Case details for Faysol AHMED

Name: Faysol AHMED

Name: Bletchley Pickle Ltd

Date of Birth: 1 / 10 / 1982

Date Order Starts: 6 / 6 / 2022

Disqualification Length: 8 Years 0 Month(s)

CRO Number: 09607171

Last Known Address: 27 St. Cuthberts Street,, , , , BEDFORD,, MK40 3JG

Conduct: Faysol Ahmed (‘Mr Ahmed’) caused Bletchley Pickle Ltd to obtain a Bounce Back Loan (‘BBL’) of £50,000 on 18 May 2020, when Mr Ahmed knew, or ought to have known, that it was eligible for a BBL of no more than £7,518 and failed to use all the funds for the economic benefit of the company, in that: Mr Ahmed was a director of Bletchley Pickle Ltd from incorporation on 26 May 2015, and was the sole director from 02 February 2018 until his resignation on 28 July 2020. Companies adversely impacted by Covid 19 could obtain a BBL, which were limited to 25% of 2019 turnover, to a maximum of £50,000. Bank statements show a BBL of £50,000 was received by Bletchley Pickle Ltd on 18 May 2020. To be eligible for such a loan, Bletchley Pickle Ltd needed turnover of £200,000 during 2019. Accounts for the two years ending 31 May 2018 confirm cumulative turnover of £93,084. No further accounts were produced, and no records detailing turnover for the company have been provided to the liquidator for the period after accounts for 31 May 2018. Bank statements between 01 June 2018 and 31 May 2020 confirm receipts of £90,361. During this four year period, accounts and bank statements detail turnover of £183,445, less than the £200,000 turnover needed in 2019 to be eligible for a loan of £50,000. Bank statements for 2019 confirm receipts of £35,790, which indicate a maximum available BBL of £7,518, whereas Mr Ahmed caused Bletchley Pickle Ltd to obtain the maximum available BBL of £50,000, which he knew, or ought to have known, that Bletchley Pickle Ltd was not eligible for. Of the £50,000 received on 18 May 2020, £10,000 was transferred to Mr Ahmed on 19 May 2020, with £40,000 being paid to a third party on the same day. At Liquidation on 25 March 2021, the BBL remained unpaid. 

This information is correct as at 16 / 5 / 2022

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