Closing a Ltd Company

[BIL310]

Hi

I'm looking for advice on closing a Ltd company.

The first year accounts need to be filed in October but over the 18 months of trading the company has not made any money. (I have another business and this is just a side one).

Sales have been made but expenses have been the same including paying a freelancer to try and grow the business but it's not worked out. I can't see how there's a tax bill to pay and turnover has been around £25k.

The company has a £10k bounce back loan which was spent on advertising and 2 repayments have been made.

At the moment the company doesn't have enough money in the bank to pay for an accountant (Ive been doing accounts myself on Xero) and i'm wondering the best way to close the company down.

I think there's about £250 left in the bank.

Thanks

 

[Lisa Thomas]

Hi

What happened to the BBL funds?

 

[DWS]

OP says spent on advertising!

 

[BIL310]

Used mainly on Facebook ads, the company primarily paid and run ads for laser clinics and we got paid when a client turned up for their appointment. Pay Per Appointment model.

When Covid hit we had lots of appointments cancelled that we'd set up using paid ads that we no longer got paid for and been playing catch up ever since.

 

[Lisa Thomas]

OP says spent on advertising!

Thank you sorry i completely missed that!

 

[Lisa Thomas]

See here for the scheme. Send notice by registered post that you intend on dissolving the company, unless the creditors liquidate or object. Then file the DS01.

Note though they will object so you will go round in a circle for a while until the creditors liquidate or Companies house strikes the company off for non filing of statutory returns.

https://www.gov.uk/strike-off-your-company-from-companies-register

More options explored here, but dissolution seems to be suitable in your circumstances:

 

[BIL310]

Thank you Lisa!

 

[Lisa Thomas]

You're welcome.