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03004723_MzA2ODYyMTM4MmFkaXF6a2N4_SoA.txt
CVL50
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
[03004723
(a) Insert full Name of Company
name of company
(a) Valley Binders Limited
(b) Insert full name (b) Mark Beesley & Tracy Mary Clowry
and address Beesley Corporate Solutions,
Astute House,
Wilmslow Road,
Handforth,
Cheshire,
SK9 3HP
(c) Insert date the joint liquidators of the above named company attach a statement
of the,company’s affairs as at (c) 26 November 2012
Signed AMC Date 26 November 2012
C7
Presenter’s name,
address and
“Fc
reference (if any)
29/11/2012 #175
COMPANIES HOUSE
STATEMENT OF TRUTH OF STATEMENT OF AFFAIRS OF
Valley Binders Limited
On 26 November 2012 the date of the resolution for winding up
The attached 10 pages are to the best of my knowledge, information and
belief, a full, true and complete statement as to the affairs of the above
company as at 26"" November 2012 the date of the resolution for winding up
and that the said company carried on business as Book binding and finishing
service
Full Name(s) Ream 05909 O<09
Signed L) Gb
J eee
Address “GA, (Sjansan, Becussm?, Macerestisro
CUS dia SKID SPI
Full Name(s) Daten RESE pce “WoSaw
Signed Q <s: Dio —
Address 7, AAVDSEE& Bowe ‘ WAL cle’ \eLY
CUsSDMes SK yO BRA
Date 26 November 2012
oO: Go
NO
ESTIMATED STATEMENT OF AFFAIRS AS AT 26 NOVEMBER
INO
—_
Book Estimated
Notes Value to Realise
£ £
Assets specifically pledged
Secured Fixed Charge Creditors
Assets subject to Fixed Charge 41 0 0
Due to Natwest Bank Plc (39,921) (39,921)
Surplus carried down 0 0
Factored Book Debts 42 13,136 8,931
Less factoring agreement Due to Positive (8,931) (8,931)
Cashflow Finance Limited
Surplus carried down 4,205 0
Assets Subject to Finance
Rilecarte PB735 43 37,717 9,000
Less Lombard North Central Plc (6,500) (6,500)
Surplus/(Shortfall carried down) 31,217 2,500
Assets not specifically pledged
Plant & Machinery 44 64,064 9,200
Fixtures & Fittings 45 Nil Nil
Surplus/(Deficiency) available to
Preferential creditors 95,281 11,700
Employee Claims Arrears and Holiday Pay (3,581)
Surplus/(Deficiency) available to
prescribed part 8,119
Estimated prescribed part of net property Nil
Estimated Surplus/(Deficiency) available
to Secured Floating Charge creditors 8,119
National Westminster Bank Plc (Shortfall
Brought Down) 48 (39,921)
Estimated Surplus/(Deficiency) available
to unsecured creditors (31,802)
Unsecured creditors
HM Revenue & Customs (VAT) 49 (26,965)
HM Revenue & Customs (PAYE/NIC) 49 (22,528)
Trade & Expense Creditors 410 (17,067)
Employees Redundancy & Pay in Lieu 411 (54,842)
Total Unsecured Creditors (121,402)
Estimated deficiency as regards creditors (153,204)
Share capital (3,000)
Estimated total deficiency as regards
members (156,204)
4 NOTES TO THE ESTIMATED STATEMENT OF AFFAIRS AS AT 26
NOVEMBER 2012
Assets
Assets Specifically Pledged.
4.1. Assets subject to debenture generally
The company granted a debenture to National Westminster Bank Plc,
on 9 August 1995 which was registered on 24 August, 1995 and fixed
and floating charges over the freehold and leasehold and/or the
proceeds of sale thereof over the undertaking and all property and
assets present and future including goodwill, book debts and the
benefit of any licences
Whilst the bank’s debenture indicated that they held a fixed charge
over certain assets, given that there are no fixed charge assets the
same would be carried down to the floating charge holder
The director has advised that an amount of £39,921 remains
outstanding to the Bank A request has been sent for the bank to
confirm Its position
The director has personally guaranteed this amount in full
4.2. Book Debts — Subject to Factoring Agreement
The company entered into a factoring agreement with Positive
Commercial Finance (“PCF”) The director advised that the total book
debts outstanding in the agreement were said to total £13,136 An
amount of £8,931 was estimated to be owed to PCF
The director advises that tt is unlikely that the book debts will be
collected in full and for the sake of prudence the director has estimated
that the maximum PCF will realise from the collection process Is likely
to be £8,931 It 1s therefore anticipated that there will be no surplus to
be made available to the liquidation estate
4.3 Rilecart PB735
The company had one asset that was subject to lease purchase, the
Rilecart PB735 1s said to hold a book value of £37,717 The finance
company, Positive Commercial Finance, is believed to be owed £6,500
In outstanding finance
Given consideration to the costs associated with the removal ie
Dissembling and removing the wiing, removal from the building by
replacing a window frame and removal via crane (due the size and
weight of the machinery) plus costs of the transportation are expected
Qr 4
to be significant On this basis it is not considered to be cost effective
to sell the same at auction
An estimated to realise value of £9,000 has been attributed to the
Rilecart as the director has stated his interest in purchasing the equity
(£2,500) in the asset from the company
Assets not Specifically Pledged.
4.4 Plant & Machinery
The Director advised the company owned plant & machinery, which
according to the accounts for the year ended 31 September 2011 the
assets comprising of various binding machinery and some fixtures and
fittings have a book value of £64,064
The director stated his interest in purchasing these assets from the
liquidation estate and therefore an offer of £9,200 has been received in
relation to the same The independent Valuers, A D Shepherds
Auctioneers considered that a sale at this consideration to be
acceptable
4.5 Fixtures and Fittings
In the accounts for the year ending 30 September 2011, the fixtures
and fittings comprising of office equipment were written down to ENII
Whilst the book value was considered to be £Nil there are various
smaller items of office equipment which the director wishes to
purchase The same were included in the director's offer for the plant
and machinery
See 4 4 above
Creditors
4.6 Preferential Creditors
It is estimated that there will be a claim from six employees for
outstanding wages and holiday pay The claim in this regard will
constitute a preferential claim
4.7 Prescribed Part
This represents the amount of the net property available for the
satisfaction of unsecured debts in accordance with S176A(2) of the
Insolvency Act 1986 (as amended) and pursuant to Rule 4 49-CVL(2)
of the Insolvency Act 1986
®
\s
The prescribed part is not applicable in this case as the value of the
company’s net property of £8,119 Is less than the prescribed minimum
(£10,000)
4.8 National Westminster Bank Pic
See note 4 1
This represents amounts owed to National Westminster Bank Plc The
bank has not yet formally confirmed the current outstanding balances
4.9 HM Revenue & Customs
The director has estimated that a total of £26,965 1s owed to the HM
Revenue & Customs in regards to VAT for the period April 2012 to
October 2012
A further £22,528 1s owed to them in relation to PAYE/NIC
The director has advised that no amounts are owed in relation to HM
Revenue & Customs in relation to Corporation Tax
4.10 Trade and Expense Creditors
The amounts stated in the statement of affairs have been supplied by
the director who believes that these creditors have outstanding monies
owed to them The figure detailed in the estimated Statement of Affairs
Is subject to the agreement of creditors’ claims Creditors’ amounts
include VAT where applicable
4.11. Employee Claim
This represents the estimated liability in respect of redundancy and pay
in lieu of notice due to the employees
4.12 General
The estimated Statement of Affairs 1s subject to the Liquidator’s costs and
disbursements and the costs of the agents and solicitors employed by the
Liquidator
The figures detailed in the estimated statement of affairs are subject to the
agreement of creditor claims
An independent valuation was undertaken by James Booth of Charles Taylor
Auctioneers who is qualified by experience A second valuation was
undertaken by Mr A D Shepherd of Shepherd Auctioneers was undertaken
The valuation undertaken by Mr A D Shepherd, has been relied upon for the
purposes of the statement of affairs
There are no known retention of title claims
§. SCHEDULE OF CREDITORS
Creditor Reference Amount £
Secured Creditors
National Westminster Bank Plc 39,921 26
PO Box 16337
7 Brindley Place
Birmingham
B2 2YH
Positive Commercial Finance
Castlefield House
48 Liverpool Road
Manchester
M3 4SB
Total Secured Creditors £ 39,921.26
Preferential Creditors
Ms GA Buckley 487 20
20 Elsdon Drive
Gorton
Manchester
M18 8WG
Ms N Hodson 476 00
10 Meadow Rise
Simmondley
Glossop
SK13 9UT
Ms I Hughes 392 00
13 Parkett Heyes Road
Macclesfield
Cheshire
SK11 8UD
Mr William Osbaldiston 886 30
47 Cedarway
Bollington
Macclesfield
SKI0O SNR
Ms Christine Osbaldiston 1,027 84
47 Cedarway
Bollington
Macclesfield
SKIO SNR
Ms | E Wadsworth 312 00
OD &
12 Coope Road
Bollington
Macclesfield
SK10 SAE
Total Preferential Creditors £ 3,581 34
Non-Preferential Creditors
Ascendis Finance Ltd
2nd Floor
683-693 Wilmslow Road
Didsbury
Manchester M20 6RE
Ms GA Buckley 3,480 00
20 Elsdon Drive
Gorton
Manchester
M18 8WG
CB Adhesives 3,199 92
Adlington Industrial Estate
London Road
Adlington
Macclesfield SK10 4NL
Mr Roger Terence Dobson
7 Landseer Drive
Macclesfield
SKI0 3RU
HMRC (ICHU) 582/RA55607 / 582/PA0-0214543
Room BP3202 Warkworth House
Benton Park View Longbenton
Newcastle upon Tyne
NE98 1ZZ
HMRC Insolvency & Securities
3rd Floor Euston Tower
286 Euston Road
London
NWI 3UQ
HM Revenue & Customs 616222863 26,965 00
HMRC National Insolvency Unit
5th Floor, Regian House
James Street, Liverpool
L75 [AD
HM Revenue & Customs 582/RA55607 22,528 00
Markham House
Markham Road
Chesterfield
S40 ISR
QP AB
Mr P Maguire 616 2228 63
HMRC
Vat Debt Management & Banking
Debt Technical Office, Ist Floor
Queens Dock, Liverpool L74 4AG
Ms N Hodson 11,730 00
10 Meadow Rise
Simmondley
Glossop
SK13 9UT
Lombard Agr No AE24001134
120 Moorgate
Rotherham
South Yorkshire
S60 2UA
Ms | Hughes 2,800 00
13 Parkett Heyes Road
Macclesfield
Cheshire
SK11 8UD
Maverick Wires Limited 4,308 81
Unit 19 Leys Lane
Emley Business Park
Emley
Huddersfield, HD8 9QY
NatWest Bank plc
PO Box 16337
7 Brindley Place
Birmingham
B2 2YH
NatWest Manchester City Centre see above
11 Spring Gardens
Manchester
M60 2BD
Mr William Osbaldiston 16,181 51
47 Cedarway
Bollington
Macclesfield
SK1i0 SNR
Ms Christine Osbaldiston 20,220 41
47 Cedarway
Bollington
Macclesfield
SK10 5NR
PDC Presentation Solutions Ltd 581 19
Unit 14A Fleetway Business Park
Wadsworth Road
Perivale
Middlesex UB6 7LD
Positive Commercial Finance
Castlefield House
48 Liverpool Road
Manchester
M3 4SB
Print Finishing Specialities 1,037 76
The Oid Brake Lining Factory
Standen Lane, Buxton
Buxton, Derby
SK17 9RZ
Simplyhealth 485 45
Simplyhea!th House
Derwent Avenue
Manchester
M21 7QS
Strand Paper (Northern) Ltd 7,453 89
100 Main Street
Bingley
West Yorkshire
BD16 2JH
Ms I E Wadsworth 430 00
12 Coope Road
Bollington
Macclesfield
SK10 SAE
Total Unsecured Creditors £ 121,401.90
GRAND TOTAL £ 164,904.50
6 SHAREHOLDERS
£
Roger Terence Dobson 1,000 ordinary share @ £1 00 1,000 00
7 Landseer Drive
Macclesfield
SK10 3RU
William Osbaldiston 1,000 ordinary share @ £1 00 1,000 00
47 Cedarway
Bollington
Macclesfield
SK10 5NR
Christine Olbaldiston 4,000 ordinary share @ £1 00 1,000 00
47 Cedarway
Bollington
Macclesfield
SK10 5NR
Total 3,000 00