Hamble Yacht Services Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 09214324 (England and Wales)

HAMBLE YACHT SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

7

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

REGISTERED NUMBER:

09214324 (England and Wales)

ACCOUNTANTS:

Rothman Pantall LLP

Chartered Accountants

24 Park Road South

Havant

Hampshire

PO9 1HB

FIXED ASSETS

Intangible assets

4

960,523

1,097,740

Tangible assets

5

128,880

161,978

1,089,403

1,259,718

CURRENT ASSETS

Debtors

6

335,678

337,268

Cash at bank and in hand

122,864

199,413

458,542

536,681

CREDITORS

Amounts falling due within one year

7

1,718,072

1,881,533

NET CURRENT LIABILITIES

(1,259,530

)

(1,344,852

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(170,127

)

(85,134

)

PROVISIONS FOR LIABILITIES

4,590

7,480

NET LIABILITIES

(174,717

)

(92,614

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(174,718

)

(92,615

)

SHAREHOLDERS' FUNDS

(174,717

)

(92,614

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 22 June 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Significant judgements and estimates

The preparation of the financial statements requires the use of estimates and assumptions that affect reported

amounts of assets and liabilities during the reporting period. These estimates and assumptions are based on

management's best knowledge of the amount, event or actions. Actual results may differ from those amounts.

Management do not consider there to be any significant judgements or estimates used in the preparation of

these financial statements.

Revenue recognition

Revenue represents the value of goods and services supplied. It is measured at the fair value of the

consideration received or receivable, excluding value added tax.

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.

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

-

20% on cost and 10% on cost

Office Equipment

-

20% 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

instuments 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.

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 (2016 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

and 31 December 2017

1,372,175

AMORTISATION

At 1 January 2017

274,435

Charge for year

137,217

At 31 December 2017

411,652

NET BOOK VALUE

At 31 December 2017

960,523

At 31 December 2016

1,097,740

Goodwill arose on the acquisition of the boat movement and storage trade and assets during the period. Legal

costs associated with the purchase have been capitalised and added to goodwill.

5.	TANGIBLE FIXED ASSETS

Plant and

Office

machinery

Equipment

Totals

£

£

£

COST

At 1 January 2017

217,233

13,715

230,948

Additions

8,316

1,167

9,483

Disposals

(14,866

)

-

(14,866

)

At 31 December 2017

210,683

14,882

225,565

DEPRECIATION

At 1 January 2017

64,505

4,465

68,970

Charge for year

29,218

2,957

32,175

Eliminated on disposal

(4,460

)

-

(4,460

)

At 31 December 2017

89,263

7,422

96,685

NET BOOK VALUE

At 31 December 2017

121,420

7,460

128,880

At 31 December 2016

152,728

9,250

161,978

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

141,555

148,362

Other debtors

194,123

188,906

335,678

337,268

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

6,012

166,443

Amounts owed to group undertakings

1,476,526

1,485,332

Taxation and social security

32,486

41,957

Other creditors

203,048

187,801

1,718,072

1,881,533

8.	RELATED PARTY DISCLOSURES

Dividends of £25,000 have been paid to the parent company during the year. At the time the dividends were paid

there were sufficient profits available for distribution per the management accounts. Following year-end

procedures, the retained earnings were negative and the dividends are therefore classed as unlawful. The

directors acknowledge that no further distributions can be made until there are sufficient profits available for that

purpose.

HYS (Holdings) Limited

Parent company

Amounts owed to HYS (Holdings) Limited related to the purchase of the trade and assets of the company's trade

in 2015 from the Ancasta group as well as other recharges.

The amount due to the related party at the balance sheet date is £1,476,526 (2016: £1,485,322). No interest is

charged on this loan and it is therefore not at market rate.

9.	GOING CONCERN

At 31 December 2017 the company had net liabilities of £174,717 (2016: £92,614), after incurring a loss in the

period of £81,916 (2016: £134,731).

Although the company shows negative net assets, these arise from the amortisation of goodwill on acquisition of

the company's business in 2015 of £137,217 per annum (see note 4) which was funded by finance provided by

the company's immediate parent company.

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.

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 Hamble Yacht Services Limited for the year ended 31 December 2017 which comprise the

Income Statement, Balance Sheet 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 Hamble Yacht Services 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 Hamble Yacht Services Limited and state those matters that we have agreed to state to the Board of Directors of Hamble Yacht Services 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 Hamble Yacht Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Hamble Yacht Services 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 loss of Hamble Yacht Services Limited. You consider that Hamble Yacht Services 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 Hamble Yacht Services 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

26 June 2018