Hamble Yacht Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09214324 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2019

FOR

HAMBLE YACHT SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R M Bicket

Mr T J Yetman

Mr N G Griffith

Mr S J Tate

REGISTERED OFFICE:

24 Park Road South

Havant

Hampshire

PO9 1HB

BUSINESS ADDRESS:

Hamble Yacht Services

Port Hamble

Satchell Lane

Hamble

Hampshire

SO31 4NN

REGISTERED NUMBER:

09214324 (England and Wales)

ACCOUNTANTS:

Wilkins Kennedy

24 Park Road South

Havant

Hampshire

PO9 1HB

FIXED ASSETS

Intangible assets

4

696,456

833,930

Tangible assets

5

126,987

111,290

823,443

945,220

CURRENT ASSETS

Debtors

6

337,602

329,250

Cash at bank and in hand

164,183

230,112

501,785

559,362

CREDITORS

Amounts falling due within one year

7

1,286,354

1,572,614

NET CURRENT LIABILITIES

(784,569

)

(1,013,252

)

TOTAL ASSETS LESS CURRENT LIABILITIES

38,874

(68,032

)

PROVISIONS FOR LIABILITIES

1,903

3,589

NET ASSETS/(LIABILITIES)

36,971

(71,621

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

36,970

(71,622

)

SHAREHOLDERS' FUNDS

36,971

(71,621

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2019 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 31st July 2020 and were signed on its behalf by:

Mr R M Bicket - Director

1.	STATUTORY INFORMATION

Hamble Yacht Services 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.

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

(£).

The financial statements contain information about Hamble Yacht Services Limited as an individual entity.

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.

Revenue recognition

Revenue represents the value of services supplied. It is recognised to the extent that the company obtains the

right to consideration in exchange for its performance and is measured at the fair value of the consideration

received or receivable, excluding value added tax.

Services include boat storage, berthing, and dry sail and dry stack contracts.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

River dredging licences are being amortised evenly over their estimates useful life of 10 years.

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 and 10% 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.

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 Statement of Income and

Retained Earnings, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2018 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1st January 2019

1,372,175

11,804

1,383,979

Additions

-

1,040

1,040

At 31st December 2019

1,372,175

12,844

1,385,019

AMORTISATION

At 1st January 2019

548,869

1,180

550,049

Charge for year

137,218

1,296

138,514

At 31st December 2019

686,087

2,476

688,563

NET BOOK VALUE

At 31st December 2019

686,088

10,368

696,456

At 31st December 2018

823,306

10,624

833,930

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2019

241,445

Additions

50,895

Disposals

(836

)

At 31st December 2019

291,504

DEPRECIATION

At 1st January 2019

130,155

Charge for year

35,198

Eliminated on disposal

(836

)

At 31st December 2019

164,517

NET BOOK VALUE

At 31st December 2019

126,987

At 31st December 2018

111,290

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

130,227

134,836

Other debtors

207,375

194,414

337,602

329,250

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

3,306

11,293

Amounts owed to group undertakings

982,573

1,292,605

Taxation and social security

76,472

81,401

Other creditors

224,003

187,315

1,286,354

1,572,614

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

438,363

437,199

Between one and five years

1,765,681

1,760,728

In more than five years

1,592,796

2,426,764

3,796,840

4,624,691

The Crown rent cost this year totalled £12,561 (2018: £18,915). The commitment cannot be quantified due to

the terms of the lease. The rent is calculated as a percentage of the superior lease rent, which in turn is

calculated as a percentage of the gross rental income. Therefore, no operating lease commitment has been

disclosed for this above.

9.	GOING CONCERN

At 31 December 2019 the company had net assets of £36,971 (2018: net liabilities of £71,621).

The company continues to have positive Earnings before Interest, Tax, Depreciation and Amortisation

(EBITDA) and positive cashflows. Therefore given the ongoing support of its parent, the Directors consider that

the accounts should be prepared on a going concern basis.