T1 Ent 50k Extension - Management / Interim accounts

[Entrepreneur9]

Good Evening everyone,

I have invested the full £50k in a form of directors loan on 5 January 2016.

My visa is due to expire in 2 weeks time and I am submitting the unaudited accounts for the year ending January 2016 (from 1 February 2015 to 31 January 2016). This clearly show that £50k was invested in a form of unsecured directors loan.

My question is - do I also have to provide interim / management accounts from 1 February 2016 till date? Is this a requirement?

Can you please advice?

Kind Regards

[aron1234]

I don't think you need to provide interim account as the account until 31st January shows the investment and for the current business activity you will have to give Filing history and CAR but may I ask since you invested on 5th January 50K, did you spend all the 50 K as you need to spend it for developing the business not just kept in the account

[Entrepreneur9]

Hi deepakjr123

Thanks for the reply.

Yes the unaudited accounts ending Jan 16 shows the full investment as a form of directors loan.

And I have only spent around £10k for paying the business expenses, rent, fees, etc. Remaining £40k is still in the business account. Hope this is not a problem?

[aron1234]

No you need to spend full 50K, but if you have spend only 10K yet how you going to meet the job creation criteria ? It would have cost you at least around 20K for that alone

[Entrepreneur9]

Basically employees were hired from December 2014 till date. Investment was done in Jan 2016.

From dec 14 to Jan 16 - employees were paid from the profit.
From Feb 16 till date - I guess employees are getting paid from my investment.

Correct me if I am wrong?

[aron1234]

I think that would be fine as long as you spend a total of 50K for the business

[Entrepreneur9]

I think that would be fine as long as you spend a total of 50K for the business

Thanks Deepak,

Yes over the period of 3 years the company has spent over £60k for paying expenses, salaries, rent, etc.

However since Jan 2016 (after investment) company has only spent around £10k.

Hope it should be fine

Kind Regards