Post
by fou001 » Sat Nov 24, 2018 7:37 pm
Hi everyone,
I am applying for entrepreneur extension next week. I am following this forum from few months and understand every one application little different based on nature of investment and business etc.
In my case, my investment and accounts were a little bit in the grey area (due to cash deposit and not using the business bank account) so had invested fresh 50 k to avoid problems regarding investment.
FYI....Investment break down to understand notes
30/11/2016 £ 66532
30/11/2017 £68332 (66532+1800)( Director loan agreement revises)
30/11/2018 £118332 (68332+50000)
I will be submitting the accounts Year ended 30/11/2017 and management accounts 15/11/2018 and to the accounts are as followed
Notes for 2017
Page 9 point 5:
Director Loan account
The above director loan account of £68,332 includes £1,800 owed to the director, Mr. A as his interest-free and unsecured loan to the Company, which is subordinated in favor of third-party creditors of the company. The loan is repayable immediately to the director after 5 years of the loan’s first payment made by the director to the Company.
Page 9 point 6:
Loans
Further to Mr A’s updated loan agreement dated 05 June 2017, Mr.A agrees to lend a fresh loan of £50,000 or more to the Company as his interest-free, unsecured and subordinated loan. Further to Mr A’s updated loan agreement, his previous unsecured and subordinated loan of £66,532 made available to the company as on 30 November 2016 is waived off and would no longer be treated as an unsecured and subordinated loan.
Notes for 2018
Page 9 point 5:
Director Loan account
The above director loan account of £118,332 includes £51,800 owed to the director, Mr. A as his interest-free and unsecured loan to the Company, which is subordinated in favor of third-party creditors of the company. The loan is repayable immediately to the director after 5 years of the loan’s first payment made by the director to the Company.
Page 9 point 6:
Loans
Further to Mr. A’s updated loan agreement dated 05 June 2017, Mr. Mohammed agrees to lend a fresh loan of £50,000 or more to the Company as his interest-free, unsecured and subordinated loan. Further to Mr. A’s updated loan agreement, his previous unsecured and subordinated loan of £66,532 made available to the company as on 30 November 2016 is waived off and would no longer be treated as an unsecured and subordinated loan.
Please suggest me if they are ok or any other wording can improve it.
Thanks in advance.