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 03336990 Name of Company STC (Film Converters) Limited |/We / Gareth David Rusling, 93 Queen Street, Sheffield, S1 1WF, DX 10616 Sheffield John Russell, 93 Queen Street, Sheffield, $1 1WF, DX 10616 Sheffield f the liquidator(s) of the above named company attach a statement of the company affairs as at 15 May 2015 Signed aa } Date 15 May 2015 \ J The P&A Partnership Limited 93 Queen Street For Official Use Insolvengy C-n-* -- Sheffield $1 1WE DX 10616 Sheffield \ \ \ SATURDAY Ref $140515/MH “A481 BROS A04 23/05/2015 #216 Software Supplied by Turnkey Computer Technology Limited Glasgow COMPANIES HOUSE Rule 4 34-CVL Form 4 19 Statement of Affairs. STC (FILM CONVERTERS) LTD Statement as to affairs of STC (Film Converters) Ltd on the 15th May 2015 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 Full Name Stuart Harry Thompson Signed SPloupos a Dated 15th May 2015 STC (Film Converters)-Ltd A- Summary of Assets Book Value- Estimated to Realise Assets subject to Fixed Charge: Land and Buildings 2,232,878 900,000 Lloyds Bank ple (886,000) (886,000) 14,000 14,000 Assets Subject to a Floating Charge: Plant & Machinery 170,911 Deduct: Hire Purchase Liability §2,706 118,205 0 Book Debts 45,1477 Deduct: Due to Lloyds TSB Commercial Finance 28,000 Limited 102,441 _ 49,036 Director's Loan Account 11,498 0 Goodwill 59,225 0 Motor Home 473,677 Deduct: Hire Purchase Liability 56,394 417,283 0 Estimated Total Assets available for Preferential Creditors 1,702,125 42,000 SIGNATURE. S1Doupdelt- . DATE 15TH MAY 2015 A1— Summary of Liabilities Liabilities Estimated to Realise Estimated Total Assets available for Preferential Creditors 42,000 (carried from page A) Preferential Creditors: Employees 10,000 Total Preferential Claim (40,000) Estimated Surplus as regards Preferential Creditors 32,000 Estimated Prescribed Part of Net Property c/d (9,400) Estimated Total Assets available for Floating Charge Holder 22,600 Debts secured by Floating Charge Lloyds Bank plc 205,000 (205,000) Estimated Deficiency as regards Floating Charge Holder (182,400) Estimated Prescribed Part of Net Property b/d 9,400 Unsecured Non-Preferential Claims excluding any shortfall to Floating Charge Holder Employees 59,674 Loan 30,375 PAYE/NIC 31,724 Trade Creditors 681,567 VAT 78,732 (882,072) Estimated Deficiency as regards Unsecured Non-Preferential Creditors (872,672) excluding any shortfall to Floating Charge Holder Shortfall to Floating Charge Creditor (182,400) (1,055,072) Issued and called up capital Ordinary 1,000 (1,000) ESTIMATED TOTAL DEFICIENCY £ (1,056,072) SIGNATURE Doi fas! DATE 15TH MAY 2015 er STC (FILM CONVERTERS) LTD Comments-on the Director’s Statement of Affairs The Statement of Affairs does not-reflect the costs of insolvency Assets Property Freehold Land and Buildings comprise a nme-acre site with buildings, a wooden house and an equestrian centre On 7th July 2014, Sanderson Weatherall LLP valued the property at £800,000 1f marketed for a limited six-month period and £1 2 million if marketed for a year There 1s an amount of £886,000 due to Lloyds Bank plc under a mortgage Goodwill Goodwill has a written down book value of £59,225. Mr Thompson 1s of the opinion that as a consequence of the Company’s insolvency, Goodwill no longer has any value Plant and Machinery Plant and Machinery consists of various machmes all of which are subject to finance agreements On current information it is not likely that there will be a surplus after paying the amounts due to the finance companies. Motor Home This 1s a Monaco Windsor 38 feet motor home which is the subject of a finance agreement in respect of which there 1s an outstanding balance of £56,394. It has been valued at £56,000. Book Debts Book Debts total £151,477 of which £5,614 is considered bad or doubtful and £15,000 1s owed by a Creditor who 1s owed a greater sum and has the right of set-off. Lloyds Commercial Finance 1s owed £78,027 in addition to £24,414 in termination_fees making a total of £102,441. Director’s Loan Account Mr Thompson was indebteded to the Company for £32,598 but recently personally paid £11,100 to Ashley Finance on behalf of the Company and another £10,000 in respect of Company debts resulting in an outstanding residual balance of £11,498 Mr Thompson has no means of repaying the debt and is considering declaring himself bankrupt. Creditors Secured Creditors The Company granted a mortgage and fixed and floating charge debentures as detailed hereunder Mortgage Lloyds Bank plc on 28th February 2005 Fixed and Floating Charge Debentures Lloyds Bank plc on 24th September 2003 Lloyds TSB Commercial Finance Limited on 9th December 2011 STC (FILM CONVERTERS) LTD Prescribed Part The prescribed part only applies where the company has granted a floating charge to a creditor after 14th September 2003 Where a floating charge over the company’s assets has been so given, a prescribed amount of the company’s net property after paying preferential creditors must be made.available to the unsecured creditors and the basis of this calculation is detailed below:- 50% of the first £10,000 of the net property; and 20% of the remaining net property up to a maximum of £600,000 Unsecured Creditors Unsecured liabilities total £882,072 The amounts shown have been derived from the Company's records and may not necessarily agree with your own records However, the amounts stated will not prejudice your claim as it will be agreed by the Liquidator in due course Creditors may also be entitled to clam VAT Bad Debt Relief. Share Capital The issued and fully paid up share capital is £1,000 resulting in an overall total deficiency of £1,056,072. 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