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Disclosure requirements of small overdrawn directors loan account

Sole director of limited company has overdrawn directors loan account balance at end of first accounting period.  The account is overdrawn by just £276, relating to an overpayment of expenses (£179) and PAYE tax due on salary (£97).  I just want to make sure I get the disclosures right, as I am not sure where the £5k de minimis limit applies, apart from being certain that there is no BIK because the loan is well within the £5k exemption.  So do I need to disclose the loan:

- as a note in the statutory accounts?

- on the supplementary pages of the CT600?

The loan will be repaid within 9 months of the year end, as the director has deducted the £97 tax from her next salary payment, and the £179 overpaid expenses from her next expenses payment.

Thank you for your help.

Jenny

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I have since checked with technical helpline of my Institute, who advise that full disclosure is required in both statutory and abbreviated accounts.  I have prepared a note as follows:

 

Balance brought forward at xx/xx/xx   -Dividends    1000Payments on behalf of director    (1276)Balance carried forward at xx/xx/xx   (276)

 

Is the above reasonable?  The above note is not the full contents of the directors current account, which includes all of the salary payments, expense payments etc for which disclosure is not required.  I have simply added together the "dividend" and "closing balance" figures to arrive at a figure for "Payments on behalf of director".

I am still not sure whether the loan needs to go in the supplementary pages of the CT600...

Thanks (0)

Yes & Yes

Yes - disclosure by way of note in both full and abbreviated accounts is required by s.413 CA 2006.

Yes - you need to complete the supplementary pages CT600A Part 1 for the advance, Part 2 for the repayment within 9 months and Part 4 for the amount outstanding.

Thanks (1)

Can the disclosure just be in the debtors notes

Ie

Debtors

A Smith Director     £ 276

Other Debtors         £1000

                             ---------

                             £1276

Thanks (0)