Small Ltd Co disclosure

Small Ltd Co disclosure

Didn't find your answer?

My client prepared dormant accts to 30/04/12. She showed the shares as unpaid.

In my accts I want to pay the shares from the dir loan acct.

How do I disclose this?  Would this suffice?

Share capital                                 2013

Allotted called up and fully paid    100

Share capital                                  2012

Allotted called up and unpaid          100

Replies (9)

Please login or register to join the discussion.

avatar
By TerryD
12th May 2014 11:49

Yes

The disclosure required is the amounts allotted, called up, and paid up. You'll also need a RPT in the full accounts re the director's loan.

Thanks (0)
By johngroganjga
12th May 2014 11:56

Where in the 2012 accounts was the debit that you are moving to the DLA in the 2013 year?

Thanks (0)
avatar
By Alexdon
12th May 2014 12:37

Co formation costs

Who paid them? You can use the costs as part of the share payment.

If all else fails you could always do what my old principal did. Tell her to write a cheque for £100 to cash, put the cheque in a drawer for the company - Hey Presto- Dr Cash Cr Share issue!!

 

Thanks (0)
avatar
By thomas
12th May 2014 13:26

The 2012 accounts showed a DR Unpaid Share Cap £100, CR Share Cap £100

 

Thanks (0)
Replying to ireallyshouldknowthisbut:
avatar
By User deleted
12th May 2014 13:39

Overdrawn loan?

thomas wrote:

The 2012 accounts showed a DR Unpaid Share Cap £100, CR Share Cap £100

 

Did the debit in 2012 constitute a Director/Member loan movement and consequently an overdrawn loan position - if it did then in my opinion they were paid up in 2012

Thanks (0)
avatar
By thomas
12th May 2014 13:55

The accounts just showed DR Unpaid Share capital, CR share Capital.  The co was dormant at the time.

Thanks (0)
avatar
By Alexdon
13th May 2014 19:48

Cr unpaid share capital

From your last post I assume the company is now active, if this is the case cr unpaid share capital and Dr director's loan account. As I posted earlier you can Dr formation expenses and Cr director's loan for the initial costs. Any remaining Dr balance on the Director's loan can be remedied in the current year.

Thanks (0)
avatar
By User deleted
14th May 2014 09:02

Formation costs

Alexdon wrote:

From your last post I assume the company is now active, if this is the case cr unpaid share capital and Dr director's loan account. As I posted earlier you can Dr formation expenses and Cr director's loan for the initial costs. Any remaining Dr balance on the Director's loan can be remedied in the current year.

Formation expenses aren't a company liability - unless in respect of a subsidiary or other group entity.

However, in this case, they are a private expense and wouldn't attract Corporation tax relief - they can be put through the P&L if you want but it is of no consequence.

 

 

Alexdon wrote:

You can use the costs as part of the share payment.

How would this work?

Thanks (0)
Replying to DJKL:
Stepurhan
By stepurhan
14th May 2014 09:44

Clarity

BananaMan wrote:
Alexdon wrote:

You can use the costs as part of the share payment.

How would this work?

From the subsequent posting, this would appear to be a bad choice of words. The costs do not form part of the share payment as such. The amount the directors owe the company for shares is offset against the amount the company owes the directors for formation costs. Normally the latter will exceed the former, putting the director's loan in credit.
Thanks (0)