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Rule 4.34 -CVL          The Insolvency Act 1986                                                         Form 4.20




                                                                                  S.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
Name of Company                                                                          | 03452601             |

Sortcomm Limited

We,
Kevin Murphy                                          Richard Toone
Russell Square House                                  Russell Square House
10-12 Russell Square                                  10-12 Russell Square
LONDON WCIB 5LF                                       LONDON WCI1B S5LF

the liquidator(s) of the above-named company attach a statement of the company’s affairs as at 29 April 2010




 Signed
 Kevin Murphy                                          Richard Toone




Dated 29 April 2010
Chantrey Vellacott DFK LLP
Russell Square House 10-12 Russell Square, LONDON       WC1B SLF
Ref KAM/MK/BC/MH
                                                                                 For aa       Use
                                                                       Insglyency Sect         PostRoom___ |




                                                                               IAM        05105201 °
                                                                                      COMPANIES HOUSE
Rule 4 34-CVL                                                                         Form 4 19


                Statement of Affairs

                Statement as to affairs of
                Sortcomm    Limited

                on the 29th day of April 2010 being a date not more than 14 days before the date of the
                resolution for winding up




                Statement of Truth

                { believe that the facts in this Statement of Affairs are true


                Full Name Keith Taylor



                Signed        {WA     ;   KE      :


                Dated      2¢/ 2 L410
Sortcomm        Limited

A- Estimated Statement of Affairs as at 29 April 2010
                                                                                         NBV
                                                                              Notes       Draft      Estimated
                                                                                      Accounts to    to Realise
                                                                                       31-Dec-08          £
ASSETS

Sale consideration re Bancomm Limited                                          1        400,000         110,000
Cash at bank                                                                              20,193               nil

                                                                                         420,193        110,000

Assets available to Preferential Creditors                                                              110,000

PREFERENTIAL CREDITORS

Employee claims

Surplus/(Deficiency) avatlable to unsecured creditors                                                   110,000

UNSECURED CREDITORS

HM Revenue & Customs - possible CGT liability                                   3         90,138
Intercompany loans - BNB Recruitment Solutions Pic                              4        202,000
                                                                                                        (292,138)

Surplus/(Deficiency) as regards Unsecured Creditors                                                     (182,138)

ISSUED AND CALLED UP SHARE CAPITAL

Share capitat                                                                                  100
                                                                                                             (100)

Surpius/(Deficiency) as regards Members      (Subject to the costs of Winding-Up)                       (182,238)



Signed            WA      «   ¢                                                Date        21[¢[r1»
Sortcomm    Limited

Notes to the Statement of Affairs

   1 Sale consideration - Banncomm Limited
     Sortcomm Limited owned 80% of Bancomm Limited (another BNB Group Company) which was sold to Garner in December 2008
     hence the deferred consideration payable in the sum of £400 000 The estimate to realise figure has been given in the sum
     of £110,000 as Gamer are currently in finiancial difficulties and not able to make payment in full

   2 Cash at bank
     Sortcomm Limited’s bank account was closed and the balance transferred to MGMS international Limited ("MGMS ') in mid 2008
     At closure the Company transferred its rematning debtors and creditors to its sister company MGMS which collected the debtors and
     Paid off the Company's creditors

   3 HM Revenue & Customs - possible CGT tabiltty
     The Company has not filed a Corporation Tax return for the penod ended 31 December 2008 following the sale of Bancomm Limited shares
     Therefore there 1s a potential lability te HMRC in respect of CGT following the sate of the Bancomm Limited shares to Garner Pic
     which is estimated at 28% of the £321,920 profit on the sale of the investment as noted in the 2008 draft accounts

   4 intercompany loans - BNB Recruitment Solutions Pic
     This represent the amount due from the Company to BNB Recruitment Solutions Pic per the draft accounts to 31 December 2008
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