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 To the Registrar of Companies Company Number NORDEN ELECTRICAL SERVICES LIMITED [Insert full name(s) and address(es)] | JM Titley and M Maloney the Joint Li ators of the above named Company, attach a statement of the Company's affairs as at 24 January 2012 Signed Jey Presentor's name, address and reference (if any) For official use Leonard Curtis Hollins Mount Hollins Lane Bury soo BL9 8DG For official use 26/01/2012 #190 COMPANIES HOUSE Rule 4 34-CVL Form 4 19 Statement of Affairs Statement as to affairs of NORDEN ELECTRICAL SERVICES LIMITED on the 23 January 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 Full name fi bet Dated 23 [is Vie CVLMF419 06-04 10 NORDEN ELECTRICAL SERVICES LIMITED APPENDIX | DIRECTOR'S ESTIMATED STATEMENT OF AFFAIRS AS AT 23 JANUARY 2012 Book value Estimated to Realise Note £ £ £ £ Assets specifically pledged None Nil Nil less The Royal Bank of Scotland j (Nil) (Nil) Surplus / {Shortfall} as regards charge holder Nil Nil Assets not specifically pledged Debtors / Retentions 2 95,360 9,535 Cash at Bank 3 6,750 6,750 Motor Vehicles 4 3,000 1,400 Fixtures, Fittings & Equipment 5 15,775 1,000 Stock 6 1,800 600 422,685 19,285 Preferential creditors Employee claims / ERA 2006 claims (est ) 7 (10,000) (10,000) Net property available for prescribed part 112,685 9,285 Less: Prescribed part calculation 8 (Nia) (N/a) Available for floating charge creditor 112,685 9,285 Surplus/ Shortfall - RBS Nil Nil Surplus / (shortfall) - floating charge holder 112,685 9,285 Add back prescribed part Na Nia Available for unsecured creditors 112,685 9,285 Ordinary Unsecured creditors Employee claims / ERA 2006 claims (est ) (20,000) (20,000) Insurance Claim 9 (37,000) (37,000) HM Revenue & Customs ~ PAYE / NI (est) 10 (7,322) (7,322) HM Revenue & Customs - VAT (est) 10 (9,000) (8,000) Trade and expense creditors (est ) 11 (94,311) (94,311) Total value of unsecured creditors (167,633) (167,633) Total estimated deficiency as regards creditors (54,948) (158,348) Issued share capital (2) {2} Estimated deficiency as regards members (54,950) (158,350) fr Signed MU Lop) 23 January 2012 Mr Dion Lord NORDEN ELECTRICAL SERVICES 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 valuers 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 The Royal Bank of Scotland The Royal Bank of Scotland hold a fixed and floating charge against the Company created on 11 June 2007 and registered on 20 June 2007 Debtors and Retentions The book value of Debtors and Retentions has been provided from information provided by the directors written down by a specific bad debt provision of £47,000 and a general bad debt provision of 80% Cash at Bank The book value of the cash at bank has been provided by the director from the Company's books and records The cash at bank is estimated to be realisable in full, subject to any accrued bank charges or interest to be applied to the account Motor Vehicles The Motor Vehicles have 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 Fixtures, Fittings and Equipment The book value of Fixtures, Fittings and Equipment has been extracted from the Company's balance sheet as at 31 January 2011, with no provision for amortisation having been applied for the period since that date A valuation provided by Charles Taylor indicated an estimated to realise value of £1,000 would be achievable 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 Preferential creditors The Company had 10 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 £10,000 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 recerving 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 Signed L&T 23 January 2012 Mr Dion Lord NORDEN ELECTRICAL SERVICES LIMITED APPENDIX Il NOTES TO THE ESTIMATED STATEMENT OF AFFAIRS (cont.) 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 It Is not applicable to set aside a prescnbed part in this instance as there are no monies outstanding to the Charge Holder Insurance Claim The Company has an outstanding insurance claim for approximately £37,000 The directors of the Company have been informed by the insurer's representative that they are proposing to reject the claim, as the Company had complied with all their duties an as employer However, for prudence and without prejudice to the claim, the claim has been shown in full for the purposes of the statement of affairs 10 H M Revenue & Customs — PAYE / NI & VAT The liability to HMRC in respect of unpaid PAYE, NIC and VAT has been estimated by the director The outstanding labilittes are in respect of the following periods PAYE /NIC - 6 October 2011 to 5 November 2011 /5 December 2010 to 5 January 2012 VAT - Quarter ending 31 October 2011 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 Signed a AoS 23 January 2012 Mr Dion Lord NORDEN ELECTRICAL SERVICES LIMITED APPENDIX Il SCHEDULE OF CREDITORS See attached list Signed kb) Le) 23 January 2012 Mr Dion Lord B - Company Creditors Page 4 Code Name & Address Amount of Debt C0001 Guild Electrical Supplies £13,246 99 Hardman Street Bury BLO 5AA C0002 Garndene Communications Limited £1,042 614 Hi Pylon Works Slades Road Golcar Huddersfield HD7 4JS C0003 GA Electrical Distributors £42 160 12 North West Regional! Credit PO Box 11 ist Floor unit 8 Turnston Bus Park Widness WAS OWN C0004 Edmondson Electrical PO Box 11 1st Floor Unit 8 Turnstone Busmess Park Mulberry Ave Widness WAS8 OWN C0005 Electric Centre £25,889 20 Po Box 10466 Aberdeen AB12 9AR C0006 Expert Supplies Limited £1,989 41 Unit 3c Buckley Road Ind Est Rochdale Lancs OL12 9EF coo07 JG Harrisons & Son Limited £4,490 59 New Brunswick Street Halifax HX1 5BW C0008 City Electrical Factors £2,409 87 Unit 9 Middleton Central Ind Est Oldham Road Middieton M24 10Z Signature LS Date N565Q B - Company Creditors Page 2 Code Name & Address Amount of Debt C0008 Wolseley UK Limited £88 20 PO Box 68 Ripon HG4 1XY C0011 Protec Fire Detection Plc £249 57 Protec House Churchill Way Nelson Lancs BBS 6RT C0012 Stephen Horrocks £400 00 184 Thornham Drive Astley Bridge Bolton BL17RH CON1S Iguzzini £200 00 Astolate Business Park Astolat Way Off Portsmoth Road Guilford Surrey GU3 INE C0014 UK Cables £421 66 Unit G3 Touchet Hall Road Stakehill Ind Est Middleton Manchester M24 2SJ Coots Tridant Fire Systerns Limited £240 00 Tridant House Anchor Court Commercial Road Darwen BB3 ODB C0016 Procyon Fire & Securtly Limited £747 00 Electra House Electra Way Crewe CW1 6GL Coot? Lighting Motions £724 81 Motion House Key Works Wilson Street Oldham OL8 THN Signature k) haf Date N565Q B - Company Creditors Page 3 Code Name & Address Amount of Debt C0018 HM Revenue & Customs £7,322 57 Durrington Bridge House Barrington Road Worthing West Sussex C0019 HM Revenue & Customs £9,000 00 Durringotn Bridge House Barrington Road Worthing West Sussex C0020 Redundancy Payments Office £10,000 00 PO Box 15424 Colbalt Square 83 Hagley Road Birmingham B16 6JJ ©0021 Redundancy Payments Office £20 000 00 Po Box 15424 Colbalt Square 83 Hagley Road Birmingham B16 6JJ C0023 Commercial & Construction Insurance £37,000 00 Acorn Business Park Commercial Gate Mansfield NG1 1EX TOTAL CREDITORS' CLAIM £177,633 65 Signature Q LA Date N565Q