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1304420

	registered interest
	date	19/03/2021
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	Company Accounts
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government which (1) sections of the Companies Act 2006, or (2) regulations made under that Act, outline (a) the accounting treatment, and (b) the disclosure requirements, for finance secured through reverse factoring.
	tabling member printed	Lord Sikka
	uin	HL14423
	answer	answer is ministerial correction date of answer 31/03/2021 answer text <p>The Companies Act 2006 does not include specific requirements for finance secured through reverse factoring. However, section 393 places a requirement on directors that the accounts must provide a true and fair view of the assets, liabilities, financial position and profit or loss of a company or group. This places a responsibility to provide such information as is necessary to ensure that requirement is met, including where reverse factoring is used in supply chain arrangements.</p><p> </p><p>The correct accounting treatment for reverse factoring is dependent on the terms and conditions of the factoring arrangement in place. The International Financial Reporting Standards (IFRS) Interpretations Committee and the Financial Reporting Council (FRC) have both issued guidance addressing the accounting standards requirements for reverse factoring, including guidance on additional disclosures. Copies of the guidance are attached below. The International Accounting Standards Board is also considering whether to add a project on reverse factoring to its agenda, as part of their responsibility for issuing International Financial Reporting Standards.</p> answering member printed Lord Callanan attachment 1 file name supply-chain-financing-arrangements-reverse-factoring-december-2020.pdf title Supply Chain Financing Arrangements—Reverse Factor 2 file name Disclosures-on-the-sources-and-uses-of-cash-Final.pdf title Disclosures on the sources and uses of cash question first answered 31/03/2021 13:57:56 answering member 4336 label Biography information for Lord Callanan
	tabling member	4885 label Biography information for Lord Sikka

1437614

	registered interest
	date	02/03/2022
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	The United States of America Corporation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans, if any, they have to investigate the authenticity of the information filed at Companies House by The United States of America Corporation Ltd, which has an authorised share capital of £1.8 trillion.
	tabling member printed	Lord Sikka
	uin	HL6573
	answer	answer is ministerial correction date of answer 15/03/2022 answer text <p>We are unable to comment on individual cases.</p><p> </p><p>The Registrar of Companies has no current powers to verify information properly delivered in accordance with the requirements of the Companies Act 2006 or other enactments.</p><p>However, following extensive consultation over 2020 and 2021, the Government published on 28 February 2022 a detailed White Paper (copy attached) setting out far-reaching reforms to Companies House which will mean that:</p><ul><li>Anyone setting up, running, owning or controlling a company in the UK will need to verify their identity with Companies House;</li><li>The Registrar will have new powers to challenge information that appears dubious, and will be empowered to inform security agencies of potential wrongdoing;</li><li>Company agents from overseas will no longer be able to create companies in the UK on behalf of foreign criminals or secretive oligarchs.</li></ul><p>It is the Government’s intention to bring forward appropriate legislation early in the next session of this Parliament.</p> answering member printed Lord Callanan grouped question UIN HL6574 HL6575 question first answered 15/03/2022 11:44:13 answering member 4336 label Biography information for Lord Callanan attachment 1 file name corporate-transparency-white-paper.pdf title Corp. Transparency & Register Reform White Paper
	tabling member	4885 label Biography information for Lord Sikka

1437615

	registered interest
	date	02/03/2022
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	The United States of Africa Corporation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans, if any, they have to investigate the authenticity of the information filed at Companies House by The United States of Africa Corporation Ltd, which has an authorised share capital of £500 billion.
	tabling member printed	Lord Sikka
	uin	HL6574
	answer	answer is ministerial correction date of answer 15/03/2022 answer text <p>We are unable to comment on individual cases.</p><p> </p><p>The Registrar of Companies has no current powers to verify information properly delivered in accordance with the requirements of the Companies Act 2006 or other enactments.</p><p>However, following extensive consultation over 2020 and 2021, the Government published on 28 February 2022 a detailed White Paper (copy attached) setting out far-reaching reforms to Companies House which will mean that:</p><ul><li>Anyone setting up, running, owning or controlling a company in the UK will need to verify their identity with Companies House;</li><li>The Registrar will have new powers to challenge information that appears dubious, and will be empowered to inform security agencies of potential wrongdoing;</li><li>Company agents from overseas will no longer be able to create companies in the UK on behalf of foreign criminals or secretive oligarchs.</li></ul><p>It is the Government’s intention to bring forward appropriate legislation early in the next session of this Parliament.</p> answering member printed Lord Callanan grouped question UIN HL6573 HL6575 question first answered 15/03/2022 11:44:13 answering member 4336 label Biography information for Lord Callanan attachment 1 file name corporate-transparency-white-paper.pdf title Corp. Transparency & Register Reform White Paper
	tabling member	4885 label Biography information for Lord Sikka

1437616

	registered interest
	date	02/03/2022
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	World Corporate Organization
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans, if any, they have to investigate the authenticity of the information filed at Companies House by World Corporate Organization Ltd, which has an authorised share capital of £900 billion.
	tabling member printed	Lord Sikka
	uin	HL6575
	answer	answer is ministerial correction date of answer 15/03/2022 answer text <p>We are unable to comment on individual cases.</p><p> </p><p>The Registrar of Companies has no current powers to verify information properly delivered in accordance with the requirements of the Companies Act 2006 or other enactments.</p><p>However, following extensive consultation over 2020 and 2021, the Government published on 28 February 2022 a detailed White Paper (copy attached) setting out far-reaching reforms to Companies House which will mean that:</p><ul><li>Anyone setting up, running, owning or controlling a company in the UK will need to verify their identity with Companies House;</li><li>The Registrar will have new powers to challenge information that appears dubious, and will be empowered to inform security agencies of potential wrongdoing;</li><li>Company agents from overseas will no longer be able to create companies in the UK on behalf of foreign criminals or secretive oligarchs.</li></ul><p>It is the Government’s intention to bring forward appropriate legislation early in the next session of this Parliament.</p> answering member printed Lord Callanan grouped question UIN HL6573 HL6574 question first answered 15/03/2022 11:44:13 answering member 4336 label Biography information for Lord Callanan attachment 1 file name corporate-transparency-white-paper.pdf title Corp. Transparency & Register Reform White Paper
	tabling member	4885 label Biography information for Lord Sikka

1439113

	registered interest
	date	08/03/2022
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	Eikone
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have, if any, to investigate the affairs of Eikone Ltd, a company registered at Companies House with £100 trillion authorized share capital
	tabling member printed	Lord Sikka
	uin	HL6761
	answer	answer is ministerial correction date of answer 16/03/2022 answer text <p>We are unable to comment on individual cases.</p><p> </p><p>The Registrar of Companies has no current powers to verify information properly delivered in accordance with the requirements of the Companies Act 2006 or other enactments.</p><p>However, following extensive consultation over 2020 and 2021, the Government published on 28 February 2022 a detailed White Paper (copy attached) setting out far-reaching reforms to Companies House which will mean that:</p><ul><li>Anyone setting up, running, owning or controlling a company in the UK will need to verify their identity with Companies House;</li><li>The Registrar will have new powers to challenge information that appears dubious, and will be empowered to inform security agencies of potential wrongdoing;</li><li>Company agents from overseas will no longer be able to create companies in the UK on behalf of foreign criminals or secretive oligarchs.</li></ul><p>It is the Government’s intention to bring forward appropriate legislation early in the next session of this Parliament.</p> answering member printed Lord Callanan grouped question UIN HL6762 HL6763 question first answered 16/03/2022 13:18:26 answering member 4336 label Biography information for Lord Callanan attachment 1 file name corporate-transparency-white-paper.pdf title Corp Transparency & Register Reform White Paper
	tabling member	4885 label Biography information for Lord Sikka

1439114

	registered interest
	date	08/03/2022
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	The Majestic Wonder Emporium of Mr Magoriums Directed at Islamic Bird Watching and Cricketing Endeavour for the Salvation of the Church and Torah on Sabbath
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have, if any, to investigate the affairs of “The Majestic Wonder Emporium of Mr Magoriums Directed at Islamic Bird Watching and Cricketing Endeavour for the Salvation of the Church and Torah on Sabbath Ltd ", a company registered at Companies House on 25 August 2021.
	tabling member printed	Lord Sikka
	uin	HL6762
	answer	answer is ministerial correction date of answer 16/03/2022 answer text <p>We are unable to comment on individual cases.</p><p> </p><p>The Registrar of Companies has no current powers to verify information properly delivered in accordance with the requirements of the Companies Act 2006 or other enactments.</p><p>However, following extensive consultation over 2020 and 2021, the Government published on 28 February 2022 a detailed White Paper (copy attached) setting out far-reaching reforms to Companies House which will mean that:</p><ul><li>Anyone setting up, running, owning or controlling a company in the UK will need to verify their identity with Companies House;</li><li>The Registrar will have new powers to challenge information that appears dubious, and will be empowered to inform security agencies of potential wrongdoing;</li><li>Company agents from overseas will no longer be able to create companies in the UK on behalf of foreign criminals or secretive oligarchs.</li></ul><p>It is the Government’s intention to bring forward appropriate legislation early in the next session of this Parliament.</p> answering member printed Lord Callanan grouped question UIN HL6761 HL6763 question first answered 16/03/2022 13:18:26 answering member 4336 label Biography information for Lord Callanan attachment 1 file name corporate-transparency-white-paper.pdf title Corp Transparency & Register Reform White Paper
	tabling member	4885 label Biography information for Lord Sikka

1439115

	registered interest
	date	08/03/2022
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	App in the Air UK
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have, if any, to investigate the affairs of App In The Air U.K. Ltd, a company registered at Companies House on 3 March 2022 with Mikhail Shelkov as the person with significant control.
	tabling member printed	Lord Sikka
	uin	HL6763
	answer	answer is ministerial correction date of answer 16/03/2022 answer text <p>We are unable to comment on individual cases.</p><p> </p><p>The Registrar of Companies has no current powers to verify information properly delivered in accordance with the requirements of the Companies Act 2006 or other enactments.</p><p>However, following extensive consultation over 2020 and 2021, the Government published on 28 February 2022 a detailed White Paper (copy attached) setting out far-reaching reforms to Companies House which will mean that:</p><ul><li>Anyone setting up, running, owning or controlling a company in the UK will need to verify their identity with Companies House;</li><li>The Registrar will have new powers to challenge information that appears dubious, and will be empowered to inform security agencies of potential wrongdoing;</li><li>Company agents from overseas will no longer be able to create companies in the UK on behalf of foreign criminals or secretive oligarchs.</li></ul><p>It is the Government’s intention to bring forward appropriate legislation early in the next session of this Parliament.</p> answering member printed Lord Callanan grouped question UIN HL6761 HL6762 question first answered 16/03/2022 13:18:26 answering member 4336 label Biography information for Lord Callanan attachment 1 file name corporate-transparency-white-paper.pdf title Corp Transparency & Register Reform White Paper
	tabling member	4885 label Biography information for Lord Sikka

1385210

	registered interest
	date	06/12/2021
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	Coronavirus: Loans
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what estimates they have made of the (1) number, and (2) value, of loans under the various coronavirus schemes which are deemed irrecoverable; and what are the reasons for them being irrecoverable.
	tabling member printed	Lord Sikka
	uin	HL4742
	answer	answer is ministerial correction date of answer 22/12/2021 answer text <p>Estimates can be found in the Department’s latest Annual Report and Accounts (copy attached). The Department has set out its estimates of losses expected through the three COVID-19 loan schemes and associated guarantees in note 19 to the accounts. While it is too early to give a definitive view of what the final level of irrecoverable debt will be, early repayment data is encouraging compared against the worst-case scenarios described in some published estimates.</p> answering member printed Lord Callanan question first answered 22/12/2021 15:53:44 answering member 4336 label Biography information for Lord Callanan attachment 1 file name BEIS Annual Reports and Accounts 2020-2021.pdf title BEIS Annual Reports and Accounts 2020-21
	tabling member	4885 label Biography information for Lord Sikka

1242911

	registered interest
	date	13/10/2020
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	Business: Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what is the number of business liquidations which remain incomplete after (1) 5 years, (2) 10 years, and (3) 15 years or more, after their commencement.
	tabling member printed	Lord Sikka
	uin	HL9154
	answer	answer is ministerial correction date of answer 27/10/2020 answer text <p>These figures are made up of private limited, public limited and unlimited companies. Companies House does not register details of sole traders etc and cannot provide information about them.</p><p> </p><p>The number of private limited, public limited and unlimited company liquidations which remain incomplete after (1) 5 years (2) 10 years, and 3 (15) years is as follows:</p><p> </p><table><tbody><tr><td><p>Between 5 and 9 Years</p></td><td><p>Between 10 and 14 Years</p></td><td><p>15 Years and More</p></td></tr><tr><td><p>7,962</p></td><td><p>3,642</p></td><td><p>14,328</p></td></tr></tbody></table><p> </p> answering member printed Lord Callanan question first answered 27/10/2020 13:14:49 answering member 4336 label Biography information for Lord Callanan
	tabling member	4885 label Biography information for Lord Sikka

1242913

	registered interest
	date	13/10/2020
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	Autonomy: Audit
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government who were the ultimate beneficial recipients of (1) the £15 million fine and £5,635,014 costs levied by the Financial Reporting Council on Deloitte on 17 September in respect of audit failures at Autonomy Corporation Plc, and (2) the £500,000 and £250,000 fines levied upon two Deloitte partners.
	tabling member printed	Lord Sikka
	uin	HL9155
	answer	answer is ministerial correction date of answer 27/10/2020 answer text <p>The three fines in the enforcement case relating to Autonomy Corporation plc were imposed under the Financial Reporting Council’s (FRC’s) Accountancy Scheme. Since 2016, a new Audit Enforcement Procedure has been implemented under the Statutory Auditors and Third Country Auditors Regulations 2016 for investigations of possible breaches of relevant requirements by statutory auditors under those Regulations.</p><p> </p><p>The investigation into Autonomy Corporation plc started before those regulations came into force. Under the Accountancy Scheme the fines must be passed to the participating body which is required to fund the legal costs of the case. Additionally, any costs awarded by the tribunal in recognition of the costs funded by the participating body must also be paid to that body. In this case the participating body was the Institute of Chartered Accountants in England and Wales.</p><p> </p><p>Fines imposed by the FRC under the Audit Enforcement Procedure must be paid to the Secretary of State and the Exchequer. Any costs awarded to the FRC in recognition of the costs funded by one of the recognised audit supervisory bodies must continue to be paid to that body.</p> answering member printed Lord Callanan question first answered 27/10/2020 12:08:34 answering member 4336 label Biography information for Lord Callanan
	tabling member	4885 label Biography information for Lord Sikka