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REGISTERED NUMBER: 02429196 (England and Wales)















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: K R Potts
G R Potts





SECRETARY: G R Potts





REGISTERED OFFICE: Office Suite 1
Haslemere House
Lower Street
Haslemere
Surrey
GU27 2PE





REGISTERED NUMBER: 02429196 (England and Wales)

HAMBLE POINT YACHT CHARTERS LIMITED (REGISTERED NUMBER: 02429196)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Website 4 87,422 1,280
Tangible assets 5 627,188 628,286
714,610 629,566

CURRENT ASSETS
Stocks 20,457 22,928
Debtors 6 1,698 620
Prepayments and accrued income 82,559 184,583
Cash at bank 2,024 24,330
106,738 232,461
CREDITORS
Amounts falling due within one year 7 749,093 620,438
NET CURRENT LIABILITIES (642,355 ) (387,977 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

72,255

241,589

CREDITORS
Amounts falling due after more than one
year

8

20,000

30,000
NET ASSETS 52,255 211,589

CAPITAL AND RESERVES
Called up share capital 10 10
Revaluation reserve 9 66,462 66,878
Retained earnings (14,217 ) 144,701
SHAREHOLDERS' FUNDS 52,255 211,589

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 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.

HAMBLE POINT YACHT CHARTERS LIMITED (REGISTERED NUMBER: 02429196)

Balance Sheet - continued
31 October 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





K R Potts - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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 14 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 November 2022 3,814
Additions 96,561
At 31 October 2023 100,375
AMORTISATION
At 1 November 2022 2,534
Charge for year 10,419
At 31 October 2023 12,953
NET BOOK VALUE
At 31 October 2023 87,422
At 31 October 2022 1,280

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 22,999 22,581 623,704 669,284
Additions - 2,966 6,793 9,759
Disposals - - (2,832 ) (2,832 )
Revaluations - - (6,116 ) (6,116 )
At 31 October 2023 22,999 25,547 621,549 670,095
DEPRECIATION
At 1 November 2022 19,783 21,215 - 40,998
Charge for year 804 1,105 - 1,909
At 31 October 2023 20,587 22,320 - 42,907
NET BOOK VALUE
At 31 October 2023 2,412 3,227 621,549 627,188
At 31 October 2022 3,216 1,366 623,704 628,286

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 1,698 620

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 173,348 10,000
Trade creditors 27,829 45,353
Amounts owed to group undertakings 17,800 17,900
Taxation and social security 45,745 55,156
Other creditors 484,371 492,029
749,093 620,438

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 20,000 30,000

9. RESERVES
Revaluatio
reserve
£   
At 1 November 2022 66,878
Loss on revaluation (416 )

At 31 October 2023 66,462

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.