Rule 4.34-CVL The Insolvency Act 1986 Form 4.20 Statement of Company’s Affairs Pursuant to Section 95/99 of the Insolvency Act 1986 S.95/99 To the Registrar of Companies For Official Use Company Number 8407476 Name of Company (a) Insert full name of company Cousins & Co (NW) Limited (b) Insert full name VWe ® David N Kaye and address of Crawfords Accountants LLP, Stanton House 41 Blackfriars Road Salford Manchester, M3 7DB (c) Insert date the Liquidator(s) of the above named company attach a statement of the company’s affairs as at © 17 February 2015 Signed Date 17 February 2015 ~~ The presenter’s name, Crawfords Accountants LLP For Official Use address and reference Stanton House Liquidation Section Post Room 41 Blackfriars Road Salford iT Manchester M3 7DB C653/S/DNK/KLB 41 LAMB" 19/02/2015 COMPANIES HOUSE 196 Rule 4.34-CVL Form 4.19 Statement Of Affairs IN THE MATTER OF Cousins & Co (NW) Limited and IN THE MATTER OF THE INSOLVENCY ACT 1986 Statement as to the affairs of Cousins & Co (NW) Limited on the 17 February 2015 the date of the resolution for winding up Statement of Truth We Mr Andrew Chadwick of 10 Edmund Street, Shaw, Oldham, OL2 8EY Make a Statement of Truth and say that the several pages exhibited hereto and marked “AC1” are to the best of my knowledge and belief a full, true and complete statement as to the affairs of the above named company as at 17 February 2015 the date of the resolution for winding up and that the said company carried on bustness as Estate Agents and Letting Agents Signature (a) Date 17 February 2015 A —Summary of Assets ASSETS Book Value | Estimated to Realise Assets specifically pledged:- £ £ None None Assets not specifically pledged:— Office Equipment and Furniture Note 1 Not Known 260 Debtors Note 6 None None Goodwill Nil Note 7 Funds tn Hands of Accountant 3,600 3,600 Estimated total assets available for preferential creditors 3,860 Signature pac y\L\eord Summary of Assets (7/98) Al - Summary of Liabilities Estimated to Realise Estimated total assets available for preferential £ 3,860 creditors (from Summary of Assets) Liabilities Preferential Creditors:— £ Arrears of pay Note 8 19,978 Estimated deficiency as preferential creditors £ 16,118 Debts secured by a floating charge:— £ Nil Nil Estimated deficiency of assets available for non-preferential £ 16,118 creditors Non-preferential claims:— £ Trade creditors per schedule 17,500 Crown creditors per schedule Note 9 46,000 Bank creditor Note 10 Director's loan account Note 11 Pay in Lieu of Notice and Redundancy Pay Note 8 To be computed 63,500 Estimated deficiency as regards creditors £ 79,618 £ Issued and called-up capital:- 1 I Estimated deficiency as regards members £ 79,619 Signature W Dae a ADIN Summary of Liabilities (7/98) Cousins & Co (NW) Limited Schedule of Creditors Trade Creditors £ Agency Signs UK Ltd, 21 Waterhouse Close, Wardle, Rochdale, OL12 9LL 9,000 EON Energy Solutions Limited, Business Customer Service, P O Box 2010, NGI 9GQ 500 Ref 5001 934117 PPS Media Limited, Basepoint Business Centre, Crab Apple Way, Vale Park, Evesham, Worcestershire, WR11 8,000 IGP Total Amount 17,500 Crown Creditors £ H M Revenue & Customs, NI] Contributions Office, Insolvency Longbenton, Newcastle upon Tyne, NE98 1ZZ 6,000 H M Revenue & Customs, Durrington Bridge House,, Barrington Road,, Worthing, BN12 4SE Ref_687 25479 02015 A 02 HM Revenue & Customs, National Insolvency Unit, Sth Floor Regian House, James Street, Liverpool, L75 1AD 40,000 Ref 151 157002 Total Amount: 46,000 Employees £ Miss Ketly Anne Stoneman, 3 Crow Hill View, Oldham, OL4 SPR 1,024 80 Mr Anthony Gore, 120 Simister Lane, Prestwich, Manchester, M25 2SB 2,440 00 Mrs Andrea Flint, 15 Ross Avenue, Chadderton, Oldham, OL9 8AN 243 20 Mrs Angela Spencer, 54 Radcliffe Road, Moorside, Oldham, OL4 2NR 1,464 00 Mrs Anne Smith, 18 Green Lane, Garden Suburbs, Oldham, OL8 3AY 2,155 74 Mrs Beverly Mycan, 55 Arden Street, Chadderton, Oldham, OL9 8JD 3,098 80 Mrs Catherine Parton, 36 Den Hill Drive, Springhead, Oldham, OL4 4NR 2,396 08 Mrs Diane Flanagan, 448 Rochdale Road, High Crompton, Shaw, Oldham, OL2 7PD 3,098 80 Mrs Hazel Butterworth, 5 Lime Tree Grove, Failsworth, Manchester, M35 9NH 2,073 39 Mrs Linda Wright, 97 Kelverlow Street, Clarksfield, Oldham, OL4 1LX 1,983 96 Total Amount Note 9 19,978.77 Bank Yorkshire Bank, 47 Market Place, Oldham, OLI 3AD Note 10 Ref 05-06-46 / 22390950 Yorkshire Bank, 66 Market Street, Shaw, Oldham, OL2 8ND Note 10 Ref 05-07-67 / 61053563 Total Amount: Cousins & Co (NW) Limited Notes to the Statement of Affairs Estimated to realise value of the assets has been provided by Robson & Kay & Co Ltd, corporate recovery agents In the absence of accounts the book value of the office equipment and furniture, having a forced sale value of £260, cannot be reported Claims of creditors are subject to agreement in due course The amounts stated will not preyudice your claim which will be agreed, if appropriate, by the Liquidator in due course No account has been taken of any claims by creditors under a Retention of Title clause Section 176A of the Insolvency Act 1986 (as amended) requires the Liquidator to set astde a percentage of a company’s assets for the benefit of the unsecured creditors in cases where the company gave a “qualifying floating charge” over its assets to a lender on or after 15 September 2003 This 1s known as the “prescribed part of the net property” A company’s net property 1s that left after paying the preferential creditors, but before paying the lender who holds a floating charge A Liquidator has to set aside - « 50% of the first £10,000 of the net property, and * 20% of the remaining net property up to a maximum of £600,000 There is no qualifying floating charge in this case so the prescribed part provisions do not apply Subject to the costs and expenses of the winding up The director reports that the company presently has no invoiced debtors Such debts would arise after a contract for the sale of a property has been exchanged and would be paid to the company immediately upon completion by the solicitor acting on the sale At the time of this report there are no such debtors It 1s believed that commissions due on agreed sales, even prior to exchange should accrue to the company Robson Kay & Co Ltd have been instructed to seek and negotiate with any parties interested in the acquisition of the business and goodwill of the company A report will be provided at the meeting of creditors and in any further written reports to creditors Claims of £19,978 77 have been received from employees The employees issued a statutory demand on 19 November 2014 claiming the sum of £12,53749 Since that time, further wages have accrued and certain payments have been made The amount claimed has been regarded for the purposes of the Statement of Affairs as a preferential claim although it may transpire on closer examination of the payroll records that a proportion may be non-preferential Note that this represents only the arrears of pay and takes no account of accrued holiday pay, pay in lieu of notice and/or redundancy pay which would be computed according to the personal circumstances of each individual The figure of £46,000 owing to Crown creditors is made up of - £ Arrears of PAYE 6,000 Arrears of VAT 40,000 It has not been possible to compute the actual liabilities for PAYE/VAT as no returns have been submitted for either liability since the mception of the company and the director ts unable to compute the precise figures by reference to the company's records The company transacted its business through accounts at Yorkshire Bank, at its Oldham branch and its Shaw branch An application has been made to the bank for details of the accounts and balances but the bank have declined to respond on the grounds that the accounts are in the name of Cousins & Co, not Cousins & Co (NW) Limited, suggesting that the accounts are non company accounts The director confirms that all of the company transactions have passed through those accounts and that the title of the account 1s purely an oversight since the incorporation of the business from the foregoing partnership in February 2013 HH No information has been provided, nor has it been possible to estimate the balance on the director's loan account from the records available This will have to be deferred until the appointment of the Liquidator 12 Mr Andrew Chadwick the sole director has drawn money from the company on an ad hoc basis since its incorporation This has not been passed through the payroll and subjected to PAYE though he regards those payments, which he estimates at £50,000 since the incorporation of the company, as director's remuneratron for the services which he has provided to the company 13 In the absence of any annual or management accounts tt has not been possible to provide a deficiency account It was hoped that the closing accounts of the partnership, which would constitute the opening accounts of the company, would assist in this but those accounts have not been provided On a simple understanding of the estimated Statement of Affairs, 1t would appear that the company has made trading losses in the order of £80,000 in the two year period of its operation but that 1s in turn dependent upon the accuracy of the figures provided by the director