Case details for GEOFFREY IAN FARLOW

Name: GEOFFREY IAN FARLOW

Name: INV5361153 - SPRING ELITE LIMITED

Date of Birth: 18 / 5 / 1965

Date Order Starts: 1 / 2 / 2019

Disqualification Length: 4 Years 0 Month(s)

CRO Number: 08586130

Last Known Address: Wildwood, Park Corner,, Nettlebed,, , , HENLEY-ON-THAMES, RG9 6DR

Conduct: From at least 7th August 2015 to liquidation, Geoffrey Ian Farlow (“Mr Farlow”) caused Spring Elite Limited (“Spring Elite”) to trade to the detriment of HM Revenue & Customs (“HMRC”) in respect of Value Added Tax (“VAT”) and from 7th August 2016 failed to ensure that Spring Elite complied with its statutory obligations to submit VAT returns in a timely manner to HMRC. In that: a. Spring Elite filed the required returns for the quarters ending 06/15 to 09/16 and the sum of £107,860.16 was declared as due. The returns for the quarter ended 06/16 and 09/16 were filed late. Due to late filing and non-payment, surcharges of £8,787.74 were applied by HMRC. The quarter ended 06/15 was due for payment by 07 August 2015. b. Spring Elite failed to make the required returns for the quarters ending 12/16 to 06/17 causing HMRC to raise assessments of £41,045 and add surcharges of £6,156.75. c. From 07 August 2015, Spring Elite made payments of £34,957.56 against the VAT liabilities of which £14,005 was applied to the earlier outstanding quarter ending 03/15. At liquidation, the sum of at least £142,897 remained outstanding to HMRC in respect of VAT. D. HMRC has claimed for unpaid Pay As You Earn, National Insurance Contributions and Construction Industry Scheme deductions for the years ended 2016/2017 and 2017/2018 and £56,544.67 remains outstanding plus interest and penalties in the sum of £2,617.99. e. HMRC has also claimed for unpaid Corporation Tax for the year ending 2014/2015 and £53,207.40 remains outstanding plus a penalty of £5,520.74. The return for the year ending 2015/2016 was not made but Spring Elite’s annual accounts for the year ending 30 June 2016 show that the sum of £20,139 was due for this year. F. Spring Elite’s annual accounts show that at 30 June 2015, the sum of £97,785 was outstanding to HMRC, despite dividends of £166,646 having been paid in that year. By liquidation HMRC’s claim was at least £260,787.89, despite further dividends of £68,175 being paid in the year ended 30 June 2016. Bank statements show that between 01 July 2016 and 05 October 2017, receipts totalling £402,017.06 and payments totalling £405,653.89 were made from Spring Elite’s bank account. Of the £405,653.89 payments £25,452.66 was listed as being paid to HMRC. The remaining £380,201.23 was utilised to pay trade creditors, wages and other operational costs. 

This information is correct as at 14 / 1 / 2019



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