A client has a Ltd Co operating a sea fishing charter boat being an 11.4 metre Swiftcat catamaran (MCA Cat 2).
The boat was ordered new and the cost consists of fees paid direct to the boatbuilder plus various fitting out and finishing costs invoiced separately from other suppliers totalling approx £160k to get it on the water and tested for sea worthiness.
Will the usual capital allowances be available i.e. AIA apply or are there any other boat specific considerations?
Can anyone with experience of similar boats give me an idea of a suitable depreciation policy?
Annual turnover is likley to below £100k and there are no plans to expand the business or borrow externally. Are there any specific reasons not to prepare FRS105 accounts?