Loan FROM Director

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November11
November11 Registered Posts: 19 New contributor 🐸
Please could someone tell me if a loan owing from a director at year end requires a note in the financial accounts?

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  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
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    Your post doesn't quite make sense.

    The title says 'Loan FROM director' i.e. monies owed TO the director, but your question states 'owing FROM a director' i.e. monies owed TO the company.

    Scenario 1 - No, Scenario 2 - Yes.
  • November11
    November11 Registered Posts: 19 New contributor 🐸
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    Oh Goodness!
    I'm so sorry for the confusing post...I meant to say loan owing TO a director at year end!
    (No more late night posting for me!)
    Thank you for your response :-)
  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
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    I would say that a directors loan credit balance needs disclosing in the full accounts under transactions with directors but not in the abbreviated accounts but a debit balance would need disclosing in both

    Perhaps Steve can correct me on this one?
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