MR BHARAT SISODIA

Disqualified from

2022-04-06

Date of birth on record

October 1965

1. Mr Sisodia failed to ensure that in the period from the last filed accounts, as at 31 October 2017, to liquidation, on 26 November 2018, Appaloosa maintained and/or preserved adequate accounting records, or in the alternative, he failed to deliver up to the Liquidator such records as were maintained and/or preserved. As a result, it has not been possible to: 2. a) Deduce without adequate sales records what element of the £5,295,142 paid into Appaloosa’s bank account from 31 October 2017 until the date of liquidation, constituted legitimate sales income in that period. Mr Sisodia has provided no explanation of these transactions. (i) Of the £5,295,142 paid into Appaloosa’s bank account, information from the bank shows that £1,196,037 was received in cash. b) Deduce without adequate purchase records what element of the £5,252,835 paid out of Appaloosa’s bank account from 31 October 2017 until the date of liquidation, relate to bona fide company expenditure in that period. Mr Sisodia has provided no explanation for these transactions. (i) Of the £5,252,835 paid out of Appaloosa’s bank account, information from the bank shows that £2,376,659 was paid to a money transfer service, £1,181,222 was paid to a jewellery firm, £109,854 was withdrawn in cash and £12,180 was transferred to other accounts. c) Establish the level of Appaloosa’s assets and what has happened to them prior to the liquidation. (i) The accounts for the year ended 31 October 2017 list tangible assets of £266,493 and current assets of £222,833. No assets are listed in Appaloosa’s Statement of Affairs. (ii) The tangible assets stated in the accounts for the year ended 31 October 2017 list plant and machinery with a net book value of £222,820. The Liquidator has only been informed of one trading address, that being residential premises. The liquidator has not indicated that any plant and machinery was located at the trading address and so it is therefore uncertain as to what plant and machinery was utilised by Appaloosa. (iii) The current assets include stock of £152,358, debtors of £68,321 and cash at bank and in hand of £2,154. Appaloosa traded from residential premises and it is therefore uncertain where stock valued at £152,358 would be held. (iv) The lack of any records means that it is not possible to confirm the asset position in the filed accounts as at 31 October 2017.