Name: Costin Stoica

Name: TRANSCOSTY LTD

Date of Birth: 19 / 12 / 1989

Date Order Starts: 6 / 4 / 2026

Disqualification Length: 12 Years  Month(s)

CRO Number: 12464742

Last Known Address: Flat A, 70 High Street ,, , , , EDGWARE,, HA8 9EJ

Conduct: 1. On 30 June 2020, Costin Stoica (“Mr Stoica”) caused Transcosty Ltd (“TL”) to apply for a Government backed Bounce Back Loan (“BBL”) in the sum of £49,500 which he knew or ought to have known it was not eligible to receive that amount by including inaccurate information relating to turnover. Thereafter the BBL was paid into TL's Bank account on 01 July 2020 and was not used in its entirety for the economic benefit of TL. In that: • Where a business was established after 01 January 2019, it was entitled to apply for a BBL of between £2,000 and £50,000 up to a maximum of 25% of estimated annual turnover calculated from when the business started. The BBL Scheme required the applicant to declare that the BBL funds would be used for the economic benefit of TL and not be used for personal purposes. • TL was incorporated on 14 February 2020 and its bank statements record that it began trading on 28 February 2020 therefore it was entitled to estimate turnover for the BBL application. • The BBL application submitted on behalf of TL by Mr Stoica declared its estimated annual turnover was £200,000. • TL's bank accounts record that between the first transaction on its bank account on 28 February 2020 and the date that the BBL application was made on 30 June 2020 (i.e. over a four-month period), TL received income in the sum of £15,386.16. This indicates that TL's estimated annual turnover based on income received from when TL started trading was in the region of £46,158.48. • TL's estimated annual turnover in the sum of £46,158.48 would have entitled TL to a maximum BBL in the sum of £11,539.62. Therefore, TL received BBL funds in the region of £37,960.38 more than it was entitled to receive. • Bank account statements record income during that first year of trade to 28 February 2021 in the sum of £31,751.29 and financial accounts for year ended 28 February 2021 showed a turnover of £34,142. • Between receipt of the BBL in the sum of £49,500 on 1 July 2020 and 24 September 2020, the entirety of the BBL funds were withdrawn from TL's bank account with payments totalling £49,200 being transferred to Mr Stoica’s personal bank account. Therefore £49,200 of the BBL funds were not used for the economic benefit of TL. • The Bank has confirmed that a BBL in the sum of £48,378.83 remains outstanding. 2. Costin Stoica ("Mr Stoica") caused Transcosty Ltd ("TL") to submit inaccurate VAT returns to HM Revenue & Customs (“HMRC”). This resulted in the total sum of £247,151 being paid to TL in the form of VAT reclaims relating to monthly VAT periods 05/23 to 08/23. As a result, HMRC's final claim in the liquidation in respect of VAT totalled £298,988 inclusive of interest and penalties. In that: • TL registered for VAT on 24 January 2022. • TL filed VAT returns in respect of quarterly VAT periods 04/22 to 04/23 which record VAT due to HMRC during these periods totalled £5,829. • TL filed monthly VAT returns in respect of the following periods which recorded VAT reclaims were owed to TL by HMRC: (i) 05/23 in the sum of £40,460.97; (ii) 06/23 23 in the sum of £58,773.98; (iii) 07/23 in the sum of £74,613.92; and (iv) 08/23 in the sum of £73,302.93. VAT totalling £247,152 was paid to TL by HMRC on the basis of these monthly VAT reclaims for the above periods 05/23 to 08/23. • TL filed subsequently filed a VAT return in respect of period 09/23 recording a VAT reclaim in the sum of £76,774. • HMRC wrote to TL on the 01 November 2023 and 17 November 2023 requesting information to support the VAT reclaim for period 09/23. TL failed to provide the requested information to HMRC. • HMRC wrote to TL on 07 December 2023 to notify TL that the VAT reclaim received in respect of period 09/23 had been adjusted to nil. • HMRC conducted an investigation into the Company's VAT affairs concluding the above VAT repayment claims had been falsely claimed. As such they were disallowed, and assessments were raised accordingly. • On 19 December 2023, HMRC issued a Notice of Assessment in respect of the VAT reclaims for periods 05/23 to 08/23 in the sum of £247,152. TL failed to pay this Notice of Assessment. • In the period of the VAT reclaims Mr Stoica received £172,188 from the company. • HMRC is the majority creditor in TL's liquidation and its final claim totals £298,988 inclusive of interest and penalties. 

This information is correct as at 19 / 3 / 2026

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