Form 4 20 Rule 4 34 -CVL [99 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 03516357 Name of Company Team Valley Reinstatement Limited |/We Gordon Smythe Goldie Allan David Kelly Bulman House Bulman House Regent Centre, Gosforth Regent Centre Newcastle upon Tyne Gosforth NE3 3LS Newcastle upon Tyne NE3 3LS the hiquidator(s) of the above named company attach a statement of the company affairs as at 12 February 2013 Signed hi Date 12 February 2013 MO Tait Walker For Official Use Bulman House Regent Centre, Gosforth Inso Newcastle upon Tyne NE3 3LS THURSDAY Ref 11224/GSG/ADK/KP/KJ/CH 14/02/2013 #306 Software Supplied by Tumkey Computer Technology Limited Glasgow COMPANIES HOUSE Rule 4 34-CVL Form 4 19 Statement of Affairs Statement as to affairs of Team Valley Reinstatement Limited on the 12 February 2013 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 Keuiws DAYID CAN Signed M hore Dated pu/ a/r2) 3 Team Valley Reinstatement Limited Statement Of Affairs as at 12 February 2013 A - Summary of Assets Estimated to Assets Book Value Realise £ £ Assets subject to fixed charge’ Ford Transit 8,000 00 3,500 00 Close Motor Finance Limited (7,427 00) Deficiency c/d (3,927 00) Assets subject to floating charge: Plant, Machinery, Fixtures & Fittings 38,080 00 100 00 Motor Vehicles & Parts 11,807 00 1,400 00 Book Debts 108,431 00 8,909 00 Prepayments 2,382 00 NIL Cash at Bank/Cash in Hand 10,846 00 13,638 00 Directors Loan Account 54,105 00 NIL Uncharged assets: Estimated total assets available for preferential creditors 24,047 00 Signature VA 2 bare Date 12f Uo? Team Valley Reinstatement Limited Statement Of Affairs as at 12 February 2013 A1 - Summary of Liabilities Estimated to Realise £ Estimated total assets available for preferential creditors (Carried from Page A) 24,047 00 Liabilities Preferential Creditors - RPO - Wage Arrears & Holiday Pay 5,941 65 Employee - Wage Arrears & Holiday Pay 458 35 6,400 00 Estimated deficiency/surplus as regards preferential creditors 17,647 00 Debts secured by floating charge pre 15 September 2003 Other Pre 15 September 2003 Floating Charge Creditors HSBC Loan 61,000 00 61,000 00 (43,353 00) Estimated prescribed part of net property where applicable (to carry forward) NIL Estimated total assets available for floating charge holders (43,353 00) Debts secured by floating charges post 15 September 2003 NIL Estimated deficiency/surplus of assets after floating charges (43,353 00) Estimated prescribed part of net property where applicable (brought down) NIL Total assets available to unsecured creditors (43,353 00) Unsecured non-preferential claims (excluding any shortfall to floating charge holders) Deficiency b/d 3,927 00 Trade & Expense Creditors 45,653 42 RPO - Redundancy & Notice Pay 35,679 49 Employee - Redundancy & Notice Pay 746 06 HMRC - PAYE & NIC 109,095 00 HMRC - VAT 45,000 00 240,100 97 Estimated deficiency/surplus as regards non-preferential creditors (excluding any shortfall in respect of F.C's post 14 September 2003) (283,453 97) Estimated deficiency/surplus as regards creditors (283,453 97) Issued and called up capital Ordinary Shareholders 200 00 200 00 Estimated total deficiency/surplus as regards members (283,653 97) Signature Hu. 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Details of Security Name of creditor HSBC Bank Plc Address Kingsway North Team Valley Trading Estate Gateshead NE11 OBE Amount of Debt (12 February 2013) £70,000 Details of Security held by Creditors Fixed & Floating Charge Date Security given 25/05/2005 Signature MA DP Vihede Date (2/2/20? Team Valley Reinstatement Limited Notes to the Directors Statement of Affairs Dated: 12 February 2013 Valuations Furniture, equipment and motor vehicles have been valued by independent valuers, Messrs James Sutherland & Co (Auctioneers) Limited of Newcastle upon Tyne. James Sutherland & Co (Auctioneers) Limited are members of the National Association of Valuers & Auctioneers Plant, Machinery, Fixtures & Fittings As per the management accounts to June 2012 the net book value of the plant, machinery, fixtures and fittings was £38,080. At the date of liquidation the net book value of these assets is £300 which 1s estimated to realise £100 on a forced sale basis A number of assets have depreciated in value since June 2012 and a number of assets were disposed of in the period prior to the winding up. This will be investigated by the Liquidators following their appointment. Motor Vehicles As per the management accounts to June 2012 there were three motor vehicles and a number of vehicle parts with a net book value of £7,500, £8,000 and £4,000 in respect of two unencumbered vehicles, a vehicle on hire purchase and various sundry parts for these vehicles The vehicle on hire purchase and has now been transferred to the new company prior to the liquidation. The balance of the hire purchase agreement 1s in excess of the current value of the vehicle The remaining two vehicles are currently valued at £2,200 and they are estimated to realise £1,400 on a forced sale basis. Book Debts As per the management accounts to June 2012 the net book value of the debtors was £108,431. At the date of liquidation there are outstanding book debts of £8,909. The directors envisage that these will be collected in full Cash at Bank/Cash in Hand As per the management accounts to June 2012 the current account was £10,846. The current balance is £13,638, of which £6,000 1s held in Tart Walker Advisory Services LLP Chent Account and £7,638 is in the Company’s current account The bank may offset the funds in the current account against their outstanding loan of £70,000 under their fixed and floating charge This will be investigated by the liquidators following their appointment KDpe TAIT WALKER CORPORATE RECOVERY Team Valley Reinstatement Limited Report to Creditors Private & Confidential — Not for publication Prepayments The directors do not consider that any prepayments will be recoverable Employees Employees of the Company have claims for arrears of pay, holiday pay, pay 1n lieu of notice and redundancy pay, as appropriate, followimg the termination of their contact Both arrears of pay and holiday pay rank as preferential claims subject to statutory limits Amounts in excess of the statutory limits together with pay in heu of notice and redundancy pay rank as unsecured claims Employee claims have been estimated based upon information available at present Certain of the employee claims will be discharged through the National Insurance Fund, and the fund will have subrogated claims for any amounts paid to the employees. Directors Loans As per the management accounts to June 2012, the Directors owed the Company £54,105 The balance of the loan account at the date of liquidation 1s nil. These transactions will be investigated as part of the normal course of the liquidation Prescribed Part The Prescribed Part (Section 176(A) of the Act) 1s a proportion of floating charge asset realisations, net of costs, which are set aside for the benefit of unsecured creditors The Prescribed Part applies to floating charges created on or after the 15 September 2003 only The Prescribed Part is calculated using a formula laid down in the Act as follows e 50% of the net property up to £10,000; e 20% of the net property in excess of £10,000; e Subject to a maximum amount of £600,000. The Prescribed Part is not applicable in this instance as the floating charge pre dates 15 September 2003. Trade & Expense Creditors The amounts due to trade and expense creditors are taken from the books and records of the Company, and are stated inclustve of VAT Inclusion does not constitute an admission that there 1s now or has been in the past any legal liability upon the Company of the whole or part of the amount shown. General The Statement of Affairs does not include any provision for the costs of administering the Liquidation. KDC TAIT WALKER CORPORATE RECOVERY Team Valley Reinstatement Limited Report to Creditors Private & Confidential — Not for publication