Have a situation where the freehold on a small block of flats was acquired by the tenants via a Limited Company. The tenants are the only Directors and Shareholders, the company does not have a bank account and all expenses, e.g. communal utility costs and the actual payment for the freehold itself, have been split and paid personally by the tenants, totally outside of the company. The company presumably is named as the holder of the freehold at Land Registry.
My question is regarding the first annual accounts which are due soon. Are dormant accounts appropriate or should ALL transactions met by the tenants, including the cost of the freehold be accounted for within the company? Technically, I suspect the latter should be the case but it will likely prove a futile excercise.
Any thoughts would be appreciated.