When is a car not a car?

My company has the chance to own a vintage vehicle and, although it is not our usual business, we can see the potential in hiring this vehicle out next year (holidays/weddings etc). If we go ahead with this we will need to carry out repairs and potentially upgrade the interior.
So…
… If the director purchases the vehicle first, how can it be transferred into the company (my feeling is that it becomes an entry on the DLA?)
…should we use nominal accounts for capital asset with write down or the Vehicle accounts.
…how do we distinguish between expenses relating to this sideline of the business
Any advice would be appreciated!

I’m not an accountant but I I’m doubtful that the DLA would be relevant in this case, unless the vehicle is on-loan to the company? You may need to seek professional advice from an accountant on this, but I’ll leave the thread open for others to comment, if they are able to offer up any advice.

Also the accounts and finance section in UK Business Forums may yield some good answers.