Disclosure on a loan from a director to Ltd Co
Can anyone advise what the minimum disclosure is for the following:
Director loans £5000 to company as a start up and 8% interest is charged in 2011 (£166) and £441 charged in 2011
The director also claims travel expenses from the company (dispensation in place) but hasnt paid himself yet so there is a creditor at the year end of £6500.
Should each type of transaction be disclosed separately?
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ie. Included within other creditors is amount of £(5000 + 166 +441) which represents a loan from Mr x, director of the company. This balance includes interest charged at 8% of £441 (2011: £166)
Also included within other creditors is an amount of £x which represents business expenses paid privately due to Mr X
Is this sufficient for the full accounts? Am I correct in thinking that as its a loan from a director that I dont need to put anything in the abbreviated accounts?
Many thanks
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