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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

                                                                           02751333
 To the Registrar of Companies Company Number
[Foam Factors Limited
 {insert full name(s) and address(es)}

 |, J M Titley of Leonard Curtis, Hollins Mount, Hollins Lane, Bury, BL9 8DG, the Joint
 Liquidator of the above named Company, attach a statement of the Company's affairs as at
 02 May 2012




 Signed             Jey                                                  Date     02 May 2012




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


                                           For official use
 Leonard Curtis
 DTE House
 Hollins Mount
 Bury
 BL9 8DG
 For official use
                                                              SATURDAY




                                                                                                        #218
                                                                            A04
                                                                                         42/05/2012
                                                                                     COMPANIES HOUSE
‘

    Rule 4 34-CVL                                                                                    Form 4 19




                    Statement of Affairs


                    Statement as to affairs of

                    Foam Factors Limited
                    on the 02 May 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 thts Statement of Affairs are true




                    Full name            Dawe         BAWKC




                    Signed .           b& os.




                    Dated                  2-      3-     ve




CVLMF418 06-04-70
  FOAM FACTORS LIMITED

                                                                                              APPENDIX |

                   DIRECTOR’S ESTIMATED STATEMENT OF AFFAIRS AS AT 02 MAY 2012

                                                           Book value                   Estimated to Realise
                                           Note       £                   £               £                   £
Assets specifically pledged
Debtors                                     1        42,680                               36,278
less HSBC Invoice Finance                   2      (35,316)                             (35,316)
Surplus / (Shortfall) c/fwd                                                   7,364                                 962

Assets not specifically pledged
Debtors                                     3        40,000                                      Nil
Plant & Machinery                           4         4,000                                   1,500
Office Furniture & Equipment                5           300                                     150
Stock                                       6       2,500                                       500
Motor Vehicles                              7     3,500                                       2,850
                                                                           50,300                                 5,000
                                                                           57,664                                 5,962
Preferential creditors
Employee claims / ERA 2006 claims (est )    8                             (4,800)                            (4,800)
Net property (subject to costs)                                            52,864                                 1,162

Less: Prescribed part calculation           9                                (N/a)                                 (N/a)
Available for floating charge creditor                                     52,864                                 1,162
HSBC Bank Ple                               2                            (21,115)                           (21,115)
Surplus / Shortfall c/wd — HSBC Bank                                       31,752                           (19,953)

Add back prescribed part                    9                                 Nia                                   Nia
Available for unsecured creditors                                          31,752                                    Ni

Ordinary Unsecured creditors
Shortfall b/wd — HSBC Bank                               (Ni)                           (19,953)
Employee clams / ERA 2006 claims (est )     8        (9,600)                              (9,600)
HM Revenue & Customs ~ PAYE / NI (est )    10        (4,500)                              (4,500)
HM Revenue & Customs - VAT (est )          10        (7,296)                              (7,296)
Trade and expense creditors (est )         11     (141,405)                            (141,405)
Director's Loan Account (est )             12      (50,000)                             (50,000)
Total value of unsecured creditors                                      (212,801)                          (232,754)
                                                                        (181,049)                          (232,754)
Issued share capital                                                         (100)                              (100)
Estimated deficiency as regards members                                 {181,149}                          (232,854)




 Signed     Woods                                                        02 May 2012
          Mrs Diane Banks
 FOAM FACTORS LIMITED

                                                                                              APPENDIX II

                           NOTES TO THE ESTIMATED STATEMENT OF AFFAIRS

All book values have been taken from the Company's latest 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


           Debtors
          HSBC Invoice Finance hold a debenture incorporating a fixed & floating charge created on 11
          November 2008 and registered on 13 November 2008        The book value of the debtors has been
          provided by the director from the Company's books and records and from information provided by
          HSBC Invoice Finance      Based on discussions with the invoice discounting provider, the debtors
          have been written down to account for potentially bad and doubtful debts for the purpose in the
          Statement of Affairs
          Midland Bank Pic & HSBC Bank Pic
          Midland Bank Plc who are now HSBC Bank Pic hold a debenture incorporating a fixed & floating
          charge created on 10 December 1992 and registered on 21 December 1992 HSBC Bank Pic also
          hold a debenture incorporating a fixed & floating charge created on 11 November 2008 and
          registered on 13 November 2008 and a legal assignment created on 22 July 2009 and registered on
          23 July 2009
          Debtors (Unencumbered)
          The book value of the debtors has been provided by the director and from the Company’s books and
          records  After discussions with the director, the debtors have been written down to nil due to
          potentially bad and doubtful debts for the purpose in the Statement of Affairs
          Plant & Machinery
          The plant & machinery has been subject to a valuation by independent valuation agents MGR
          Appraisals The book value and estimated to realise value of the stock has been extracted from the
          Company's books & records and the valuation report for the purpose in the Statement of Affairs
          Office Furniture & Equipment
          The office furniture & equipment has been subject to a valuation by independent valuation agents
          MGR Appraisals The book value and estimated to realise value of the stock has been extracted
          from the Company's books & records and the valuation report for the purpose in the Statement of
          Affairs
          Stock
          The stock has been subject to a valuation by independent valuation agents MGR Appraisals The
          book value and estmated to realise value of the stock has been extracted from the Company's
          books & records and the valuation report for the purpose in the Statement of Affairs
          Motor Vehicles
          The motor vehicles have been subject to a valuation by independent valuation agents MGR
          Appraisals The book value and estimated to realise value of the stock has been extracted from the
          Company’s books & records and the valuation report for the purpose in the Statement of Affairs




Signed      8) Sak S                                                           02 May 2012
         Mrs Diane Banks
 FOAM FACTORS LIMITED


                                                                                                APPENDIX II

                          NOTES TO THE ESTIMATED STATEMENT OF AFFAIRS



8.      Preferential creditors
        The Company had employees who will be entitled to claim arrears of pay and holiday pay (subject to
        certain Itmits) from the Redundancy Payments Office (“RPO”) (a government department) The RPO
        will then lodge a preferential claim against the Company tn respect of the payments it has made
        Preferential claims have been estimated at £4,800 for the purposes of the statement of affairs
        Employees will also be able to lodge redundancy clams and compensation claims as a result of not
        receiving statutory notice of redundancy with the RPO These claims will also be patd by the RPO
        (subject to certain limits), who will lodge an unsecured claim against the Company
9       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
       The value of the net property after costs is expected to be less than the prescribed minimum and as
       such the provision for setting aside a prescribed part is not considered applicable in these
       circumstances for the purposes of the statement of affairs
10.    H M Revenue & Customs - PAYE / NI & VAT
       The lability to HMRC in respect of unpaid PAYE / NIC and VAT ts based on estimates raised by
       HMRC The outstanding liabilities for PAYE / NIC and VAT are in respect of the following periods
       PAYE / NIC - February 2012 to Date
       VAT — January 2012 to Date
11.    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 Ill The amounts
       shown should not be regarded as agreed

42.    Director’s Loan Account

       The value of the director's loan account in relation to Stephen & Diane Banks has been extracted
       from the Company's books and records, as provided by the director The amount shown should not
       be regarded as an agreed amount




Signed Whats                                                               02 May 2012
      Mrs Diane Banks
 FOAM FACTORS LIMITED


                                                               APPENDIX fll

                         SCHEDULE OF CREDITORS

See attached hist




soos     \ Ny wks                                02 May 2012
       Mrs Diane Banks
B - Company   Creditors                                      Page          4



Code              Name      & Address                               Amount of Debt

C0001             Alan Appleton (Oldham) Limited                           £41000
                  Kilburn Street
                  Watersheddings
                  Oldham
                  OL1 4JF


co002             Bruce Cooley & Co                                        £250 00
                  102a Windmill Hill
                  Colley Gate
                  Halesowen
                  West Midlands
                  B63 2BY
C0003             Carpenter Limited                                     £12,957 00
                  Acounting & Administration
                  Dinting Lodge Industrial Estate
                  Off Shaw Lane
                  Glossop
                  Derbyshire
                  SK13 6LE
C0004             Chemique Adhesives & Sealants Ltd                        £780 00
                  21 Empire Close
                  Aldridge
                  West Midlands
                  WS9 8UR


C0005             Lye Service Limited                                          £350 00
                  Dudley Road
                  tye
                  Stourbridge
                  West Midlands
                  DY9 8EE
C0007             Dudley        MBC   (Rates)                                  £901 00
                  Council House
                  Dudley
                  West Midlands
                  DY1     1HF


C0008             Frankley Packaging Co Ltd                                    £176 00
                  Unit 40
                  Delph Road Industrial Estate
                  Delph Road
                  Brierley Hiil
                  West Midlands
                  DY5 2UA
co009             G1 Sykes Properties Limited                             £6,500 00
                  The Hayes
                  Lye
                  Stourbridge
                  West Midlands
                  DY9 8NX




                  Signature       \ Ladys             Date

F321Q
B - Company   Creditors                               Page          2



Code              Name    & Address                          Amount of Debt
C0013             Hybond                                            £372 00
                  Bell Lane
                  Shrewsbury
                  Shropshire
                  SY2 SHJ


C0014             HSBC Bank Plc                                  £21,115 00
                  120 High Street
                  Brierley Hill
                  West Midlands
                  DY5 3BD


C0015             N Power Business Services                       £1,700 00
                  Birch House
                  Joseph Street
                  Oldbury
                  West Midlands
                  B69 2AQ
C0016             Recticel Limited                               £88,099 00
                  Bluebell Close
                  Clover Nook industrial Park
                  Alfreton
                  Derbyshire
                  DE55 4RD

C0017             Sage (UK) Limited                                     £550 00
                  North Park
                  Newcastle Upon Tyne
                  NE13 9AA



C0018             F E Sidaway Son & Co                             £2,500 00
                  5-6 Long Lane
                  Rowley Regis
                  Warley
                  West Midiands
                  B65 OLA
C0019             Supasplit Limited                                     £140 00
                  Unt 5
                  Highcliffe Industrial Estate
                  Bruntcliffe Lane
                  Morley
                  Leeds
                  LS27 9LR

c0020             Whiteford Felt & Fillings Limited                £2,082 00
                  Grove Street
                  Longwood
                  Huddersfield
                  West Yorkshire
                  HD3 4TH




                  Signature    \ Qaeks
F321Q
* B - Company Creditors                             Page          3


 Code             Name     & Address                       Amount of Debt
 co0021           Vita Cellular Foams                           £2,500 00
                  Oldham
                  Middleton
                  Manchester
                  M24 2DB


 C0022            Severn Trent Water                                  £23 00
                  PO Box 5310
                  Coventry
                  CV3 9FJ



 C0023            Redundancy Payments Office Pref               £4,800 00
                  Cobalt Square
                  83-85 Hagley Road
                  Birmingham
                  B16 8QG

 co024            Redundancy Payments Office                    £9,600 00
                  Cobalt Square
                  83-85 Hagley Road
                  Birmingham
                  B16 8QG

 C0025            HMRC VAT                                      £7,296 00
                  21 Victoria Avenue
                  Southend - on - Sea
                  SS99 1AA



 C0026            HMRC      PAYE                                £4,500 00
                  Markham     House
                  Markham Road
                  Chesterfield
                  S40 1SR


 C0027            Stephen & Diane Banks                        £50,000 00
                  Walton    House
                  Colman Hill
                  Halesowen
                  West Midlands
                  B63 2AJ

                  TOTAL CREDITORS’ CLAIM                      £217,601 00




                  Signature      \ walks
F321Q