Hamble Yacht Services Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Hamble Yacht Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09214324 . The registered office is 24 Park Road South, Havant, Hampshire, PO9 1HB.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetayry amounts in these financial statements are rounded to the nearest £.

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

The financial statements have been prepared under the historical cost convention. The principle account policies adopted are set out below.

2.2. Going Concern Disclosure

At 31 December 2024 the company had net assets of £307,364 (2023: £374,777).

The company continues to have positive earnings before Interest, Deprecation and amortisation (EBITDA) and positive cash flows. Therefore given the ongoing support of its parent, the directors consider that the accounts should be prepared on a going concern basis.

2.3. Turnover

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.

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

2.4. Intangible Fixed Assets and Amortisation - 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.

2.5. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

River dredging license are being amortised evenly over their estimated useful life of 10 years.

2.6. Intangible Fixed Assets and Amortisation - Intellectual Property

Amortiation is recognised so as to write off the cost or valuation of assets less their residual valued over their useful lives on the following basis:

Software 10 years

Patents & licenses 10 years

2.7. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	20% and 10% on cost
Fixtures & Fittings	20% on cost
Computer Equipment	20% on cost

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs.

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Hamble Yacht Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.8. Leasing and Hire Purchase Contracts

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2.9. Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes 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 legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise thr asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity Instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2.10. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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Hamble Yacht Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.11. Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.12. Cash and Cash Equivalents

Cash and cash equivalentsare basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 12 (2023: 12)

4. Intangible Assets

	Goodwill	Computer Software	Intellectual Property	Total
	£	£	£	£
Cost
As at 1 January 2024	1,372,175	5,900	12,844	1,390,919

As at 31 December 2024	1,372,175	5,900	12,844	1,390,919

Amortisation
As at 1 January 2024	1,234,958	1,303	7,660	1,243,921
Provided during the period	137,217	590	1,296	139,103

As at 31 December 2024	1,372,175	1,893	8,956	1,383,024

Net Book Value
As at 31 December 2024	-	4,007	3,888	7,895

As at 1 January 2024	137,217	4,597	5,184	146,998

5. Tangible Assets

	Plant & Machinery etc.
	£
Cost
As at 1 January 2024	468,327
Additions	15,380

As at 31 December 2024	483,707

Depreciation
As at 1 January 2024	279,726
Provided during the period	38,542

As at 31 December 2024	318,268

Net Book Value
As at 31 December 2024	165,439

As at 1 January 2024	188,601

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Hamble Yacht Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	181,440	197,166
Prepayments and accrued income	261,182	245,688

	442,622	442,854

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	2,366	3,200
Corporation tax	146,033	103,281
Other taxes and social security	22,207	22,386
VAT	30,912	19,587
Pension Liabilities	3,396	1,400
Accruals and deferred income	345,908	384,730
Amounts owed to group undertakings	38,932	28,327

	589,754	562,911

8. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	1	1

9. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	480,507	442,031
Later than one year and not later than five years	964,025	1,576,957
Later than five years	-	17,124

	1,444,532	2,036,112

The Crown rent cost this year totalled £21,433 (2023: £21,418). 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.

10. Ultimate Controlling Party

The company's ultimate controlling party is by virtue of his ownership of 100% of the issued share capital in the company.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		7,895		146,998
Tangible Assets	5		165,439		188,601

			173,334		335,599
CURRENT ASSETS
Debtors	6	442,622		442,854
Cash at bank and in hand		313,176		192,682

		755,798		635,536
Creditors: Amounts Falling Due Within One Year	7	(589,754 )		(562,911 )

NET CURRENT ASSETS (LIABILITIES)			166,044		72,625

TOTAL ASSETS LESS CURRENT LIABILITIES			339,378		408,224

PROVISIONS FOR LIABILITIES
Deferred Taxation			(32,014 )		(32,014 )

NET ASSETS			307,364		376,210

CAPITAL AND RESERVES
Called up share capital	8		1		1
Profit and Loss Account			307,363		376,209

SHAREHOLDERS' FUNDS			307,364		376,210

Mr Robert Bicket Director	Mr Timothy Yetman Director
30/07/2025