report to creditors pursuant to section 98 of the ... · report to creditors pursuant to section 98...

121a

Ripley Engineering Limited

Report to Creditors

Pursuant to Section 98 of

the Insolvency Act 1986

Insolvency Act 1986 Appendix A


Estimated Statement Of Affairs as at 28 June 2013

Book Value Notes Estimated to Realise

£ £ £

Assets specifically pledged

Plant & Machinery 266,232 1 251,000

Less: Landlords Distraint 1 146,509-

104,491

Assets not specifically pledged

Fixtures & Fittings 18,741 2 1,500

Motor Vehicles Nil 3 5,000

Stock 203,637 4 2,500

Order Book/Work in Progress/Goodwill/Intellectual Property 9,255 5 41,000

Book Debts 457,882 6 343,412

Cash at Bank 3,134 7 3,134

Prepayments 54,244 8 Nil

Surplus available to preferential creditors 501,037

Preferential Creditors

Employee Preferential Claims 9 43,589-

Surplus as regards to preferential creditors 457,448

Unsecured Creditors

Trade Creditors 10 448,173

Landlord 11 2

Pension Contributions 12 9,564

Loan (P.Roditi) 13 150,000

F.D. Hirschfeld (Unclaimed Dividends) 14 100,000

HM Revenue & Customs - PAYE 15 89,824

HM Revenue & Customs - VAT 15 41,692

Redundancy 16 185,779

Pay in Lieu of Notice 16 127,239

1,152,273-

Estimated deficiency as regards non-preferential creditors 694,825-

Issued and called up capital 17 5,663

5,663-

TOTAL SURPLUS/(DEFICIENCY) 700,488-

Page 1 of 3

of 3


A – Notes to the Statement of Affairs

1. A valuation of the Company’s Plant & Machinery was undertaken by Simon Woodhams of Asset

Recovery & Insolvency Limited (“the Agents”) in accordance with the Royal Institution of

Chartered Surveyors valuation procedures. The landlord has distrained upon the Plant &

Machinery in respect of unpaid rent and this has been taken into account in the estimated to

realise value.

2. A valuation of the Company’s Fixtures and Fittings was undertaken by the Agents in accordance

with the Royal Institution of Chartered Surveyors valuation procedures. It is expected that the

fixtures & fittings will have an estimated to realise value of £1,500 on a forced sale basis.

3. The Company owns two Mercedes trucks. A valuation of the Company’s motor vehicles was

undertaken by the Agents in accordance with the Royal Institution of Chartered Surveyors

valuation procedures. It is expected that the motors vehicles will have an estimated to realise

value of £5,000.

4. A valuation of the Company’s Stock was undertaken by the Agents in accordance with the Royal

Institution of Chartered Surveyors valuation procedures. The majority of the stock is subject to

reservation of title and therefore it is expected that the stock will have an estimated to realise

value of £2,500.

5. The order book, work in progress, goodwill and intellectual property has been valued by the

agents at £41,000.

6. The Company’s records show book debts totalling £457,882. A general provision for bad and

doubtful debts has been estimated at 25% of the total books debts. It is expected that the book

debts will therefore have an estimated to realise value of £343,412.

7. Cash at bank relates to £721 held in the Company’s bank accounts with Lloyds TSB and Bank of

Scotland and £2413.38 which is held in Peter Hall’s client account.

8. It is not expected that any realisations will be made in respect of pre-payments made by the

Company.

9. Employees’ preferential claims in respect of holiday pay and arrears of wages have been

calculated at £43,589 based on the information provided in the Company records.

10. Creditors’ claims have been taken from the Company’s records. No steps have been taken to

agree these claims at this time.

11. The landlord may have certain claims in respect of dilapidations and loss of future rent. As these

are unliquidated and unascertained debts they have been included with a value of £1 each in the

statement of affairs. The landlords claim for arrears of rent have not been included in the

statement of affairs as it is expected that this claim will be met in full from the sale of the Plant &

Machinery over which the landlord has distrained.

of 3

12. The Company operates a defined pension contribution scheme. The Company’s records show

that the sum of £9,564 is due to pension scheme.

13. There is an outstanding loan due from the Company to P.Roditi in the amount of £150,000.

14. There are unclaimed dividends of £100,000 due to F.D. Hirschfeld.

15. The amount due to HM Revenue & Customs (“HMRC”) in respect of PAYE and VAT has been

taken from the Company’s records and is subject to the submission of the final returns.

16. Employees’ unsecured claims in respect of pay in lieu of notice and redundancy have been

calculated from information provided from the Company’s records.

17. The information taken from Companies House shows that the Company has issued 11,325 shares

with a total aggregate nominal value of £5,662.50.

Peter Hall Limited


B - Company Creditors

Key Name Address £

Signature

Page 1 of 5 IPS SQL Ver. 2013.01

C000 02 (UK) Limited 83.95 Payment Processing Centre, Milton Keynes, MK77 1UB

CA00 AALCO Metals Limited 11,200.60 Test Lane, Nursling, Southampton, SO16 9TA

CA01 Adams Morey Limited 211.34 Whitney Road, Daneshill Industrial Estate, Basingstoke, Hampshire, RG24 8NS

CA02 Adhesive Specialities 178.29 Tickitape House, Bone Lnae, Newbury, Berkshire, RG14 5SH

CA03 Abrasive Finishing Systems Limited 309.76 Units3 & 4A The Old Sawmills, West Tanfield, North Yorkshire, HG4 5JU

CA04 A1 international Laminates Limited 371.86 Unit 3a, Leeway Industrial Estate, Leeway, Newport, NP19 4SL

CA05 All Tail Lifts 91.08 24 Slington House, Rankine Road, Basingstoke, Hampshire, RG24 8PH

CA06 Alphadex Limited 36.00 197 Ribbleton Lane, Preston, Lancashire, PR1 5DY

CA07 Amada UK Limited 616.80 Spennells Valley Road, Kidderminster, Worcs, DY10 1XS

CA08 Annodata Business Communications 64.06 Shannon House, Station Road, Kings Langley, Herts, WD4 8SE

CA09 Arco Limited 755.79 PO Box 151, Omega Enterprise Park, Electron Way, Chandlers Ford, Eastleigh, SO53

4ZS

CA0A Alternative Precision Sheetmetal Limited 10,888.16 Unit 8-10 Prydwen Road, Swansea West Industrial Estate, Fforestfach, Swansea, SA5 4N

CA0B AqyAid 570.24 Unit 4, Salisbury Road Business Park, Pewsey, Wiltshire, SN9 5PZ

CA0C Axis Parcel Service Limited 212.54 Axis House, Unit 1 Vulcan Close, Sandhurst, Berks, GU47 8DD

CA0D Astra Office Interiors 98.40 Brunell House, Stephenson Road, Houndmills, Basingstoke, Hampshire, RG21 6XR

CA0E ATA (Grinding Processes) Ltd T/A ATA Group U 261.28 99 Commercial Square, Freemens Common, Leicester, LE2 7SR

CA0F Akzo Nobel Powder Coating Limited 169.20 Unit A 14, Railway Triangle Industrial Estate, Walton Road, Portsmouth, PO6 1TN

CB00 BCD Training Services 600.00 1 The Rise, Pleck Lane, Kingston Blount, Oxon, OX39 8TN

CB01 Baker Davidson Thomas 22,309.06 Thomas House, Hampshire International, Business Park, Chineham, Basingstoke, RG24

8WH

CB02 Berkeley Myles Solutions Limited 801.00 Pavilion 4B, Moorpark Court, 17 Dava Street, Glasgow, G51 2JA

CB03 BGT Automatics Limited 6,442.42 Unit 2 Paragon Court, Tongham Road, Aldershot, Hampshire, GU12 4AA

CB04 Biffa Waste Services Limited 568.88 Coronation Road, Cressex, High Wycombe, Bucks, HP12 3TZ

CB05 Bluefin Insurance Services Limited 16,418.90 2nd Floor, 1-8 Queens Terrace, Southampton, Hampshire, SO14 3BP

CB06 Blue Pearl 540.00 33 Wellington Terrace, Basingstoke, Hampshire, RG23 8HH

CB07 BOC Limited 11,163.07 P.O. Box 12, 12 Priestley Road, Worsley, Manchester, M28 2UT

CB08 Brandvik Limited 64,822.91 Shaw Lane, Markfield, Leicestershire, LE67 9PU

CB09 BritTex Engineering Limited 2,748.96 Unit 2 Enterprise Court, Basingstoke, Hampshire, RG24 8GE

CB0A BSC (Diecasting) Limited 1,614.34 Fryers Close, Bloxwich, Walsall, West Midlands, WS3 2XQ

Peter Hall Limited



Key Name Address £

Signature


CB0B British Standards Institution 1,692.00 PO Box 3000, Kitemark Court, Davy Avenue, Milton Keynes, MK1 9EKL

CB0C Basingstoke Welding Supplies 1,845.60 The Old Chapel, Worting Road, Basingstoke, Hampshire, RG22 5EB

CB0D Budget Forktrucks Limited 0.00 Larkwhistle, Kingsclere Road, Brimpton Common, Reading, RG7 4RT

CB0E Bystonic UK Limited 2,078.71 6 Wayside Business Park, Wolsons Lane, Coventry, CV6 6NY

CC00 Catherdral Leasing Limited 59.26 300 Relay Point, Relay Drive, Tamworth, Staffs, B77 5PA

CC01 Chilfen Joinery Limited 937.08 Unit 1, Flint Road, Letchworth, Hertfordshire, SG6 1HJ

CC02 Chartered Institute Purchasing Supply 0.00 Church Street, Easton On The Hill, Stamford, PE9 3NZ

CC03 Cobley Transport (Reading) Limited 787.41 Soar Mill Depot, Coventry Road, Broughton Astley, Leciestershire, LE9 6QD

CC04 Cromwell Group Holdings Limited 2,081.24 Unit 5, Sherrington Way, Off Lister Road, Basingstoke, TG22 4DQ

CC05 Custom Tape Limited 157.80 Unit 27, Centurion Industrial Estate, Centurion QWay, Farington, Leyland., Lancashire,

PR25 4GU

CD00 Daro Factors Limited 748.80 80-84 Wallis Road, Hackney, London, E9 5LW

CD01 Delta Rubber Limited 795.89 Unit 13G Queensway, Stem Lane Industrial Estate, New Milton, Hampshire, BH25 5NN

CE00 EMKA (UK) Limited 2,241.11 Patricia House, Bodmin Road, Coventry, CV2 5DG

CE01 Engineering Supplies Limited 6,317.89 Units 126-129 HE Commerical Centre, Picket Piece, Andover, Hampshire, SP11 6RU

CE02 Euro-Fit Systems Limited 65.00 Barmston Road, Beverley, East Yorkshire, HU17 0LA

CE03 Employee Redundancy Claims 185,779.00

CE04 Employee - Pay in Lieu of Notice claims 127,239.00

CE05 E ON UK plc 4,075.91 Westwood Way, Westwood Business Park, Coventry, CV4 8LG

CF00 FH Brundle 1,553.17 502 Millbrook Road, Third Avenue, Millbrook, Southampton, Hampshire, SO15 0JX

CF01 Fuel Control Services Limited 1,324.13 5 Tavistok Drive, Newlands, Glasgow, G43 2SJ

CF02 Finishing Aids & Toole Limited 523.08 Little End Road, Eaton Socon, St Neots, Cambridgeshire, PE19 8GF

CF03 Finishing Solutions Limited 587.40 32 Reading Road South, Fleet, Hampshire, GU52 7QL

CF04 Fireskills Limited 171.72 Unit 7A Bakers Yard, Pardown, Oakley, Basingstoke, Hampshire, RG23 7DY

CF05 Fluorocarbon Company Limited 345.60 Caxton Hill, Hertford, Herts, SG13 7NH

CF06 Foremost Electronics Limited 0.00 14 Bluegate Business Park, Great Bardfield, Essex, CM7 4PZ

CF07 F.D. Hirschfeld (Unclaimed dividends) 100,000.00

CG00 Gardner Services Limited 31,554.66 Unit 7, Camphill Industrial Estate, West Byfleet, Surrey, KT14 6EW

CG01 Gold & Wassall Limited 1,286.27 Castle Works, Lichfield Industrial Estate, Tamworth, Staffs, B79 7TH

CG02 Graydon UK Limited 16.80 2nd Floor Hygeia Building, 66 College Road, Harrow, Middlesex, HA1 1BE

Peter Hall Limited



Key Name Address £

Signature


CG03 Guy-Raymond Engineering Co 109.90 Rollesby Road, Hardwick Industrial Estate, King's Lynn, Norfolk, PE30 4LX

CH00 Holdshott Engineering 948.00 Holdshott Stables, Heckfield, Hook, Basingstoke, Hampshire, RG27 0JZ

CH01 Holt Screenprint Limited 1,442.70 Unit1, 151/155 Cardiff Road, Reading, Berks, RG1 8JR

CH02 Harlow Group Limited 1,948.80 Allen House, Edinburgh Way, Harlow, Essex, CM20 2HJ

CH03 HMG Coatings (South) Limited 2,795.84 Faraday Park, West Portway Industrial Estate, Andover, Hampshire, SP10 3SA

CH04 H M Revenue & Customs Corporation Tax 0.00 Insolvency Claims Handling Unit, Room BP2032, Longbenton, Newcastle upon Tyne,

NE98 1ZZ

CH05 H M Revenue & Customs - PAYE 89,824.13 Insolvency Claims Handling Unit, Room BP2032, Longbenton, Newcastle upon Tyne,

NE98 1ZZ

CH06 H M Revenue & Customs - VAT 41,692.09 National Insolvency Unit, Debt Management & Banking, 3rd Floor NW, Liverpool, L74

4AA

CH07 Hampshire Insulation Products 67.50 The Hangar, Thompson LaneMarwell, Winchester, Hampshire, SO21 1JY

CI00 Innovative Design & Eng. Advisory 168.00 6 Holybarn Close, Basingstoke, Hampshire, RG22 5LN

CI01 Industrial Gas Springs Limited 409.68 22 Wates Way, Mitcham, Surrey, CR4 4HR

CI02 Inver UK Limited 0.00 Goodlass Road, Speke, Liverpool, LH24 9HJ

CJ00 John Clayden & Partners 414.00 9 Frensham Road, Sweet Bar Industrial Eatate, Norwich, NR3 8PY

CJ01 Johnsons Apparelmaster Limited 967.48 West Ham Industrial Estate, Worting Road, Basinstoke, Hampshire, RG22 6NE

CJ02 JW Screenprint 697.92 Unit 3 Brick House farm, Eversley, Hook, Hampshire, RG21 3BN

CJ03 J & J Pneumatics Ltd 2,121.64 Hillbottom Road, Sands Ind Estate, High Wycombe, Bucks, HP12 4HJ

CK00 Keyline Builders Merchants Limited 26.18 Rankine Road, Daneshill West Indusrial Estate, Basingstoke, Hampshire, RG24 8SH

CK01 Key Training 180.00 8th Floor, Network House, Basing View, Basingstoke, Hampshire, RG21 $HG

CK02 Knitmesh Limited 6,672.00 Greenfield, Holywell, North Wales, CH8 9DP

CK03 Keyholding Response Limited 888.00 3 Edward Court, Wellington Road, Woking, Berkshire, RG40 2AN

CL00 Leitz Tooling UK Limited 117.26 Flex Medow, The Pinnacles, Harlow, Essex, CM19 5TN

CL01 LVD-Pillmax Limited 18,438.00 Unit3, Wildmere Road, Banbury, Oxfordshire, OX16 3JU

CL02 Lloyds Bank plc 34.24 32 Commerical Way, Woking, Surrey, GU21 1ER

CL03 Loan (P. Roditi) 150,000.00

CM00 Mitchell & Cooper Limited 3,742.37 136-140 Framfield Road, Uckfield, East Sussex, TN22 5AU

CM01 M & T Landscapes (Hamphisre) Limited 237.50 35 Schubert Road, Brighton Hill, Basingstoke, Hampshire, RG22 4JL

CM02 Macfarlane Group Uk Limited 1,621.96 Unit 1 Stephenson Road, Midpoint 27 Segensworth, Fareham, Hampshire, PO15 5RZ

Peter Hall Limited



Key Name Address £

Signature


CM03 MCD Office Supplies Limited 351.54 Unit 15 , Hassocks Wood, Stroudley Road, Basingstoke, Hampshire, RG24 8UQ

CM04 Merit Recruitment Limited 7,020.00 Haymarket House, Wote Street, Basingstoke, Hampshire, RG21 7NL

CM05 Metro Engineering & Plating Works Limited 1,857.30 Unit 3 Chartridge Development Limited, Eskdale Road, Uxbridge, Middx, UB8 2RT

CM06 Microtor Limited 127.16 The Old Dairy, The Street, Long Sutton, Hampshire, RG29 1TQ

CM07 Misco 248.98 PO Box26, Wellingbourgh, Northants, NN8 6GS

CM08 Moss Express 2,119.52 Unit D, Eastways Industrial Estate, Witham, Essex, CM8 3YQ

CM09 Mars Drinks UK Limited 534.50 Armstrong Road, Daneshill East, Basingstoke, Hampshire, RG24 8NU

CN00 Northem Precision Limited 3,688.22 Unit 3 Durham Lane, Armthorpe, Doncaster, DN3 3FE

CN01 Npower Ltd 1,712.15 PO Box 8007, Oldbury, B69 2AL

CN02 Lavinia Newman 59,760.00

CO00 Office Depot UK Limited 55.20 501 Beaumont Leys Lane, Leicester, LE4 2BN

CO01 Outkumpu Stainless Distribution 55,092.66 PO Box 3541, Europa Link, Sheffield, Yorkshire, S9 1ZT

CP00 PSM International Fasteners 583.76 Ferry Lane, Pembroke, Pembrokeshire, SA71 4RE

CP01 Polybond Limited 135.00 6 William Street, Northam, Southampton, Hampshire, SO14 5QH

CP02 PKH 272.18 St Ives Close, Theale, Reading, Berkshire, RG7 5DP

CP03 Poligrat (UK) Limited 163.20 2 Holder Road, Aldershot, GU12 4RH

CP04 Paramount Powders Limited 6,879.00 4 Viveash Close, Off Nestles Avenue, Hayes, Middlesex, UB3 4RZ

CP05 Phonographic Performance Limited 147.17 1 Upper James Street, London, W1F 9DE

CP06 PR Precision Engineering Limited 2,360.64 1A St Dunstans Road, Tarring, West Worthing, West Sussex, BN13 1AA

CP07 Pension Contributions 9,563.69

CR00 Richard Austin Alloys (South West) Limited 6,197.74 Unit 3, Access 18, Kings Weston Lane, Bristol, BS11 8HT

CR01 Rencol Components Limited 451.27 Unit 2, Avonbridge Trading Estate, Atlantic Road, Bristol, BS11 9QD

CR02 R & H Electric Limited 79.84 Witney Road, Daneshill Industrial Estate, Basingstoke, Hampshire, RG24 8NS

CR03 RS Components Limited 282.82 Birchington Road, Corby, Northamptonshire, NN17 9RS

CS00 Southern Electric 6,659.36 PO Box 17, Havant, PO9 5DD

CS01 Sage UK Limited 0.00 North Park, Newcastle upon Tyne, NE13 9AA

CS02 Swift Industrial Supplies 132.05 Whitehouse Park, Selborne Road, Alton, Hampshire, GU34 3HL

CS03 St John Amburlance (Supplies) 32.92 St John House, 5 Broadfield Close, Sheffield, S8 0XN

CS04 Spray Art Limited 473.80 70 Ellesfield Drive, West Parley, Ferndown, Dorset, BH22 8QW

CS05 Springmasters Limited 581.28 Arthur Street, Lakeside, Redditch, Worcestershire, B98 6LF

Peter Hall Limited



Key Name Address £

Signature


CS06 Studfast Studwelding Limited 482.27 5 Low Farm Place, Moulton Park, Northampton, NN3 6HY

CS07 Starmatik 1,614.76

CS08 StilesSt Julians Estate Ltd (Landlord) 2.00 1 Jubilee Street, Brighton, Sussex, BN1 1GE

CS09 St John Ambulance 1,320.00 Shared Accounting Centre, St John House, 5 Broadfield Close, Sheffield, S8 0XN

CS0A Swiftpak 1,283.32 Swifpak House, Arrowhead Road, Theale, Reading, Berkshire, RG7 4AH

CS0B South East Water Plc 0.00 London Road, Preston, PR111 1EW

CS0C Southern Communications Ltd 167.48 Glebe Farm, Down Street, Dummer, Basingstoke, Hampshire, RG25 2AD

CT00 Taran Microsystems Limited 810.00 61 Tempus Business Centre, Kingsclere Road, Basingstoke, Hampshire, RG21 6XG

CT01 ThyssenKrupp Materials (UK) Limited 3,226.96 Cox's Lane, Cradley Heath, West Midlands, B64 5QU

CT02 Tom Parker Limited (G7R) 39.14 Parker House, Goat Lane, Basingstoke, Hampshire, RG21 7QB

CT03 Toyota Material Handling UK Limited 2,262.02 706 Stirling Road, Slough Trading Estate, Slough, Berkshire, SL1 4SY

CT04 TR Fastenings Limited 74.58 Trifast House, Bellbrook Park, Uckfield, East Sussex, TN22 1QW

CT05 Tyler Engineering Limited 1,121.40 Send no further letters

CT06 The Active Spring Co. Ltd 576.00 Sibleys Green, Thaxted, Essex, CM6 2NU

CV00 Verton Limited (Greentree) 851.04 Sigma Close, Shannon Way, Tewkesbury, Gloucestershire, GL20 8ND

CV01 Viking Direct (Office Depot Int UK Ltd) 123.14 501 Beaumont Leys Lane, Leicester, LE4 2BN

CV02 VSM Abrasives Limted 1,296.52 20-22 Heathfield, Stacey Bushes, Milton Keynes, MK12 6HP

CW00 Welding Engineering Supplies Limited 180.00 36 Ling Crescent, Headley, Hampshire, GU35 8AY

CW01 Westford Plastics & Eng Limited 243.00 Lloyds TSB Commercial Finance, PO Box 10484, Harlow, CM20 9GY

CW02 White & Etherington Limited 1,436.65 New Farm Road, Alresford, Hampshire, SO24 9QE

CW03 Wightman Stewart Waterjet Limited 903.60 Unit 1 Comm Mills, Oldham Road, Ripponden, West Yorkshire, HX6 4EH

CW04 E Williams Plating Limited 5,450.16 Unit3, The Dean, New Alresford, Hampshire, SO24 9BQ

CW05 Barrett Engineering Steel Southwest Ltd 1,047.73 116 Burcott Road, Avonmouth, Bristol, Avon, BS11 8AF

CW06 Woodberry Chillcott 1,047.73 116 Burcott Road, Avonmouth, Bristol, Avon, BS11 8AF

CZ00 Zygology Limited 5,172.31 2 Barnes Wallis Court, Wellington Road, High Wycombe, Bucks, HP12 3PS

139 Entries Totalling 1,152,273.37

Peter Hall Limited


C - Shareholders

Key Name Address Pref Ord Other Total

Signature

Page 1 of 1 IPS SQL Ver. 2010

HH00 F.D. Hirschfeld 0 1,000 0 1,000

HO00 Richard Osborn 0 10,325 0 10,325

3 Entries Totalling 11,325

122a


D - Statutory Information

Company Number 00717745

Date of Incorporation 12 March 1962

Nature of Business Manufacture of fabricated metal products

Issued Share Capital 11325 ordinary 50p shares

Director(s) Richard Osborn

Janet Petto

Registered Office C/O Peter Hall

2 Venture Road

Science Park

Chilworth

Southampton

SO16 7NP

Trading Address Rankine Road

Basingstoke

Hampshire

RG24 8PP

Auditors Audit for Business Development and Solutions Ltd

15 Oxford Street

Southampton

Hampshire

SO14 3DJ

Bankers Lloyds TSB Bank plc

32 Commercial Way

Woking

Surrey

GU21 6ER

Bank of Scotland plc

33 Old Broad Street

London

EC2N 1HZ

122a


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 17 June 2013. It was resolved that it had been proved

to the satisfaction of the meeting that the Company was insolvent and that a resolution should be

presented to the Members to place the Company into Creditors’ Voluntary Liquidation.

Notices

The directors decided to take steps to place the Company into Creditors’ Voluntary Liquidation on 21

May 2013. Notices to members and creditors were issued on 18 June 2013.

Written Resolution of Members

The following written resolutions were circulated on 17 June 2013 and they expire on 15 July 2013.

(1) A special resolution to place the Company into Creditors’ Voluntary Liquidation and (2) an

ordinary resolution to appoint Peter Hall of 2 Venture Road, Science Park, Chilworth, Southampton,

SO16 7NP as Liquidator. These resolutions have not yet been rejected or accepted.

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 £15,000 plus expenses and VAT in

accordance with Peter Hall’s letter of engagement dated 13 May 2013 and the meeting of the board of

directors held on 17 June 2013. This sum of £9,500 plus VAT has been paid by the Company prior to

the meeting of creditors. The balance of those fees are to be met by the realisations in the liquidation.

Related Party Transactions

The accounts for the year ending 31 March 2012 show that during the year the Company paid

consultancy fees amounting to £11,335 (2011:£7,500) to D Granger, who was a director at the time of

the transaction. Mr Granger resigned as director on 25 June 2012.

Management fees amounting to £5,000 (2011: £Nil) was paid to J D Cracknell, who was a director at

the time of the transaction. Mr Cracknell resigned on 25 June 2012.


E – Company History

Ripley Engineering Limited (“the Company”) was incorporated on 12 March 1962. The business is a

subcontract precision engineering company, supplying precision engineered parts and sheet metal

fabrications to the customer base.

Since the 1980’s the Company has been located in Basingstoke, initially in Lennox Road and from

1987 at its current lease hold premises in Rankine Road. Traditionally the Company has serviced

customers within a 25 mile radius of Basingstoke and has until recently specialised in supplying parts

to the vending and commercial micro-wave market.

In 1990 a member of staff, Mr Ron Hunt was promoted to a non-shareholding position as Managing

Director. During the early 1990’s Ron Hunt was able to foster a close working relationship with two

local companies, Mars Drinks who are based in Basingstoke and Merrychef who were based in

Guilford. Both of these customers were developing new and exciting products at this time and the

Company was fortunate to be heavily involved in the development and prototyping process and with

the subsequent ramp up in production volumes.

In 1995 to keep up with production volumes and guarantee product quality, the Company opened a

Powder Coating Plant in Crockford Lane Basingstoke. The Company was now in a position to

provide a turnkey service to Mars Drinks and Merrychef, this resulted in a steady increase in turnover

which reached £4,391,000 in 2000, providing a profit before tax of £559,000.

In 2001 turnover peaked at £5,247,000 providing a profit before tax of £884,000. During the next four

years the Company enjoyed steady sales volumes which averaged £4,100,000 p/a, generating profits

before tax each year of circa £330,000. The majority of the turnover was being generated by Mars and

Merrychef during this period.

In 2005 when the lease expired at Crockford Lane, the Company had the opportunity to relocate the

Powder Coating Plant into the factory opposite the main site (which had become available) in Rankine

Road.

In 2007 the Company suffered a major blow to its fortunes. Mars Drinks decided to transfer

production of the Klix 5350 off shore and replace the sheet metal element of the product with plastic

parts. This move resulted in a reduction of turnover in the period of £1,000,000 and a subsequent loss

before tax of (£336,000). At this point Ron Hunt decided to take semi-retirement and a new Managing

Director was appointed, Mr Nick Westcott-White. Nick Westcott-White was charged with reversing

the Company’s slide into loss.

During 2008 the Company maintained turnover at £2,916,000 which resulted in a small profit before

tax of £90,000. A further blow to the Company’s fortunes occurred in 2009, when Merrychef was sold

and a substantial part of (high margin) production was moved to the new owner’s factory. Turnover

dipped to £2,623,000 which incurred a loss before tax of (£289,000).

Unfortunately Nick Westcott-White focused on trying to cut costs in the business during 2010, rather

than increasing sales. This resulted in turnover reducing still further to £2,049,000 resulting in a pre-

tax loss of (£428,000).

Late in 2010 the owners decided to carry out a strategic review. One of the suggestions in the review

was to recruit a new non shareholding Managing Director with a good technical and sales and

marketing background. Mr Richard Osborn was appointed in June 2011.

When Richard Osborn arrived he found that the Company suffered from a lack of systems and

internally run down premises, with poor lighting and poor procedures, but it did have a very skilled,

long serving, dependable and motivated workforce and a very good fixed assets base, being fully paid

for machinery, including advanced robotics, some of which was underused. It also had a good location

and ISO 9001:2008.

During the next 12 months Richard Osborn focused on bringing new customers into the Company and

investing in a new ERP system to manage the business and help with the provision of accurate

management information. Turnover in 2011 grew to £2,486,738 and in 2012 £2,757,844. However

losses were still substantial and efforts to increase gross profit margins by increasing sales prices were

not possible due to the prevailing economic climate.

On 25th June 2012 Richard Osborn was offered the opportunity to purchase 92% of the shares in the

Company as the current owners realised that the best way for the Company to achieve a return to

profitability and growth was for it to return to being an owner managed business.

Richard Osborn purchased the 92% and subsequently traced the minority shareholder who had died,

but his wife and family are living in the USA. Richard Osborn engaged the Company’s new

accountants to advise the Company in connection with a Company buy back of the minority shares.

This would result in a 100% ownership of the Company by Richard Osborn and the opportunity for

him to raise equity investment finance to help with funding his growth plan.

Following the Company’s 2012/13 year end audit, the auditor questioned the viability of the Company

on a going concern basis. Although solvent at that point in time, he was concerned about the gross

margin percentage in the short to medium term and the £100,000 shortfall in cash to satisfy the

unclaimed dividend payments to the 8% shareholder. These comments were carefully considered by

the Directors and advice was sought from a licensed insolvency practitioner.

After carefully considering the options available the directors decided that the best option in order to

maximise the return to creditors was to take any necessary steps in order to put the Company into

voluntary liquidation.

Richard Osborn

Director

127a


F - Estimated Deficiency Account

For the period from 1 April 2013 to 28 June 2013

£

Profit and Loss Account Balance at 1 April 2013 320,671

Additions

Order book/Work in Progress/Goodwill/

& Intellectual Property

Motor Vehicles

31,745

5,000

36,745

357,416

Amounts written off for the purposes of

the statement

Plant and Machinery 15,232

Fitting & Fittings 17,241

Stock 201,137

Prepayments 54,244

Book Debts 114,470

(402,324)

(44,908)

Extraordinary Items

Redundancy

Pay in Lieu of Notice

185,779

127,239

2

Landlord – Dilapidations/Loss of Rent

(313,020)

(357,928)

ESTIMATED TRADING LOSS FOR THE PERIOD (342,560)

DEFICIENCY PER STATEMENT OF AFFAIRS (700,488)

126a


G - Extracts from audited accounts for the period ended 31 March 2012

Period Ended 31 Mar 2013 31 Mar 2012 31 Mar 2011

(Draft)

£

£

£

Income & Expenditure

Turnover 2,693,468 2,757,844 2,486,738

Directors Remuneration &

other benefits

121,666 124,415 127,990

Taxation Nil Nil 53,892

Retained Profit (Loss) (361,110) (446,241) (286,886)

Dividends Nil Nil Nil

Profit (Loss) to reserves (361,110) (446,241) (286,886)

Profit (Loss) b/f 681,781 1,128,022 1,414,908

Profit (Loss) c/f 320,671 681,781 1,128,022

Balance Sheet

Fixed Assets 294,228 412,940 548,036

Current Assets 940,690 1,069,762 1,139,412

1,234,918 1,482,702 1,687,448

Current Liabilities

908,584 795,258 553,763

Long Term Liabilities Nil Nil Nil

908,584 795,258 553,763

Net Assets 326,334 687,444 1,133,685

report to creditors pursuant to section 98 of the ... · report to creditors pursuant to section 98...

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