Case details for Simon John King

Name: Simon John King

Name: Simon King Media Limited

Date of Birth: 16 / 6 / 1976

Date Order Starts: 2 / 5 / 2019

Disqualification Length: 6 Years 0 Month(s)

CRO Number: 07860296

Last Known Address: 9 Phoenix Way,, , Penallta,, , HENGOED,, CF82 6AS

Conduct: Mr Simon John King ('Mr King') failed to ensure that Simon King Media Ltd (“SKM”) complied with its statutory obligations to file returns when due for Value Added Tax (“VAT”) and failed to ensure that SKM met its financial commitments as regards Corporation Tax (“CT”) and VAT. As a consequence he caused SKM to trade to the detriment of HM Revenue & Customs (“HMRC”) and to his own benefit, from at least October 2014 to its cessation in November 2016. In that:

  • SKM traded from November 2011 to November 2016. CT
  • Accounts filed for 2012 to 2015 show that SKM made profits in each year;
  • For the financial year to 31 December 2013 CT of £16,518 was due, this should have been settled by 01 October 2014;
  • Two credits were made towards this year, in December 2014 and January 2015, totalling £11,000, leaving a balance unpaid of £5,518, which remained outstanding at the liquidation date;
  • No further payments were made and additional CT of £24,878 accrued to December 2015;
  • At the liquidation date at least £30,396 was owed for CT on SKM's profits. VAT
  • VAT returns were not submitted on time from the quarter ended November 2013 and the return for this quarter was filed, together with those for February 2014 to May 2015, on 29 July 2015;
  • Although the assessed sums were paid for November 2013 to May 2014, they were less than the amounts due when the returns for these periods were submitted;
  • The last payment made was in November 2014 which was allocated to the assessment for May 2014;
  • No payment was made towards the quarter to August 2014, which should have been settled by 07 October 2014;
  • At the liquidation date £24,409 remained outstanding in VAT collected but not paid over. Comparative treatment
  • HMRC are the majority creditor in the liquidation owed £59,760 compared with trade creditors owed £9,132;
  • Bank statements for the period 01 January 2015 to the liquidation date, show payments made of £142,524, no payments were made to HMRC from this account for SKM's liabilities in this period, although a £10,000 credit was applied to the CT debt on 10 January 2015. Payments to the directors
  • In the accounts to 31 December 2015 the amount owed on the directors' loan accounts (“DLAs”) was £55,970. This was an increase of £24,051 on the balance outstanding for the previous year.
  • The increase in the DLAs was in addition to directors' remuneration of £8,037 and dividends of £17,300.
  • Bank statements show continued personal expenditure during 2016 and the liquidators have calculated the balance due at the liquidation date as £101,599. 

    This information is correct as at 8 / 5 / 2019


    Name: Syran Beth  King

    Name: Simon King Media Limited

    Date of Birth: 5 / 2 / 1976

    Date Order Starts: 2 / 5 / 2019

    Disqualification Length: 6 Years 0 Month(s)

    CRO Number: 07860296

    Last Known Address: 6 Phoenix Way,, , Penallta,, , HENGOED, CF82 6AS

    Conduct: Mrs Syran Beth King ('Mrs King') failed to ensure that Simon King Media Ltd (“SKM”) complied with its statutory obligations to file returns when due for Value Added Tax (“VAT”) and failed to ensure that SKM met its financial commitments as regards Corporation Tax (“CT”) and VAT. As a consequence she caused or permitted SKM to trade to the detriment of HM Revenue & Customs (“HMRC”) and to her own benefit, from at least October 2014 to its cessation in November 2016. In that:

  • SKM traded from November 2011 to November 2016. CT
  • Accounts filed for 2012 to 2015 show that SKM made profits in each year;
  • For the financial year to 31 December 2013 CT of £16,518 was due, this should have been settled by 01 October 2014;
  • Two credits were made towards this year, in December 2014 and January 2015, totalling £11,000, leaving a balance unpaid of £5,518, which remained outstanding at the liquidation date;
  • No further payments were made and additional CT of £24,878 accrued to December 2015;
  • At the liquidation date at least £30,396 was owed for CT on SKM's profits. VAT
  • VAT returns were not submitted on time from the quarter ended November 2013 and the return for this quarter was filed, together with those for February 2014 to May 2015, on 29 July 2015;
  • Although the assessed sums were paid for November 2013 to May 2014, they were less than the amounts due when the returns for these periods were submitted;
  • The last payment made was in November 2014 which was allocated to the assessment for May 2014;
  • No payment was made towards the quarter to August 2014, which should have been settled by 07 October 2014;
  • At the liquidation date £24,409 remained outstanding in VAT collected but not paid over. Comparative treatment
  • HMRC are the majority creditor in the liquidation owed £59,760 compared with trade creditors owed £9,132;
  • Bank statements for the period 01 January 2015 to the liquidation date, show payments made of £142,524, no payments were made to HMRC from this account for SKM's liabilities in this period, although a £10,000 credit was applied to the CT debt on 10 January 2015. Payments to the directors
  • In the accounts to 31 December 2015 the amount owed on the directors' loan accounts ('DLAs') was £55,970. This was an increase of £24,051 on the balance outstanding for the previous year.
  • The increase in the DLAs was in addition to d.irectors' remuneration of £8,037 and dividends of £17,300.
  • Bank statements show continued personal expenditure during 2016 and the liquidators have calculated the balance due at the liquidation date as £101,599 

    This information is correct as at 8 / 5 / 2019



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

  •