Small Ltd Co, one director, one shareholder, keen not to over disclose.
My client has a directors loan account with approx 250 transactions going through it, divdends, advances, interest, rent.
Is it enough to show in the accounts:
On 1 January 2016, the company extended a loan to one director. This loan is unsecured and repayable on demand. Interest has been charged at 3% p.a. The balance outstanding of £YYY at the year end has been repaid. Do I also need a table to show the movements in micro accounts -
Interest charged at 3%
Anyone willing to share what they do? Do I need to show the max £ of the loan during the year? While the rules dont say I have to, Im wondering if it makes the accounts more meaningful.
Thank you in advance