£100 capital -- reduce it to £1 ?

[ASB]

The £100 is the very first bit of money i put into the company. It was to buy 100 shares at £1 each.

If possible (and easy enough) i'd like to just have 1 share still equalling 100%. Does that make sense? It kinda does to me

Why is the £99 so important? It's better in my pocket rather than sat in my business account until the day i die.

Well, yes. So you want to reduce the paid up capital to £1 and return the other £99. It can be done. Though trying to maintain the retained funds at £1 could be tricky. It seems likely you will (or at least should) always have distributable reserves for solvency purpose, so you could achieve much the same affect by monitoring the capital accounts and paying extra dividend to just maintain the £100 or so. This would at least give you a small cushion between no distributable reserves and technical insolvency.

The current procedure is outlined here:

An optional new route for private companies to reduce share capital | Business Link

[Wanderer]

The current procedure is outlined here:

An optional new route for private companies to reduce share capital | Business Link

kingcook, just take the £100 back from the company and account for it as a director's loan if it bothers you. And next time, ask an accountant for advice before you setup the company.

[prozak]

I've gotta ask...

Why?

I could understand if you setup with £10k and didn't realise you could do it with £1.

But £100 or £1 = not worth the effort.

Ive got £100 as I've got 100 shares. I increased this from £1x1 when I wanted to gift some shares to wifey.

[kingcook]

I've gotta ask...

Why?

It's all part of the learning experience.

Besides, there's f-all on TV and i've already visited the Playboy website tonight.