Setting up defaults to edit form

Setting up defaults in factory component / form is wrong. What's the right way to do so?

class FooPresenter extends BasePresenter
{
    protected function loadItem($id)
    {
        $item = $this->getContext()->itemService->find($id);
        if (!$item) {
            $this->flashMessage("Item with id $id does not exist", 'error');
            $this->redirect('default'); // aka items list
        }
        return $item;
    }

    protected function createComponentRecordForm()
    {
        $form = new Form;
        $form->addText(...);
        // ...
    }

    public function actionEdit($id)
    {
        $item = $this->loadItem($id);
        $defaults = $this->someMagicHere($item);
        $this['recordForm']->setDefaults($defaults);
    }
}