For what it is worth- my thoughts
As far as the owner of the lathe is concerned, the whole thing is nothing but a cost accountancy nightmare.
Correctly, the lathe will have been written down until it is 'zero' in value and should have been sold to a scrap dealer- with whatever little money it would have raised. That would have been entered as income-- and whatever tax or corporation tax declared, accepted and tax due paid. That would be the end of it.
Sadly, your desire to have the damned thing has 'rung bells' but selling it means that it has to go back in the assets, deemed scrap and sold- and a minuscule amount of tax paid. Overall the cost of this exercise in real terms is that it has been a 'negative ' asset or in other words simply a 'bloody nuisance'
Oddly, my opinion, of course , you would do the firm a favour by "STEALING IT"
With increasing old age and with deteriorating eyesight, I've finally had to give the enjoyment of auditing accounts. No charge , perhaps a coffee. I'm doing what most people are doing in a Covid-19 lockdown and trying to keep my brain functioning.
One more thought is that if the lathe is owned by your employers, beware- Patience in such things may wear thin. I say no more except to enjoy reading about what seems to be of a 'a Legion of Lost Causes'
My thoughts- of course.