Annual accounts preparation

[zimba]

No where. The accountant will usually not sign the accounts however you can get them to sign the report page

[tarun_shreeji]

Hi Zimba and other members

In accounts shows creditors £50,000 and
other creditors £500

and then in note section , " Mrs. xyz and Mrs.ABC invested £50000 in DEF Ltd. as Unsecured directors loan."

that's ok ? or in creditors section , they require Directors Loan Account?

Please reply

thanks

Patel

[zimba]

YES, as I said several times on this thread

[Atif786]

Will this be okay ?

It better say director's loan, as I wrote above

And 2nd thing I want to ask is in the tax year 2015- 2016 it should be added as £15,100 + £57,000 right ?

What do you think ??

Hi Zimba, i hope you are well, My question is reading notes in the financial statement stating that 50k has been invested, my accountant has mentioned " DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
Other creditors include amount payable to director Mr XYZ of £76,577 (2015: £10,923).
During the year company director Mr XYZ made investment of £50,000 by giving interest free loan to the company. The loan is repayable on or after Jun 2020.
is it acceptable ? or do i need to have unsecured load subordinate to 3rd party?
my accountant says that since we have alredy submitted the accounts and if we try to make any changes to the notes and home office gets access to this docs through HMRC then it could be a big problem, kindly advise as i am planing to apply by the 20th march 2017 so getting paper work ready.
regards

[zimba]

It is acceptable

[jafersadeq]

my accountant says that since we have already submitted the accounts and if we try to make any changes to the notes and home office gets access to this docs through HMRC then it could be a big problem, kindly advise as i am planing to apply by the 20th march 2017 so getting paper work ready.
regards

What is this information? I think you can amend it, amending in notes is allowed.
Mistakes happened,

Dear Gurus, correct me if I am wrong.

[Atif786]

No need, change it in this year accounts. And yes, Director's loan will accumulate like any loss.

Hi Zimba, is it 100% acceptable
"DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
Other creditors include amount payable to director Mr XYZ of £76,577 (2015: £10,923).
During the year company director Mr XYZ made investment of £50,000 by giving interest free loan to the company. The loan is repayable on or after Jun 2020"

or shall i get it amended to Director Mr XYZ has made investment of £50,000 by giving interest free loan to the company which is unsecured and subordinate to third party . The loan is repayable on or after Jun 2020"

My accounts are already submitted for 2016-2016 last year , can we make amendments in notes or not?
just for visa purposes?

[zimba]

No need for amendments. It is acceptable.

[jafersadeq]

No need, change it in this year accounts. And yes, Director's loan will accumulate like any loss.

Hi Zimba, is it 100% acceptable
"DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
Other creditors include amount payable to director Mr XYZ of £76,577 (2015: £10,923).
During the year company director Mr XYZ made investment of £50,000 by giving interest free loan to the company. The loan is repayable on or after Jun 2020"

or shall i get it amended to Director Mr XYZ has made investment of £50,000 by giving interest free loan to the company which is unsecured and subordinate to third party . The loan is repayable on or after Jun 2020"

My accounts are already submitted for 2016-2016 last year , can we make amendments in notes or not?
just for visa purposes?

For visa purpose, you can amend notes, not numbers, let your accountant sign that page.
Amendment in notes for visa purpose is acceptable because it is in notes section, you can add or remove information as you see.

[yhm75]

hi seniors /zimba

my first year accounts accountant prepare
its showing like this in notes section

7 creditors amount falling due with in one year
------------------------------------------------------2017
corporation tax ----------------------------------100
taxes and social security -------------------------300
other creditors--------------------------------------450
total----------------------------------------------
8 creditors amount falling due after more then one year
-------------------------------------------------------------2017
director loan account----------------------------------£15000.00
interest free long term unsecured loan of £ 15000.00 has been provided by director ABC to the company
9 related party transactions
ABC
director
interest free long term unsecured loan of £ 15000.00 has been provided by director ABC to the company

please zimba /seniors help its ok or some thing need to change

[zimba]

There is enough information on this thread on what EXACTLY needs to appear on your accounts. I cannot repeat this to every person on this forum individually. Please read this post as everything is VERY CLEARLY explained.

[yhm75]

thanks zimba

yes I know you are right you know visa situation little mistake give you big trouble that's why every
person want clarify and need help from seniors like you who have a good knowledge and very helpful with every one
every accountant working his own way that's why you see different examples
i booked my LR appointment that's why i want take all documents with me my account wrote in accounts section little bit different that's why i wrote in this thread and ask for help
please consider
thanks again

[Atif786]

No where. The accountant will usually not sign the accounts however you can get them to sign the report page

Hi Zimba, i having a hard time now, my accountant says that he won't sign or stamp anywhere else other than compilation report to the director in the unaudited accounts, will that be ok?
is he meant to sign somewhere else as well.
please reply

[zimba]

There is no requirement for an accountant to sign anywhere

[Atif786]

There is no requirement for an accountant to sign anywhere

ok Thanks

[Atif786]

There is no requirement for an accountant to sign anywhere

Hi Zimba, sorry to bother you again as getting nervous so going through policy guide once again,
on page no 48) under When evidencing the investment:
(5) (i)The accounts must clearly show the name of the accountant, (ii)the date the accounts
were produced, 9iii)and how much you have invested in the business. The accounts must be
prepared and signed off by the accountant, who is not you (the applicant), in accordance
with statutory requirements.

1)name of the accountant is showing up, it's fine.
2)the date of the accounts produced ( in my accounts it only shows the accounting period feb 2017 in compilation report and signed, dated and stamped by the accountant) nowhere in accounts it shows what date accounts were produced however it shows accounting period accounts are produced for in compilation report. is that enough or does it need to show the date accounts produced to the director?
my accountant says that date of the accounts were produced means , account period not any specific date.
is that correct?

[zimba]

All accounts do have a date on them but it is the final date of your accounting period.

[Atif786]

Thanks Zimba

[Atif786]

Hi Zimba, Last one please,
my accountant brought this to my attention that on page 47 of policy guide under
Director's Loan, they are asking for both the relevant set of financial statement, we know only about 1 set which is unaudited accounts, which is the 2nd set of financial statement.

iii. Director’s loan
"If you have made the investment in the form of a director’s loan, it must be shown in both
the relevant set of financial accounts provided and through readily identifiable transactions
in the applicant’s business bank statement(s). The statement(s) must clearly show the
transfer of this money from you to your business"

am i missing something?

[schahzeb]

second set would probably be your business bank statement

[Atif786]

second set would probably be your business bank statement

Thanks for the reply however they have clearly mentioned about bank statement separately ,this is the full para
"If you have made the investment in the form of a director’s loan, it must be shown in both
the relevant set of financial accounts provided and through readily identifiable transactions
in the applicant’s business bank statement(s). The statement(s) must clearly show the
transfer of this money from you to your business. You must also provide a legal
agreement, between you (in the name that appears on your application for leave) and the
company. "

[schahzeb]

In that para the word "both" and "and" makes one complete sentence and are not two separate sentences. That's how i understand it.

[Atif786]

In that para the word "both" and "and" makes one complete sentence and are not two separate sentences. That's how i understand it.

It makes sense now
Thanks Mate

[Nana51113]

Dear Zimba,

Firstly I would like to thank your for all the advice and support you do provide to all members.

Please I need your advice with the following point

1- What does the HO mean by cash investment into the company? Should this be direct transfer of 50K route from personal account to business account?

2- If yes what about the other investment which has been spent into the company like rent , utility , equipment,etc from my personal account will this be added into to 50K or it will be deducted from the expenses only in the company accounts? I feel so confused about this? Please help

To make it more simple if I did transfer 50K from my personal account to business account and in top of that I did pay from personal account lots of expenses like 10K so how will the HO calculate the investment ? Will he only look into direct transfer in business bank statements or he will consider the 8K as well ?

Should the accountant show the investment as 50K or 58K ?

Another question about director salary can I take director salary from company ? If not how to reduce the cooperation tax then?

[marcnath]

Don't keep digging up old posts and posting your questions. Stick to your own post.