Capitalising intangibles

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Hi there

Im currently considering buying a company through a share purchase. I will be paying £50k over net asset value. The seller has a piece of software, developed internally, that is used by the business and an important tool.

However this software has never been recognised within the company books.
Upon purchase is there anyway to recognise a value against this software in the balance sheet i.e capitalise £25k goodwill + £25k software asset. Can you just 'create' an asset that has never been formally recorded.

Obviously valuing etc will be a challenge but assuming value is £25k can this occur?
Business will be bought as going concern, ideally do not want to do a share purch followed by asset purch as the asset purch will attract a vat liability ... can the two transactions be linked into the one going concern transfer?

Many thanks
 

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