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                                                                                                                  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

                                                                                                          00264891


                           Name of Company


                             South Wales Motor Factors Limited

                          At We
                                                                                                                              |
                           Bethan Loutse Walker ACCA MABRP                                John Dean Cullen FCCA FABRP
                           Coptic House                                                   Coptic House
                           4-5 Mount Stuart Square                                        4-5 Mount Stuart Square
                           Cardiff Bay                                                    Cardiff Bay
                           CF10 5EE                                                       CF10 5EE




                           the liquidator(s) of the above named company attach a statement of the company affairs
                           as at 19 April 2013




                                             0     |              atts
                                                                                   Date          19 April 2013


                           Harris Lipman LLP
                           Coptic House                                            For Official Use
                           4-5 Mount Stuart Square                    Insolvency Section _ |      Post Room
                           Cardiff Bay
                           CF10 SEE
                                                                             >                                                |

                           Ref    $3410/BLW/JDC/AAD
                                                                             Es2                                              |   |
                                                                              2                    *A2711H23"                 |
Software Supplied by Tumkey Computer Technology Limited Glasgow                                                      #148     |
                                                                              mm          ANB       25/04/2013
                                                                                                COMPANIES HOUSE               |
Rule 4 34-CVL                                                                           Form 4 19

                Statement of Affairs

                Statement as to affairs of

                South Wales Motor Factors Limited

                on the 19 April 2013 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                    Pomivic        Avmewy          OhHEFAE


                Signed                                          Ora
                                                     a      F

                Dated                                    14-4 -        2013
South Wales Motor Factors Limited
Statement Of Affairs as at 19 April 2013

A- Summary of Assets
                                                                             Estimated to
Assets                                                         Book Value       Realise
                                                                    £              £

Assets subject to fixed charge

Assets subject to floating charge:

Uncharged assets
Cash Held by Agents                                              14,424 00                  14,424 00
Book Debts                                                       15,987 30                   7,994 00
Cash held in Clrent Account                                         857 45                     857 45

Estimated total assets available for preferential creditors                                 23,275 45



Signature              L,     Lee                   Date      1A-
                                                               4t- 2G
                         al
South Wales Motor Factors Limited
Statement Of Affairs as at 19 April 2013

Ai - Summary of Liabilities
                                                                                                        Estimated to
                                                                                                             Realise
                                                                                                                    £

Estimated total assets available for preferential creditors (Carried from Page A)                           23,275 45

Liabilities
    Preferential Creditors -
                                                                                                                  NIL
Estimated deficiency/surplus as regards preferential creditors                                              23,275 45

Debts secured by floating charge pre 15 September 2003
Other Pre 15 September 2003 Floating Charge Creditors
                                                                                                                  NIL
                                                                                                            23,275 45

Estimated prescribed part of net property where applicable (to carry forward)                                     NIL
Estimated total assets available for floating charge holders                                                23,275 45

Debts secured by floating charges post 15 September 2003
                                                                                                                  NIL
Estimated deficiency/surplus of assets after floating charges                                               23,275 45

Estimated prescribed part of net property where applicable (brought down)                                         NIL
Total assets available to unsecured creditors                                                               23,275 45

Unsecured non-preferential claims (excluding any shortfall to floating charge holders)
       Trade & Expense Creditors                                                          56,966   96
        Directors                                                                         50,228   20
        Banks/Institutions                                                                 9,954   69
        HM Revenue and Customs - PAYE & NIC                                                1,892   62
        HM Revenue and Customs - VAT                                                       3,607   98
         Legal Claim                                                                     140,174 24
                                                                                                          262,824 69
Estimated deficiency/surplus as regards non-preferential creditors
(excluding any shortfall in respect of F C's post 14 September 2003)                                     (239,549 24)

Estimated deficiency/surplus as regards creditors                                                        (239,549 24)

Issued and called up capital
        Ordinary Shareholders                                                                795 00
        Share Premium                                                                      6,155 00
                                                                                                             6,950 00
Estimated total deficiency/surplus as regards members                                                    (246,499 24)




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D -— Deficiency Account

SOUTH WALES MOTOR FACTORS LIMITED

                                                          Notes              £

Surplus to the shareholders per the Company’s                     1                 61,694
financial statements as at 31 August 2012

Estimated deficiency on realisation of sale of                 2                    (7,993)
assets in the liquidation

Estimate loss on trading for the period from                   3                 (293,250)
31 August 2012 to 21 March 2013 (8)

Estimated deficiency as regards Creditors                                        (239,549)

Less   Write off of the share capital and share                4                    (6,950)
premium

Estimated deficiency as regards Members                        5                 (246,499)



The following notes form an integral part of the above statement

4       This ts the shareholders funds detailed on the last filed financial
        statements It 1s made up of share capital, share premium and the balance
        on the profit and loss account

        This is the amount that the company's assets have decreased by in
        estimated value by compared with the last set of financial statements filed

        This is an estimated figure for the loss in the final trading period since the
        last filed financial statements In this instance it is the estimated loss for the
        7 month penod since the last financial statements The figure ts a balancing
        figure (8) and therefore an estimate

        This is the amount owing to the shareholders in respect of the shareholding
        that they purchased in the company

        This figure is the total Estimated     Deficiency to Members     taken from the
        bottom of sheet A1 - Summary of Liabilities

        The assets have been professionally valued by Nicholas D'Alroye Westlake
        MRICS of Hicks Day Jones Westlake, Property House, 14 Churchill Way,
        Cardiff   CF 10 2DX




Signature             LLA                 19~&r      2013
                     Yr                                                          05 April 2013
D — Deficiency Account



        Cash held by Agents relates to proceeds held following the sale of the
        remaining assets of the company consisting of stock, fixtures and fittings,
        office equipment, goodwill and intangible assets   The balance of these
        funds after the deduction of costs Is being held for the benefit of the
        Liquidation in the sum of £14,424

        The book debts are stated after accounting for creditor contras

        Cash held in Client Account relates to payments received from debtors

10      There ts a fixed and floating charge which was granted to Natwest Bank
        PLC 41 Lothbury, London EC29 2BP on 31 January 1992 and registered at
        Companies House on 18 February 1992

11      A proof of debt in respect of a legal claim has been received in the total
        sum of £140,174 24       The breakdown of the debt includes the initial
        judgement amount of £50,000, however with additional losses the total
        amount being claimed is £88,91312          There are also costs including
        disbursements that have yet to be assessed in the sum of £51,261 12

12      No provision has been made for the claims which could arise in respect of
        insolvency payments to staff

13      Trade and other creditors’ balances are provisional and subject to
        agreement in due course by the liquidator Inclusion or exclusion from the
        list of creditors does not constitute admission or rejection of claims by the
        liquidator

14      There are provisions of the insolvency legislation that require a 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 “floating charge”
        over Its assets to a lender on or after 15 September 2003         This ts 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
            e   20% of the remaining net property up to a maximum of £600,000

        The company gave a floating charge to Natwest Bank plc on 31 January
        1992     Since this charge was given before 15 September 2003 the
        prescribed part provisions will not apply

15      The director, Janet Newcombe has given a personal guarantee in respect
        of the overdraft facility liability due to NatWest Bank Plc to a maximum of
        £25,000




Signature          Ly                    (Ie we     2oL?
                  ym                                                       05 April 2013
D — Deficiency Account

16      The Statement of Affairs does not take into account the cost of realisation
        of the assets or the cost of the liquidation     and   it ts subject     to verbal
        explanations given at the meeting of creditors



Prepared by

HARRIS LIPMAN LLP                                                                              |
COPTIC HOUSE
4-5 MOUNT STUART SQUARE
CARDIFF BAY
CF10 5EE




Signature          Vy,       hod     19r e- 20¢3
               7         7                                                     05 April 2013