STANFORD PROJECTS LIMITED

ADEBAYO KAYODE

July 1987

Disqualified from being a director because of their conduct for the period of

3 Years 0 Month(s)

Disqualification starts from

3 August 2022

Improper conduct which resulted in their disqualification

Adebayo Kayode (Mr Kayode) caused Stanford Projects Limited (Stanford) to trade to the detriment of HM Revenue and Customs (HMRC) between April 2020 and 30 September 2021 in respect of PAYE/NIC and between 06 July 2020 and 30 September 2021 in respect of VAT in that: PAYE/NIC For the year ending 05 April 2020 Stanford incurred PAYE/NIC liabilities totalling £27,459 and made payments of £21,280 (including a £3,000 credit) leaving a balance outstanding at liquidation of £6,178. For the year ending 05 April 2021 Stanford incurred PAYE/NIC of £30,547 and made payments of £7,206 (including a £4,000 credit) leaving a balance of £23,342 For the period up to liquidation Stanford incurred PAYE/NIC of £26,429 against which no payments were made and received credits of £4,000 leaving a balance of £22,429 at liquidation. The amount unpaid amount outstanding at liquidation is £51,950 VAT Stanford registered for VAT with effect from 01 January 2016. On 06 July 2020 a VAT return of £12,215 was due for the period 05/20 A further four quarterly VAT returns were made creating a total VAT liability of £75,680 Surcharges of £6,215 have been incurred. A VAT payment of £20,301 was due for period 02/20, having been deferred under Corona Virus rules until 31/3/21 remains unpaid. No payments have been made relating to these VAT liabilities. A total, including surcharges, of £114,412 remains unpaid. Detrimental treatment The year-end accounts at 31 May 2020 showed Stanford owed £67,902 to HMRC and £2,855 to trade creditors. At liquidation the amounts owed to HMRC and trade creditors had increased by £98,661 and £5,885 respectively. VAT returns filed by Stanford covering the period from 1 March 2020 to 31 May 2021 show turnover totalling £536,683. During the same period payments totalling £7,206 were made to HMRC. During the period from 31 May 2020 to liquidation on 30 September 2021 Mr Kayode increased the loan that he owed to Stanford by £182,247 to £277,648.