Case details for Troy Edwin HEATH

Name: Troy Edwin HEATH

Name: FESTIVE IMPACT LIGHTING LIMITED

Date of Birth: 19 / 6 / 1970

Date Order Starts: 5 / 9 / 2018

Disqualification Length: 6 Years 0 Month(s)

CRO Number: 06222396

Last Known Address: 2 Perrys Way, Buckles Lane, , , SOUTH OCKENDON, RM15 6RS

Conduct: 1) Between 01 May 2015 and 24 March 2017, the date of the liquidation, Troy Edwin Heath (hereinafter referred to as Mr Heath) failed to maintain, preserve and, or in the alternative deliver up complete accounting records as maintained of Festive Impact Lighting Limited (hereinafter referred as Festive), so that it has not been possible to establish:

  • In the absence of purchase invoices and cash receipts, the reason for cash withdrawals totalling £71,761;
  • In the absence of purchase invoices and wage records, the reason for payments out of the account to Mr Heath for what appears to be his direct benefit and/or parties that appear to be associated with him, totalling £165,007.27 and whether they represent legitimate company expenditure;
  • That all fixed and current assets detailed in the accounts for the period ending 31 April 2015 have been accounted for;
  • The true extent of any book debts owed to Festive and whether these are recoverable.
  • Verify the reason for Festive’s insolvency; and
  • Establish the accuracy of the Statement of Affairs as sworn by him. 2) From 01 February 2015 (being the date Corporation Tax was due for payment) to 24 March 2017, the date of liquidation, Troy Edwin Heath (“Mr Heath”) caused Festive Impact Lighting Limited (hereinafter referred to as Festive) to trade to the detriment of H M Revenue and Customs (hereinafter referred to as HMRC) in respect of Value Added Tax (“VAT”) and Corporation Tax so that as at liquidation, Festive had a total outstanding liability of at least £102,426.88. In that: VAT
  • HMRC’s ledger shows that prior to 17 July 2015 the VAT liability stood at £299.53 from period 02/15 which was due for payment on 07 April 2015.
  • Assessments totalling £6,621.00, along with charges of £993.15 were raised for the periods 05/15, 08/15 and 11/15, before being replaced by returns submitted on 05 April 2016 totalling £29,655.08 and charges of £4,452.94.
  • Assessments totalling £1,553.00, along with charges of £232.95 were raised for the periods 02/16, 05/16 and 08/16, before being replaced by returns submitted on 14 December 2016 totalling £27,698.98 and charges of £4,154.83.
  • An assessment was raised for period 11/16 for £525.00 along with charges of £78.75, before being replaced by a return submitted on 08 February 2017 totalling £5,084.43 and charges of £762.66.
  • Two assessments were raised following the date of liquidation for the periods 02/17 and 05/17 totalling £5,985.00 along with charges of £721.50 but these were not due for payment at the date of liquidation.
  • No Payments were made at any time towards VAT, so that at liquidation the liability to HMRC in respect of VAT was £78,814.92 (including interest, charges and amounts not due for payment at liquidation). CORPORATION TAX
  • The ledgers provided by HMRC shows Festive incurred £24,794.30 in respect of Corporation Tax for the period 01 May 2013 to 30 April 2014 which was due for payment on 01 February 2015. Interest and charges were incurred totalling £424.14. Payments of £16,958.01 were made, albeit not always on time, against the liability, so that £7,836.29 was left outstanding as at Liquidation.
  • Ledgers provided by HMRC show Festive incurred £13,240.30 in respect of Corporation Tax for the period 01 May 2014 to 30 April 2015 and penalties of £2,343.24. No payments were made against this liability so that at liquidation the total amount outstanding to HMRC in respect of Corporation Tax was £23,419.83 (including interest and charges). Comparative Treatment. Between 01 February 2015 and 21 March 2017, excluding contra entries, £688,574.15 was paid out of the bank account. Of which;
  • £91,577.00 was paid to persons assumed to be staff
  • £166,357.35 was paid to trade and for business expenses;
  • £151,442.66 was paid to banks, or withdrawn by cheque or cash;
  • Payments benefitting Mr Heath and third parties associated with him totalled £147,200.51.
  • £29,496.63 was paid to HMRC. At liquidation HMRC was the majority creditor and was owed £105,306.91 (including interest, charges, unpaid Pay As You Earn and amounts not due for payment at liquidation) out of total creditors of £124,122.11 

    This information is correct as at 24 / 9 / 2018



    If you believe this page contains any errors, please email civil.proceedings.team@insolvency.gsi.gov.uk with details of the error that you have found.

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