Wrong allocation of shares on start up

[busybob25]

Hi

I started a company and did not understand what I had to enter for share allocation so I entered a random 3100 shares of 1 pound each not knowing I then had to pay this amount into my company.

I wish to change this to 100 shares of 1 pound each.

How do I do this.

I am the owner/director and employ no-one else. I contacted companies house but they just copied and pasted a paragraph which I did not understand.


Any help would be much appreciated.

Thanks
rob

 

[Scalloway]

Reducing share capital is a complicated process. You don't have to pay the money in. You can leave it as a debtor on your balance sheet.

 

[clamed]

you could do even just a pound

 

[David Griffiths]

Leaving it as a debtor in the balance sheet is not without risks. If the company does get into trouble and is wound up, then you will be asked to pay the full amount in.

You could ask somebody such as the company formation agents(if you used one) to deal with the reduction for you. However the cheapest way out of the problem would probably be to get the company dissolved and form a new one

 

[FantasticCleaners]

since it's only you involved, terminate the process and start again - make sure to put 100 in this time