cd (n accordance with Rule 18.7 of the | | Q03 Insolvency (England & Wales} Rules 2016 and sections 92, 104A nd NOtice of progress report in voluntary Companies House wun comaynunde [0 [8 [3 (0/8 [i lele Company name in full | SPKC Limited > Fitling in this form Please complete in typescript or in bold black capitals. Liquidator’s name Full forename(s) | John Dean Surname Cullen Liquidator’s address Building name/number | 2 Sovereign Quay Street | Havannah Street Post town | Cardiff County/Region | (F(t ree [oT [sis IF Country 4 | Liquidator’s name o Full forename(s) Bethan Louise Other guidator tellus about Surname Evans another liquidator. Liquidator’s address @ Building name/number | 2 Sovereign Quay @ Other liquidator Use this section to tell us about Street Havannah Street another liquidator. Post town : Cardiff County/Region | roe Country (e[F [1 (ol [SiS TF | 04/17 Version 1.0 LIQO3 Notice of progress report in voluntary winding up 6 | Period of progress report fromaae 2 fe Ok fo 7 To date ei? ff fe fo fa Pa Progress report The progress report is attached 3 | Sign and date Liquidator's signature | Sse | Signature date 4 [o. [a [3 [2 fo 4 [a 04/17 Version 1.0 LIQO3 Notice of progress report in voluntary winding up | Presenter information Et important information You do not have to give any contact information, but if All information on this form will appear on the you do it will help Companies House if there is a query public record. on the form. The contact information you give will be visible to searchers of the public record. Contact name Christy Law | Where to send Company name. Menzies LLP You may return this form to any Companies House address, however for expediency we advise you to return it to the address below: Address 2 Sovereign Quay The Registrar of Companies, Companies House, Havannah Street Crown Way, Cardiff, Wales, CF14 3U2Z. DX 33050 Cardiff. [ town Cardiff County/Reqion mee Country it fot iss i | Further information For further information please see the guidance notes [™ on the website at www.gov.uk/companieshouse Telephone or email enquiries@companieshouse.gov.uk 029 2049 5444 Checklist This form is available in an We may return forms completed incorrectly or alternative format. Please visit the with information missing. forms page on the website at Please make sure you have remembered the www.gov.uk/companieshouse following: 1 The company name and number match the information held on the public Register. O1 You have attached the required documents. O You have signed the form. This form has been provided free of charge by Companies House, 04/17 Version 1.0 SPKC Limited (In Liquidation) Joint Liquidators' Summary of Receipts & Payments Statement From 28/01/2017 From 28/01/2015 of Affairs To 27/01/2018 To 27/01/2018 £ £ £ SECURED CREDITORS (37,362.00) South West Investment Group (Capital NIL NIL (154,154.00) Finance Wales Investments (8) Limite NIL NIL NIL NIL ASSET REALISATIONS 1,500.00 Fixtures & fittings NIL 4,277 50 100.00 Office Equipment NIL 100 00 11,950.00 Stock NIL 42,107.80 7,000 00 Cash at Bank NIL 2.82410 Rent NIL 870.00 Bank Interest Gross 0.13 1.47 0.13 17,180.87 COST OF REALISATIONS Specific Bond NIL 480.00 Preparation of S. of A. NIL 6,077.00 Office Holders Fees NIL 7'500.00 Company Searches NIL 1.00 Agents/Valuers Fees (1) NIL 2,552 36 Statutory Advertising NIL - 148 50 NIL (16,458.88) PREFERENTIAL CREDITORS (2,966.82) Employee Arrears/Hol Pay NIL NTL NIL NIL UNSECURED CREDITORS (130,496 00) Trade & Expense Creditors NIL NIL (67,801 00) Director's loan account NIL NIL (70,358.00) Unsecured loans NIL NIL (9,000.00) PAYE/NIC NIL NIL (12,000.00) VAT NIL NL NIL NIL DISTRIBUTIONS (100.00) Ordinary Shareholders ee Nit ee NIL NIL NIL (463,687.82) 0.43 _ 722.01 REPRESENTED BY Barclays - IB 722.01 792.04 John Dean Cullen Joint Liquidator Page 1 of 1 IPS SQL Ver 2012 10 14 March 2018 14 13 2 Sovereign Quay. Havannah Street, Cardiff, CR 10 SSF UK M E Z | E S T +44 (0) 29 2049 5444 f cardiff@menzies co uk JDC/BLE/ARD/CTL/S3609 20 March 2018 To All Members and Creditors Please ask for Christy Law T: +44 (0)2920 495444 Email. Claw@menzies.co.uk Dear Sirs SPKC Limited - In Liquidation This is the Joint Liquidators’ third annual progress report (“the report”) for the year ended 27 January 2018. This report should be read in conjunction with my previous reports. The Company’s registered name is SPKC Limited and it traded as a retailer for the sale of second hand goods. The Company was incorporated on 22 November 2012 under company number 08303166. The registered office of the Company was formerly 37 Commercial Street, Newport, Gwent, NP20 1HP and was changed on 12 June 2015 to 2 Sovereign Quay, Havannah Street, Cardiff, CF10 5SF for the purposes of the Liquidation. Bethan Louise Evans FCCA MABRP MIPA and myself, of Menzies LLP, 2 Sovereign Quay, Havannah Street, Cardiff, CF10 SSF were appointed Joint Liquidators of the above-named Company by Members and Creditors on 28 January 2015. There have been no changes of Liquidator in the period to which this report relates. we ‘pr hh As previously advised, I have realised £2,824.10 of the cash at bank. Lloyds Bank Plc have advised me that the remaining balance held in the account was used to offset against the outstanding overdraft. I have received and reviewed a copy of their terms and conditions, confirming that the Bank were entitled to offset any credit balances against any debit balances. Therefore this matter has now concluded. The sale of the assets comprised of fixtures and fittings realised in the sum of £1,277.50, office equipment of £100 and stock of £12,107.80. I have also realised a rent refund of £870 in respect of the Company’s trading premises. Administrative matters The only realisation during the period of this report has been the interest accruing on the account held for the purposes of the Liquidation in the sum of £0.13, totalling £1.47 in the Liquidation. Please advise me as soon as possible if you are aware of any other assets of the company that have not been referred to above or previously. Menzies LLP 1s a limited liabutity partnership registered in England and Wales under number 00346077 to carry out audit work and Menzies iy a member of ‘s regulated for a range of investment business activities by the Institute af Chartered Accountants in England and Wales Menzies. Corporate Finance Limsted (s regulated by the Financial Conduct Authar-ty for the conduct of corparate finance activities and 1s reg'stered sn England and Wales under number 04149097 Their registered office 15 at Ist Floor, Midas House, 62 Goldsworth Road, Woking, Sur ey H LB . GU21 6LQ. A list of the members of Menzies LLP 1s open to inspect.on at its registerad office Any reference to a partner in relation to International Menzies LLP means a member of Menz.es LLP. Individuals within the firm who act as insolvency pract toners are licensed in the UK by Awortd-wide network of independent the Insolvency Practitioners Assoc-at on When act.ng as off-ceholders they da so without personal liabil ty accounting firms and business advisers Investigative matters The Company's books and records have been recovered, listed and analysed, but no assets other than those listed above have been Identifted. In accordance with my statutory duties, a conduct report on the director has been submitted to the Insolvency Service pursuant to the Company Directors Disqualification Act 1986. If you are aware of any matters which you believe require my investigation, please advise me accordingly, in writing, providing as much detail as possible with regard to those matters. Any such contact will, of course, be kept confidential. General matters In addition to the work undertaken to result in the asset realisations referred to above, throughout the period of my administration I have responded to the queries of creditors and noted creditor claims. As appropriate, I have liaised with the employees, the Redundancy Payments office and Employment Tribunals with regard to employee matters. Specific tasks such as the agreement of creditor claims, VAT and tax issues, cashiering, statutory returns and insurance, have been allocated to team members who have specialist knowledge in the relevant areas. Additionally, I have complied with obligations imposed by statute and my regulatory bodies which include, but are not fimited to, the submission of returns to Companies House, HM Revenue and Customs, insuring assets and specific penalty bonding. I attach at Appendix 3 an abstract of my receipts and payments for the period of this report. Please note that all items detailed on the receipts and payments account are shown net of VAT as the Company was registered for VAT and the VAT can therefore be recovered for the benefit of the insolvent estate. There are no assets remaining to be realised. I intend issuing my final account shortly. i A . At the first meeting of creditors held on 28 January 2015 the creditors authorised the payment of a fee of £6,077 plus VAT to Hazlewoods LLP for assistance with the statement of affairs and convening the meeting of creditors prior to my appointment. The fee was charged on a fixed fee basis. It was paid from first realisations and is shown in the enclosed receipts and payments account. My remuneration was fixed by reference to the time properly spent by myself and my staff in attending to matters arising in the Liquidation at a meeting of creditors on 28 January 2015. For creditor’s information, the charge out value of time costs incurred during the period to which this report relates amounts to £3,167.48 made up of 16.40 hours at an average charge out rate of £193.13 per hour. This cost has primarily been incurred in the administration of the Liquidation full details of which are covered in section 2 above. I attach at Appendix 1 a breakdown of the time costs between the grades of staff allocated to the case, which includes details of the current charge out rates of myself and my team who have been and will be dealing with the Liquidation. To date,I have-drawn fees totalling £7,500 plus VAT. However,-no fees have been drawn during the period of this report. A copy of “A Creditors’ Guide to Liquidator’s Fees”, issued by the Association of Business Recovery Professionals, which sets out the basis of fixing the Liquidator’s Remuneration, is available on our website at: https: //www.menzies.co.uk/helping-you/business-recovery/fees-guide/ You should then choose the appropriate creditor guide for the type of appointment after 6 April 2010. Please let me know if you do not have access to the internet and would prefer a hard-copy of this guide. The payments made from the estate during the period of this progress report are largely self-explanatory. There have been no expenses incurred during the period of this report. A statement with regard to our disbursements recovery policy is attached at Appendix 2. The provisions of Section 176A of the Act require a calculation to be made of the prescribed part of the company’s net property for distribution to unsecured creditors. The prescribed part must be calculated and provided for where debentures of the company have been created after 15'" September 2003. In dealing with realisations under the prescribed part, I am entitled to take into account the claims of the preferential creditors and the costs and expenses associated in dealing with the prescribed part. The company’s net property comprises floating charge realisations less preferential claims and the costs of dealing with the prescribed part. The prescribed part is calculated as 50% of the first £10,000 of floating charge realisations plus 20% of all other floating charge realisations, subject to a maximum prescribed part of £600,000. There have been floating charge realisations totalling £17,180.87 to date. Prefential claims are estimated at £2996.82 and the costs of realisation to the end of the period amount to £19,055.84in respect of my costs and those of my agents. Therefore the net property is nil and there is no prescribed part. 8,__ Outcome for creditors The Redundancy Payments Service have confirmed that they do not have a claim in respect of payments made to former employees of the Company. There are preferential claims in respect of employee holiday pay estimated at £2,996.82. Secured creditors have submitted claims totalling £191,515.65. I have recelved ciaims in respect of PAYE and VAT totalling £43,923.42 Trade and Expense creditor claims received to date total £496,028.26. Unfortunately, there are insufficient funds to enable a dividend to be paid to any class of creditor. A creditor may make a request for further information regarding my remuneration and expenses. Any such request must be in writing and should be made within 21 days of receipt of this report. Where the request is made by an unsecured creditor, it must be supported by at least 5% in value of the unsecured creditors, or with the permission of the Court. If the information requested is either prejudicial to my conduct of this case, might Jead to violence against any person, may be confidential or the-costs of preparing the requested information would be excessive, I may not be obliged to provide it. Any unsecured creditor may make an application to the Court in respect of any information provided following such a request, or my failure to provide same, after 14 days of my receipt of that request. Additionally, creditors may make an application to Court to challenge the amount or basis of our remuneration and expenses, which must be supported by at least 10% in value of the creditors, including the appticant’s claim. The application must be made within 8 weeks of receipt of this report. The costs of the application must also be paid by the creditors making the application. Further details with regard to these provisions form part of the guidance notes relating to fees referred to previously. I am required to provide a further progress report within two months of the end of the next anniversary of the Liquidation. However as my administration is now complete it is my intention to commence the closing procedure shortly, Should you have any further queries in relation to the contents of this report, or with regard to other matters arising, please do not hesitate to contact me. Yours faithfully For and on behalf of SPKC Limited Jo&n Dean Cullen FCCA FABRP MIPA Joint Liquidator “SOINUIW 9 JO SYUN WNUIUIE Ul} Paplorai S} BULL = BION “anoy Jad $23 S| Joje.4S!uNLUpe dy3 pue ‘snoy sad SepF AUaLNO S| JUaWUBISse SI43 40J SIBUONEA g ADUBAJOSUT BUY JO 3Ye! Jno-aBueyo ayy € 330N ‘paileyap Sa}eJ Jno aGseyo auq u! paysayas aue s]s09 peaeag ZION “UOReASIUIWpe Bt JO Poliad 343 Gutinp sapes6 snowen ay) yBno1yy suoQowold Jo saquinu e uaaq aaey ABW asayL TT 330N SOT-09°SS S6-08 eqs poddns ost-ss S6T-SZ JO es sIUIWpy O€2-S8T S6T Jouag SvE-S7Z S62-S72 dabeuew SOS-STE S0S-S9E doWasIQ/sauye, 4noy sad Anoy sed F ZTO - OT OT COC POT Woy SadagW3W WV3L ADNZATOSNI 40 Salva LNO J9YVHD By ZOT‘E 86°ES 0S’0T9‘T 00°9E 00°890'T 00°66€ | S380} }eOL O'9T 06'0 06°0T 0z'0 Or'e 00°T SUNOH 12701 000 00°0 00'0 00°0 00°0 00°0 00°0 00°0 yoddns ee eot O0°Z¢T 06'0 00°0 06'0 00°0 00°0 00°0 Si0Upst> 00°0 00°0 00°0 00'0 00°0 00°0 00°0 00°0 SjJOssy jo UOHES|eay 00°0 00°0 00°0 00°0 00°0 00'0 00°0 00°0 suonje6ysaaul L8°v6T 8v'0z0'E OS'ST 06'0 00°0T 02'0 Ove 00'T Guluuel”d pue unupy i cj ajey Apanoy sjsoD sunoH yoddns Joyersiuipy dJouas aaGeuew 40}3311g uolzUNy yA0OM aBessay oun 12301 /sauye,d jo uonesyIsselD SuNOH 8107 AUVNNVE £7 OL £T0Z AUWNNVE 8Z WOU GOIU3d JHL YO4 AUWNWNS LNO 3SUVHS AWIL T XIGN3dd¥ NOILVGINOT1 NI - GALIWI D1dS APPENDIX 2 DISBURSEMENTS RECOVERY POLICY Professional advisors have been selected on the basis that they have the appropriate experience and qualifications to effectively deal with the issues arising in a case of this nature. All disbursements are shown as net of VAT. As the company was registered for VAT purposes VAT can be recovered for the benefit of the insolvent estate. Category 1 Disbursements Specific expenditure relating to the administration of the insolvent estate and payable to an independent third party is recoverable without creditor approval. Such expenditure is made if funds are available from the insolvent estate. If funds are not available then payment is made from this firm’s office account and reimbursed from the estate should funds become available. Category 1 disbursements will generally comprise external supplies of incidental services specificatly identifiable to the case. Typical items include legal fees, agents’ fees, statutory advertising, insurance of assets, search fees, specific penalty bonding, telephone calls, postage, invoiced travel and properly reimbursed expenses incurred by personne! in connection with the case. As there have been no realisations in this matter to date, all such disbursements such as statutory advertising, insurance of assets, search fees and specific penalty bonding have been paid by Menzies LLP and will be recharged through the estate as and when funds are available. Appendix 3 SPKC Limited (In Liquidation) Joint Liquidators’ Abstract of Receipts & Payments Statement From 28/01/2017 From 28/01/2015 of Affairs To 27/01/2018 To 27/01/2018 SECURED CREDITORS (37,362.00) South West Investment Group (Capital NIL NIL (154,154.00) Finance Wales Investments (8) Limite NIL NIL NIL NIL ASSET REALISATIONS 1,500.00 Fixtures & fittings NIL 1,277.50 100.00 Office Equipment NIL 100.00 11,950.00 Stock Nit 12,107.80 7,000.00 Cash at Bank NIL 2,824.10 Rent NIL 870.00 Bank Interest Gross cee 0.13 ve cee ae AAT 0.13 17,180.87 COST OF REALISATIONS Specific Bond NIL 180.00 Preparation of S. of A. NIL 6,077.00 Office Holders Fees NIL 7,500.00 Company Searches NIL 1.00 Agents/Vaiuers Fees (1) NIL 2,552.36 Statutory Advertising NIL _. 148.50 NIL (16,458.86) PREFERENTIAL CREDITORS (2,966.82) Employee Arrears/Hol Pay NIL NIL NIL NIL UNSECURED CREDITORS (130,496.00) Trade & Expense Creditors NIL NIL (67,801.00) Director's loan account NIL NIL (70,358.00) Unsecured loans NIL NIL (9,000.00) PAYE/NIC NIL NIL (12,000.00) VAT NIL NIL NIL NIL DISTRIBUTIONS (100.00) Ordinary Shareholders NIL NIL NIL NIL (463,687.82) 0.13 722.01 REPRESENTED BY Barclays - IB 722.01 Page 1 of 1 IPS SQL Ver 5 04 26 February 2018 15 09