Possible Solution which does work:

I was able to run the ui file by adding the plugins path at the beginning of my script to point towards the correct directory.

qt_plugin_path = r"<<path>>" 
os.environ['QT_QPA_PLATFORM_PLUGIN_PATH'] = qt_plugin_path

I would like to know if this is the correct method and if there are any pointers to check to see if the setup installation is correct! I would appreciate any solutions or helpful suggestions.

Thanks