Would the machinery be classed as an asset within the company even though the finance of the asset is not in the company name?
The business is very specialist as is the machinery so could only used in the specialist sector the business operates. The machinery also has the company name printed on it. The company also has a standing order to the relative to pay the exact amount the finance is each month.
my thinking is the machinery couple be classed as a company asset since it could only be used in this sector and relative who financed the machinery would have no use for it. Company name is printed/sign written all over the asset plus also payments made.
Would this then be a family within the company rather than a finance/hp creditor?
Thanks in advance