REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
HAMBLE POINT YACHT CHARTERS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
HAMBLE POINT YACHT CHARTERS LIMITED |
HAMBLE POINT YACHT CHARTERS LIMITED (REGISTERED NUMBER: 02429196) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HAMBLE POINT YACHT CHARTERS LIMITED |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
HAMBLE POINT YACHT CHARTERS LIMITED (REGISTERED NUMBER: 02429196) |
Balance Sheet |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Website | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
HAMBLE POINT YACHT CHARTERS LIMITED (REGISTERED NUMBER: 02429196) |
Balance Sheet - continued |
31 October 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
HAMBLE POINT YACHT CHARTERS LIMITED (REGISTERED NUMBER: 02429196) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Hamble Point Yacht Charters Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the 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 companies within the group. |
Significant judgements and estimates |
Where a charter yacht owned by the company is carried at valuation, that valuation is made at each year end by the directors. The valuation is based on published prices for similar vessels in a similar condition offered for sale on the open market. |
The useful economic lives of other fixed assets is reviewed each year by the directors. |
Turnover |
Turnover represents the invoiced amount of fees and commissions earned (stated net of value added tax) during the year. |
Intangible fixed assets |
Intangible assets are initially measured at cost. Amortisation is provided on the following annual rate in order to write off the cost less estimated residual value of the asset over its estimated useful life. |
Website - 20 % straight line basis |
Bookings and reservations software - 10 % reducing balance basis |
Tangible fixed assets |
Depreciation is provided on the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Charter boats |
Due to the nature of the charter boats and the level of expenditure charged to the profit and loss account to maintain them to an standard for chartering, the residual value of these assets is deemed by the directors to be not materially less than cost and therefore no depreciation is charged in respect of these assets in accordance with Financial Reporting Standard 102. |
Office equipment | - 25 % reducing balance basis |
Equipment for hire | - 25 % reducing balance basis |
HAMBLE POINT YACHT CHARTERS LIMITED (REGISTERED NUMBER: 02429196) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 November 2022 |
Additions |
At 31 October 2023 |
AMORTISATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
HAMBLE POINT YACHT CHARTERS LIMITED (REGISTERED NUMBER: 02429196) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
5. | TANGIBLE FIXED ASSETS |
Equipment | Office | Charter |
for hire | equipment | boats | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 November 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations | ( |
) | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Cost or valuation at 31 October 2023 is represented by: |
Equipment | Office | Charter |
for hire | equipment | boats | Totals |
£ | £ | £ | £ |
Valuation in 2013 | - | - | (47,895 | ) | (47,895 | ) |
Valuation in 2014 | - | - | 43,140 | 43,140 |
Valuation in 2015 | - | - | 8,521 | 8,521 |
Valuation in 2016 | - | - | 1,850 | 1,850 |
Valuation in 2017 | - | - | (22,984 | ) | (22,984 | ) |
Valuation in 2018 | - | - | (18,249 | ) | (18,249 | ) |
Valuation in 2019 | - | - | 6,697 | 6,697 |
Valuation in 2020 | - | - | 402 | 402 |
Valuation in 2021 | - | - | 20,250 | 20,250 |
Valuation in 2022 | - | - | (6,116 | ) | (6,116 | ) |
Cost | 22,999 | 25,547 | 635,933 | 684,479 |
22,999 | 25,547 | 621,549 | 670,095 |
The charter boats were revalued by the directors at the balance sheet date. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
HAMBLE POINT YACHT CHARTERS LIMITED (REGISTERED NUMBER: 02429196) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
The amount owed to group undertakings above relates to a loan balance of £17,800 (2022 : £17,900) due by the company to MCG Group Limited, which company owns 100% of the share capital of Hamble Point Yacht Charters Limited. The loan is interest free and there are no fixed terms for repayment. |
Included in Other creditors are directors' current account balances totalling £473,596 (2022 : £474,310). These balances are interest free and there are no fixed terms for repayment. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
9. | RESERVES |
Revaluatio |
reserve |
£ |
At 1 November 2022 |
Loss on revaluation | (416 | ) |
At 31 October 2023 |
10. | ULTIMATE CONTROLLING PARTY |
The company is controlled jointly by Mr and Mrs Potts via their shareholdings in MCG Group Limited. |
11. | GOING CONCERN |
At the balance sheet date, the company had significant net current liabilities. However, the directors, who are owed monies as disclosed in note 8, have indicated that they will not seek repayment of their loans for at least the next year from the date of approval of these accounts. The accounts are therefore drawn up on the going concern basis. |