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 02994639 Name of Company City Fund Management Limited We Barry David Lewis FCA FABRP, 2 Mountview Court, 310 Friern Barnet Lane, Whetstone, London, N20 0YZ Jonathan David Bass FCCA FABRP, 2 Mountview Court, 310 Friern Barnet Lane, Whetstone, London, N20 0YZ the liquidator(s) of the above named company attach a statement of the company affairs as at 15 June 2015 Signed Date 15 June 2015 NN XO A eae vat For Official Use 310 Friern Barnet Lane Insolvency Section | Post Room Whetstone N20 0YZ > a Ref C3647/BDL/JDB/SOA & SONNOVE Software Supplied by Turnkey Computer Technology Limited Glasgow A06 19/06/2015 #208 COMPANIES HOUSE Rule 4 34-CVL Form 4 19 Statement of Affairs Statement as to affairs of City Fund Management Limited on the 15 June 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 FiZ/Ppo DA=z CANTO Signed My pe a Dated (f-0S —- Zot City Fund Management Limited Statement Of Affairs as at 15 June 2015 A - Summary of Assets Estimated to Assets Book Value Realise £ £ Assets subject to fixed charge Leasehold Improvements 39,916 02 NIL Rent Deposits 69,034 00 69,034 00 Montagu Evans LLP- Rent arrears (36,805 68) 32,228 32 32,228 32 Assets subject to floating charge Uncharged assets Furniture & Equipment 25,400 81 1,100 00 FDCity Limited 72,000 00 NIL FDCity Holdings Limited 8,700 00 Uncertain Prepayments 30,671 40 Uncertain Book Debts 23,178 00 23,178 00 Ares Fund Management Account 3,978 37 3,978 37 Cash at Bank 10,798 39 10,798 39 Tarpon Trading LLC 16,255 00 Uncertain Estimated total assets available for preferential creditors 71,283 08 Signature thy, he Y' Date Ur OS 201 City Fund Management Limited Statement Of Affairs as at 15 June 2015 Ai - Summary of Liabilities Estimated to Realise £ Estimated total assets available for preferential creditors (Carried from Page A) 71,283 08 Liabilities Preferential Creditors - Employees 10,596 25 10,596 25 Estimated deficiency/surplus as regards preferential creditors 60,686 83 Debts secured by floating charge pre 15 September 2003 Other Pre 15 September 2003 Floating Charge Creditors NIL 60,686 83 Estimated prescribed part of net property where applicable (to carry forward) NIL Estimated total assets available for floating charge holders 60,686 83 Debts secured by floating charges post 15 September 2003 NIL Estimated deficiency/surpius of assets after floating charges 60,686 83 Estimated prescribed part of net property where applicable (brought down) NIL Total assets available to unsecured creditors 60,686 83 Unsecured non-preferential claims (excluding any shortfall to floating charge holders) Trade & Expense Creditors 430,617 28 Employees 41,141 02 Directors 26,000 00 Banks/Institutions (Credit card) 1,120 44 HM Revenue and Customs - PAYE & NIC 21,050 34 Rates 31,909 20 Intercompany Debts 24,000 00 Associated Party Claim 100 575,839 28 Estimated deficiency/surplus as regards non-preferential creditors (excluding any shortfall in respect of F C's post 14 September 2003) (515,152 45) Estimated deficiency/surplus as regards creditors (515,152 45) Issued and called up capita! 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M oh tr ~06 -207- 15 June 2015 D — Deficiency Account 6 This figure is the total Estimated Deficiency to Members taken from the bottom of sheet A1 - Summary of Liabilities The assets have been professtonally valued by Willams and Partners of 11 Leys Business Centre, Chelmsford Road, High Ongar, Essex, CM5 9NW The company holds a lease to a property at 52-54 Gracechurch Street The book value for the leasehold improvements has been extracted from the company’s management account At the date of preparing this statement the estimated to realise value ts nil Attributed to the aforementioned property is the rent deposits with a book value of £69,034 00 which have been extracted from the company’s management account however it is anticipated that the landlords will net off the outstanding rent arrears of £36,805 68, therefore the estimated to realise balance is shown as £32,228 32 10 The book value for the furniture & equipment has been extracted from the company’s management accounts However, the minimal estimated to realise value is based on the opinion of the professional valuer and due to the nature of the asset 11 The book values detailed for FDCity Limited & FDCity Holdings Limited has been extracted from the company’s management account These amounts are owed to CFM Limited as a result of inter-company transactions However, FDCity Limited ceased trading in April 2015 and ts scheduled to be placed into liquidation It would appear that the prospect of a dividend to CFM Limited is minimal therefore the estimated to realise value is Nil With regards to FDCity Holdings Limited, the estimated to realise value ts uncertain at this stage. 12 Prepayments have been extracted from the company’s management accounts At this stage it is uncertain whether any amounts can be realised 13 The book debts are stated after accounting for creditor contras This value has been extracted from the company’s management accounts It ts anticipated that this amount will be realised in full 14 The Ares fund management account and cash at bank amounts represents the funds held in the company’s bank accounts This will be realised and transferred to the estate account in due course 15 The book value detailed for Tarpon Trading LLC has been extracted from the company’s management account It Is believed that a $25,000 is owed to the company of which a cheque of $1,000 has been received Therefore for the purpose of the statement of affairs the $25,000 value has been converted in to Sterling at a rate of $1 to £065, giving a figure of £16,255 00 Due to ongoing disputes on the validity of the transaction, the estimated to realise value is uncertain at this stage Signature Typ he Le tr -06 ~2077- 15 June 2015 D - Deficiency Account 16 There is a charge over credit balances in the sum of £25,000 which was granted to National Westminster Bank Plc of 41Lothbury, London EC2P 2BP on 17 April 1997 and registered to Companies House on 29 April 1997 A verbal and written confirmation has been received from the charge holders stating that the charge had been satisfied but the MR04 form ts yet to be filed on Companies house Therefore, no funds remain outstanding in respect of this charge 17 The amounts shown in respect of preferential creditors have been estimated 18 The estimated employee debts relate to arrears of wages, holiday, notice and redundancy pay that have been calculated from the company’s wage records and a breakdown !s as follows Arrears of wages £29,419 18 Holiday pay £9,005 25 Notice pay £10,073 84 Redundancy pay _ £3,248 00 £51,746 27 19 Trade and other creditors’ balances are provisional and subject to agreement in due course by the liquidator Inclusion or exclusion from the list of creditors does not constitute admission or rejection of claims by the liquidator 20 The amounts detailed as owed to HM Revenue & Customs in respect of PAYE & NIC are estimated as the company has not filed its final returns at this stage 21 The Intercompany debts figure was extracted from the company’s management accounts and has yet to be verified At this stage no mutual set off has been applied 22 The Directors claim of £26,000 00 was extracted from the company’s management accounts and is In respect of loan made to the company by Filippo Dal Canto 23 The Associated Party Claim of £1 00 relates to Mr John Jackson's alleged claim which will be heard by an Employment Tribunal at Victory House, 30- 34 Kingsway, London, WC2B 6EX from 16 June 2015 till 26 June 2015 Once a monetary Judgement Is awarded, this will be lodged as his claim in the liquidation At this stage, a monetary value cannot be placed on his claim 24 The Statement of Affairs does not take into account the cost of realisation of the assets or the cost of the liquidation and it is subject to verbal explanations given at the meeting of creditors Signature Tye Mea 4° -0 67-20 fr 15 June 2015 D - Deficiency Account Prepared by Harris Lipman LLP 2 Mountview Court 310 Friern Barnet Lane Whetstone London N20 0YZ Signature hy Vid cb Bo~06-2006r 15 June 2015