CVL50


Rule 4.34-CVL_         The Insolvency Act 1986                               Form 4.20


                                                                        S.95/99
                         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
                                                                 [03004723
(a) Insert full           Name of Company
name of company

                          (a)   Valley Binders Limited



(b) Insert full name      (b)     Mark Beesley & Tracy Mary Clowry
and address                       Beesley Corporate Solutions,
                                  Astute House,
                                  Wilmslow Road,
                                  Handforth,
                                  Cheshire,
                                  SK9 3HP



(c) Insert date          the joint liquidators of the above named company attach a statement
                         of the,company’s affairs as at (c) 26 November 2012




Signed                          AMC                      Date 26 November 2012
    C7
Presenter’s name,
address and




                                                  “Fc
reference (if any)




                                                                         29/11/2012      #175
                                                                     COMPANIES HOUSE
          STATEMENT OF TRUTH OF STATEMENT OF AFFAIRS OF

                               Valley Binders Limited


       On 26 November 2012 the date of the resolution for winding up



The attached 10 pages are to the best of my knowledge, information and
belief, a full, true and complete statement as to the affairs of the above
company as at 26"" November 2012 the date of the resolution for winding up
and that the said company carried on business as Book binding and finishing
service

Full Name(s) Ream                   05909    O<09

Signed           L)      Gb
             J        eee
Address           “GA,      (Sjansan,            Becussm?,            Macerestisro

                      CUS     dia     SKID       SPI


Full Name(s) Daten             RESE     pce             “WoSaw
Signed                Q <s:    Dio           —

Address          7, AAVDSEE&                 Bowe           ‘   WAL   cle’   \eLY

                  CUsSDMes                   SK        yO        BRA
Date             26 November 2012
oO: Go
NO
         ESTIMATED STATEMENT OF AFFAIRS AS AT 26 NOVEMBER
INO
—_




                                                       Book          Estimated
                                               Notes   Value         to Realise
                                                         £                £

 Assets specifically pledged

 Secured Fixed Charge Creditors

 Assets subject to Fixed Charge                 41              0                 0

 Due to Natwest Bank Plc                               (39,921)        (39,921)

 Surplus carried down                                           0                 0

 Factored Book Debts                            42      13,136            8,931

 Less factoring agreement    Due to Positive            (8,931)          (8,931)
 Cashflow Finance Limited

 Surplus carried down                                     4,205                   0

 Assets Subject to Finance

 Rilecarte PB735                                43      37,717             9,000

 Less    Lombard North Central Plc                      (6,500)          (6,500)

 Surplus/(Shortfall carried down)                       31,217             2,500

 Assets not specifically pledged

 Plant & Machinery                              44      64,064             9,200
 Fixtures & Fittings                            45             Nil            Nil

 Surplus/(Deficiency) available to
 Preferential creditors                                  95,281           11,700

 Employee Claims Arrears and Holiday Pay                                 (3,581)

 Surplus/(Deficiency) available to
 prescribed part                                                           8,119

 Estimated prescribed part of net property                                    Nil

 Estimated Surplus/(Deficiency) available
 to Secured Floating Charge creditors                                      8,119
National Westminster Bank Plc (Shortfall
Brought Down)                               48                (39,921)
Estimated Surplus/(Deficiency) available
to unsecured creditors                                        (31,802)
Unsecured creditors

HM Revenue & Customs (VAT)                   49   (26,965)
HM Revenue & Customs (PAYE/NIC)              49   (22,528)
Trade & Expense Creditors                   410   (17,067)
Employees Redundancy & Pay in Lieu          411   (54,842)
Total Unsecured Creditors                                    (121,402)
Estimated deficiency as regards creditors                    (153,204)
Share capital                                                  (3,000)
Estimated total deficiency as regards
members                                                      (156,204)
4      NOTES TO THE ESTIMATED STATEMENT OF AFFAIRS AS AT 26
       NOVEMBER 2012

Assets

Assets Specifically Pledged.

4.1.     Assets subject to debenture generally

         The company granted a debenture to National Westminster Bank Plc,
         on 9 August 1995 which was registered on 24 August, 1995 and fixed
         and floating charges over the freehold and leasehold and/or the
         proceeds of sale thereof over the undertaking and all property and
         assets present and future including goodwill, book debts and the
         benefit of any licences

         Whilst the bank’s debenture indicated that they held a fixed charge
         over certain assets, given that there are no fixed charge assets the
         same would be carried down to the floating charge holder

         The director has advised that an amount of £39,921 remains
         outstanding to the Bank A request has been sent for the bank to
         confirm Its position

         The director has personally guaranteed this amount in full

4.2.     Book Debts — Subject to Factoring Agreement

         The company entered into a factoring agreement with Positive
         Commercial Finance (“PCF”)    The director advised that the total book
         debts outstanding in the agreement were said to total £13,136       An
         amount of £8,931 was estimated to be owed to PCF

         The director advises that tt is unlikely that the book debts will be
         collected in full and for the sake of prudence the director has estimated
         that the maximum PCF will realise from the collection process Is likely
         to be £8,931      It 1s therefore anticipated that there will be no surplus to
         be made available to the liquidation estate

4.3      Rilecart PB735

         The company had one asset that was subject to lease purchase, the
         Rilecart PB735 1s said to hold a book value of £37,717   The finance
         company, Positive Commercial Finance, is believed to be owed £6,500
         In outstanding finance

         Given consideration to the costs associated with the removal ie
         Dissembling and removing the wiing, removal from the building by
         replacing a window frame and removal via crane (due the size and
         weight of the machinery) plus costs of the transportation are expected



                                                                                    Qr    4
      to be significant On this basis it is not considered to be cost effective
      to sell the same at auction

      An estimated to realise value of £9,000 has been attributed to the
      Rilecart as the director has stated his interest in purchasing the equity
      (£2,500) in the asset from the company

Assets not Specifically Pledged.

4.4   Plant & Machinery

      The Director advised the company owned plant & machinery, which
      according to the accounts for the year ended 31 September 2011 the
      assets comprising of various binding machinery and some fixtures and
      fittings have a book value of £64,064

      The director stated his interest in purchasing these assets from the
      liquidation estate and therefore an offer of £9,200 has been received in
      relation to the same   The independent Valuers, A D Shepherds
      Auctioneers considered that a sale at this consideration to be
      acceptable

4.5   Fixtures and Fittings

      In the accounts for the year ending 30 September 2011, the fixtures
      and fittings comprising of office equipment were written down to ENII

      Whilst the book value was considered to be £Nil there are various
      smaller items of office equipment which the director wishes to
      purchase   The same were included in the director's offer for the plant
      and machinery

      See 4 4 above

Creditors


4.6   Preferential Creditors

      It is estimated that there will be a     claim   from six employees      for
      outstanding wages and holiday pay         The    claim in this regard   will
      constitute a preferential claim

4.7    Prescribed Part

      This represents the amount of the net property available for the
      satisfaction of unsecured debts in accordance with S176A(2) of the
      Insolvency Act 1986 (as amended) and pursuant to Rule 4 49-CVL(2)
      of the Insolvency Act 1986




                                                                              ®
                                                                                     \s
        The prescribed part is not applicable in this case as the value of the
        company’s net property of £8,119 Is less than the prescribed minimum
        (£10,000)

4.8     National Westminster Bank Pic

        See note 4 1

        This represents amounts owed to National Westminster Bank Plc The
        bank has not yet formally confirmed the current outstanding balances

4.9     HM Revenue & Customs

        The director has estimated that a total of £26,965 1s owed to the HM
        Revenue & Customs in regards to VAT for the period April 2012 to
        October 2012

        A further £22,528 1s owed to them in relation to PAYE/NIC

        The director has advised that no amounts are owed        in relation to HM
        Revenue & Customs in relation to Corporation Tax

4.10    Trade and Expense Creditors

        The amounts stated in the statement of affairs have been supplied by
        the director who believes that these creditors have outstanding monies
        owed to them The figure detailed in the estimated Statement of Affairs
        Is subject to the agreement of creditors’ claims Creditors’ amounts
        include VAT where applicable

4.11.   Employee Claim

        This represents the estimated liability in respect of redundancy and pay
        in lieu of notice due to the employees

4.12    General

The estimated       Statement of Affairs 1s subject to the Liquidator’s costs and
disbursements       and the costs of the agents and solicitors employed by the
Liquidator

The figures detailed in the estimated      statement of affairs are subject to the
agreement of creditor claims

An independent valuation was undertaken by James Booth of Charles Taylor
Auctioneers who is qualified by experience     A second valuation was
undertaken by Mr A D Shepherd          of Shepherd Auctioneers was undertaken
The valuation undertaken by Mr A D Shepherd,         has been relied upon for the
purposes of the statement of affairs

There are no known retention of title claims
§. SCHEDULE OF CREDITORS


Creditor                        Reference   Amount £

Secured Creditors

National Westminster Bank Plc                 39,921 26
PO Box 16337
7 Brindley Place
Birmingham
B2 2YH

Positive Commercial Finance
Castlefield House
48 Liverpool Road
Manchester
M3 4SB

Total Secured Creditors £                     39,921.26


Preferential Creditors

Ms GA    Buckley                                 487 20
20 Elsdon Drive
Gorton
Manchester
M18 8WG

Ms N Hodson                                      476 00
10 Meadow Rise
Simmondley
Glossop
SK13 9UT

Ms I Hughes                                      392 00
13 Parkett Heyes Road
Macclesfield
Cheshire
SK11 8UD

Mr William Osbaldiston                           886 30
47 Cedarway
Bollington
Macclesfield
SKI0O SNR

Ms Christine Osbaldiston                       1,027 84
47 Cedarway
Bollington
Macclesfield
SKIO SNR

Ms | E Wadsworth                                 312 00



                                                          OD   &
12 Coope Road
Bollington
Macclesfield
SK10 SAE

Total Preferential Creditors £                                   3,581 34


Non-Preferential Creditors

Ascendis Finance Ltd
2nd Floor
683-693 Wilmslow Road
Didsbury
Manchester M20 6RE

Ms GA    Buckley                                                 3,480 00
20 Elsdon Drive
Gorton
Manchester
M18 8WG

CB Adhesives                                                     3,199 92
Adlington Industrial Estate
London Road
Adlington
Macclesfield SK10 4NL

Mr Roger Terence Dobson
7 Landseer Drive
Macclesfield
SKI0 3RU

HMRC (ICHU)                      582/RA55607 / 582/PA0-0214543
Room BP3202 Warkworth House
Benton Park View Longbenton
Newcastle upon Tyne
NE98 1ZZ

HMRC Insolvency & Securities
3rd Floor Euston Tower
286 Euston Road
London
NWI 3UQ

HM Revenue & Customs             616222863                       26,965 00
HMRC National Insolvency Unit
5th Floor, Regian House
James Street, Liverpool
L75 [AD

HM Revenue & Customs             582/RA55607                     22,528 00
Markham House
Markham Road
Chesterfield
S40 ISR




                                                                         QP AB
Mr P Maguire                       616 2228 63
HMRC
Vat Debt Management & Banking
Debt Technical Office, Ist Floor
Queens Dock, Liverpool L74 4AG

Ms N Hodson                                              11,730 00
10 Meadow Rise
Simmondley
Glossop
SK13 9UT

Lombard                            Agr No   AE24001134
120 Moorgate
Rotherham
South Yorkshire
S60 2UA

Ms | Hughes                                               2,800 00
13 Parkett Heyes Road
Macclesfield
Cheshire
SK11 8UD

Maverick Wires Limited                                    4,308 81
Unit 19 Leys Lane
Emley Business Park
Emley
Huddersfield, HD8 9QY

NatWest Bank plc
PO Box 16337
7 Brindley Place
Birmingham
B2 2YH

NatWest Manchester City Centre                           see above
11 Spring Gardens
Manchester
M60 2BD

Mr William Osbaldiston                                   16,181 51
47 Cedarway
Bollington
Macclesfield
SK1i0 SNR

Ms Christine Osbaldiston                                 20,220 41
47 Cedarway
Bollington
Macclesfield
SK10 5NR

PDC Presentation Solutions Ltd                              581   19
Unit 14A Fleetway Business Park
Wadsworth Road
Perivale
Middlesex UB6 7LD

Positive Commercial Finance
Castlefield House
48 Liverpool Road
Manchester
M3 4SB

Print Finishing Specialities     1,037 76
The Oid Brake Lining Factory
Standen Lane, Buxton
Buxton, Derby
SK17 9RZ

Simplyhealth                      485 45
Simplyhea!th House
Derwent Avenue
Manchester
M21 7QS

Strand Paper (Northern) Ltd      7,453 89
100 Main Street
Bingley
West Yorkshire
BD16   2JH


Ms I E Wadsworth                   430 00
12 Coope Road
Bollington
Macclesfield
SK10 SAE

Total Unsecured Creditors £    121,401.90


GRAND TOTAL £                  164,904.50
6       SHAREHOLDERS

                                                           £
Roger Terence Dobson    1,000 ordinary share   @ £1 00   1,000 00
7 Landseer Drive
Macclesfield
SK10 3RU

William Osbaldiston     1,000 ordinary share   @ £1 00   1,000 00
47 Cedarway
Bollington
Macclesfield
SK10 5NR

Christine Olbaldiston   4,000 ordinary share @ £1 00     1,000 00
47 Cedarway
Bollington
Macclesfield
SK10 5NR

Total                                                    3,000 00