22:45 PM, 17th September 2013, About 10 years ago 18
I have a limited company registered in England.
I purchased a buy-to-let flat in England and it is registered in Land Registry in my personal name. It is my intention to renovate the flat and sell it with a tidy profit.
The lawyers drew up a Trust Deed at the time of purchase of the flat and I am the Trustee.
The deed records that I (as Trustee) acknowledge that I hold the property on trust for the Grantee (the Company) and that all income from the property shall belong to the Grantee.
1. Should the flat be reflected as a Fixed asset in the financial statements of the Company?
2. When I sell the flat (at a profit), should the profit on sale be reflected as income in the financial statements of the Company?
I appreciate any help