MICHELLE Mone has drawn a veil of secrecy over one of her last surviving companies by ending its requirement to file public accounts.

The Glasgow-born entrepreneur has changed the status of Ubeauty Global amid heightened scrutiny of her lingerie and beauty empire since she became a Tory peer.

Ubeauty Global, which markets tanning cream, was set up in November 2014 as a standard private limited company, meaning Lady Mone’s liability was limited to her shareholding in it.

It has now been converted into an unlimited company, a relatively rare form of business which leaves Lady Mone, the sole shareholder, liable for the firm’s entire debts if it is wound up.

However the extra risk is offset by one potential advantage - unlimited companies are not required to lodge public accounts with Companies House.

As Ubeauty Global had not yet filed any accounts, its financial health can now remain secret.

The change was made just before Christmas, but the paperwork has only now gone online.

Sent to Companies House by Hertfordshire-based accountants Sopher & Co on December 19, the authorisation was signed by Lady Mone.

According to the UK Government’s Insolvency Service, unlimited companies are “a fairly rare type of corporation... as each member is jointly and severally liable for the debts of the company in the event of its winding-up.”

However, subject to caveats which do not apply in the case of Ubeauty Global, “an unlimited company does not have to file accounts with the registrar of companies”.

In October, on the eve of her entry to the House of Lords as Baroness Mone of Mayfair, the famous bra firm she created, Ultimo Brands, posted a loss of £388,191 for 2014.

The loss occurred while she was both a director and shareholder, and compared to a loss of £48,673 in 2013.

She is no longer associated with the firm.

Last week, Lady Mone indicated she was taking legal action after the Daily Mail published a story alleging, among other things, that most of the staff at MGM Media Limited, the only other company of which she is a director, had left their posts and her ventures were “struggling”.

A spokesman for the Tory peer said the reports were “100 per cent false” and Lady Mone had engaged the London legal firm Harbottle and Lewis.

Lady Mone, 44, who is leading a review of small business start-ups for David Cameron, later tweeted “Great day with my lawyers”.

However at least one member of MGM Media’s staff has left recently, according to his profile on the LinkedIn business website.

Mark Hassan-Ali, who formerly worked in Lady Mone’s private office and earlier this year admitted altering his boss’s Wikipedia page to make it more flattering, stated in his profile that he left the firm in December and was seeking a new challenge for 2016.

Last year the Herald revealed Ms Mone, as she then was, had used a controversial tax avoidance scheme branded “morally repugnant” by Tory chancellor George Osborne.

Her former bra business, MJM International Ltd, paid £500,000 into an employee benefit trust (EBT) between 2009 and 2011, allowing for reduced national insurance and income tax.

A spokesman for Lady Mone said: “She has converted one of her companies. She has chosen to do this due to the volume of her business.”