Hoping for some advice please, and not just to be told I should learn to run a company...
I just got MyCo's first company accounts in from the accountant to sign off on, and wasn't sure on one tiny point.
MyCo has 2 shares (1 each for my wife and I) at £1 each, and 1 director (me).
In the Company Accounts it details "Transactions with director", showing the Directors' current account as having paid (x + £2), where it appears that both shares are being counted, instead of (x + £1) as I only hold one share.
When raised with the accountant he said not to worry, it's something pointless that accounting standards want us to do and is just a balancing figure.
While it may only be £1, I'm a little reluctant to sign off on accounts that I know are incorrect. Am I being overly cautious, or is this truly something inconsequential that I can ignore?
Thanks
I just got MyCo's first company accounts in from the accountant to sign off on, and wasn't sure on one tiny point.
MyCo has 2 shares (1 each for my wife and I) at £1 each, and 1 director (me).
In the Company Accounts it details "Transactions with director", showing the Directors' current account as having paid (x + £2), where it appears that both shares are being counted, instead of (x + £1) as I only hold one share.
When raised with the accountant he said not to worry, it's something pointless that accounting standards want us to do and is just a balancing figure.
While it may only be £1, I'm a little reluctant to sign off on accounts that I know are incorrect. Am I being overly cautious, or is this truly something inconsequential that I can ignore?
Thanks
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