History
According to the records available at Companies House, First Solution Money Transfer was set up as a Limited Company with a share capital of GB£100 on 14 April 2004. Of these 35 shares were held by Dr. Fazal Mahmood, 35 by Mr Ghulam Rabbani, 25 by Shah Mohammed Abdul Hadi, and 5 by Mohammed Nazrul. All four were named as Directors of the Company, and Ghulam Robbani as the Company Secretary. A further 40,000 shares of GB£1 each were issued during the 2005-06 accounting year, but the documents give no indication as to how or to whom the shares were distributed.
In presenting its accounts to Companies House, First Solution presented abbreviated accounts in accordance with the Financial Reporting Standard for Smaller Entities; these standards also obviated the need for the company to provide a cash flow statement to the authorities. As a result the data available from Companies House about First Solution’s business activities are remarkably skimpy.
As the figures are presented, the most substantial item in First Solution Money Transfer’s accounts is an interest-free loan which the Company had made to First Solution UK Ltd, and of which Dr. Fazal Mahmood and Mr Ghulam Rabbani were also Directors. This loan amounted to GB£24,834 in 2005, and had risen to GB£190,697 in 2006. The documents also show that the Directors paid themselves GB£9,600 in 2004-05, and a similar amount the following year, during which independent Auditors were also paid GB£5,000 for their services.
In keeping with the Company’s presentation of itself as a small business, the Directors concluded, and the Auditors concurred, that there was no need to include any details of the funds which the Company transferred to Bangladesh on behalf of its customers. Hence the only indication of the Company’s success (or failure) in implementing its core business was the declaration of a small loss of GB£435 on its foreign exchange activities during 2005-06. No details of the Company’s activities during the following financial year are available at Companies House, since the business had by then collapsed.
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