POWER 2 UPGRADE LIMITED

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Disqualified Directors Conduct

Gareth Butler
September 1978
Disqualified from being a director because of their conduct for the period of
9 Years 0 Month(s)
Disqualification starts from
24 June 2024
Improper conduct which resulted in their disqualification
Gareth Butler (“Mr Butler”) caused Power 2 Upgrade Limited (“P2U”) to materially overestimate P2U’s turnover in an application for a Bounce Back Loan (“BBL”) of £50,000 and as a result, P2U received more funds than it was entitled to from the BBL scheme, in that: Under the BBL scheme, businesses were entitled to borrow between £2,000 and £50,000, up to a maximum of 25% of turnover in the calendar year 2019. Where a business did not commence trading until after 01 January 2019, the business was able to estimate turnover from the date the business was started. P2U was incorporated on 06 March 2018, but filed dormant accounts for the period up to 31 March 2019. P2U commenced trading on 01 September 2019 and therefore was able to estimate turnover for the purpose of the BBL application. P2U’s accounts for year ended 31 March 2020, which covered a seven-month trading period, showed turnover of £19,153. Extending this to a 12-month trading period would give estimated annual turnover of £32,834. P2U’s accounts for the year ended 31 March 2021 show turnover of £17,324, indicating that turnover did not increase between April and October 2020. On 06 October 2020, Mr Butler submitted a BBL application in which he stated that P2U’s annual turnover was £350,000 and on 09 October 2020, P2U received BBL funds of £50,000 into its bank account. Mr Butler provided a forecast showing the expansion of his business within the 1st year of trade, however he was unable to provide any documentary evidence to support that expectation. P2U had been trading for over 12 months and so Mr Butler ought to have been aware that P2U’s turnover in the first 12 months had been substantially less than £350,000. Based on the BBL criteria and company turnover, P2U was entitled to receive no more than £8,209, whereas P2U received £50,000. As a result of the overstatement of turnover in the BBL application, P2U received at least £41,791 more than it was entitled to. P2U made repayments of £5,618 towards BBL On 07 March 2023, P2U entered Creditors’ Voluntary Liquidation and at the date of liquidation, the BBL lender was owed £45,851.
Gareth Butler
September 1978
Disqualified from being a director because of their conduct for the period of
9 Years 0 Month(s)
Disqualification starts from
24 June 2024
Improper conduct which resulted in their disqualification
Gareth Butler (“Mr Butler”) caused Power 2 Upgrade Limited (“P2U”) to materially overestimate P2U’s turnover in an application for a Bounce Back Loan (“BBL”) of £50,000 and as a result, P2U received more funds than it was entitled to from the BBL scheme, in that: Under the BBL scheme, businesses were entitled to borrow between £2,000 and £50,000, up to a maximum of 25% of turnover in the calendar year 2019. Where a business did not commence trading until after 01 January 2019, the business was able to estimate turnover from the date the business was started. P2U was incorporated on 06 March 2018, but filed dormant accounts for the period up to 31 March 2019. P2U commenced trading on 01 September 2019 and therefore was able to estimate turnover for the purpose of the BBL application. P2U’s accounts for year ended 31 March 2020, which covered a seven-month trading period, showed turnover of £19,153. Extending this to a 12-month trading period would give estimated annual turnover of £32,834. P2U’s accounts for the year ended 31 March 2021 show turnover of £17,324, indicating that turnover did not increase between April and October 2020. On 06 October 2020, Mr Butler submitted a BBL application in which he stated that P2U’s annual turnover was £350,000 and on 09 October 2020, P2U received BBL funds of £50,000 into its bank account. Mr Butler provided a forecast showing the expansion of his business within the 1st year of trade, however he was unable to provide any documentary evidence to support that expectation. P2U had been trading for over 12 months and so Mr Butler ought to have been aware that P2U’s turnover in the first 12 months had been substantially less than £350,000. Based on the BBL criteria and company turnover, P2U was entitled to receive no more than £8,209, whereas P2U received £50,000. As a result of the overstatement of turnover in the BBL application, P2U received at least £41,791 more than it was entitled to. P2U made repayments of £5,618 towards BBL On 07 March 2023, P2U entered Creditors’ Voluntary Liquidation and at the date of liquidation, the BBL lender was owed £45,851.

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