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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

                                                                                                                 07991667


e@                               Name of Company


                                   Cherry Duck Limited


                                  1/We

                                 Samantha     Hawkins,    No § The Old Parsonage,   Redcroft, Redhill, BS40     5SL




@                                the liquidator(s) of the above named company attach a statement of the company affairs
                                 as afpiel 5




                                  Signed
                                             AACA                                        Date           17 Apnl 2015


                                  Hawkins Insolvency Limited                                             .
                                  No 5 The Old Parsonage                                        For Official Use
                                  Redcroft                                     Insolvency Section               Post Room
                                  Redhill
                                  BS40 5SL
                                                                                     >
                                                                                     5
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                                                                                           Al4          20/04/2015          #112
                                                                                                    COMPANIES HOUSE
 Rule 4 34-CVL                                                                           Form 4 19

                 Statement of Affairs

                 Statement as to affairs of

                 Cherry Duck Limited

                 on the 17 April 2015 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             .        Rave
WY


                 Signed


                 Dated                   he
                                          2 OG            AS
     Cherry Duck Limited                                                            A

     Estimated Statement of Affairs as at 17 April 2015



                                                               Notes   Book vaiue         Estimated
                                                                                           To realise
                                                                           £                      £

     Estimated Summary of Assets

       Nil

     Estimated total assets available for preferential
     Creditors                                                                              Nil
     Summary of Liabilities

     Preferential creditors — unpaid wages & holiday pay        2                           2980

     Estimated deficiency as regards preferential creditors                                (2,990)

     Unsecured claims
       Trade and expense creditors as per schedule B                                      (57,564)

       Notice and redundancy pay                                                                0
       HM Revenue & Customs, PAYE and VAT                                                (20,000)
       Landlord                                                                         Unknown
       Director                                            3                             (70,000)



     Estimated deficiency as regards creditors                                          (150,554)



     Subject to the costs of Liquidation
WY




Jb
Cherry Duck Limited

Schedule of Creditors                                   B


             Name of creditor       Address        Estimated
               Or claimant      (with postcode)      Claim
                                                            £

Bntish Gas                                        806 77


Celtic Fish and Game                              1,105 80


Clifton Coffee Company                            41110

Coldstar Limited
                                                  658 20

Day One Media
                                                  240

Enortia Wine Cellars Limited                      3,610 19


Fine Food Company                                 6,768 80


Fine Wines Direct UK                              1,677 97


Floral Image                                      153 40


GWS Specialist Cleaning                           420


Jane’s Pond Limited                               2,789 04


Nectar Imports Limited                            670 12


Nisbets/Jantex                                    293 71


Oxford innovation Services                        2,200


Pestokill                                         54


Powells of Olveston                               1,181 96




Samways Fish Merchants                            285 73
Strategic Resource Management   5,400


Streamline                      27,845 85




Wessex Water                    560 53


Total trade creditors           57,564.45
                           CHERRY DUCK LIMITED

                          FINANCIAL INFORMATION


                                         Unaudited a/c’s
                                            y/e 31/03/14
                                                   £’000
Turnover                                        478,184
Profit before costs                             243,237
Taxation                                       Unknown
Dividends                                              0
Director's Remuneration                                   0
Profit and loss account                        (101,218
                                             CHERRY DUCK LIMITED
                                             DEFICIENCY ACCOUNT

                                                              Notes       £
     Balance on Profit & (Loss) account 31 March 2014                 (101,218)

     Less assets written down on Statement of Affairs:




                                                                      (101,218)
     Less matters ansing on liquidation:
     Notice and redundancy                                              (2,990)


Ww   Total available to creditors                                            Nit

     Balance being apparent trading loss in penod 31 March             (49,336)
     2014 to 31 January 2015
                                                                      (150,554)
     Total Deficiency per the Statement of Affairs




     Total Deficiency to members                                      (199,890)




NY
                            CHERRY DUCK LIMTED

               DIRECTOR’S REPORT TO THE MEETING OF CREDITORS
         HELD PURSUANT TO SECTION 98-101 OF THE INSOLVENCY ACT 1986


HELD AT HAWKINS & COMPANY NO 5 THE OLD PARSONAGE, REDROFT, REDHILL, BS40 5SL
                     ON MONDAY 17 APRIL 2015 AT 11.30 AM
                             CHERRY DUCK LIMITED

                                    CONTENTS




     Statutory Information


     Director’s History of the Business and any other matters


     Statement of Affairs and creditors schedule


     Financial Information


     Deficiency Account




JB
                         CHERRY DUCK LIMITED
                        STATUTORY INFORMATION



Company Number          07991667

Date of Incorporation   15 March 2012

Nature of Business      A La Carte restaurant

Trading addresses       3 Welsh Back, Bnstol, BS1 4SL


Registered office       Hawkins and Company
                        No 5 The Old Parsonage
                        Redcroft
                        Winters Lane
                        Redhill
                        BS40 5SL

Director                Mr Jack Bain Mrs Lesley-Anne Smith (resigned)


Company Type            Limited company


Secretary               None

Auditor                 None


Chartered Accountant    Jeremy    Floyd Associates,   19 Limenck Road,    Redland,   Bnstol, BS6
                        7DY



Mortgages/Charges       Created                 Delivered                Type

None registered
           wed get
>   . Gr
     te
                                       CHERRY DUCK LIMITED

                MEMBERS’ HISTORY OF THE BUSINESS AND ANY OTHER MATTERS


Background

Cherry Duck Limited was a family owned high end a ia carte restaurant It was initially funded by family
investment This investment was made by Helen and Martin Chatfield and Jane Bain Jane and Helen
are sisters |, Jack Bain was the head chef/restaurant manager and named director of Cherry Duck
Limited

The restaurant was located on Welsh Back tn the Bnstol ‘eating district’ | purchased the lease at the
end of 2012 for £39,500 The lease duration ts for 15 years and has 11 years left to run The rental on
the lease was very high at £18,500 pa and the service charge was £2,400 pa The premises was
licensed by Bnstol City Council

We completely refurbished the restaurant to a high standard at the end of 2012 and we have maintained
the premises well We overhauled the electrics and reduced the running costs in doing so The kitchen
was completely re-fitted with commercial cooking equipment and the front of house bar was updated with
a high specification espresso coffee machine and modem, electric till, dnnk refngeration The
washrooms were updated and we completely overhauled the entrance New tables and chairs were
installed and the total investment was around £70,000

The restaurant had a net tumover of £500,000 and £400,000 pa respectively The first year was loss
making and it took until late 2013 to establish a customer base and break even We had total covers of
36 and we won the Best Newcomer Restaurant in the Bnstol Good Food Awards 2013 Tnpadvisor
rated us as excellent and we served a modem European cuisine

Problems began almost immediately, we only managed to maintain a 58% gross profit which put too
much strain on the business We were often left counting the pennies when the VAT returns had to be
filed   Las a director was not paid for many months of salary due to lack of funds The product we were
selling was too expensive and the location did not warrant a price increase We were producing a fine
dining expenence and is became obvious to all involved that the business was suffering

Insolvency Advice

In February 2015 | sought advice from Hawkins and Company, who confirmed that
Cherry Duck Limited was insolvent within the meaning of s123 of the Insolvency Act 1986 and should be
wound up The list of creditors exceeded the projected income and so the business was insolvent The
running costs were too high with limited sales The business ceased trading on 31 January 2015

Appropniate notices were signed and dispatched to creditors to cause a meeting of creditors to be
summoned

Cost associated with the liquidation

A fee of £3,500 pius 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 members and has been approved by the members for circulation