The accounting approach will differ slightly based on whether the company uses GAAP, IFRS or the International Accounting Standards Board principles (IASB). As such, it is worth checking this point with your accountant and reflecting your approach in your accounting policies.
It can be argued that as the economic benefits (and the use) of the car are transferred to the employee and therefore there is no need to account for these payments on your balance sheet (under IFRS).
This is the view taken by the Department for Health & Social Care: Department of Health and Social Care Group Accounting Manual 2022 to 2023
However, it can also be argued that these are operating leases and should be included on the balance sheet. The below articles cover these considerations: Lease accounting changes; Salary sacrifice; and Finance lease vs operating lease.
Please contact your financial advisor or accountant to review and record the correct accounting treatment for your company as The Electric Car Scheme does not provide legal, financial, accounting or tax advice.