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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4973
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I registered a Ltd 1 year ago, and had no transactions

Resolved Question:

Hello,
I registered a Ltd 1 year ago, and had no transactions in the company. I just filed first annual returns.
We had issued by mistake 1000 shares at 501GBP each (so for a capital of 501000GBP) These are unpaid
How can I reduce the value of these shares to 1 pound each ? Alternatively, if I close the company, do I need to settle these shares ? or it is ok ? (maybe best route)
Thks for your help
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thanks for your question. When the company was incorporated, what was stated in the memorandum and articles of association of the company? Many thanks
Customer: replied 1 year ago.
hi,As I am not sure which section you are reffering to, I have attached the articles. The sections you probably want are on pages 11 to 16Thks!!!
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply and for additional information.I will revert to you with detailed answer later this evening. Many thanks
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your patience.My recommendation is outlined in attached document. I hope this is helpful and answers your question.If you have any other questions, please ask mebefore you rate my service – I’ll be happy to respond.
Customer: replied 1 year ago.
Thank you for your answer. One more question, If I close the company using DS01, Are there any pertaining dues related to the unpaid capital ? for example: can company house ask the shareholders to pay that capital ?
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.The company does not owe any money to third party creditors.There are no dues to the company for unpaid shares as this is shareholders' money.Companies House will not ask the shareholders to pay that capital. I hope this is helpful and answers your question.I will appreciate if you would kindly rate/accept the service I provided to ensure I get credited for it by Just Answer.
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Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer. Best wishes

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