Name: Muhammad Umar Farooq

Name: Streamline Contractors Ltd

Date of Birth: 10 / 12 / 1986

Date Order Starts: 10 / 11 / 2026

Disqualification Length: 12 Years 0 Month(s)

CRO Number: 12343420

Last Known Address: 16 Hart Way, , , , RAINHAM, RM13 8TD

Conduct: Allegation Blue Ocean Residentials Ltd and Streamline Contractors Ltd On 03 June 2020 Mr Muhammad Umar Farooq (“Mr Farooq”) caused Blue Ocean Residentials Ltd (“Blue Ocean”) to breach the terms and conditions of the BBL scheme by overstating its turnover in the application resulting in Blue Ocean receiving more BBL funds than it was entitled to. Furthermore, BBL funds received totalling at least £33,800 were not used for the economic benefit of Blue Ocean, in that: • 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 01 January 2019 it is their estimated annual turnover from the date that the business was started. • Blue Ocean was incorporated on 07 August 2018 and commenced trading on the same date. It therefore had to use its actual turnover for the calendar year 2019 on the BBL application. • On 03 June 2020 Mr Farooq applied for a BBL of £50,000 on behalf of Blue Ocean stating that its turnover for 2019 was £200,000. • Blue Ocean’s accounts for the year ended 31 August 2019 stated that turnover was £112,535. These accounts were signed and approved by Mr Farooq on 05 May 2020, prior to the BBL application. • Bank statements for Blue Ocean’s bank account show that income for the 2019 calendar year was £107,156. • Based on Blue Ocean’s August 2019 accounts it would have been entitled to a BBL in the amount of £28,134. By applying for a BBL of £50,000 Blue Ocean received £21,866 more than it was entitled to. • The BBL funds were received into Blue Ocean’s bank account on 05 June 2020. • The BBL scheme provided that the BBL could only be used for the economic benefit of the business. • The balance on Blue Ocean’s bank account prior to receipt of the BBL was £3,967.84. • Between 20 January 2021 and 18 March 2021 payments totalling £40,800 were made to a connected company of which Mr Farooq was the director. In the period 05 June 2020 to 18 March 2021 credits into the account, other than the BBL, totalled £7,430.17. Payments funded by the BBL totalling at least £33,800 were made to the connected company. • Mr Farooq has confirmed that the payments were a loan. • No repayments have been received in respect of the loan and no supporting documentation regarding the terms and conditions of the loan have been provided. • No evidence has been provided to show that these payments were for the economic benefit of Blue Ocean. • Blue Ocean entered Creditors’ Voluntary liquidation on 29 September 2022 with liabilities of £49,823.74 in respect of the BBL. On 20 June 2020 Mr Farooq allowed Streamline Contractors Ltd (“Streamline”) to breach the terms and conditions of the Government-backed Bounce Back Loan (“BBL”) scheme by applying for a BBL of £50,000 to which it was not entitled, as it was not trading at 01 March 2020. Consequently, Streamline received funds that it was not entitled to from the BBL scheme. Furthermore, BBL funds received totalling at least £27,496 were not used for the economic benefit of Streamline, in that: • 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 01 January 2019 it is their estimated annual turnover from the date that the business was started. • One of the eligibility criteria was that a business was engaged in trading or commercial activity at the date of the application, and was established and carrying on business at 01 March 2020. • Streamline was incorporated on 02 December 2019. • On 20 June 2020 Mr Farooq’s co-director made an application for a BBL in the amount of £50,000 on behalf of Streamline declaring that its estimated turnover for the 2019 calendar year was £200,000. • Mr Farooq’s co-director has stated that Streamline commenced trading in June 2020 and the first transaction on Streamline’s bank account was 22 23 June 2020. • The BBL of £50,000 was paid into Streamline’s bank account on 23 June 2020. • On the basis of the above information Streamline was not eligible for a BBL, and by making an application to borrow £50,000 it received £50,000 more than it was entitled to. • The BBL scheme provided that the BBL could only be used for the economic benefit of the business. • The balance on Streamline's bank account prior to receipt of the BBL was £196.45. • Between 23 June 2020 and 18 March 2021 Streamline was in receipt of payments totalling £40,800 were received from a connected company. The payments from the connected company were a loan which were funded by a BBL that the connected company had obtained. • Between 14 September 2020 and 27 January 2021 Streamline made payments totalling £80,550.9980,440.99 in respect of the purchase of stock. Of these payments for stock at least £27,496 transferred out of Streamline’s bank account on 14 September 2020 was funded by the BBL obtained by Streamline. The stock was not sold but transferred to another company for no consideration, and no documentary evidence in respect of the transfer has been provided. • No evidence has been provided to show that the purchase of stock and transfer of the stock was for the economic benefit of Streamline. • Streamline entered Creditors’ Voluntary liquidation on 15 August 2022 with liabilities of £50,713.15 in respect of the BBL. 

This information is correct as at 3 / 11 / 2026

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