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 07991667 e@ Name of Company Cherry Duck Limited 1/We Samantha Hawkins, No § The Old Parsonage, Redcroft, Redhill, BS40 5SL @ the liquidator(s) of the above named company attach a statement of the company affairs as afpiel 5 Signed AACA Date 17 Apnl 2015 Hawkins Insolvency Limited . No 5 The Old Parsonage For Official Use Redcroft Insolvency Section Post Room Redhill BS40 5SL > 5 Ref CHEROOUSH/TF é | || | || | Software Supplied by Turnkey Computer Technology Limited Glasgow = *A45PAXMH* Al4 20/04/2015 #112 COMPANIES HOUSE Rule 4 34-CVL Form 4 19 Statement of Affairs Statement as to affairs of Cherry Duck Limited on the 17 April 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 . Rave WY Signed Dated he 2 OG AS Cherry Duck Limited A Estimated Statement of Affairs as at 17 April 2015 Notes Book vaiue Estimated To realise £ £ Estimated Summary of Assets Nil Estimated total assets available for preferential Creditors Nil Summary of Liabilities Preferential creditors — unpaid wages & holiday pay 2 2980 Estimated deficiency as regards preferential creditors (2,990) Unsecured claims Trade and expense creditors as per schedule B (57,564) Notice and redundancy pay 0 HM Revenue & Customs, PAYE and VAT (20,000) Landlord Unknown Director 3 (70,000) Estimated deficiency as regards creditors (150,554) Subject to the costs of Liquidation WY Jb Cherry Duck Limited Schedule of Creditors B Name of creditor Address Estimated Or claimant (with postcode) Claim £ Bntish Gas 806 77 Celtic Fish and Game 1,105 80 Clifton Coffee Company 41110 Coldstar Limited 658 20 Day One Media 240 Enortia Wine Cellars Limited 3,610 19 Fine Food Company 6,768 80 Fine Wines Direct UK 1,677 97 Floral Image 153 40 GWS Specialist Cleaning 420 Jane’s Pond Limited 2,789 04 Nectar Imports Limited 670 12 Nisbets/Jantex 293 71 Oxford innovation Services 2,200 Pestokill 54 Powells of Olveston 1,181 96 Samways Fish Merchants 285 73 Strategic Resource Management 5,400 Streamline 27,845 85 Wessex Water 560 53 Total trade creditors 57,564.45 CHERRY DUCK LIMITED FINANCIAL INFORMATION Unaudited a/c’s y/e 31/03/14 £’000 Turnover 478,184 Profit before costs 243,237 Taxation Unknown Dividends 0 Director's Remuneration 0 Profit and loss account (101,218 CHERRY DUCK LIMITED DEFICIENCY ACCOUNT Notes £ Balance on Profit & (Loss) account 31 March 2014 (101,218) Less assets written down on Statement of Affairs: (101,218) Less matters ansing on liquidation: Notice and redundancy (2,990) Ww Total available to creditors Nit Balance being apparent trading loss in penod 31 March (49,336) 2014 to 31 January 2015 (150,554) Total Deficiency per the Statement of Affairs Total Deficiency to members (199,890) NY CHERRY DUCK LIMTED DIRECTOR’S REPORT TO THE MEETING OF CREDITORS HELD PURSUANT TO SECTION 98-101 OF THE INSOLVENCY ACT 1986 HELD AT HAWKINS & COMPANY NO 5 THE OLD PARSONAGE, REDROFT, REDHILL, BS40 5SL ON MONDAY 17 APRIL 2015 AT 11.30 AM CHERRY DUCK LIMITED CONTENTS Statutory Information Director’s History of the Business and any other matters Statement of Affairs and creditors schedule Financial Information Deficiency Account JB CHERRY DUCK LIMITED STATUTORY INFORMATION Company Number 07991667 Date of Incorporation 15 March 2012 Nature of Business A La Carte restaurant Trading addresses 3 Welsh Back, Bnstol, BS1 4SL Registered office Hawkins and Company No 5 The Old Parsonage Redcroft Winters Lane Redhill BS40 5SL Director Mr Jack Bain Mrs Lesley-Anne Smith (resigned) Company Type Limited company Secretary None Auditor None Chartered Accountant Jeremy Floyd Associates, 19 Limenck Road, Redland, Bnstol, BS6 7DY Mortgages/Charges Created Delivered Type None registered wed get > . Gr te CHERRY DUCK LIMITED MEMBERS’ HISTORY OF THE BUSINESS AND ANY OTHER MATTERS Background Cherry Duck Limited was a family owned high end a ia carte restaurant It was initially funded by family investment This investment was made by Helen and Martin Chatfield and Jane Bain Jane and Helen are sisters |, Jack Bain was the head chef/restaurant manager and named director of Cherry Duck Limited The restaurant was located on Welsh Back tn the Bnstol ‘eating district’ | purchased the lease at the end of 2012 for £39,500 The lease duration ts for 15 years and has 11 years left to run The rental on the lease was very high at £18,500 pa and the service charge was £2,400 pa The premises was licensed by Bnstol City Council We completely refurbished the restaurant to a high standard at the end of 2012 and we have maintained the premises well We overhauled the electrics and reduced the running costs in doing so The kitchen was completely re-fitted with commercial cooking equipment and the front of house bar was updated with a high specification espresso coffee machine and modem, electric till, dnnk refngeration The washrooms were updated and we completely overhauled the entrance New tables and chairs were installed and the total investment was around £70,000 The restaurant had a net tumover of £500,000 and £400,000 pa respectively The first year was loss making and it took until late 2013 to establish a customer base and break even We had total covers of 36 and we won the Best Newcomer Restaurant in the Bnstol Good Food Awards 2013 Tnpadvisor rated us as excellent and we served a modem European cuisine Problems began almost immediately, we only managed to maintain a 58% gross profit which put too much strain on the business We were often left counting the pennies when the VAT returns had to be filed Las a director was not paid for many months of salary due to lack of funds The product we were selling was too expensive and the location did not warrant a price increase We were producing a fine dining expenence and is became obvious to all involved that the business was suffering Insolvency Advice In February 2015 | sought advice from Hawkins and Company, who confirmed that Cherry Duck Limited was insolvent within the meaning of s123 of the Insolvency Act 1986 and should be wound up The list of creditors exceeded the projected income and so the business was insolvent The running costs were too high with limited sales The business ceased trading on 31 January 2015 Appropniate notices were signed and dispatched to creditors to cause a meeting of creditors to be summoned Cost associated with the liquidation A fee of £3,500 pius VAT and disbursements has been agreed with Hawkins and Company for assisting in the preparation of this report and the Statement of Affairs and convening meeting of members and creditors Other Matters This report and Statement of Affairs has been compiled by Hawkins and Company from the information provided by the members and has been approved by the members for circulation