Rhys JONES

Disqualified from

2021-09-30

Date of birth on record

February 1991

Mr Rhys Jones (“Mr Jones”) failed to ensure that Agnitio Plumbing & Heating Ltd (“Agnitio”) maintained and/or preserved adequate accounting records or in the alternative failed to deliver up adequate records for the period 11 February 2020 to 17 November 2020 to the Liquidator. As a result, it has not been possible to ascertain or verify: • Whether the company purchased a motor vehicle in February 2020, and the whereabouts of any vehicle, sale proceeds or subsequent use of the funds. On 11 February 2020, £8,000 was paid from Agnitio’s bank account to a third party with the reference ‘van’. Mr Jones stated this was in relation to the purchase of a motor vehicle, which he states was sold at some point in April or May 2020 and the proceeds paid into his personal bank account and then used to pay company expenses. No evidence of this has been provided. • Whether funds received on 07 May 2020, from a Welsh Government Grant of £10,000 into the company bank account were used for the benefit of the company. Of the £10,000 received, £9,988 of the grant was transferred to Mr Jones’s personal account on the same date it was received. No evidence of the use of these funds has been provided. • Whether the level of the company’s turnover was sufficient to support an application for a Bounce Back Loan (“BBL”) to the value of £20,000 and establish what the total amount of income received by the company. Mr Jones stated in interview that customers would sometimes pay into his sole proprietor bank account, but limited evidence has been supplied of who and how much was paid in this way. To date at least £14,000 income has been identified as being paid into a second bank account and not transferred to the business bank account • If the BBL funds of £20,000 received on 07 May 2020 were used solely to provide an economic benefit to the business and not for personal purposes. Of these funds, £7,784.53 was paid to a known supplier of the company. £8,300 of the loan was transferred to Mr Jones’s personal account and then paid out to a third party known to sell Motorcross vehicles and accessories on the same day. A further £2,000 was paid from the account with a reference ‘works’ on the same day the loan funds were received. Two payments totalling £1,900 were paid to Mr Jones’ personal account on 15 May and 20 May 2020. No evidence has been supplied that the payment to a supplier related to an outstanding balance owed by Agnitio, and no evidence has been supplied that the other payments made from Agnitio’s bank account were for the benefit of the company. • The reasons for transactions shown in the bank statements totalling £21,674 made to Mr Jones’s personal bank. • The purpose of funds totalling £39,962 paid from Agnitio’s bank account to Mr Jones’s personal bank account out of the £47,559.90 (including £30,000 bounce back loan and grant) paid into the company account between 20 March 2020 and 28 October 2020. No evidence has been supplied that these funds were used for genuine company expenditure. • How much money the company has claimed in respect of COVID 19 support and if the money was used for the benefit of the company. • The tax liability of the company. To date, despite VAT registration being granted on 01/09/19, no VAT returns haven been submitted to HMRC despite at least £72,000 being received into the bank accounts between the date of VAT registration and liquidation.