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
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|---|---|---|---|
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| 09288489_MzEyNDU5MDcxN2FkaXF6a2N4_SoA.txt | 2026-01-18 11:03:11 | 10,019 B | View | Open raw | Download |
| 09292860_MzEyMzUyNTc0MGFkaXF6a2N4_SoA.txt | 2026-01-18 07:14:57 | 17,332 B | View | Open raw | Download |
| 09312508_MzEyMTcwMTQwMGFkaXF6a2N4_SoA.txt | 2026-01-18 02:18:31 | 13,090 B | View | Open raw | Download |
| 09319049_MzEzNjA2NjQzOWFkaXF6a2N4_SoA.txt | 2026-01-17 18:57:24 | 10,885 B | View | Open raw | Download |
| 09326347_MzEyNDA2MDk1N2FkaXF6a2N4_SoA.txt | 2026-01-18 07:16:10 | 26,232 B | View | Open raw | Download |
| 09331585_MzEyNDQ0Njc5MWFkaXF6a2N4_SoA.txt | 2026-01-18 12:09:18 | 14,227 B | View | Open raw | Download |