Case details for PAUL JONES


Name: Keep Time Watch Repairs Limited

Date of Birth: 5 / 12 / 1982

Date Order Starts: 12 / 4 / 2022

Disqualification Length: 9 Years 0 Month(s)

CRO Number: 10075934

Last Known Address: 12 Emily Street,, , , , ST. HELENS,, WA9 5LZ

Conduct: Paul Thomas Jones (“Mr Jones”) caused Keep Time Watch Repairs Limited (“Keep Time”) to breach the terms and conditions of the Bounce Back Loan Scheme (“BBL”) by applying for a BBL of £50,000 when he knew or ought to have known that Keep Time was only eligible for a loan to a maximum of £15,747, based on management accounts for the period 1 January 2019 to 31 December 2019. Of the £50,000 Keep Time received, £39,015 was paid out for the personal benefit of Mr Jones contrary to the conditions for the use of a BBL. In that: - • The BBL criteria allowed a business to borrow between £2,000 and up to 25% of the company turnover (with a maximum loan of £50,000), for the purpose of a business carried on or intended to be carried on by the applicant. • Based on the sales income recorded in management accounts for the period 1 January 2019 to 31 December 2019 Keep Time was eligible to borrow a maximum of £15,747. • On 6 May 2020, Mr Jones applied for a BBL of £50,000 for Keep Time stating the estimated turnover as £204,166. • On 12 May 2020, BBL funds of £50,000 were paid into Keep Time’s bank account. • Between 18 May 2020 and 3 August 2020, a total of £39,015 of BBL funds were paid to Mr Jones’ personal benefit, £30,015 in respect of finance of Mr Jones’ personal motor vehicle and £9,000 in respect of the repayment of director’s loans. • At the date of the Liquidation on 30 June 2021, a total of £129,093 was owed to creditors, of which at least £23,345 was owed to HMRC, £60,264 to the bank, £1,410 to trade creditors and £44,074 to Mr Jones. 

This information is correct as at 23 / 3 / 2022

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