My client has asked me to close down their limited company, this is not something that I have been involved with before.
Their accounts period ended at the end of Jan-11 and they ceased trading during this period. However, they still continue to have some business insurance payments and loan repayments going through their bank account. In addition to this I have found that, due to errors in calculations, they owe a small amount of VAT.
I am unsure for what period I prepare these accounts. Do I prepare the accounts to Jan-11, writing off assets to zero as they can't continue to be depreciated. Would I then need to submit a new set of accounts for the period to date, where they will empty their bank account, repay their loan/VAT/my fees?
Also, can the company be closed down if the directors loan account is a debit balance?
Many thanks for any advice!