This may seem ignorant but I'm unfamiliar with Companies Limited by Guarantee and am unclear about how profits are extracted as I thought these were mainly used as vehicles for not for profit organisations.
It appears that the Company had to be set up this way to qualify for grant funding from UnLtd (remnanats of the Millennium Lottery funding body I think) although the company is being run as a commercial business
Does the principal have to extract funds through paying themselves a salary with all the attendent NI payments or is there another more tax efficient way forward. There are two other subscribers/guarantors.
Help would be much appreciated
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look at memo & arts
The memo & arts will stipulate whether the members can extract capital. From what you say though I would imagine it will be restricted. I would also suggest that the company considers whether it has complied with the original funder's coditions, ie have aall funds been used? If not then to withdraw any now may break the conditions.