Rule 4.34-CVL The Insolvency Act 1986 Form 4.20 Statement of Company’s Affairs Pursuant to Section 95/99 of the S.95/99 Insolvency Act 1986 To the Registrar of Companies For Official Use Company Number 09031458 Name of Company (a) Insert full name of company Grade One Precision Engineering Limited {b) Insert full name 1/We © Alex Kachant 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 © 31 March 2015 Signed tet» Date 31 March 2015 The presenter’s name, Crawfords Accountants LLP For Official Use address and reference Stanton House Liquidation Section Post Room a 41 Blackfriars Road Mina Salford Manchester M3 7DB eea201 : COMPANIES HOUSE Rule 4.34-CVL Form 4.19 Statement Of Affairs IN THE MATTER OF GRADE ONE PRECISION ENGINEERING LIMITED and IN THE MATTER OF THE INSOLVENCY ACT 1986 Statement as to the affairs of Grade One Precision Engineering Limited on the 31 March 2015 the date of the resolution for winding up Statement of Truth I/We Mr Graham O'Hanlon of 3 Shaw Head Drive, Failsworth, Manchester, M35 OSA Make a Statement of Truth and say that the several pages exhtbited hereto and marked “GO1” are to the best of my knowledge and beliefa full, true and complete statement as to the affairs of the above named company as at 31 March 2015 the date of the resolution for winding up and that the said company carried on business as Precision Engineering Signature A ‘Oo 7 Date 31 March 2015 IN THE MATTER OF GRADE ONE PRECISION ENGINEERING LIMITED This ts the exhibit marked “GO1” referred to in the Statement of Truth of Mr Graham O'Hanlon A — Summary of Assets ASSETS Book Value | Estimated to Realise Assets specifically pledged:- £ £ Assets not specifically pledged:— Fixtures and Fittings and Computers 500 NIL Estimated total assets available for creditors 500 NIL Signature Zs —A Date Ji afr Summary of Assets (7/98) Al — Summary of Liabilities Estimated to Realise Estimated total assets available for NIL creditors (from Summary of Assets) Liabilities Estimated surplus as regards creditors NIL Debts secured by a floating charge:— Estimated surplus of assets available for non-preferential creditors NIL Non-preferential claims:— £ Trade creditors per schedule 67,452 Crown cieditors per schedule (Est) 7,000 Director’s loan account 40,000 114,452 Estimated deficiency/surplus as regards creditors 114,452 £ Issued and called-up capital:- 100 100 Estimated deficiency as regards member 114,552 Signature C6 a. Date ST p h< Summary of Liabilities (7/98) Grade One Precision Engineering Limited Notes to the Statement of Affairs 1 The director advises that the company’s assets comprise fixtures and fittings and computers but all of these are both obsolete and are of poor working condition Therefore, these assets have been abandoned by the company and have been written off as unrealisable. The company’s encumbered equipment has since been uplifted by the finance company and no liability is anticipated to artse from them. The company’s factored its book debts with Ashley Commercial Finance Limited and it is understood from the director that any residual surplus, if any, would be offset by their termination charges Accordingly, there 1s no likelihood of a surplus to be paid into the liquidation Claims of creditors are subject to agreement in due course The amounts stated will not prejudice your claim which will be agreed, if appropriate, by the Liquidator in due course. No provision has been made in respect of claims by employees under the terms of the Employment Rights Act 1996 Section 176A of the Insolvency Act 1986 (as amended) requires the Liquidator to set aside 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 so after 15 September 2003 This 1s known as the “prescribed part of the net property” A company’s net property is 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 In this case, there 1s a qualifying floating charge created or registered on or after this date in favour of Ashley Commercial Finance Limited The estimated net property ts NIL and therefore the prescribed part provtstons do not apply in this case Subject to the costs and expenses of the winding up Subyect to the verbal explanations to be given at the meeting of creditors 31 March 2015. It has not been possible to prepare a Deficiency Account as no accounts have been prepared since the date of incorporation The estimated deficiency to creditors of circa £114,000 relates to trading losses from date of incorporation to date of liquidation, of which the director 1s the single largest creditor for £40,000 in respect of monies he had put into the company by way of director’s loans. GRADE ONE PRECISION ENGINEERING LIMITED Secured Creditor Ashley Commercial Finance Limited, St Peter's Square, 80 Mosley Street, Manchester M2 £ 3FX_ [see note 2 to Statement of Affairs] : Schedule of Trade Creditors £ Aalco Express Trading Estate, Stonehill Road, Farnworth, BL4 9NN 2,780 99 Audt Finance Brunswick Court. Milton Keynes, MK 14 5LR 18,089 91 Biffa Waste Services Coronation Street, High Wycombe, HP12 3TZ 265 76 Blackburn Metals Ltd Unit 6 Wilcock Road, Haydock, WA11 9SR 6,118 32 Colour Anodising Holland Street, Radcliffe, Manchester, M26 2RH 102 00 Crown Telecom Crown House, Bury, BL9 7JR 646 42 Custom Colour Unit 6, Ouzledaly Foundary, Barnoldswick, BB18 6BN 521 48 DJ Profiles Hibbert Street. Stockport, SK4 INS 2,188 92 Frank Bailey Hadfield Street, Dukinfield, SK16 4RL 650 00 GBR Engineering Unit 1E, Broadway, Stockport, SK14 4QF 21600 Geopost 15th Floor, Castlemead, Bristol, BS] 3AG 246 63 GT Grinding Gladstone Business Park, Oldham, OL4 1AX 488 10 Heywood & Palmer The Coach House, Ashton U Lyne, OL7 0BH 1,705 54 High Peak Steels Thornfield House, Gloissop, SK13 6LQ 1,520 20 Initial Waste River Bank, Meadows Busimess Park, Surrey, GUI7 9AB 90 54 Keeley Travis Canal Side Lodge, Failsworth, Manchester, M35 9BW 275 74 Lee Springs Latimer Road, Berkshire, RG41 2WA 36 29 Lloyd Jones Richmond House, Katherine Street, Ashton U Lyne, OL6 7BD 494 21 Metal Product Services Unit 12, Shield Drive, Wardley Industrial Estate, Worsley, M28 2QB 1,508 04 Newton Business Park Talbot Road, Hyde, Cheshire, SK14 4UQ 7,500 00 O2 Telecom, 116 London Wall, London, EC2M 5QA 428 83 Oldham Electro Plating Argile Street, Oldham, OL] 3PQ 168 00 PK Engineerings Hurst Mulls, Industrial Estate, Glossop, SK13 7QB 3,184 00 Pressier UK 37 Dickerage Road, Kingston upon Thames, KT1 3SR 250 00 Qualityshare 6 Hope Street, St Annes on Sea, Lancashire, FY8 3SL 13000 Rennie Tools Carrinton Field Street, Stockport, SK 1 3JN 2,500 00 Rentokil River Bank, Meadows Business Park, Surrey, GUt7 9AB 127 43 Simon CNC Unit 1, Oldbrick Works Lane, Chesterfield, $41 7JD 653 30 Special Engineering Plastics Units 3/4, Ellesmere Business Park, Lincolnshire, NG31 7XT 842 27 SSA Ltd Knights Park, Shrewsbury, SY1 3AB 11,000 00 Stafford Precision 14/15 Park House, Industrial Estate, Staffordshire, STS 7EF 692 88 TNT Express Unt 5 Cromwell Road, Stockport, SK6 2RF 1,628 39 United Eco Services Unit House, West Sussex, RH13 03Z 311 80 WDS Components Richard Shaw Road, Leeds LS28 6LE 8971, 67,451.70 Schedule of Crown Creditors HM Revenue & Customs Central National Insolvency Unit, 5th Floor Regian House, £ James Street, Liverpool, L75 1AD, [VAT] Ref 191 8923 71 2,000 00. HM Revenue & Customs, NI Contributions Office, Insolvency Longbenton, Newcastle upon 5,000 00 Tyne, NE98 1ZZ_ [PAYE] (Est) 7,000.00 Director’s Loan Account £ Graham O’Hanlon, 3 Shaw Head Drive, Failsworth, Manchester, M35 OSA 40,000 00 40,000.00 Total 114,451.70