Name: Massoud Varnaseri

Name: ROYAL STAR CAFE BAR LTD

Date of Birth: 11 / 7 / 1961

Date Order Starts: 1 / 9 / 2026

Disqualification Length: 7 Years 0 Month(s)

CRO Number: 07109343

Last Known Address: The Birds Nest,, Calcott,, Sturry,, , CANTERBURY,, CT3 4NB

Conduct: 1. Mr Varnaseri caused Royal Star to breach the terms and conditions (‘T&Cs’) of the Bounce Back Loan (‘BBL’) scheme by failing to ensure that the proceeds were utilised for the economic benefit of Royal Star as required under the terms of the BBL scheme. In that: 1.1 The BBL T&Cs required the applicant to self-declare that the loan would only be used for the economic benefit of the company, and that it would be used wholly for business purposes and not for personal purposes. 1.2 Mr Varnaseri applied to National Westminster Bank Plc (“NatWest”) for a BBL of £50,000 on 06 May 2020. 1.3 Bank statements record that on 11 May 2020 Royal Star received the BBL of £50,000. Prior to the BBL deposit, the balance of Royal Star’s bank account was £2,611 overdrawn. 1.4 Between receipt of the BBL funds on 11 May 2020 and 14 May 2020, there were payments totalling £1,131 and no other income was received into Royal Star’s bank account. 1.5 On 14 May 2020, the balance on the Royal Star’s bank account was £46,258. A payment of £50,000 was paid out to purchase Premium Bonds. 1.6 A limited company is by law unable to purchase Premium Bonds. According to Regulation 4 of the Premium Savings Bond Regulations 1972, only solely named individuals can invest in Premium Bonds. 1.7 Mr Varnaseri has stated that he put money into the business. The accounts to year ending 31 December 2019 show no outstanding directors loan account. Analysis of the Company bank statements between 01 January 2020 and receipt of the BBL funds show that Mr Varnaseri made payments totalling £3,247. Therefore, of the £50,000 BBL received by Royal Star, at least £43,011 was not used for the economic benefit of the Company. 1.8 Royal Star made repayments of £8,811 towards the BBL. 1.9 Royal Star entered creditors’ voluntary liquidation on 18 January 2023 and £42,733 was shown as owed to NatWest, as per the Statement of Affairs. 1.10 NatWest has provided BBL statements showing that as at 30 December 2022, the balance owed in respect of the BBL was £43,000. 

This information is correct as at 22 / 9 / 2026

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