Case details for Andrew Rees Morgan

Name: Andrew Rees Morgan

Name: Gaxtown Properties Limited and Arm Investors Ltd

Date of Birth: 1 / 8 / 1965

Date Order Starts: 30 / 11 / 2023

Disqualification Length: 12 Years 0 Month(s)

CRO Number: 08890568/12024743

Last Known Address: :10 Greenfield Crescent, Llansamlet, , , SWANSEA, SA7 9SR

Conduct: Gaxtown Properties Limited On 30 June 2020, Andrew Rees Morgan (“Mr Morgan”) caused Gaxtown Properties Limited (“Gaxtown”) to overstate its turnover and apply for a Bounce Back Loan (“BBL”) of £50,000 to which Gaxtown was not entitled as it did not meet the eligibility criteria of the BBL scheme. Additionally, on 9 March 2021, Mr Morgan caused Gaxtown to expend at least £48,948 of the BBL funds which was used for his personal benefit and not for the economic benefit of Gaxtown. In that: In order to be eligible to apply for a BBL, a business had to be engaged in trading or commercial activity in the UK at the date of the application, had to have been carrying on business on 01 March 2020 and been adversely affected by coronavirus (COVID-19). Under the BBL scheme, businesses could apply for a loan of between £2,000 and £50,000 subject to a maximum of up to 25% of turnover. The turnover figure was self-certified by the applicant. The turnover figure required was that for the calendar year 2019 or where a business was established after 1 January 2019 it is their estimated turnover. Gaxtown was incorporated on 12 February 2014. Dormant Accounts for periods ended 28 February 2019 and 28 February 2020 were approved by Gaxtown’s previous director and filed at Companies House on 04 March 2019 and 28 February 2020 respectively. Mr Morgan was appointed as Gaxtown’s sole director on 27 May 2020. The first transaction showing on sheet 1 of Gaxtown’s bank statements was a transfer of £1,200.00 from Mr Morgan on 28 June 2020 annotated “SALE DEPOSIT”. Following this, Gaxtown’s bank account appears to have been used for business purposes. On, 30 June 2020, Mr Morgan applied for a BBL of £50,000 on behalf of Gaxtown declaring that its turnover was £215,000. The BBL application form contained a declaration that Gaxtown was trading as at 01 March 2020 and at the date of the BBL application. Gaxtown received the BBL funds of £50,000 on 5 August 2020. On 9 March 2021, Mr Morgan caused Gaxtown to expend £48,948 from the BBL funds for his personal benefit and not for the economic benefit of Gaxtown. Mr Morgan has failed to provide evidence to show that Gaxtown was trading or engaged in business activities on 1 March 2020. Total liabilities at liquidation/administration amount to £50,001 of which £50,000 relates to the amount owed in respect of the BBL. _____ Arm Investors Ltd On 31 July 2020, Andrew Rees Morgan (“Mr Morgan”) caused Arm Investors Ltd (“Arm”) to overstate its turnover and apply for a Bounce Back Loan (“BBL”) of £50,000 to which Arm was not entitled as it did not meet the eligibility criteria of the BBL scheme. Additionally, between 23 December 2020 and 13 April 2021, Mr Morgan caused Arm to use £48,949 from the BBL funds for his personal benefit and not for the economic benefit of Arm. In that: In order to be eligible to apply for a BBL a company had to be engaged in trading or commercial activity in the UK at the date of the application, had to have been carrying on business on 01 March 2020 and been adversely affected by coronavirus (COVID-19). Under the BBL scheme, businesses could apply for a loan of between £2,000 and £50,000 subject to a maximum of up to 25% of turnover. The turnover figure was self-certified by the applicant. The turnover figure required was that for the calendar year 2019 or where a business was established after 1 January 2019 it is their estimated turnover. Arm was incorporated on 30 May 2019 and Mr Morgan was appointed as the sole director. On 31 July 2020, Mr Morgan applied for a BBL of £50,000 on behalf of Arm declaring that its turnover was £220,000. The BBL application form contained a declaration that Arm was trading as at 01 March 2020 and at the date of the BBL application. The first transaction showing on Arm’s bank statement, sheet 001, was a transfer of £380 from Mr Morgan annotated “LOFT” on 26 August 2020. Arm received the BBL funds of £50,000 on 15 September 2020. Between 23 December 2020 and 13 April 2021, Mr Morgan caused Arm to expend at least £47,330 of the BBL funds for his personal benefit and not for the economic benefit of Arm. Dormant Accounts for period ended 31 May 2020 were approved by Mr Morgan and filed at Companies House on 28 June 2021. Mr Morgan has failed to provide evidence to show that Arm was trading or engaged in business activities on 1 March 2020 or at the date of the BBL application. Total liabilities at liquidation/administration amount to £50,001 of which £50,000 relates to the amount owed in respect of the BBL. 

This information is correct as at 14 / 11 / 2023



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