Form 4 20 Rule 4 34-CVL The Insolvency Act 1986 5.95/99 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 O8N ANTI Name of Company {a) Insert full name of company @ Foerecss PloPeATy Maistenasce LID. Limited (b} Insert full name(s) and address(es) WWe(b) Haskins « Company, NoS tha Old fassonaye Redcroft, Winvers Lana, Rodintlh BS40 5 t (c) Insert date the liquidator(s) of the above-named company attach a statement of the company's affairs as at(e) 1S4, RPecembor 2oiun Signed Rol WL igss —= Date Ss. | iS. HAR IIIS 565 Com PArsYy Presenter s name, address and reference (if 1S MéeiHye arse Roa» For Official Use IpazEasD A any) Liquidation Section | Post Room CF3) BNY > < a ing D> x bs ‘A 24/01/2015 #159 COMPANIES HOUSE “Oo “As¥rSOHS A33 10/01/2015 #282 COMPANIFS HOUISF Rule 4 34-CVE. Yorn 4.19 Statement of Affairs Statement as to affairs of Fortress Property Maintenance Limited on 18" December 2014 Statement of Truth |, Jan Barcello, Director Of Fortress Property Maintenance Limited of 26 Rowen Tree Lane, Miskin, Lab Insert Full asutse ssl Pontyclun, CF72 8SF oupation Beliovo and say that tho pages marked A and B exhibited horeto are to the best of ws fascrt full naddress. my knowledge and belief a full true and complete statement as to the affairs of the above named company as at 18° December 2014. Signed my DoceaeLo FORTRESS PROPERTY MAINTENANCE LIMITED DIRECTORS’ REPORT TO THE MEETING OF CREDITORS HELD PURSUANT TO SECTION 98-101 OF THE INSOLVENCY ACT 1986 HELD AT HAWKINS & COMPANY 115 MERTHYR MAWR ROAD BRIDGEND CF31 3NY ON THURSDAY 187 DECEMBER 2014 AT 10.30 AM FORTRESS PROPERTY MAINTENANCE LIMITED CONTENTS Statutory Information Directors’ History of the Business and any other matters Statement of Affairs and creditors schedule Financial Information Deficiency Account FORTRESS PROPERTY MAINTENANCE LIMITED STATUTORY INFORMATION Company Number 08477714 Date of Incorporation 08/04/2013 Nature of Business Property Maintenance Trading addresses 26 Rowan Tree Lane Miskin Pontyclun Rhondda Cynon Taff CF72 8SF Registered office Hawkins and Company No 5 The Old Parsonage Redcroft Winters Lane Redhill BS40 5SL Share Capital Authorised and Issued 100 ordinary shares of £1 each Shareholding Jan Barcello — 100% Appointed Directors Jan Barcello 08 04 2013 Secretary None Auditor None Chartered Accountant Hawthorn Accountancy Solutions Sandringham House 1 -—3 Cemetery Road Bridgend CF31 1LY Mortgages/Charges Created Delivered Type None outstanding, 1 satisfied FORTRESS PROPERTY MAINTENANCE LIMITED DIRECTORS’ HISTORY OF THE BUSINESS AND ANY OTHER MATTERS Background Prior to the start of the business Jeff Barcello was Business Development Manager for a company who supplied the home improvements industry Jan Barcello was a retired Nurse from the National Health Service she was retired on tll health Jeff Barcello is a highly experienced business development manager with over 20 years senior management experience tn sales and Marketing, Jan Barcello as stated above was a Nursing assistant with the Health service though she has experience in administrative roles in her past career The business originally started out as a sole trader supplying cleaning services, the decision to take this move to a limited company was a result of their son Christopher Barcello being made redundant during the major economic down turn with a view of creating work rather than depend on the state In April 2013 the company was registered as a limited company and Jan Barcello was the director of the business At this time Jeff Barcello was still working for his previous employer and that was the reason for Jan being made director with Jeff acting as a shadow director However in the June of 2013 Jeff was also made redundant from his senior role so it was decided with his vast experience in sales and marketing and developing sales for businesses he wouid join the company Trading Premises The company had no premises the administrative side of the business was run from home Capital The initial Capital was invested into the business from Jan and Jeff's own savings the initial investment was 10k However over the period of the business the directors also invested a further 40k with capital raised from the release of equity from their home Banking The initial bank the company used was Barclays Bank in Talbot Green, they changed bank in August 2014 from Barclays to HSBC the main reason for the change was to have better facilites, having taken advice from accountants it was identified that as a property Maintenance Company the business required a better facility to enable the company to grow The facilities given to the company was a 7k overdraft and a 5k loan, the loan was used to pay of an earlier loan given to the company by Finance Wales Ltd who had a debenture on the account, HSBC did not want this debenture in place so decided to loan the 5k to pay of Finance Wales so the debenture was lifted, the loan was paid of directly by HSBC and did not enter the business account The Directors Jan and Jeff Barcello had to give personal PG Against the full amount of 12k Staff The Company at tts peak employed 5 staff The duties of Jeff Barcello was to develop the business bring in a constant flow of sales (work) whilst Jan ran the administrative side of the business . The workforce grew due to the demand of work being brought into the company Trading Performance The company sales were growing and as such did not have any peaks and troughs as we had a constant flow of work coming in from the efforts of Jeff Barcello The reason for the downturn in business was due to the inability to find reliable and high quality tradesmen, Jobs were being booked in but were taking a lot longer than the allotted time given for the job This created a roll on effect as money was being lost because the staff were paid weekly so, as an example, one job should have taken 2 weeks but actually took 4 weeks because of staff not turning up for work In addition to this several jobs were cancelled half way through because the customer was not happy with the attttude and workmanship of the tradesmen and resulted in us having to pay deposits back All the while the company had to pay the staff their weekly wages this meant than Jan and Jeff Barcello had to go without paying themselves, tt is estimated that because of bad workmanship and unreliability the company lost over 14k of revenue in the space of 3 Months Even at this stage the company had plenty of work coming in as Jeff was constantly pushing for more work In addition to this the fact that neither Jan or Jeff were actual tradesmen they were totally dependent on the trades people taken on, Jeff was having to spend more time on site to watch staff that it meant he was unable to concentrate on bringing on more work which was the strength of the business The directors kept pushing the business forward by bringing on more work and sales but because they could not find reliable, hardworking and quality trades people the company was unable to be pulled back Jan and Jeff identified that because of the monies lost and lack of income due to failed work the company was going to struggle, they immediately contacted Mr Clive Willams of Hawkins & Company Insolvency Practitioners to take advice, it was from this meeting that tt was realised the company had become insolvent Insolvency Advice In November 2014 the directors sought advice from Hawkins and Company, who confirmed that Fortress Property Maintenance Limited was insolvent within the meaning of s123 of the Insolvency Act 1986 and should be wound up Subsequently a meeting was held on the 1°! December 2014 and the appropriate notices were signed and dispatched to members and creditors Cost associated with the liquidation A fee of £4,000 plus 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 directors and has been approved by the directors for circulation Jan Barcello - Director Dated 18 December 2014 FORTRESS PROPERTY MAINTENANCE LIMITED A Estimated Statement of Affairs as at 18'" December 2014 Notes Book value Estimated To realise £ £ Estimated Summary of Assets Tangible assets Fixtures, fittings and equipment 1 00 00 Intangible assets Book debts 1,000 1,000 Stock/tooling 2 00 00 Cash 00 00 Estimated total assets available for preferential Creditors ___ 1,000 Summary of Liabilities Preferential creditors — unpaid wages & holiday pay 900 Estimated surplus as regards preferential creditors 100 Unsecured claims Trade and expense creditors as per schedule B 33,539 Notice and redundancy pay 00 HM Revenue & Customs, PAYE and VAT 450 Estimated deficiency as regards creditors 33,889 Issued and called up capital 100 Estimated deficiency as regards members £33,989 Subject to the costs of Liquidation Notes: 1 All office equipment and computers were director's own property 2 Alltools and equipment used were tradesmen’s own property . FORTRESS PROPERTY MAINTENANCE LTD. Schedule of Creditors B Name of creditor Address Estimated Or claimant (with postcode) Claim £ AMIT BIR 14 NAMES STREET, NEW TREDEGAR, 10,077 GWENT NP24 6EN BARCLAYCARD COMMERCIAL PO BOX 3000, TEESDALE BUSINESS PARK, 2,166 STOCKTON ON TEES TS17 6YG FOLIO GRAPHICS 14 PARK STREET, BRIDGEND, CF31 4AX 269 HSBC BANK PLC 3 HEOL WINDSOR, NEATH, SA11 1LN 11,600 HAWTHORN ACCOUNTANCY 1-3 CEMETERY ROAD, BRIDGEND, CF31 1LY 992 HUGHES FOREST BOLT STREET, NEWPORT, NP20 2UP 3,266 JAMES DE FRIAS LLANOVER HOUSE, LLANOVER ROAD, 660 PONTYPRIDD CF37 4DY MISKIN IT 2 HEOL-Y-TWYN, TALBOT GREEN, 191 PONTYCLUN CF72 9FG MISTER WINDOW UNIT 1A, LONLAS INDUSTRIAL ESTATE, 387 SKEWEN, NEATH SA10 6RR NATIONAL PLASTICS 3 IPSWICH ROAD, COLCHESTER AVENUE, 573 CARDIFF CF28 9AQ P SHEENAN 23 FITZHAMON AVENUE, LLANTWIT MAJOR, 1,100 VALE OF GLAMORGAN CF61 1TN SELCO BOUNDARY HOUSE, 2 WITHHALL GREEN 1,293 WAY, BIRMINGHAM B47 6LW TRADE FRAMES UNIT 3, JUNCTION INDUSTRIAL ESTATE, 516 STATION TERRACE, PONTYCLUN CF72 9ES UK TRADE TRADE HOUSE, MEAD AVENUE, 449 SCREWFIX DIRECT LTD HOUNDSTONE BUSINESS PARK, YEOVIL, SOMERSET BA22 8RT Summary Trade creditors 33,539 PAYE & VAT 450 FORTRESS PROPERTY MAINTENANCE LIMITED FINANCIAL INFORMATION Unaudited a/c’s | Unaudited a/c’s y/e y/e 30/04/2011 30/04/2012 £000 £'000 Turnover Net profit before tax Taxation Dividends Director's Remuneration Profit and loss account NO ANNUAL ACCOUNTS OR MANAGEMENT ACCOUNTS HAVE EVER BEEN PREPARED FOR THIS COMPANY FORTRESS PROPERTY MAINTENANCE LIMITED DEFICIENCY ACCOUNT Notes £ £ Balance on Profit & (Loss) account 18" December 2014 Less assets written down on Statement of Affairs: 0) Less matters arising on liquidation: None Nil 0 Total Deficiency to creditors O Balance being apparent trading profit in period to 18" December 2014 Total Deficiency per the Statement of Affairs (33,889) Share capital (100) Total Deficiency to members (33,989) NO ANNUAL ACCOUNTS OR MANAGEMENT ACCOUNTS HAVE EVER BEEN PREPARED FOR THIS COMPANY