Limited Company - Bank account not in Ltd Co name??

Posted by marine PM | on Sat, 18/06/2011 - 11:51 9077 20 comments | report

I have just taken over a client which is a Limited company and i have noticed that the bank account is in the Directors personal name (sole trader company) he set up the Ltd co back in 2002 and has never changed the account details. His previous accountant always showed this account on the balance sheet in the Ltd co accounts, is this okay to do?

If not how do i go about removing it from the accounts, it was overdrawn by £ 4,500 as at the end of the previous year would i transfer this over to DLA, and in this current year post all bank receipts and payments to DLA?

Thanks in advance

Tim

Comments

There are 20 comments. Login or register to view them.

DLA

honesty | Sun, 19/06/2011 - 18:02

DLA

Monsoon | Mon, 20/06/2011 - 10:03

Whilst I agree...

MBK | Mon, 20/06/2011 - 12:13

Trading As?

MarionMorrison | Mon, 20/06/2011 - 12:41

Nominee

Monsoon | Mon, 20/06/2011 - 15:20

One line in Monsoon's 1003 post sums this issue up for me

Phil Rees | Mon, 20/06/2011 - 15:40

Another pitfall could be ...

Old Greying Accountant | Mon, 20/06/2011 - 21:11

When the **** hits

Malcolm Veall | Wed, 22/06/2011 - 13:01

The telling point?

Euan MacLennan | Wed, 22/06/2011 - 13:52

Going concern

jonbryce | Wed, 22/06/2011 - 14:11

Has the company even traded ?

The Black Knight | Wed, 22/06/2011 - 14:55

Really a limited company?

Malcolm Veall | Wed, 22/06/2011 - 15:04

Going Concern

Malcolm Veall | Wed, 22/06/2011 - 15:06

Nominee and Marion

pauljohnston | Wed, 22/06/2011 - 16:01

Accounting Standards Rule OK

JohnBanfield | Wed, 22/06/2011 - 18:13

There is no doubt ....

MBK | Thu, 23/06/2011 - 07:55

following MBK's advice

pauljohnston | Thu, 23/06/2011 - 09:05

Names on cheques

Gethin4tax | Thu, 23/06/2011 - 10:26

P I Cover

The Black Knight | Thu, 23/06/2011 - 11:02

Simple Nominee or mixed use

Malcolm Veall | Thu, 23/06/2011 - 13:50