Ductwork Projects Limited

Transcription

1 Ductwork Projects Limited Report to Creditors Pursuant to Section 98 of the Insolvency Act a

2 Insolvency Act 1986 Appendix A Ductwork Projects Limited Estimated Statement Of Affairs as at 7 February 2014 Book Value Notes Estimated to Realise Assets not specifically pledged Cash at bank 22, ,885 Debtors unknown Surplus available to preferential creditors 22,885 Preferential Creditors Employee Preferential Claims 3 nil Surplus as regards to preferential creditors 22,885 Unsecured Creditors Trade Creditors 4 41,911 HM Revenue & Customs - VAT 5 60,000 HM Revenue & Customs - CIS HM Revenue & Customs - PAYE 5 5, ,065 Estimated deficiency as regards non-preferential creditors - 85,180 Issued and called up capital Ordinary Shareholders TOTAL SURPLUS/(DEFICIENCY) - 85,956

3 Ductwork Projects Limited A Notes to the Statement of Affairs 1. Cash at bank relates to 1, held in the Company s bank accounts with Lloyds Bank plc and 21,800 held in Peter Hall s client account. 2. The Company s records show that there are book debts owed to the Company totalling This debt relates to a retention. It is unknown at this time what realisations will be made in this regard. 3. The Company s business and assets was sold by the Directors to Exoair DPL LLP ( the Purchaser ) on 8 November All of the employees transferred to the Purchaser under the Transfer of Undertaking (Protection of Employment) Regulations (TUPE). I am therefore not aware of any preferential claims in this liquidation. 4. Creditors claims have been taken from the Company s records. No steps have been taken to agree these claims at this time. 5. The amounts due to HM Revenue & Customs ( HMRC ) in respect of VAT, CIS tax and PAYE have been take from the Company s records.

4 Peter Hall Limited Ductwork Project Limited B - Company Creditors Key Name Address CA00 ASD Metal Services Peartree Lane, Windmill Works, Dudley, DY2 0UY 6, CA01 Allied Tooling Unit 2, 19 Willis Way, Poole, BH15 3SS CA02 ABCO Electrical Unit 3 Sterte Ind. Estate, 145 Sterte Road, Poole, BH15 2AF 1, CA03 Alto Digital Summit House, Cherrycourt Way, Leighton Buzzard, LU7 4UH CA04 Alda Plastics Unit 12 & 13 Monksbrook Ind. Park, School Close, Chandlers Ford, Eastliegh, SO53 4RA CA05 Argos Fire Protection Ltd Unit 4 Kingfisher Court, Pinhoe, Exeter, EX4 8JN CA06 A.E.T Transport Services Limited Alan's House, 51 Holton Road, Holton Heath Trading Park, Poole, Dorset, BH16 6LT CA07 Air Products Plc Andes Road, Southampton, Hampshire, SO16 0YZ CB00 British Gas Penman Way, Grove Park, Leicester, LE19 1ZE CB01 Biffa Waste Services PO Box 645, High Wycombe, HP12 3WF CB02 Bysotronic UK Ltd 6 Wayside Business Park, Wilsons Lane, Coventry, CV6 6NY CB03 Barclaycard Commercial PO Box 3000, Teesdale Business Park, Stockton-on-Tees, TS17 6YG CD00 Denhaco (in Administration) CD01 DPL Ventilation 60 CD02 Drake Tooling 56 Keyberry Road, Decoy, Newton Abbott, TQ12 1BX CD03 Dewco Ltd Unit 14 Headlands Business Park, Salisbury Road, Ringwood, BH24 3PB CE00 Eaton Transport Poole Alan's House, 51 Holton Road, Holton Heath Trading Park, Poole, BH16 6LT CE01 Euroffice Ltd Dome House, 48 Artillery Lane, London, E1 7LS CF00 F H Brundle Lamson Road, Ferry Lane North, Rainham, RM13 9YY CF01 Flash Gordon 1 Newton Road, Verwood, BH31 6JD 1, CF02 Ferrari Stainless & Alloys Ltd 12 Buntsford Park Road, Bromsgrove, B60 3DX 14, CH00 HSS Hire Service Group Ltd 25 Willow Lane, Mitcham, CR4 4TS 2, CH01 H M Revenue & Customs - PAYE Insolvency Claims Handling Unit, Room BP2032, Longbenton, Newcastle upon Tyne, 5, NE98 1ZZ CH02 H M Revenue & Customs Corporation Tax Insolvency Claims Handling Unit, Room BP2032, Longbenton, Newcastle upon Tyne, NE98 1ZZ CH03 HM Revenue & Customs - CIS Insolvency Claims Handling Unit, Room BP2032, Longbenton, Newcastle upon Tyne, NE98 1ZZ CH04 H M Revenue & Customs - VAT National Insolvency Unit, Debt Management & Banking, 3rd Floor NW, Liverpool, L74 60,00 4AA Signature Page 1 of 2 IPS SQL Ver February :33

5 Peter Hall Limited Ductwork Project Limited B - Company Creditors Key Name Address CI00 I J Supplies 31 Magna Road, Bournemouth, BH11 9ND CJ00 Jasun Envirocare Plc Riverside House, Parrett Way, Bridgewater, TA6 5LB CL00 Lindab Unit 9 & 10, Carousel Way, Riverside Business Park, Northampton, NN3 9HG CL01 Lloyds Bank PO Box 1000, Andover, BX1 1LT CM00 M I Fire Protection Services 1 Charles Street, Thrapston, NN14 4NU CO00 O2 Telefonica UK Ltd, PO Box 22, Houghton Regis, LU6 9AG CO01 Otto KampfLtd Leigh Road, Wimborne, BH21 1AQ 3 CP00 PTP Couriers (CJ) 13 Norwood Place, Southbourne, Bournemouth, BH5 2AT CR00 RMIG Ltd Adlington Court, Risley Road, Birchwood, Warrington, WA3 6PL CS00 S K Sales Unit 1 Queensway, Walworth Ind. Estate, Andover, SP10 5LG CS01 Sage (UK) Ltd North Park, Newcastle Upon Tyne, NE13 9AA CS02 South Coast Cartons Unit 36 Bridge Street, Bailie Gate Ind. Estate, Sturminster Marshall, Wimborne, BH21 4DB CS03 Systemair Fans & Spares 72 Cheston Road, Birmingham, B7 5EJ 8, CT00 T R Fastenings Ltd Trifast House, Bellbrook Park, Uckfield, TN22 1QW CT01 Trent Control Panels Ltd Trent House, Dewsbury Road, Fenton, Stoke-on-Trent, ST4 2TE 1, CT02 Trade Grade Products Ltd 10 Victory Close, Woolsbridge Ind. Park, Three Legged Cross, Wimborne, BH21 6SX RE00 Mr Peter Edmunds RR00 Mr Peter Rogers 44 Entries Totalling 108, Signature Page 2 of 2 IPS SQL Ver February :33

6 Peter Hall Limited Ductwork Project Limited C - Shareholders Key Name Address Pref Ord Other Total HE00 Mr Peter Edmunds HT00 Mr Lawrence Thorpe Entries Totalling 776 Signature Page 1 of 1 IPS SQL Ver February :05

7 Ductwork Projects Limited D - Statutory Information Company Number Date of Incorporation 27 November 1980 Nature of Business Manufacture and installation of sheet metal ductwork Issued Share Capital 776 ordinary 1 shares Director(s) Registered Office Former Registered Office Mr Peter Edmunds Mr Peter Rogers c/o Peter Hall Limited 2 Venture Road Science Park Chilworth Southampton SO16 7NP 32 The Square Gillingham Dorset SP8 4AR Trading Address Accountants Bankers Woolsbridge Industrial Park Three Legged Cross Wimborne Dorset BH21 6SP Andrews and Palmer 32 The Square Gillingham Dorset SP8 4AR Lloyds Bank PO Box 1000 Andover BX1 1LT 122a

8 D Statutory Information (Cont d) Prior Professional Relationships Neither Peter Hall or any members of his staff have had any prior material relationship with the Company or its directors within the past 3 years, or are aware of any conflict of interest that would impair his objectivity as Liquidator of the Company. Board Meeting A meeting of the board of directors was held on 15 January It was resolved that it had been proved to the satisfaction of the meeting that the Company was insolvent and that a meeting of members should be convened to place the Company into Creditors Voluntary Liquidation. Notices The directors decided to take steps to place the Company into Creditors Voluntary Liquidation on 15 January 2014 and notices to members and creditors were issued on 17 January Written Resolution of Members The relevant resolutions were passed by the members by way of written resolution on 7 February A special resolution was passed to place the Company into Creditors Voluntary Liquidation and an ordinary resolution to appoint Peter Hall of Peter Hall Limited, 2 Venture Road, Science Park, Chilworth, Southampton, SO16 7NP as Liquidator. Professional Fees It has been agreed by the directors that fees for assisting in the preparation of the statement of affairs and assisting with placing the Company into liquidation will be 3,000 plus expenses and VAT in accordance with Peter Hall s letter of engagement dated 15 January 2014 and the meeting of the board of directors held on the same date. This sum is to be met by the realisations in the liquidation. Related Party Transactions The accounts for the year ended 29 February 2012 showed that the director, Mr P Edmunds owned 50% of the issued share capital of the connected company DPL Ventilation Limited ( DPL ). At the balance sheet dated 29 February 2012, the Company owed DPL the sum of 180 (2011:180) and the balance owed from DPL was 58,229 (2011: 90,356) The Company is controlled jointly between the director Mr P Edmunds and Mr L Thorpe, with Mr Thorpe having the casting vote. At the balance sheet date, the Company owed Mr L Thorpe the sum of 551 (2011: 551). The Director, Mr P Rogers, has been granted the option to purchase 75 Ordinary A shares for the sum of 135. The option is valid until 28 th May 2014 or on termination of employment, whichever is earlier. This option has not been exercised. 122a

9 Ductwork Projects Limited ( the Company ) E Company History Ductwork Projects Ltd ( the Company ) was incorporated on the 27th November 1980 and commenced in the business of manufacture and installation of sheet metal ductwork in the construction industry. The shareholders of the Company were Lawrence Thorpe, who had no day to day involvement, and Peter Edmunds who operated as Managing Director. The Company grew over the years with turnover ranging between 2.5 to 3 million until 1990 when the company acquired the trading of Kingfisher Canopies, which was involved in the design, manufacture and installation of kitchen ventilation products. The Company continued successfully with the two product ranges after this date. Peter Rogers joined the Company in 1991 and was subsequently appointed a Director. He managed the 'kitchen ventilation product range' from this time. Peter Edmunds decided to retire in 2005, and after a false start with an intended buy out from a third party, and the subsequent departure of two operational Directors, it was decided to cease operations of the sheet metal ductwork product and concentrate purely on 'kitchen ventilation' with Peter Rogers as Managing Director. A new business was formed in 2006, named 'DPL Ventilation Ltd' which concentrated on the design and sales part of the operation and the Company continuing with the manufacture. All staff, apart from Peter Rogers, were retained within Ductwork Projects Ltd. The Company was able to reduce costs when the lease on one of two premises occupied by the Company came to an end in As recession hit the construction industry turnover started to fall from 2009 onwards:- Turnover in 2010 (YE) was 994, with a profit of 1, Turnover in 2011 (YE) was 720, with a loss of 32, Turnover in 2012 (YE) was 600,15 with a loss of 26, The above figures have been taken from the filed accounts. The Directors of the Company, during 2012, began seeking a buyer for the Company with no success. In the summer of 2013, Exoair DPL LLP, a company based in Rochester, Kent, approached the Company with an interest to purchase the business. The eventual transfer of the business took place on the 8th November 2013, for the consideration of 19,620 being the value of the stock, but did not include the sale of the Company. All the staff have been transferred to Exoair DPL LLP, and the lease of the premises has been assigned. It was the Directors intention to eventually close the Company but at a visit to the accountants in November 2013 to finalise the 2013 accounts, and with the prospect of no future trading, advice was given that the Company was insolvent. Following that meeting funds have been received into the Company from the sale of the stock to the new business.

10 In January 2014 it was decided that there was no other option than to seek the advice of a professional insolvency practitioner and to take any necessary steps in order to put the Company into voluntary liquidation. P A Edmunds

11 Ductwork Projects Limited F - Estimated Deficiency Account For the period from 1 March 2012 to 7 February 2014 Profit and Loss Account Balance at 1 March ,098 Amounts written off for the purposes of the statement Book Debts 119 (119) 43,979 Extraordinary Items Nil 43,979 ESTIMATED TRADING LOSS FOR THE PERIOD (129,935) DEFICIENCY PER STATEMENT OF AFFAIRS (85,956) 127a

12 Ductwork Projects Limited G - Extracts from Unaudited Accounts for the period ended 29 February 2012 Period Ended 29 Feb Feb Feb 2010 Income & Expenditure Turnover 600, , ,986 Directors Remuneration & other benefits 5,400 5,495 11,240 Taxation Nil Nil Nil Retained Profit (Loss) (26,018) (32,911) 1,729 Dividends Nil Nil Nil Profit (Loss) to reserves (26,018) (32,911) 1,729 Profit (Loss) b/f 70, , ,298 Profit (Loss) c/f 44,098 70, ,027 Balance Sheet Fixed Assets 6,507 8,257 9,615 Current Assets 176, , , , , ,071 Current Liabilities 138, , ,268 Long Term Liabilities Nil Nil Nil 138, , ,268 Net Assets 44,874 70, , a