Share capital in euros

Share capital in euros

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I've just had an enquiry from a corporate potential client who's share capital is 100 euros. First time for me and I'm not sure how to disclose this year on year. Do I restate at year end exchange rate and hence the amount will vary ? Other transactions are in a variety of currencies including bitcoin but I'm assuming I can find an exchange rate for that.

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By Portia Nina Levin
07th Jan 2015 14:32

Prepare the accounts in Euros

Job done!

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By johngroganjga
07th Jan 2015 14:34

Presumably this is a new company and your accounts, if your instructions are confirmed, will be its first.  If not how was your question addressed in the last accounts?

And presumably there is no question that the reporting currency for the accounts is GBP.

And are they really Euro shares or are they GBP shares which have been paid for with Euros? What did the return of allotments say?

I would have though that the issued share capital in GBP would be the issue proceeds translated at the spot rate on the date of issue.  It would not then subsequently change.

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By TerryD
07th Jan 2015 14:34

histirical rate

Use the historical exchange rate and then never change it. If the Euros were paid into a sterling bank account, the amount will be readily apparent. If not, just use the exchange rate at the date the shares were issued.

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By gerrysims
07th Jan 2015 15:22

Thanks that clarifies it. It was the first year apart from client preparing pervious year dormant accounts himself showing £100 ! He wants accounts in sterling but I'll translate at the date of issue, that makes sense.

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