Transactions with directors

tony500tony500 Posts: 2Registered
I am preparing the accounts for a Ltd company (sole director) and the following was added to the credit owed to the director (creditors falling due within one year):

£208 - for using home as an office
£255 - for purchase of equipment
£300 - director put money into the business

What information do I have to disclose in the "Transactions with directors" notes section of the accounts (hmrc) and what is the best way to write it please?

Regards,
Tony

Comments

  • CeeJaySixCeeJaySix Well-Known Posts: 645Registered
    edited July 2015
    For very small, in the normal course of business transactions such as these we would normally just put something along the lines of 'normal director's loan transactions. The amount due to/(from) the director at the balance sheet date was x'.

    If you wanted to disclose more detail (why?) sample wording might be 'the director incurred expenses on behalf of the company of £463, and made an loan to the company of £300. The amount due to/(from) etc...'

    There are no advances/guarantees in favour of the director so nothing that specifically needs disclosing IMO.
    MarieNoelleWai Wai
  • tony500tony500 Posts: 2Registered
    Thanks
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