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The Book-keepers Forum (UK) -> Corporate Law & Companies House -> Limited Company- Form IN01 "Initial Shareholdings"-HELP PLEASE
Post Info TOPIC: Limited Company- Form IN01 "Initial Shareholdings"-HELP PLEASE
Chanz000


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Limited Company- Form IN01 "Initial Shareholdings"-HELP PLEASE
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Hello All

I have a friend who set-up a Limited company a year ago, the company is dormant and I am now helpign her get on her feet with it.  We accessed the details via a webcheck , please could I have some help understanding:-

 

Number allotted: 100

Aggregate nominal vale: 100

Amount paid per share: 1

 

Class of Share: ORDINARY

Number of shares (she is the only shareholder): 100

Currency : GBP

Nominal value of each share: 1

Amount unpaid: 0

Amount paid: 1

Does this mean that she owns all 100 shares but has only paid for 1. If she started trading and company then went bust she would have to pay £99 (pay up for the 99 shares not paid for but held).

I have seen the same form where a sole director/shareholder owns 1 out of 1 share. I have not come across a share issue of 100 with amount paid: 1 and amount unpaid :0. Or does this just mean that out of the 1 share she purchased, she paid the full £1 rather than say 30p out of it.

Any clarity would be appreciated.

Chan

 



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Shamus


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The company was formed with 100 shares.

£1 was paid for each share therefore the share capital in the accounts is £100 (£1 per share paid, £0 per share unpaid).

Note that paid may mean actually paid into the company or perhaps (and more likely) via the DLA (so no physical injection of cash for shares). Whichever way its done the company will already have the £100 so there will ne nothing further to pay.

If the DLA is overdrawn on insolvency then in certain circumstances creditors could chase directors directly for money they owe to the business but if its just £100 such is extremely unlikely as it would cost more to chase than the return is worth.

(but in theory the director owes the amount unpaid on their shares)

Kind regards,

Shaun.




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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Chanz000


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Evening Shaun

Thanks for your help. 

Chan



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