Name: Waqar Naveed

Name: NAVEED BUILDERS LTD

Date of Birth: 6 / 5 / 1978

Date Order Starts: 7 / 5 / 2025

Disqualification Length: 10 years Years 0 Month(s)

CRO Number: 12154564

Last Known Address: 18 Durley Road, , , , Birmingham, B25 8EE

Conduct: Mr Waqar Naveed (Mr Naveed) caused Naveed Builders Ltd (NBL) to obtain a government-backed Bounce Back Loan (BBL) of £50,000 by providing inaccurate information to its bank regarding turnover. In addition, there is no evidence that the proceeds of the loan were used in their entirety for the economic benefit of the business as required by the BBL scheme. NBL obtained at least £42,812 of BBL funding to which it was not entitled, in that: Obtaining the BBL • The BBL scheme permitted a loan of up to 25% of a business’ turnover in the 2019 calendar year or estimated turnover if it had been established after 01 January 2019. • NBL was incorporated on 13 August 2019. • As NBL commended trading after 01 January 2019, it was entitled to rely upon estimated annual turnover in any BBL application. • NBL operated one business current account which was opened on 01 September 2019 and was then closed on 26 April 2023. • The current account bank statements confirm that the opening transaction into the account was a credit of £500 on 04 September 2019 from Mr Naveed. • An analysis of the current account from 01 September 2019 to 09 June 2020 (being the trading period prior to the BBL being obtained) confirms that a total of £23,960 trading income was credited to the company account. • Based on the average monthly takings received during the period of 01 September 2019 to 09 June 2020, it is reasonable to assume that the estimated annual turnover of NBL would be £28,752. • This would have made NBL eligible for a maximum BBL of £7,188. • The BBL application was then completed by Mr Naveed on 09 June 2020. • Within the BBL application, Mr Naveed self-declared that the estimated turnover of NBL was £225,000. • Mr Naveed has not explained the basis of the turnover figure in the BBL application. • Based on the matters set out above, NBL received £42,812 more than it was entitled too. Use of the BBL • Anyone applying for a BBL on behalf of a business was required to declare that it would only use the loan to provide economic benefit to that business and not for personal use. • NBL received the BBL of £50,000 from its bank on 15 June 2020. • Prior to the BBL being received, the current account had a credit balance of £4,356.90. • Following receipt of the BBL and during the six-month period of 15 June 2020 to 31 December 2020: o Credits into the company bank account totalled £16,124.03. o Payments made in respect of trade totalled £6,650.03. o Payments made to Mr Naveed totalled £40,000 of which £19,519 was funded by the BBL funds. • Prior to receipt of the BBL Mr Naveed’s drawings averaged £750 per month. Over six months this equates to £4,500. Therefore, of the £19,519 BBL funding paid to Mr Naveed at least £15,000 was in excess to his previous drawings. • On 31 December 2020, the balance of the current account was £23,983.88. • No explanation and/or supporting documents have been provided by Mr Naveed to evidence that any of the payments following receipt of the BBL were for the economic benefit of NBL. Outstanding BBL • The outstanding balance of the BBL at liquidation was £44,350.30. 

This information is correct as at 23 / 4 / 2025

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