Case details for Jonathan James Smith

Name: Jonathan James Smith

Name: CAST INTERIORS LTD

Date of Birth: 14 / 1 / 1978

Date Order Starts: 16 / 12 / 2024

Disqualification Length: 8 years Years 0 Month(s)

CRO Number: 11226222

Last Known Address: 50 Omrod Road,, , , , HEYWOOD,, OL10 1FQ

Conduct: Mr Jonathan Smith (“Mr Smith”) caused or allowed Cast Interiors Ltd (“CI”) to use funds obtained from the government-back Bounce Back Loan Scheme for personal benefit, and not for the economic benefit of CI, in violation of the terms of the scheme. In that: • A company was entitled to apply for one BBL of up to 25% of its 2019 turnover up to a maximum of £50,000 under the BBL scheme. The BBL scheme stipulated that the BBL funds were to be used to the economic benefit of the business, and not for personal purposes. • CI was incorporated on 26 February 2018 and commenced to trade in April 2018. • On 06 December 2019, Mr Smith was appointed as director of CI. The previous director resigned, making Mr Smith sole director. • On 04 May 2020, CI applied to a bank for a Bounce Back Loan (“BBL”) of £50,000. • On 05 May 2020, the BBL funds were paid into CI’s bank account. Prior to receipt of the BBL funds, the account was in credit by £1.95. Following receipt, the account was in credit by £50,001.95. • On 26 May 2020, the account reached a balance of £19.86, by which time the BBL funds were essentially dissipated. • Between 05 and 25 May 2020, £49,982.10 was withdrawn from CI’s account. CI had no income during this time. • Of the £49,982.10, £42,594.57 was transferred to Mr Smith’s wife, £4,060.00 to a personal bank account and £490 withdrawn in cash. • Mr Smith states that these payments were made to repay personal credit cards and personal loans made to CI by him and his wife. CI’s bank statements do not reconcile with this in that in any given year more money was paid to Mr Smith and his wife than was paid into the bank account. • Mr Smith has failed to provide evidence to show that these payments were to the economic benefit of CI. • The bank is a creditor in the liquidation and has claimed a total of £49,314.40 for the outstanding BBL. Jonathan Smith (“Mr Smith”) failed to ensure that Cast Interiors Ltd (“CI”) maintained and/or preserved adequate accounting records or alternatively he failed to deliver them up to the Liquidator. In that: • CI commenced trading in April 2018 and ceased to trade in February 2022. The Insolvency Practitioner was appointed on 30 March 2022. • Financial Statements were prepared for the periods up to 27 February 2019. These statements show that CI was dormant, but CI bank statements show at least £20,527 was received by CI in trading income for the same period. • Mr Smith was responsible for maintaining accounting records and states that he did not maintain “proper structure of accounts”. • In the liquidation proceedings, Mr Smith has provided bank statements, letters from HMRC and purchase invoices for the period April 2018 to January 2020. No other invoices, receipts, or other form of vouching have been delivered in support of the CI’s trading activities. • CI’s bank statements for the period 27 April 2018 to 02 February 2022 show total receipts were £865,488.32 and total payments £871,077,59, which included net payments to Mr Smith’s wife of £132,514.15, cash withdrawals totalling £92,857.94, and possible personal payments totalling £7,537.13. • Without accounting records, it is not possible to explain transactions in CI’s bank account or to establish whether the transactions were in respect of legitimate business expenditure. • On 30 March 2020, the Company entered CVL. 

This information is correct as at 29 / 1 / 2025



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