I don't see why it would need to be coded in those circumstances. I'm not sure that there would be any real benefits of the limited company though, especially given the cost of doing annual accounts.
I own a share in a boat on the Thames
and it works very well. There are eight owners and we manage the syndicate ourselves without needing to jump through any of the hoops that a limited company requires.
Syndicate members do some bits and pieces of work on the boat, and inevitably some more than others but that's generally because they want to do it. We use a local marine engineer for most of the maintenance other than daily checks. Personally I would want to keep clear of a syndicate based on DIY by members, preferring to contract the work out as required. The great thing about shared ownership is that the generally horrific costs of boating are split several ways so even major work isn't too painful.
I'm interested in finding something similar up for a big RIB as well. I absolutely can't justify owning one outright knowing how much use we're likely to get out of it due to other family commitments, but a share could be a good compromise.