Case details for Muneef IHSAN

Name: Muneef IHSAN

Name: BARGAIN BASEMENT 90 LIMITED

Date of Birth: 4 / 11 / 1996

Date Order Starts: 9 / 11 / 2021

Disqualification Length: 13 Years 0 Month(s)

CRO Number: 12371641

Last Known Address: Flat 8, Auckland Court,, 11 Auckland Road East,, , , SOUTHSEA,, PO5 2HA

Conduct: Muneef Ihsan (“Mr Ihsan”) caused BARGAIN BASEMENT 90 LIMITED (“BARGAIN”), BARGAINS BASEMENT 90 LIMITED (“BARGAINS BASEMENT”) and PORTHART LTD (“PORTHART”) to fraudulently obtain Government Guaranteed Bounce Back Loans (BBL) in that: BARGAIN BASEMENT 90 LIMITED • On 19 February 2020 an application was made to strike off BARGAIN from the register of companies. • There is no evidence that BARGAIN was carrying on business on 1 March 2020 or was engaged in trading or commercial activity as at the date of the BBL application, which is contrary to the terms of the BBL scheme. • No accounting records have been delivered up for BARGAIN. • On 1 June 2020 an application was made to withdraw the application to strike BARGAIN from the company register. • BARGAIN obtained a £50,000 BBL on 11 June 2020 after opening a new bank account to receive the BBL funds. • Between 11 June 2020 and 19 August 2020 other than the BBL, credits to the account were £4,800 from BARGAINS and a £500 credit adjustment. • Between 11 June 2020 and 19 August 2020 payments out of the account totalled £55,080: £750 to the director; £8,980 in cash; £45,350 to other third parties. • Creditors at the date of liquidation on 9 September 2020 are £51,000 comprising the £50,000 BBL and £1,000 stated to be owed to the director. BARGAINS BASEMENT 90 LTD • On 19 February 2020 an application was made to strike off BARGAINS BASEMENT from the register of companies. • There is no evidence that BARGAINS BASEMENT was carrying on business on 1 March 2020 or was engaged in trading or commercial activity as at the date of the BBL application, which is contrary to the terms of the BBL scheme. • No accounting records have been delivered up for BARGAINS BASEMENT. • On 26 May 2020 an application was made to withdraw the application to strike BARGAINS BASEMENT from the company register. • BARGAINS BASEMENT obtained a £50,000 BBL on 12 June 2020 after opening a new bank account to receive the BBL funds. • Between 12 June 2020 and 19 August 2020 other than the BBL, credits to the account were £8,400 from a company which filed dormant accounts to 31 July 2019 and was dissolved on 16 March 2021; payments of £25,108 were also made to the same company. • Between 12 June 2020 and 19 August 2020 payments out of the account totalled £58,750: £8,142 in cash; £25,108 to the previously mentioned company; £4,800 to BARGAIN; £2,500 to PORTHART and £18,200 to other third parties. • Creditors at the date of liquidation on 10 September 2020 are £51,000 comprising the £50,000 BBL and £1,000 stated to be owed to the director. PORTHART LTD • PORTHART was purchased from a formation agent in June 2020. • There is no evidence that PORTHART was carrying on business on 1 March 2020 or was engaged in trading or commercial activity as at the date of the BBL application, which is contrary to the terms of the BBL scheme. • No accounting records have been delivered up for PORTHART. • PORTHART obtained a £50,000 BBL on 24 June 2020 after opening a new bank to receive the BBL funds. • Between 24 June 2020 and 19 August 2020 other than the BBL, credits to the account were £2,000 from BARGAINS and £2,250 from a company which filed dormant accounts to 28 February 2019 and entered into liquidation on 6 November 2020; payments of £20,000 were also made to the same company. • Between 24 June 2020 and 19 August 2020 payments out of the account totalled £54,320: £200 to the director; £7,220 in cash; £20,000 to the previously mentioned company; £26,900 to other third parties. • Creditors at the date of liquidation on 10 September 2020 are £50,300 comprising the £47,300 relating to the BBL (£700 left in the bank account before liquidation was offset against the BBL) and £1,000 stated to be owed to the director. 

This information is correct as at 8 / 11 / 2021



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