The director of a loft and gas installation company, which was trading for less than a year, has been banned after the firm's books failed to account for just over £1.8m.

Marc Giddings incorporated Preston Loft and Gas Installers Ltd on February 12, 2019.

The firm went into liquidation on November 20, 2019, and a notice from the Insolvency Service claims he failed to ensure his company “maintained and/or preserved adequate accounting records or, in the alternative, failed to deliver up to the liquidator all of the records as were maintained".

Mr Giddings delivered up bank statements, sales invoices and purchases invoices for various dates between April 23, 2019 and November 1, 2019 but could not account for at least £394,303 of income and at least £1,412,148 of expenditure.

The company sales invoices provided show in the period April 23, 2019 to October 27, 2019 that sales total £1,830,262.79.

The company purchase invoices provided show in the period April 23, 2019 to October 28, 2019 that purchases total £812,409.25.

However, the company bank statements show that in the period from April 23, 2019 to October 28, 2019, £2,224,565.90 was paid into the company account and £2,224,557.78 was paid out.

The difference between the £2,224,565.90 in the company account and the total sales invoices of £1,830,262.79 was £394,303.

And the difference between the £2,224,557.78 paid out from the company account and the purchase invoices of £812,409.25 is £1,412,148.

Therefore, the total of the sales and purchases invoices that the Insolvency Service found were unaccounted for is £1,806,451,

The bank statements also showed that a total of £17,255.00 was transferred to Mr Giddings in the period from May 3, 2019 to October 28, 2019 and a total of £148,840.00 was withdrawn in cash in the period from May 7, 2019 to October 11, 2019, for which there is no documentary explanation.

Mr Giddings, of Wood Bank, Penwortham, also provided no explanation for these withdrawals.

A notice from the Insolvency Service states: “All the company’s accounting and other records in his possession or controlled by him have been provided to the liquidator and that he is not aware of any other company records that have not been provided to the liquidator.

“Mr Giddings states that the company traded from March 2019 to late August 2019.

“The company invoices provided indicate that the company owed HMRC £251,775.79 in VAT.

“No other invoices, receipts, or any other form of vouching have been delivered in support of any of the company trading activities.

“The records delivered up do not account for at least £394,303 of income and at least £1,412,148 of expenditure.”

The Insolvency Service said that therefore it is not possible to ascertain the full amounts due to creditors, including HMRC.

It is also not possible to ascertain the full amount due to or from Mr Giddings by way of any director loan account or other withdrawals of funds; establish the full extent of any assets that existed, including any potential recoveries from third parties; establish the cause of failure of the business; or ascertain exactly what the company trading was, with who and why.

Mr Giddings received an eight-year ban, which came into effect on May 31, meaning the 33-year-old cannot be a director of any other firm until he turns 41.