2023-09-012024-08-312024-08-31false04948315ROPE WALK HAMBLE 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ROPE WALK HAMBLE LIMITED

Registered Number
04948315
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

ROPE WALK HAMBLE LIMITED
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

HARDING, Timothy John
MANSFIELD, Christopher Robert
NIXON, Graham Andrew (appointed 30 November 2024)
RICHARDSON, Matthew Newman (appointed 30 November 2024)
ROBINSON, Timothy James
SPARSHATT-WORLEY, John Herbert

Registered Address

Royal Southern Yacht Club
Rope Walk Hamble
Southampton
SO31 4HB

Registered Number

04948315 (England and Wales)
ROPE WALK HAMBLE LIMITED
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,813,6041,813,604
1,813,6041,813,604
Current assets
Debtors4,51,333,9861,454,833
Cash at bank and on hand24,26724,293
1,358,2531,479,126
Creditors amounts falling due within one year6(81,388)(168,480)
Net current assets (liabilities)1,276,8651,310,646
Total assets less current liabilities3,090,4693,124,250
Creditors amounts falling due after one year7(1,604,547)(1,641,570)
Net assets1,485,9221,482,680
Capital and reserves
Profit and loss account1,485,9221,482,680
Reserves1,485,9221,482,680
The financial statements were approved and authorised for issue by the Board of Directors on 4 April 2025, and are signed on its behalf by:
NIXON, Graham Andrew (appointed 30 November 2024)
Director
Registered Company No. 04948315
ROPE WALK HAMBLE LIMITED
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by guarantee and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts are rounded to the nearest pound.
Going concern
The company has bank facilities secured against its freehold property, and has lent the proceeds from these loans to Royal Southern Yacht Club Limited to provide a large part of the finance for that company's construction of a new sea wall, Prince Phillip Yacht Haven and associated work at the company's property. The company has an agreement with the Royal Southern Yacht Club Limited whereby that company will repay its loan by instalments equivalent to the company's repayments on its bank loan and will meet the other operating costs of the company. The company's bank loan facility also contains certain covenants relating to the financial performance of Royal Southern Yacht Club Limited. The loan facilities were renegotiated, with a new loan replacing the previous loan, on 11 December 2024. The directors have received confirmation from the directors of Royal Southern Yacht Club that it will be in a financial position sufficient to meet its obligations to the company for the foreseeable future. The directors, based on the confirmations received from the directors of Royal Southern Yacht Limited, consider it appropriate to prepare the financial statements on a going concern basis.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. The company's liability for current and deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets and depreciation
Freehold property is shown at cost. The company has always had a policy to maintain its property to a high standard and as such it is considered that the residual value is not lower than the cost so there is no annual depreciation charge. Freehold land is not depreciated. The company does not have any other tangible fixed assets.
Impairment of non-financial assets policy
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying amount is in excess of recoverable amount, an impairment loss is recognised in profit or loss. Prior impairments are also reviewed for possible reversal at each reporting date.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets, and comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately, within borrowings in current liabilities.
Financial instruments
The company only enters into basic financial instrument transactions. A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legal right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the assets and settle the liability simultaneously. Basic financial instruments, which include debtors and cash and bank balances, are initially recognised at transaction price including transaction costs and measured at amortised cost using the effective interest method, unless the arrangement constitute a financial transaction, where the transaction is measured at the present value of the future receipts discounted at the market rate of interest. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Land & buildings

Total

££
Cost or valuation
At 01 September 231,820,5501,820,550
At 31 August 241,820,5501,820,550
Depreciation and impairment
At 01 September 236,9466,946
At 31 August 246,9466,946
Net book value
At 31 August 241,813,6041,813,604
At 31 August 231,813,6041,813,604
4.Debtors: amounts due within one year

2024

2023

££
Other debtors96,148146,516
Prepayments and accrued income37,40563,987
Total133,553210,503
5.Debtors: amounts due after one year

2024

2023

££
Other debtors1,200,4331,244,330
Total1,200,4331,244,330
The company made loans to Royal Southern Yacht Club Limited, shown above as Other Debtors within Debtors: amounts falling due within one year and Debtors: amounts falling due after more than one year, from the proceeds of bank loans, on equal terms to the bank loans. The loans were refinanced in December 2024, and repayments will be made by monthly instalments.
6.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts43,279105,016
Taxation and social security768660
Accrued liabilities and deferred income37,34162,804
Total81,388168,480
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts1,604,5471,641,570
Total1,604,5471,641,570
The total amount owing to the bank in the form of a bank loan is £1,647,826 (2023: £1,746,586), as shown above in Creditors: amounts due after one year, and in the previous note to these financial statements in Creditors: amounts due within one year. The bank loan was renegotiated on 11 December 2024, with the existing loan of £1,647,825 replaced with a new loan of £1,654,000, repayable over 20 years. The amount showing as due within one year represents the capital repayments scheduled for the next 12 months on the old loan until December 2024, and the new loan from that date. The loan due from the Royal Southern Yacht Club Limited, as set out above, as at 31 August 2024 is £1,249,520 (2023: £1,349,345). The difference between the bank loan payable and the Royal Southern Yacht Club Limited loan recoverable is £398,306 (2023: £397,241).
8.Secured creditors
The bank loan is secured by a legal mortgage over the company's property and a guarantee by Royal Southern Yacht Club Limited. The loan is repayable by monthly repayments of capital and interest.
9.Related party transactions
The company leases its property to Royal Southern Yacht Club Limited, and all other expenses incurred are recharged to that company.
10.Further information regarding the company's financial position
The company is limited by guarantee. In the event of a winding up, the liability of each member is limited to £1.