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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
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Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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I am a Company Secretary UK Limited company. It has

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Hello,I am a Company Secretary for a UK Limited company. It has transpired that the accounts for the previous 2 years have shown called up share capital but not paid as incorrect. The company is limited to 100 ordinary shares and there is a sole director. In the Balance sheet, called up share capital is 100, but in other debtors it shows 100. What are the implications of amending the last two years' accounts and showing the shares as paid against the Director's loan, as when the company was incorporated, the shares were shown as paid and not unpaid. Is it merely an accounting transaction update and resubmitting the accounts which is easy to be honest.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

I believe there should not be a problem if you amend last two years accounts. The reason is -- this is just a reporting mistake and this no tax consequences attached to it. You should not have any difficulty doing this.

This amendment will not affect the P&L figures and will NOT affect the income as well and therefore will have no tax consequences as I just said. So, you may well go ahead amending this.

I am sure this would help.

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Warm Regards,

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