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                                                                                                                Form 4.20
   Rule 4 34 - CVL




                                                                      395
                             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

                                                                                                         03431830


                             Name of Company


                                  Philip Young & Son Limited


                             |/We
                             John Dean Cullen FCCA FABRP
                             Coptic House
                             4-5 Mount Stuart Square
                             Cardiff Bay
                             CF10 5EE




                             the liquidator(s) of the above named company attach a statement of the company affairs
                             as at 30 January 2012




                            Signed                                              Date        27 January 2012

                                                    Le

                            Harris Lipman LLP
                            Coptic House
                            4-5 Mount Stuart Square                    Ins
                            Cardiff Bay
                            CF10 5EE
                                                                                           “AIIVKYOR*
                                                                                 A2t        o3/o2z2012         #104
                            Ref      P3269/JDC/ARD                                     COMPANIES HOUSE

Software Supplied by Turnkey Computer Technology Limited   Glasgow
Rule 4 34-CVL                                                                           Form 4 19

                Statement of Affairs

                Statement as to affairs of

                Philip Young & Son Limited

                on the 30 January 2012 the date of the resolution for winding up




                Statement of truth


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


                Full Name                    Jared          y] oO whe


                Signed                         is          a

                Dated                            mA-y       -   10
Philip Young & Son Limited
Statement Of Affairs as at 30 January 2012

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

Assets subject to fixed charge:
Motor Vehicles                                                              NIL    8,040 00
Lombard                                                                     NIL   (8,465 77)

Assets subject to floating charge:
Furniture & Equipment                                               1,204 00                                NIL
Motor Vehicles                                                      4,308 00                           1,125 00
Book Debts                                                          7,966 00                           7,966 00

Uncharged assets:

Estimated total assets available for preferential creditors                                            9,091 00




Signature   INN                                     Date      “Sa-\~       4 L
                           ar
 Philip Young & Son Limited
 Statement Of Affairs as at 30 January 2012

A1 - Summary of Liabilities
                                                                                                       Estimated to
                                                                                                            Realise
                                                                                                                   £

 Estimated total assets available for preferential creditors (Carried from Page A)                          9,091 00

Liabilities
     Preferential Creditors -
          Employees Holiday Pay                                                           1,892 00
                                                                                                            1,892 00
Estimated deficiency/surplus as regards preferential creditors                                              7,199 00

Debts secured by floating charge pre 15 September 2003
Other Pre 15 September 2003 Floating Charge Creditors
                                                                                                                 NIL
                                                                                                            7,199 00

Estimated prescribed part of net property where applicable (to carry forward)                                     NIL
Estimated total assets available for floating charge holders                                                7,199 00

Debts secured by floating charges post 15 September 2003
                                                                                                                  NIL
Estimated deficiency/surplus of assets after floating charges                                               7,199 00

Estimated prescribed part of net property where applicable (brought down)                                        NIL
Total assets available to unsecured creditors                                                               7,199 00

Unsecured non-preferential claims (excluding any shortfall to floating charge holders)
        Employees                                                                        54,353   50
        Directors                                                                         5,200   00
        HM Revenue and Customs - PAYE & NIC                                               2,579   71
        HM Revenue and Customs - VAT                                                     10,000   00
                                                                                                           72,133 21
Estimated deficiency/surplus as regards non-preferential creditors
(excluding any shortfall in respect of F.C’s post 14 September 2003)                                     (64,934 21)

Estimated deficiency/surplus as regards creditors                                                        (64,934 21)

issued and called up capital
        Ordinary Shareholders                                                                 200
                                                                                                                200
Estimated total deficiency/surplus as regards members                                                    (64,936 21)




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 D - Deficiency Account

 PHILIP YOUNG & SON LIMITED

                                                                    Notes            £

 Profit to the shareholders per the Company's financial                1            22,738
 statements as at 31 March 2011

Asset Gains                                                           2                  8,040

 Asset Write                                                           3            (4,387)
 Downs

 Less Employee related claims which arose on Liquidation              4            (54,354)
 (Redundancy pay & payment in lieu of notice)

 Estimate profit / (loss) on trading for the period from 1 April      5            (36,973)
 2011 to 18 November 2011        (8)

 Estimated deficiency as regards                                      6            (64,936)
 Members


Notes:

1)       This is the balance on the profit and loss account as at the date of the last
         filed financial statements    It represents the cumulative profit/loss over the
         company's life

2)       This 1s the amount that the company's assets have increased in estimated
         value by, compared with the last set of financial statements filed, being 31
         March 2011

         This asset increase is additional motor vehicles which were purchased              tn
         July 2011 and are subject to finance with Lombard

3)       This ts the amount that the company’s assets have decreased                        in
         estimated value by, compared with the last set of financial statements

         This ts the amount by which the motor vehicle has been written down by
         from its book value to its estimated to realise value

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




                 Qe                                       Bery7 Yt
 5)      This is an estimated figure for the profit/loss in the final trading period
         since the last filed financial statements. In this instance it is the estimated
         loss for the 8 month period between the last financial statements               and
         cessation of trade, being 1 April 2011 to 18 November 2011

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

 7)      There   is a fixed and   floating   charge   in favour of National   Westminster
         Bank PLC, 135 Bishopsgate, London, EC2M 3UR, which was created on 6
         April 2004 and registered at Companies House 10 April 2004 It ts in
         respect of an overdraft facility granted to the Company This facility was
         personally guaranteed by Philip Young, the director and has been paid in
         full, leaving a nil balance at bank

 8)      The assets have been valued by Nicholas D’Alroy Westlake FRICS, by
         Hicks Day Jones Westlake, Property House, 14 Churchill Way, Cardiff,
         CF10 2DX

 9)      The book debts are stated after creditor contras.

 10)     The Statement of Affairs has been prepared from information provided by
         the director     It does not take into account the cost of realisation of the
         assets or the cost of the liquidation

 11)     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

 12)     The statement of affairs 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