy Payments Office £9,600 00 Cobalt Square 83-85 Hagley Road Birmingham B16 8QG C0025 HMRC VAT £7,296 00 21 Victoria Avenue Southend - on - Sea SS99 1AA C0026 HMRC PAYE £4,500 00 Markham House Markham Road Chesterfield S40 1SR C0027 Stephen & Diane Banks £50,000 00 Walton House Colman Hill Halesowen West Midlands B63 2AJ TOTAL CREDITORS’ CLAIM £217,601 00 Signature \ walks F321Q