Dear All,
I seek your advice, We are Entreprnural Team, we were granted the T1E initial Visa after we invested the 200K into the our new business account in 27 March 2019, we were grantred the visas on 15 July 2019 and 15 October 2019 for me and my business partner respictvely.
We did not withdraw any money from the company during 2019 and 2020, we started withdrawing money as interim dividents starting from 6 May 2021 on the bvasis of our expectation that we will have profit by end of March 2022, which did not happen due to the circumatances of the panademeic at that time.
Now I am applying for my extension on 15 July 2022, the business account status as of 5 May 2021 i.e. before starting withdrawing money is as follows:
A. Money deposited/entered the account
1. 27 March 2019-Directors investmnet as Diroctors Loan - £200,423
2. 12 Feb. 2020 V, as we registed our business for VST, w ereceived the Vat Return on our purcahses after registering for VAT - £19,900
3. 11 May 2020- Business Grant from Council- £ 25,000
4. 17 March 2021- Buisness Grant from the Council - £13,826
5- From 8 June 2020 to 5 May 2021 - Refunds from our purchases of stock and fitting out £ 4,996
6- From 8 June 2020 to 5 May 2021 Refunds due to incorrect details of supplier`s or employees receiving bank account or duplicated transactions - £ 5,387
7- FRom 21 Dec. 2020 to 5 May 2021 - Sales recived in business bank account - £ 5,040
Total received in the bank account as of 5 May 2021 = £ 274,032
B. Money Spent from the buisness bank account from 2 December 2019 to 5 May 2021 after deducting all refunds mentioned in items 5 and 6 above as relevant to each item.
1. Fitting out of and display fixtures for the shop - £ 51,577
2. Printing Machines, Equipment and Computers - £ 28,743
3. Rent - 45,556
4- Salaries, Pension and and HMRC NIC£ 16,053aymemts - 16,053
5- Stocking for the shop - £ 77,815
6- Utility bills and broadband - £1,973
7- Software snd Subscriptions - £ 4,566
8- Buisness Rates - £ 799
9- Operation costs i.e buying printing paper, inks, etc. - £ 4,460
10- Legal and Proffessional fees - £ 3,788
Total money Spent from the bank account as of 5 May 2021 = £ 235,311
Based on the above, we have already invetsed and spent the £ 200,000 before starting taking any money form the company.
After the date of 5 May 2021, we started taking money almost on monthly basis, the total amount taken to the directors to end of March 2022 is £42,730, the total amount of sales that have been made since we started until the end of March 2022 is £ 129,245
So we did not take money from the business acount before starting making sales, also the total amount taken to date is always less than the amount of sales that heve been made to the business bank account.
I would appreciate your advice regarding our position of spending the £200,000 according without violating the coditions of spending them.
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