Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.
Company's income less expenses will generate a profit or a loss for Corporation Tax (CT) purposes. CT is at a flat rate of 20% on any surplus. The short contract income can be used to offset losses elsewhere in the company and those net losses can be carried forward indefinitely until absorbed.
I am slightly worried by your statement viz:
'The company is the legal owner, but the property was purchased in full by the director. '
If the director purchased it then it cannot be the company's. However, what I think you mean, and from the tenor of your question, is that the company bought it with moneys loaned by the director, hence the creation of a DLA. If the director did own it then there is a danger that on ultimate disposal he/she would be liable to capital Gains Tax (CGT). Companies are not subject to CGT, all such gains or losses are passed through the company's trading account.
I do hope that I have been able to clear the air for you in this matter.