Name: SIARA RASHID

Name: SPICE MAGNET LIMITED

Date of Birth: 25 / 4 / 1987

Date Order Starts: 16 / 4 / 2024

Disqualification Length: 9 Years 0 Month(s)

CRO Number: 08646867

Last Known Address: 288 St. Pauls Road,, , , , SMETHWICK,, B66 1HF

Conduct: Saira Rashid (“Mrs Rashid”) caused Spice Magnet Ltd (“the Company”) to obtain a Government-backed Bounce Back Loan (“BBL”) of £50,000, which was more than the Company was entitled to, by submitting information that she knew or ought to have known was incorrect in respect of the Company’s turnover. In that: A company was entitled to apply for a BBL of up to 25% of its turnover under the BBL scheme. The Company’s turnover for the 2019 calendar year was in the region of £144,724 and therefore the maximum BBL to which it was entitled should have been approximately £36,181 and not £50,000. On 12 May 2020, Mrs Rashid applied for and obtained a BBL of £50,000 on behalf of the Company. Following receipt of the BBL funds on 12 May 2020 three separate transfers of £15,000 and one transfer of £5,000 were made to unknown recipients and there is no evidence that the transfers were for the economic benefit of the Company. 

This information is correct as at 18 / 4 / 2024

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