Directors' loan account reporting for 2 directors

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Hi,

Limited company has 2 directors and one director loan is in credit and the other is in debit. Under FRS102 or micro entitiy, is it correct that I report this as consolidated amounts on the balance sheet? Or do I have to show one as a debtor and the other as a creditor?

 

 

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By Sandnickel
29th Jul 2020 13:42

You would show them separately and disclose the overdrawn position.

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By Paul Crowley
29th Jul 2020 15:37

All that really matters is s455 being dealt with correctly.
BUT one is an asset, one is a liability.

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Replying to Paul Crowley:
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By Tax Dragon
29th Jul 2020 14:27

And any P11d requirement.

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Replying to Tax Dragon:
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By Paul Crowley
29th Jul 2020 15:40

I usually charge real interest by company to the overdrawn account.
Really do not like p11ds, more so if company has a non March year end

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Replying to Paul Crowley:
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By Tax Dragon
29th Jul 2020 15:53

When do you treat the interest as paid?

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Replying to Tax Dragon:
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By Paul Crowley
30th Jul 2020 18:06

Best ask Justin
He will return

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