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
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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
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