HYS (Holdings) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03007521 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2018

FOR

HYS (HOLDINGS) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Mr R M Bicket

Mr T J Yetman

Mr N G Griffith

Mr S J Tate

REGISTERED OFFICE:

Hamble Yacht Services

Port Hamble

Satchell Lane

Hamble

Hampshire

SO31 4NN

REGISTERED NUMBER:

03007521 (England and Wales)

ACCOUNTANTS:

Rothman Pantall LLP

Chartered Accountants

24 Park Road South

Havant

Hampshire

PO9 1HB

FIXED ASSETS

Tangible assets

4

651,620

666,455

Investments

5

1

1

Investment property

6

13,603,475

13,600,000

14,255,096

14,266,456

CURRENT ASSETS

Debtors

7

1,440,017

1,614,161

Cash at bank

41,971

16,396

1,481,988

1,630,557

CREDITORS

Amounts falling due within one year

8

3,455,771

3,430,430

NET CURRENT LIABILITIES

(1,973,783

)

(1,799,873

)

TOTAL ASSETS LESS CURRENT LIABILITIES

12,281,313

12,466,583

CREDITORS

Amounts falling due after more than one year

9

(3,800,422

)

(4,093,710

)

PROVISIONS FOR LIABILITIES

(1,389,464

)

(1,384,388

)

NET ASSETS

7,091,427

6,988,485

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Revaluation reserve

5,874,639

5,874,639

Retained earnings

1,166,788

1,063,846

SHAREHOLDERS' FUNDS

7,091,427

6,988,485

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 23rd May 2019 and were signed on its behalf by:

Mr R M Bicket - Director

1.	STATUTORY INFORMATION

HYS (Holdings) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The presentation currency of the financial statements is Pound Sterling (£) and is rounded to the nearest Pound

(£).

Preparation of consolidated financial statements

The financial statements contain information about HYS (Holdings) Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company is exempt under Section

399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

The preparation of financial statements often requires the use of judgements, estimates and assumptions that

affect the reported amounts of assets and liabilities at the date of the financial statements, and revenues and

expenses during the reporting period. These judgements, estimates and assumptions are based on

management's historical experience, knowledge and other factors including expectations of future events or

actions that are believed to be reasonable under the circumstances. Actual results may differ from those

amounts estimated.

In preparing these financial statements, management do not believe that they have made any critical

judgements in applying the company's accounting policies.

The following are estimates and assumptions that have a significant risk of causing a material adjustment to the

carrying amounts of assets and liabilities within the next financial year:

The directors have valued the investment property at the year end on an open market basis using their

knowledge and previous valuations as a guide..

Revenue recognition

The revenue shown in the profit and loss account represents rents receivable in respect of the period, exclusive

of Value Added Tax. It includes the relevant proportion of rent receivable for the period; any income in relation to

the next period has been deferred.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost, 10% on cost, 6.67% on cost and 2% on cost

Tangible fixed assets are included at cost less depreciation and impairment.

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if

appropriate.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

In accordance with FRS 102, the company's property is held for long-term investment and is included in the

balance sheet at the open market value. The surplus on revaluation of such properties is recognised in the profit

or loss. Depreciation is not provided in respect of freehold investment property.

Financial instruments

Financial instruments are recognised in line with Sections 11 and 12 of FRS 102.

Basic financial instruments such as bank and cash loans and trade receivables and payables are initially

recognised at transaction price, unless they constitute a financing arrangement when the transaction is

measured at the present value of the future receipts/payments discounted at a market rate of interest. Such

instruments are subsequently carried at amortised cost using the effective interest rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Transfers to revaluation reserve

Gains or losses on fair value of investment property have been transferred from retained earnings to a specific

non-distributable reserve; a revaluation reserve. Similarly all deferred tax relating to these fair value movements

have been transferred to the same reserve.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2018

769,698

Additions

32,525

At 31st December 2018

802,223

DEPRECIATION

At 1st January 2018

103,243

Charge for year

47,360

At 31st December 2018

150,603

NET BOOK VALUE

At 31st December 2018

651,620

At 31st December 2017

666,455

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st January 2018

and 31st December 2018

1

NET BOOK VALUE

At 31st December 2018

1

At 31st December 2017

1

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2018

13,600,000

Additions

3,475

At 31st December 2018

13,603,475

NET BOOK VALUE

At 31st December 2018

13,603,475

At 31st December 2017

13,600,000

Fair value at 31st December 2018 is represented by:

£

Valuation in 2013

9,652,500

Valuation in 2014

(3,635,000

)

Valuation in 2016

113,000

Valuation in 2017

4,718,634

Cost

2,754,341

13,603,475

Freehold investment property was valued at £13,603,475 on an open market basis on 31 December 2018 by the

directors.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

83,053

78,904

Amounts owed by group undertakings

1,292,605

1,476,526

Other debtors

64,359

58,731

1,440,017

1,614,161

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

293,287

279,129

Trade creditors

69,019

80,152

Amounts owed to group undertakings

2,724,686

2,724,556

Taxation and social security

163,047

158,582

Other creditors

205,732

188,011

3,455,771

3,430,430

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

3,800,422

4,093,710

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,483,929

2,836,170

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

4,093,709

4,372,839

The bank loan is secured against the freehold and leasehold property of the company.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and

the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of HYS (Holdings) Limited for the year ended 31st December 2018 which comprise the Income

Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of HYS (Holdings) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of HYS (Holdings) Limited and state those matters that we have agreed to state to the Board of Directors of HYS (Holdings) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HYS (Holdings) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that HYS (Holdings) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of HYS (Holdings) Limited. You consider that HYS (Holdings) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of HYS (Holdings) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rothman Pantall LLP

Chartered Accountants

24 Park Road South

Havant

Hampshire

PO9 1HB

24th May 2019