Name: Joel Victor Coles

Name: PORTSMOUTH RAIL ENGINEERING SERVICES LTD

Date of Birth: 7 / 3 / 1975

Date Order Starts: 6 / 10 / 2026

Disqualification Length: 5 Years 0 Month(s)

CRO Number: 11263736

Last Known Address: 73 Copythorn Road, , , , PORTSMOUTH, PO2 0DZ

Conduct: Joel Victor Coles (hereinafter referred to as “Mr Coles”) caused Portsmouth Rail Engineering Services Ltd (hereinafter referred to as “Portsmouth Rail”) to trade to the detriment of HM Revenue & Customs (hereinafter referred to as “HMRC”) by failing to ensure that Portsmouth Rail paid its VAT liability when due or in full from 07 May 2019 to 31 December 2024 in the sum of £146,926 inclusive of surcharges for the VAT periods ending between March 2019 and December 2024, and its Corporation tax liabilities when due or in full from 20 December 2019 to 31 December 2024 in the sum of £237,573 for the financial periods ending between 19 March 2019 and 31 March 2023, in that: VAT • Portsmouth Rail was registered for VAT with effect from 22 May 2018. • VAT returns were submitted for the VAT periods ending September 2018 and December 2018 and the VAT due was paid. • A VAT return was submitted for the period ending March 2019 and VAT of £5,995 was due for payment by 07 May 2019. No payment was made by this date, however, a credit balance of £1,797 from a previous payment was offset against the liability, leaving unpaid VAT outstanding of £4,198. • VAT returns were submitted for the periods ending from June 2019 to June 2024 indicating Portsmouth Rail owed £128,981 of VAT. • HMRC raised assessments for the periods ending September 2024 and December 2024 of £6,300 and £5,770, respectively. • One payment of £6,000 was paid towards the VAT liabilities outstanding from 07 May 2019, on 10 February 2020, which cleared the outstanding balance from the VAT period ending March 2019. • At the date of liquidation, Portsmouth Rail owed £146,926 in respect of VAT due for the periods ending from June 2019 to December 2024 inclusive of surcharges for the periods ending from March 2021 and December 2022 of £7,679. Corporation Tax: • Portsmouth Rail submitted Corporation Tax returns for the financial periods ending from 19 March 2019 to 31 March 2023 indicating that it owed Corporation Tax totalling £237,573. • Payment of the £13,891 Corporation Tax liability for the period ending 19 March 2019 was due by 20 December 2019. • No payments were made towards Portsmouth Rail’s Corporation Tax liability, leaving the full £237,573 outstanding at the date of liquidation. Director’s Loan Account: • Based on information held by Portsmouth Rail’s accountant, Portsmouth Rail was owed £22,190 by its directors, on 31 March 2019. • The accounts for the year ending 31 March 2023 record that, by that date, the outstanding Director’s Loan Account (“DLA”) had increased to £442,072 of which Mr Coles owed £221,036. • An analysis of Portsmouth Rail’s bank statements indicates between 01 April 2023 and 03 January 2025 a further £103,000 was withdrawn by Mr Coles from Portsmouth Rail’s account. In the same period Mr Coles paid £10,100 into the account. Therefore, he received a net total of £92,900 in this period, increasing the sum owed to Portsmouth Rail via his overdrawn DLA. Comparative treatment: • Portsmouth Rail’s accounts indicate there had been a cumulative turnover of £525,172 between its incorporation on 07 May 2019 and 31 March 2023. Its bank statements record £296,988 of credits from 31 March 2023 to 03 January 2025. • Portsmouth Rail’s bank statements indicate between 31 March 2021 and 20 September 2024 £18,634 was repaid against the outstanding value of a £30,000 Bounce Back Loan obtained in June 2020. • Whilst HMRC remained substantially unpaid, the overdrawn Directors' Loan Accounts increased by £419,882 reaching £442,072 by 31 March 2023, of which Mr Coles owed £221,036. As a result, company funds were made available to directors rather than being used to reduce the company's liabilities to HMRC. • By comparison, in the same period, HMRC was paid nothing in respect of the outstanding VAT and Corporation Tax. Overall, in the allegation period, HMRC received £6,000 in respect of these liabilities. At the date of the winding up, Portsmouth Rail had total liabilities of £438,836 of which HMRC had claimed £428,806, and £8,731 by a bank in respect of the outstanding balance of the Bounce Back Loan. 

This information is correct as at 16 / 9 / 2026

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