Directors name on small Company HP Agreement

Directors name on small Company HP Agreement

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Director of a small limited company (rent a car business) bought a car on Hire Purchase. HP Company put Directors name on HP Agreement as Company has recently started trading and has no Credit Rating so HP Company held director personally liable for that HP Agreement. However that car with HP Agreement is used for business and is rented out to customers. There is no personal use of car and is kept in business premise.
While doing accounts, should we take that car in Balance sheet of company's accounts or have to arrange a lease agreement between director and company ? Director is not happy with Lease agreement as he is not earning anything on self-employed basis. he is just helping company to have a HP Agreement by use of his good-credit rating. Finally can we take Car in Assets and HP Liability on liabilities side of Balance sheet of company. In addition to this can we claim interest in P/L paid out on HP installments going out of company's bank account. What would be the Tax implications if at the end company ceases business and give cars back to director?
W Pal

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