UK Problem following death of business owner

[mikeycollins]

30 months ago my wife opened a shoe shop. It was registered at companies house as a limited liability company, I was appointed company secretary and the my wife and children as directors, however the only person with any involvement with the finances of the business was my wife who sadly she died on march 4. This leaves me with a mess to sort out.

The end of year was October 31. I know the company return has been made but there is no work done on the accounts. The company has no debts or outstanding invoices and It is not registered for VAT. The company was formed by a loan from my wife's savings and any surplus money made from trading was a repayment of loan to company. I need to get to the situation where I can close the company up but I am not really sure of what I need to do or who I inform. I am capable of submitting accounts as I am a qualified accounting technician.

Any advice would be gratefully received.

 

[Truemanbrown]

30 months ago my wife opened a shoe shop. It was registered at companies house as a limited liability company, I was appointed company secretary and the my wife and children as directors, however the only person with any involvement with the finances of the business was my wife who sadly she died on march 4. This leaves me with a mess to sort out.

The end of year was October 31. I know the company return has been made but there is no work done on the accounts. The company has no debts or outstanding invoices and It is not registered for VAT. The company was formed by a loan from my wife's savings and any surplus money made from trading was a repayment of loan to company. I need to get to the situation where I can close the company up but I am not really sure of what I need to do or who I inform. I am capable of submitting accounts as I am a qualified accounting technician.

Any advice would be gratefully received.

To answer your points, I would raise the following:-

WHAT HAPPENS TO YOUR WIFE'S SHARES IN THE COMPANY?

When your wife, the shares should pass to whoever inherits them under the terms of the will or intestacy. The company will have to accept evidence of probate of the will or letters of administration. If you used the model articles when setting up the company then the executor of your wife's estate has the choice of using a stock transfer form or applying to the company by letter for the shares to be transferred to the appropriate person.

HOW CAN I HAVE THE COMPANY STRUCK OFF AT COMPANIES HOUSE?
Three months after the company ceases trading, the company directors must complete and approve the Form DS01 and submit to Companies House with a cheque for £10.

DO I NEED TO PREPARE ACCOUNTS?
The answer is yes, because corporation tax may be due on the final period of trading. These accounts will not have to be filed at Companies House.

However, there may be profits remaining in the company at the cessation of trade and you may require the advice of an accountant to ensure that these profits are taken from the company in the most tax efficient manner.