TXT Random Viewer

Rule 4 34-CVL The insolvency Act 1986                                                  Form 4 20




                                  5.95/99
STATEMENT OF COMPANY'S AFFAIRS
Pursuant to Section 95/99 of the Insolvency Act 1986


                                                                    For official use




                                                                    Company     Number

                                                                      02560194
To the Registrar of Companies Company    Number

MORGAN         POLYMERS LIMITED


[Insert full name(s) and address(es)]

I,J M Titley the Joint Liquidator of the above named Company, attach a statement of the
Company's affairs as at 10 February 2012


                   J    =
Signed                 Cat                                  Date   10 February 2012




ze
Presentor's name, address and reference (if
any)




                                                                      oT
                                         For official use
Leonard Curtis




For official use                                                                 15/02/2012
                                                                             COMPANIES HOUSE
Rule 4 34-CVL                                                                                         Form 4 19




                    Statement of Affairs


                    Statement as to affairs of

                    MORGAN POLYMERS LIMITED
                    on the 10 February 2012 being a date not more than 14 days before the date of the resolution for
                    winding up




                    Statement of truth

                    | believe that the facts stated in this Statement of Affairs are true




                    Fullname     UMiCeer                   erebdieric. Me                   2a   aS




                    Signed 22                    ar           Hove

                    Dated            \o\z\ iea




CVLMF419 06-04-10
MORGAN POLYMERS LIMITED


                                                                                                    APPENDIX |

                      DIRECTOR'S ESTIMATED STATEMENT OF AFFAIRS AS AT 10 FEBRUARY 2012

                                                                Book value               Estimated to Realise
                                                  Note      £                £              £             £
Assets specifically pledged
Debtors                                             1      28,196                          28,196
less RBS Invoice Finance                                 (24,036)                        (24,036)
Surplus / (Shortfall) as regards charge holder                                   4,160                    4,160

Assets not specifically pledged
Cash at Bank / in Hand                             3        3,000                           3,000
Plant & Machinery                                  3       15,860                           3,100
Fixtures & Fittings                                3        4,668                           1,500
Non Factored Debtor                                3        5,000                           2,500
Stock                                              3        5,000                           1,500
                                                                             33,528                      11,600
                                                                             37,688                      15,760
Preferential creditors
Employee claims / ERA 2006 claims (est )           4                         (5,000)                    (5,000)
Net property available for prescribed part                                   32,688                      10,760

Less: Prescribed part calculation                  5                             (N/a)                        (Nia)
Available for floating charge creditor                                       32,688                      10,760
Shortfall as regards charge holder                                              (Nil)                       (Nil)
Surplus/ (shortfall) - floating charge holder                                32,688                      10,760

Add back prescribed part                                                         N/a                        Nia
Available for unsecured creditors                                            32,688                      10,760

Ordinary Unsecured creditors
Employee claims / ERA 2006 claims (est )           4     (10,000)                        (10,000)
HM Revenue & Customs — PAYE / NI (est)             6      (7,490)                         (7,490)
HM Revenue & Customs - VAT (est )                  6     (30,000)                        (30,000)
Directors’ Loan Account                            7      (2,951)                         (2,951)
Trade and expense creditors (est )                 8     (69,706)                        (69,706)
Total value of unsecured creditors                                      (120,147)                   _(120,147)
                                                                         (87,459)                     (109,387)
Shortfall as regards floating charge creditor                                 (Nil)                 _ {Ni
Total estimated deficiency as regards creditors                          (87,459)                     (109,387)
Issued share capital                                                       (1,000)                  ___ (1,000)
Estimated deficiency as regards members                                  (88,459)                     (110,387)




Signed De         ar       Jog                                        10 February 2012
        Maureen Morgan               ‘
MORGAN POLYMERS LIMITED


                                                                                                             APPENDIX II

                               NOTES TO THE ESTIMATED STATEMENT OF AFFAIRS

All book values have been taken from the Company's {atest financial information or from valuations obtained from
independent valuation agents It should be noted that the no provision has been made for the costs of preparation of the
same, the costs of convening the meetings of members and creditors, agents’ costs or the costs and expenses of the
Liquidation


         Factored Debtors
         The book value of the Factored Debtors has been provided from information from the director and from
         information in the company books and records The debtors are factored by RBS Invoice Finance, It is
         understood that the debtors will be realised in full The potential surplus will be subject to final fees and
         termination charges which may be applied by RBSIF
         RBS Commercial Services /RBS invoice Finance (“RBS”)
         RBS hold a fixed and floating charge against the Company created on 28 November 2005 and registered on 2
         December 2005
        Cash at Bank/ In Hand
         Leonard Curtis is holding an amount of £3,000 in respect of monies received from the Company's bank
         account
         Plant & Machinery
         The book value of the Plant & Machinery has been extracted from the financial statements for the year ended
         31 March 2010 and has been subject to an independent valuation by the firm Charles Taylor, who have been
         provisionally instructed by the nominated liquidators   The estimated to realise value has been extracted from
        the valuation report for the purpose in the Statement of Affairs
         Fixtures & Fittings
        The book value of the Fixtures & Fittings has been has been extracted from the financial statements for the
        year ended 31 March 2010 and has been subject to an independent valuation by the firm Charles Taylor, who
        have been provisionally instructed by the nominated liquidators      The estimated to realise value have been
        extracted from the valuation report for the purpose in the Statement of Affairs
        Motor Vehicles
        The director has indicated that the motor vehicle previously shown in the in the financial statements for the year
        ended 31 March 2010 with a book value Motor Vehicle was £5,041has been disposed of and is no longer an
        asset of the Company
        Non-factored debtor
        The book value of the Non Factored Debtor has been provided from information provided by the directors A
        general bad debt provision of 50% has been applied fro the purposes of the statement of affairs
        Stock
        The Stock has been subject to an independent valuation by the firm Charles Taylor, who have been
        provisionally instructed by the nominated liquidators The book value and estimated to realise value have been
        extracted from the valuation report for the purpose in the Statement of Affairs     The Stock 1s also subject to
        Retention of Title claims




        p.



wear              . On         tag             —                             10 February 2012
       Maureen   Morgan
MORGAN POLYMERS LIMITED

                                                                                                         APPENDIX II

                        NOTES TO THE ESTIMATED STATEMENT OF AFFAIRS (cont.)

4,    Preferential creditors
      The Company had 5 employees who will be entitled to claim arrears of pay and holiday pay (subject to certain
      limits) from the Redundancy Payments Office (“RPO”) (a government department) The RPO will then lodge a
      preferential claim against the Company in respect of the payments it has made     Preferential claims have been
      estimated at £5,000 for the purposes of the statement of affairs
      Employees will also be able to lodge redundancy claims and compensation claims as a result of not receiving
      statutory notice of redundancy with the RPO These claims will also be paid by the RPO (subject to certain
      limits), who will lodge an unsecured claim against the Company
5.    Prescribed part
      The Insolvency Act 1986 provides that, where a company has created a floating charge after 15 September
      2003, a prescribed part of the company's net property must be made available to the unsecured creditors and
      not be distributed to the floating charge holder except in so far as it exceeds the amount required for the
      satisfaction of unsecured claims
      The method of calculating the prescribed part is given below
       Where the net property does not exceed £10,000
      50% of that property
       Where the net property exceeds £10,000
      50% of the first £10,000, plus 20% of the property which exceeds £10,000, up to a maximum prescribed part of
      £600,000
      Based upon the information currently available, it is estimated that no prescribed part fund will be available in
      this case.
6.    H M Revenue & Customs — PAYE / NI & VAT
      The liability to HMRC in respect of unpaid PAYE, NIC and VAT has been extracted from the Company's books
      and records The outstanding liabilities are in respect of the following periods
      PAYE /NIC - 2010/2011
      VAT - 2010/2011
T.    Directors’ Loan Account
      The directors have introduced personal funds into the Company over its trading life, which remain outstanding
      The figures are not regarded as agreed amounts for the purposes of the liquidation procedure

8.    Trade and expense creditors
      Details of the Company's trade and expense creditors have been extracted from the Company's books and
      records A detailed list of these amounts has been provided at Appendix Il The amounts shown should not be
      regarded as agreed




sored, Sk        Q\     Jeg                                               10 February 2012
     Maureen   Morgan
MORGAN POLYMERS LIMITED

                                                                       APPENDIX Ill

                            SCHEDULE OF CREDITORS

See attached list




Signed De           Gq    DOG                       10 February 2012
       Maureen   Mofgan
B - Company Creditors                                Page          4


Code             Name & Address                             Amount of Debt

C0001            Clarkes Transport Limited                         £733 74
                 PO Box 9837
                 Station Road
                 Oldbury
                West Midlands
                 Bés 4WD
co0002           H & M Distribution Limited                        £433 20
                 Junction Lane
                 Sankey Valley Ind Est
                 Newton Le Willows
                WA12 8DN


C0003            Hammond Chemicals                               £1,481 16
                 Canal Street
                 Brierley Hill
                 West Midlands
                 DY5 1JR

C0004            Brenntag UK Limited                            £12,885 10
                 Westingtonhouse Road
                 Trafford Park
                 Manchester
                 M17 1QB


C0005            Eckart UK Limited                                 £433 20
                 Unit C The Sidings
                 Station Road
                 Ampthill
                 Bedfordshire
                 MK45 2QY
C0006            Floor Prep Surfaces                             £2,147 30
                 38c Hoylake Road
                 Southpark ind Est
                 Scunthorpe
                 North Lincs
                 DN17 2AZ
C0007           Omya UK Limited                                  £5,376 88
                Wyvern Business Park
                 Stephensons Way
                 Derby
                 Derbyshire
                 DE21 6LY
C0008            Cambrian                                          £205 55
                 Unit 32 Mochdre Ind Est
                 Newton
                 Powys
                 SY16 4LE




                signature 0-2 en Jeq_         Date
M672Q
B - Company Creditors                            Page          2


Code             Name & Address                         Amount of Debt
co009            Fenton Packaging Ltd                        £7,611 06
                 Bridge Street
                 Morley
                 LS27 OLE



C0010            IMCD UK Limited                               £786 60
                 Times House
                 Throwley Way Sutton
                 Surrey
                 SM1 4AF


ca0t4            Angel Springs Limited                             £26 11
                 Signature House
                 Spring Road
                 Lanesfield Drive
                 Ettingshall
                 Wolverhampton
                 WV4 6UB
C0012            Bostick                                       £705 98
                 Common Road
                 Staffordshire
                 ST16 3EH



C0013            Incorez Limited                             £7,020 00
                 lotech House
                 Miller Street
                 Preston
                 Lancs
                 PR1 1EA
co0t4            RLM Packaging Limited                       £2,341 91
                 Dairycoates Ind Est
                 Wiltshire Road
                 Hull
                 HU4 6PA


C0015            Stort                                       £1,022 54
                 6 Ducketts Wharf
                 South Street
                 Bishops Stortford
                 Herts
                 CM23 3AR
C0016            Tennants Distribution Limited              £10,299 60
                 Hazelbottom Road
                 Cheetham
                 Manchester
                 M8 0OGR




                 signature    8s Oo dat
M672Q
 B - Company Creditors                                   Page


“Code             Name & Address                                Amount of Debt
 C0017           Amphorea                                              £656 64
                 6a Riverside
                 Dukinfield
                 SK16 4HE



C0018            Pearl Chemicals                                     £3,600 00
                 Whitebridge Est
                 Whitebndge Lane
                 Stone
                 Staffordshire
                 ST15 8LQ
C0019            Rodo                                                  £475 14
                 Lumb Lane
                 Droylsden
                 Manchester
                 M43 7BU

C0020            Travis Perkins                                      £4,942 20
                 Po Box 5227
                 Northampton
                 NN5 7ZE



co021            B&Q                                                  £518 92
                 Trade UK Account
                 Selectapost 28
                 Sheffield
                 S97 3GE

C0022            Whitchem Limited                                     £754 44
                 23 Albert Street
                 Newcastle Under Lyme
                 Staffordshire
                 ST5 1JP

C0023            RBS                                               £24,036 00
                3rd Floor Spinningfields Square
                Manchester
                M3 3AP



c0024           Npower                                                 £66 91
                Po Box $3
                Peterlee
                SRB 2XX




                Signature Je        epee          Date
M672Q
B - Company Creditors                               Page          4


‘Code            Name & Address                            Amount of Debt
C0025           Trafford MBC                                    £4,237 48
                Sale Waterside
                Sale
                M33 72F



C0026           British Telecom                                   £485 05
                tvte
                Newcastle Upon Tyne
                 NE82 6XX



C0027           02                                                £458 93
                Po Box 202
                 Houghton Regis
                LU6 SAG



C0028           HM Revenue & Customs                            £7,490 00
                Durrington Bridge House
                Barrington Road
                Worthing
                West Sussex


co0029          HM Revenue & Customs                           £30,000 00
                Durrington Bridge House
                Barrington Road
                Worthing
                West Sussex


C0030           Redundancy Payments Office                      £5,000 00
                Colbalt Square
                83-85 Hagley Road
                Birmingham
                B16 8QG

C0031           Redundancy Payments Office                     £10,000 00
                Colbalt Square
                83-85 Hagley Road
                Birmingham
                B16 8QG


C0032           Maureen Morgan - DLA                            £2,951 00
                Unit 2 Century Park
                Pacific Road
                Altrincham
                WA14 5BJ


                TOTAL CREDITORS’ CLAIM                       £149,182 64



                signature     2     Io       Date
M672Q