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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

                                                                                                                  02994639


                           Name of Company


                             City Fund Management Limited


                           We

                           Barry David Lewis      FCA   FABRP,     2 Mountview   Court,   310      Friern     Barnet   Lane,   Whetstone,
                           London, N20 0YZ

                           Jonathan David Bass FCCA         FABRP,   2 Mountview Court, 310 Friern Barnet Lane, Whetstone,
                           London, N20 0YZ




                           the liquidator(s) of the above named company attach a statement of the company affairs
                           as at 15 June 2015




                           Signed                                                    Date                   15 June 2015
                                                              NN      XO


                           A eae            vat                                             For Official Use
                           310 Friern Barnet Lane                          Insolvency Section           |         Post Room
                           Whetstone

                           N20   0YZ                                                 >
                                                                                     a
                           Ref      C3647/BDL/JDB/SOA                                &                         SONNOVE
Software Supplied by Turnkey Computer Technology Limited Glasgow                             A06               19/06/2015         #208
                                                                                                       COMPANIES HOUSE
Rule 4 34-CVL                                                                           Form 4 19

                Statement of Affairs

                Statement as to affairs of

                City Fund Management Limited

                on the 15 June 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             FiZ/Ppo             DA=z          CANTO


                Signed                My         pe     a


                Dated                   (f-0S —- Zot
City Fund Management Limited
Statement Of Affairs as at 15 June 2015

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

Assets subject to fixed charge
Leasehold Improvements                                               39,916 02              NIL
Rent Deposits                                                        69,034 00        69,034 00
Montagu Evans LLP- Rent arrears                                                     (36,805 68)
                                                                                     32,228 32            32,228 32

Assets subject to floating charge

Uncharged assets
Furniture & Equipment                                                25,400 81                             1,100 00
FDCity Limited                                                       72,000 00                                  NIL
FDCity Holdings Limited                                               8,700 00                            Uncertain
Prepayments                                                          30,671 40                            Uncertain
Book Debts                                                           23,178 00                            23,178 00
Ares Fund Management Account                                             3,978 37                          3,978 37
Cash at Bank                                                         10,798 39                            10,798 39
Tarpon Trading LLC                                                   16,255 00                            Uncertain

Estimated total assets available for preferential creditors                                               71,283 08




Signature    thy,       he   Y'                     Date      Ur    OS     201
City Fund Management Limited
Statement Of Affairs as at 15 June 2015

Ai - Summary of Liabilities
                                                                                                          Estimated to
                                                                                                               Realise
                                                                                                                      £

Estimated total assets available for preferential creditors (Carried from Page A)                             71,283 08

Liabilities
     Preferential Creditors -
          Employees                                                                        10,596 25
                                                                                                              10,596 25
Estimated deficiency/surplus as regards preferential creditors                                                60,686 83

Debts secured by floating charge pre 15 September 2003
Other Pre 15 September 2003 Floating Charge Creditors
                                                                                                                    NIL
                                                                                                              60,686 83

Estimated prescribed part of net property where applicable (to carry forward)                                       NIL
Estimated total assets available for floating charge holders                                                  60,686 83

Debts secured by floating charges post 15 September 2003
                                                                                                                     NIL
Estimated deficiency/surpius of assets after floating charges                                                 60,686 83

Estimated prescribed part of net property where applicable (brought down)                                            NIL
Total assets available to unsecured creditors                                                                 60,686 83

Unsecured non-preferential claims (excluding any shortfall to floating charge holders)
        Trade & Expense Creditors                                                         430,617    28
        Employees                                                                          41,141    02
        Directors                                                                          26,000    00
        Banks/Institutions (Credit card)                                                     1,120   44
        HM Revenue and Customs - PAYE & NIC                                                21,050    34
         Rates                                                                             31,909 20
         Intercompany Debts                                                                24,000 00
         Associated Party Claim                                                                  100
                                                                                                             575,839 28
Estimated deficiency/surplus as regards non-preferential creditors
(excluding any shortfall in respect of F C's post 14 September 2003)                                        (515,152 45)

Estimated deficiency/surplus as regards creditors                                                           (515,152 45)

Issued and called up capita!
        Ordinary Shareholders                                                            4,424,060 41
        Share Premium                                                                    1,583,730 76
                                                                                                            3,007,791 17
Estimated total deficiency/surplus as regards members                                                     (3,522,943 62)




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D - Deficiency Account

CITY FUND MANAGEMENT                   LIMITED

                                                               Notes                   £

Surplus / (Deficit) to the shareholders per the                        1           543,759 00
Company’s financial statements as at 30 June
2013

Estimated deficiency on realisation or sale of                         2         (228,648 91)
assets in the liquidation

Less      Employee related claims which arose on                       3           (13,321 84)
Liquidation (Redundancy pay & payment in lieu of
notice)

Estimate profit / (loss) on trading for the period                  4            (816,940 70)
from 1 July 2013 to 15 June 2015 (8)

Estimated deficiency as regards Creditors                                        (515,152 45)

Less      Write off of the share capital and share                     5       (3,007,791       17)
premium

Estimated deficiency as regards Members                                6       (3,522,943 62)



The following notes form an integral part of the above statement


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

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

          These are claims from members of staff which would not normally arise in
          the course of trading, and only arise upon cessation of trade They are in
          relation to redundancy pay and payment in lieu of notice

          This is an estimated figure for the profit/oss in the final trading period since
          the   last filed financial    statements   In this   instance    it is the       estimated
          profit/loss for the 23 months period since the last financial statements               The
          figure is a balancing figure (B) and therefore an estimate

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




Signature       Tif! M     oh          tr ~06 -207-
                                                                                       15 June 2015
D — Deficiency Account

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

           The assets have been professtonally valued by Willams and Partners of 11
           Leys Business Centre, Chelmsford Road, High Ongar, Essex, CM5 9NW

           The company holds a lease to a property at 52-54 Gracechurch Street The
           book value for the leasehold improvements has been extracted from the
           company’s management account At the date of preparing this statement
           the estimated to realise value ts nil

           Attributed to the aforementioned property is the rent deposits with a book
           value of £69,034 00 which have been extracted from the company’s
           management account however it is anticipated that the landlords will net off
           the outstanding rent arrears of £36,805 68, therefore the estimated to
           realise balance is shown as £32,228 32

10          The book value for the furniture & equipment has been extracted from the
            company’s management accounts However, the minimal estimated to
            realise value is based on the opinion of the professional valuer and due to
            the nature of the asset

11          The book values detailed for FDCity Limited & FDCity Holdings Limited has
            been extracted from the company’s management account These amounts
            are owed to CFM Limited as a result of inter-company transactions
            However, FDCity Limited ceased trading in April 2015 and ts scheduled to
            be placed into liquidation It would appear that the prospect of a dividend to
            CFM Limited is minimal therefore the estimated to realise value is Nil With
            regards to FDCity Holdings Limited, the estimated to realise value ts
            uncertain at this stage.

    12      Prepayments    have been extracted from the company’s management
            accounts At    this stage it is uncertain whether any amounts can be
            realised

    13      The book debts are stated after accounting for creditor contras This value
            has been extracted from the company’s management accounts             It ts
            anticipated that this amount will be realised in full

    14      The Ares fund management account and cash at bank amounts represents
            the funds held in the company’s bank accounts This will be realised and
            transferred to the estate account in due course

    15      The book value detailed for Tarpon Trading LLC has been extracted from
            the company’s management account It Is believed that a $25,000 is owed
            to the company of which a cheque of $1,000 has been received Therefore
            for the purpose of the statement of affairs the $25,000 value has been
            converted in to Sterling at a rate of $1 to £065, giving a figure of
            £16,255 00 Due to ongoing disputes on the validity of the transaction, the
            estimated to realise value is uncertain at this stage


    Signature   Typ    he Le        tr -06    ~2077-
                                                                              15 June 2015
D - Deficiency Account

16    There is a charge over credit balances in the sum of £25,000 which was
      granted to National Westminster Bank Plc of 41Lothbury, London EC2P
      2BP on 17 April 1997 and registered to Companies House on 29 April
      1997 A verbal and written confirmation has been received from the charge
      holders stating that the charge had been satisfied but the MR04 form ts yet
      to be filed on Companies house Therefore, no funds remain outstanding in
      respect of this charge

17    The amounts        shown      in    respect   of     preferential    creditors        have   been
      estimated

18    The estimated employee debts relate to arrears of wages, holiday, notice
      and redundancy pay that have been calculated from the company’s wage
      records and a breakdown !s as follows

                             Arrears of wages         £29,419     18
                             Holiday pay               £9,005     25
                             Notice pay               £10,073     84
                             Redundancy pay          _ £3,248     00
                                                         £51,746 27

19    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

20    The amounts detailed as owed to HM Revenue & Customs in respect of
      PAYE & NIC are estimated as the company has not filed its final returns at
      this stage

21    The     Intercompany       debts     figure   was      extracted     from      the    company’s
      management        accounts    and    has yet to be verified         At this stage      no mutual
      set off has been applied

22    The Directors claim of £26,000 00 was extracted from the company’s
      management accounts and is In respect of loan made to the company by
      Filippo Dal Canto

23    The Associated Party Claim of £1 00 relates to Mr John Jackson's alleged
      claim which will be heard by an Employment Tribunal at Victory House, 30-
      34    Kingsway,   London,     WC2B      6EX   from     16 June      2015    till 26   June   2015
      Once a monetary Judgement Is awarded, this will be lodged as his claim in
      the liquidation At this stage, a monetary value cannot be placed on his
      claim

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




Signature Tye      Mea             4° -0 67-20 fr
                                                                                            15 June 2015
D - Deficiency Account

Prepared by

Harris Lipman LLP
2 Mountview Court
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Signature   hy    Vid    cb   Bo~06-2006r
                                            15 June 2015

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02758555_MjAyNDM0MzE1NWFkaXF6a2N4_SoA.txt 2026-01-18 04:33:43 6,469 B View  |  Open raw  |  Download
02758555_MzEwNzkyMDg1MWFkaXF6a2N4_SoA.txt 2026-01-18 04:33:35 6,127 B View  |  Open raw  |  Download
02759426_MzA3MTUzMTA1MmFkaXF6a2N4_SoA.txt 2026-01-17 19:05:09 15,183 B View  |  Open raw  |  Download
02759570_MzExNjgxODIwOWFkaXF6a2N4_SoA.txt 2026-01-17 08:19:06 16,647 B View  |  Open raw  |  Download
02762766_MzA5NTE0OTY5OWFkaXF6a2N4_SoA.txt 2026-01-17 16:27:16 28,897 B View  |  Open raw  |  Download
02762819_MzA4NTgzNjk4OGFkaXF6a2N4_SoA.txt 2026-01-17 10:44:56 19,462 B View  |  Open raw  |  Download
02764320_MzA5NjUyNTQwN2FkaXF6a2N4_SoA.txt 2026-01-17 11:48:31 12,106 B View  |  Open raw  |  Download
02767155_MzAyODU1MzY0NmFkaXF6a2N4_SoA.txt 2026-01-17 22:05:50 22,003 B View  |  Open raw  |  Download
02769843_MzA5MjM1OTY1NmFkaXF6a2N4_SoA.txt 2026-01-18 05:29:27 12,570 B View  |  Open raw  |  Download
02770468_MzEyNDM3MTQxMWFkaXF6a2N4_SoA.txt 2026-01-18 11:11:22 32,228 B View  |  Open raw  |  Download
02771023_MTU4NTkwMjAyYWRpcXprY3g_SoA.txt 2026-01-18 02:26:50 12,086 B View  |  Open raw  |  Download
02775368_MzA5ODI0OTYzMmFkaXF6a2N4_SoA.txt 2026-01-17 12:10:30 66,436 B View  |  Open raw  |  Download
02776456_MzEwNDE2NDA2MGFkaXF6a2N4_SoA.txt 2026-01-17 12:17:01 28,818 B View  |  Open raw  |  Download
02777651_MzAzMjA4MTI2NmFkaXF6a2N4_SoA.txt 2026-01-17 20:26:40 45,252 B View  |  Open raw  |  Download
02778011_MzA3NTczNDEzMGFkaXF6a2N4_SoA.txt 2026-01-18 01:33:00 15,550 B View  |  Open raw  |  Download
02780838_MzExNTc5NzIyNmFkaXF6a2N4_SoA.txt 2026-01-17 06:01:04 10,665 B View  |  Open raw  |  Download
02783210_MzEwMTU2MzY4NmFkaXF6a2N4_SoA.txt 2026-01-17 05:56:09 12,494 B View  |  Open raw  |  Download
02784204_MzA3NDEwODE0M2FkaXF6a2N4_SoA.txt 2026-01-17 15:11:23 9,967 B View  |  Open raw  |  Download
02788278_MzA2MTY4OTg3NWFkaXF6a2N4_SoA.txt 2026-01-18 09:18:45 17,008 B View  |  Open raw  |  Download
02796258_MzExOTkyMjkwNmFkaXF6a2N4_SoA.txt 2026-01-17 19:57:35 7,507 B View  |  Open raw  |  Download
02796796_MzEyMjYzNjEyN2FkaXF6a2N4_SoA.txt 2026-01-18 01:07:31 9,247 B View  |  Open raw  |  Download
02797492_MzAxMDI2MTM3NmFkaXF6a2N4_SoA.txt 2026-01-17 15:50:36 21,121 B View  |  Open raw  |  Download
02798394_MzA3MzkzMzU1MGFkaXF6a2N4_SoA.txt 2026-01-17 17:12:10 18,394 B View  |  Open raw  |  Download
02801203_MzEyMTUxMDE5N2FkaXF6a2N4_SoA.txt 2026-01-17 23:43:26 12,712 B View  |  Open raw  |  Download
02802184_MzEyNDkwMTAwM2FkaXF6a2N4_SoA.txt 2026-01-18 12:13:32 10,893 B View  |  Open raw  |  Download
02802575_MzEyNDA2MTUwM2FkaXF6a2N4_SoA.txt 2026-01-18 07:14:32 8,719 B View  |  Open raw  |  Download
02803702_MzA1NDIwMzQ1OGFkaXF6a2N4_SoA.txt 2026-01-17 16:28:58 9,580 B View  |  Open raw  |  Download
02804704_MzEyMTE1MTk1NmFkaXF6a2N4_SoA.txt 2026-01-17 23:08:35 11,060 B View  |  Open raw  |  Download
02806277_MzAzNzA4NzA0NmFkaXF6a2N4_SoA.txt 2026-01-18 10:38:35 26,018 B View  |  Open raw  |  Download
02806379_MzA1NDQ2MTA0N2FkaXF6a2N4_SoA.txt 2026-01-18 13:28:31 10,363 B View  |  Open raw  |  Download
02807185_MTkyMDM5NzkzYWRpcXprY3g_SoA.txt 2026-01-18 06:28:41 19,718 B View  |  Open raw  |  Download
02809793_MzEyMjY0OTUxN2FkaXF6a2N4_SoA.txt 2026-01-18 02:23:21 24,486 B View  |  Open raw  |  Download
02810398_MzEyMTU1OTYxNGFkaXF6a2N4_SoA.txt 2026-01-18 00:04:14 9,161 B View  |  Open raw  |  Download
02812795_MzExNjc0MzY3MmFkaXF6a2N4_SoA.txt 2026-01-17 08:15:50 18,318 B View  |  Open raw  |  Download
02814983_MzEyNDM2OTc3OWFkaXF6a2N4_SoA.txt 2026-01-18 09:04:05 19,880 B View  |  Open raw  |  Download
02815596_MzA4NDM0MDk0OGFkaXF6a2N4_SoA.txt 2026-01-18 01:55:23 13,360 B View  |  Open raw  |  Download
02817959_MzEyMzA3NTIwNmFkaXF6a2N4_SoA.txt 2026-01-18 02:20:23 8,869 B View  |  Open raw  |  Download
02818026_MzAxMzY2MjQzNWFkaXF6a2N4_SoA.txt 2026-01-17 17:28:42 28,554 B View  |  Open raw  |  Download
02819749_MzEyMTY3MzA4MWFkaXF6a2N4_SoA.txt 2026-01-18 00:20:14 19,891 B View  |  Open raw  |  Download
02822790_MzExODY4MzY4OGFkaXF6a2N4_SoA.txt 2026-01-17 11:20:38 10,556 B View  |  Open raw  |  Download
02823042_MzA3MjE5NzU2OWFkaXF6a2N4_SoA.txt 2026-01-17 15:09:26 11,118 B View  |  Open raw  |  Download
02823357_MzA5OTAzNTQ4OWFkaXF6a2N4_SoA.txt 2026-01-18 00:51:26 78,952 B View  |  Open raw  |  Download
02827331_MzA5NjIwMTIwOGFkaXF6a2N4_SoA.txt 2026-01-17 16:56:39 8,712 B View  |  Open raw  |  Download
02828862_MzA3ODkwMDAzN2FkaXF6a2N4_SoA.txt 2026-01-17 21:53:41 30,686 B View  |  Open raw  |  Download
02829354_MzExNTc1NTg1NWFkaXF6a2N4_SoA.txt 2026-01-17 03:38:57 13,435 B View  |  Open raw  |  Download
02832417_MzEyMzQ0NDE0N2FkaXF6a2N4_SoA.txt 2026-01-18 05:48:57 19,028 B View  |  Open raw  |  Download
02832871_MzEyMDkwMjIxMWFkaXF6a2N4_SoA.txt 2026-01-17 20:18:35 7,831 B View  |  Open raw  |  Download
02833614_MzExOTM5ODcyOWFkaXF6a2N4_SoA.txt 2026-01-17 16:16:44 12,325 B View  |  Open raw  |  Download
02835914_MzA5Mzk5NzA4OGFkaXF6a2N4_SoA.txt 2026-01-17 10:45:38 9,550 B View  |  Open raw  |  Download
02837330_MzA1MDY3OTU3OWFkaXF6a2N4_SoA.txt 2026-01-18 12:49:57 49,292 B View  |  Open raw  |  Download
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