Thank you. Yes, I should have mentioned that the project was in progress at the time of acquisition. This is what leads to the £1m valuation of the shares. It was an open market transaction.
Thank you for your responses everyone. It's much appreciated. There's clearly some debate here. I'll need to look through the responses and guidance and make a call.
My answers
Thank you. Yes, I should have mentioned that the project was in progress at the time of acquisition. This is what leads to the £1m valuation of the shares. It was an open market transaction.
Yes, it does.
Even though they are part of a large group? Holdco is owned by another large trading company in the group.
They're not exempt on size grounds because they are subsidiaries of a large group.
Neither company has a bank account so it is unpaid share capital. The trading company shows a receivable of £1 due from the Holdco.
Thank you for your responses everyone. It's much appreciated. There's clearly some debate here. I'll need to look through the responses and guidance and make a call.