book values Rib

[eupa]

My rib is currently on my company's books. I need to sell it to myself at the
book value. Any idea how you caluclate this??

year end .........1993
Make ...............BWM 28' rapier
Purchase value..55000 quid fully equipped - two man cabin, chartplotter, radar . 2x200 hp 2t carb yams 1993.

The electronics were replaced in 2002 and the engines this year. All this was paid by myself personally- so that in fact I would have to pay just the hull
and tubes. so what is it worth??
hull & tubes VAt excluded??
thanks anybody

jonathan

[RIVA]

if its already on the book then it has a value as a asset of the company ( or is that me being stupid ) so thats what you pay , if you did not write it dowen properly get a new acountant

[Nick Hearne]

Originally Posted by RIVA

if its already on the book then it has a value as a asset of the company ( or is that me being stupid ) so thats what you pay , if you did not write it dowen properly get a new acountant

I second this word for word, it is not what it is worth but what it has been written down to!

[rbw156]

A true accountant would ask "What do you want it to be worth?".

Do you want to make a gain or loss on disposal. Have you considered the tax position wrt corporation, income & VAT?

[codprawn]

Originally Posted by Nick Hearne

I second this word for word, it is not what it is worth but what it has been written down to!

Not true at all - depreceation is usually taken into account by most places. Just look how much cars or computers lose!!!

[John Kennett]

I think you'll find that's exactly what Nick is saying!

John

[codprawn]

Sorry I mistook what he meant by written down - been having one of THOSE days!!!!

[Nick Hearne]

Yep it is John!
Example just sold my company car it was written down to £6,600 on the books, but was worth a lot more ( just sold it for £8,000) if I had wanted to keep it personally I would have paid the £6,600 for it Not the £8,000 I got for it!
Dose that make it clear?

[Nick Hearne]

Originally Posted by codprawn

Sorry I mistook what he meant by written down - been having one of THOSE days!!!!

It's monday, say no more!
When you getting that boat on the water?
Nick

[codprawn]

Originally Posted by Nick Hearne

It's monday, say no more!
When you getting that boat on the water?
Nick

God knows - was hoping start of August but end is looking a lot more likely!!!!

[Nick Hearne]

Originally Posted by codprawn

God knows - was hoping start of August but end is looking a lot more likely!!!!

Fingers crossed for a Indian summer then!
Nick

[eupa]

thanks everybody - but my accountant has told me " what do you want it to
be" - as "bookwise" its worth nothing ( 30% /year on residual value) without the engines. The engines & electonics are my personal property - but at the same time cannot tell the taxman -its worth twopence.Basically we are talking about nine meters of polyester hull and 20 meters odd of hyperlon tube, but I have to invoice myself and pay VAT. Anybody think 1500 quid would do?

[Nick Hearne]

£500 & then I would think you are being generous to the company!
It is yours after all, the only person who is going to gain by you paying more money is the tax man!

[The Garfish]

Originally Posted by Nick Hearne

( just sold it for £8,000)

Originally Posted by eupa

but at the same time cannot tell the taxman

i startid mi noo jobb toodaiy.

gArf

[Nick Hearne]

Originally Posted by The Garfish

i startid mi noo jobb toodaiy.

gArf

Hope the new job goes well!
Yes I have vat to pay £208.50, should I send it direct to you?

Nick

[The Garfish]

Originally Posted by codprawn

was hoping start of August but end is looking a lot more likely!!!!

i fink yew arr rite. de bild iz att an addvancid stayge. sea fowto. de gud nooz iz de jakk playte werks. de badd nooz iz dat itt woz fittid uppsyde dowen an wen de buton woz prest yorr suezewki sloely disappered beneeth de fkin worter. itt shud bee dryed owt bi fridaiy.

[John Kennett]

Veneered chipboard eh? Now that's posh!

John

[eupa]

yorr suezewki sloely disappered beneeth de fkin worter. itt shud bee dryed owt bi fridaiy.




Beginning to get the hang of the lingo!!!!!!!!!!!. I wonder how he does it- dont tell me its natural ....surely not.

I didn't realize that Garfish was principle contractor for Codder's rib??

Jonathan

[John Kennett]

Originally Posted by eupa

I didn't realize that Garfish was principle contractor for Codder's rib??

Nor did codders!

John