Five Companies Shut Down For Filing False And Forged Accounts

Automarket Europe Limited, Integra Group Limited, Maxell Limited, Montana & Montana Limited, and Supermarket Plus Ltd filed false accounts showing turnovers of up to £642 million despite having no genuine business activity
All five companies shared office addresses in South London and Croydon. They also falsely named reputable accountants as auditors, and failed to co-operate with Insolvency Service investigations before being shut down
The companies were investigated by the Insolvency Service as a result of referrals from Companies House following legislation to improve corporate standards

Five companies which submitted false accounts showing hundreds of millions of pounds of profits have been shut down following investigations by the Insolvency Service and Companies House.

Automarket Europe Limited, Integra Group Limited, Maxell Limited, Montana & Montana Limited, and Supermarket Plus Ltd claimed to trade as everything from supermarkets to car dealerships but no evidence was found of any true business activity.

The Insolvency Service investigations came following referrals from Companies House as part of the implementation of the Economic Crime and Corporate Transparency Act 2023, introduced to improve transparency over UK companies.

Companies House now has powers to remove false, misleading or incorrect information from company registers. The Act also strengthens collaboration between the Insolvency Service and Companies House to crack down on the misuse of UK corporate structures.

The five companies were all wound-up at the High Court in Manchester on Thursday 31 July.

Dave Magrath, Director of Investigation and Enforcement Services at the Insolvency Service, said:

Our investigators were concerned that there was a genuine risk that these wildly inaccurate accounts could have been used to mislead potential customers and suppliers into providing credit in the future based on completely fabricated financial information.

Protecting the integrity of the Companies House register is crucial because UK businesses rely on this information to make informed decisions about who they trade with, lend to, and invest in. When companies submit false information, it undermines confidence in our entire business environment.

By working together with Companies House, we can take decisive action to remove rogue companies from the system. This protects legitimate businesses and delivers the economic confidence that underpins growth and prosperity.

Investigations found that the companies were connected through a shared director and/or shareholder and registered office addresses in South Croydon and South London.

All submitted accounts claiming hundreds of millions of pounds in profits but containing glaring inconsistencies. Each company also falsely named respected chartered accountants and solicitors in the accounts.

Automarket Europe Limited claimed a turnover of £327 million and net profit of £198 million for 2022. However, its declared assets jumped from £629,220 in 2021 to £84 million in the following year’s accounts – with no explanation for the increase.

Integra Group Limited reported similar figures, claiming £302 million turnover and £186 million profit for 2022. Again, net assets leapt from £602,374 in 2021 to £233 million in 2022.

Maxell Limited went even further, claiming a turnover of £440 million and £229 million in profits in 2022. According to its accounts, assets grew from £618,496 to £422 million in one year.

Montana & Montana Limited falsely named PricewaterhouseCoopers (PWC) as its auditors across multiple years. PWC confirmed they had never worked for the company and requested the accounts be removed. The company’s supposed assets ranged from minus £20 million to plus £194 million.

Supermarket Plus Ltd claimed the highest turnover of all – £642 million – with £330 million profit in 2022. Its assets supposedly increased from £402,431 to £410 million.

Despite the filed accounts claiming the companies ran substantial operations, they were written in poor English and provided no evidence of genuine trading activity.

All five companies failed to co-operate with Insolvency Service investigations or provide up-to-date accounting records.

Accounts filed by Automarket Europe Limited, Maxell Limited, and Supermarket Plus Ltd were also removed from Companies House after being found to be “factually inaccurate and forged”.

Adrian Landeg, Head of Integrity, Compliance & Enforcement at Companies House, said:

By working closely with our stakeholders we’re now able to utilise the powers in the Economic Crime and Corporate Transparency Act to take decisive action where false, misleading, or incorrect information is identified on the register.

These powers have also strengthened collaboration with our partners at the Insolvency Service which, as this case demonstrates, enables us to crack down on the misuse of UK corporate structures, improve the quality of information on the register and support economic growth.

The Official Receiver has been appointed as liquidator of Automarket Europe Limited, Integra Group Limited, Maxell Limited, Montana & Montana Limited, and Supermarket Plus Ltd.

All enquiries concerning the affairs of the five companies should be made to the Official Receiver of the Public Interest Unit: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. Email [email protected].

Further information

About us

The Insolvency Service is a government agency that helps to deliver economic confidence by supporting those in financial distress, tackling financial wrongdoing and maximising returns to creditors.

The Insolvency Service is an executive agency, sponsored by the Department for Business and Trade.