Nikolay Kolev, 72, was the director of Kaicony 2 Limited when it applied for a bounce Back Loan (BBL) in September 2020.
The Bounce Back Loan Scheme was a UK government program established to provide financial support to businesses during the COVID-19 pandemic.
Mr Kolev signed a BBL agreement on behalf of Kaicony for an amount of £50,000 declaring that its turnover was £210,000
However, Kaicony’s accounts for the periods ending May 31, 2019 and May 31, 2020 record total turnover to be £23,702.
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Kaicony’s bank statements for the 2019 calendar year show receipts totalling £12,815, and therefore based on this turnover, Kaicony was entitled to a maximum BBL of £3,204.
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