Yeah, 100 at £1 was the way we went, but there are two of us.
Seems pretty common, and easy enough to do, as in not actually any harder than 1/£1.
I think there might be a slight advantage to actually putting £100 of your own money in, to buy the shares (i.e. so it’s real, not a debt). I can’t quite remember why now.
On reflection, the VAT issue might be minor – if you don’t expect any great expenditure, you could just start off then register as the need arises. You can back date a chunk of claim too (as you maybe know already). It would depend on who you are contracting to, and the expected longevity of the arrangement.