Company registration number 09734440 (England and Wales)
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
COMPANY INFORMATION
Directors
Mr G M Norris
Mrs J Goldstone
Mr C Blizard
Mr S Barker
Mrs E Hogan
(Appointed 17 March 2024)
Mr N Millward
(Appointed 17 March 2024)
Mrs H White
(Appointed 17 March 2024)
Ms B Ivanova
(Appointed 17 March 2024)
Company number
09734440
Registered office
Underscar
Applethwaite
Underskiddaw
Keswick
CA12 4PH
Auditor
MHA
Kendal House
Murley Moss Business Village
Oxenholme Road
Kendal
LA9 7RL
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
817,706
796,416
Current assets
Stocks
27,840
8,827
Debtors
5
164,902
153,717
Cash at bank and in hand
300,576
286,740
493,318
449,284
Creditors: amounts falling due within one year
6
(411,669)
(287,364)
Net current assets
81,649
161,920
Total assets less current liabilities
899,355
958,336
Reserves
Refurbishment reserve fund
325,325
245,383
Profit and loss account
574,030
712,953
Members' funds
899,355
958,336
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 April 2025 and are signed on its behalf by:
Mr C Blizard
Mr N Millward
Director
Director
Company Registration No. 09734440
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Underscar Owners' Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Underscar, Applethwaite, Underskiddaw, Keswick, CA12 4PH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company continued to operate within available cash flows and reserves through this period. Cash flow projections were prepared, and consideration was given to a period 12 months beyond the date of accounts approval and, in view of this, the directors consider it appropriate to prepare the financial statements on a going concern basis.true
1.3
Turnover
Management fees and fuel charges receivable
Management fees and fuel charges income consists of the weekly management fees and fuel charges (excluding VAT) recoverable from apartment owners. Any management fees and fuel charges invoiced on or before 31 August 2024 with respect to apartment occupation after 31 August 2024 have been deferred to the following accounting period and are recorded as a creditor in the accounts.
Rental income
Rental income represents rental income for unsold weeks. Underscar Owners' Club Limited has the right to let half or full weeks.
Health club memberships
The amount reflected in the financial statements represents membership fees receivable for the period from non owners.
Sales commissions
Income shown under this heading consists of any commissions received from FML.
Sale of stock weeks
Income shown under this heading represents the proceeds of weeks sold in the period.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
5% straight line/10% straight line/20% straight line/33% straight line or over the period of the RHI contract
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.5
Included within debtors are management fees and fuel charges receivable representing the value of all invoices (including VAT) for management fees and fuel charges that have been raised before the year end but not paid before the accounts date.
Any management fees invoiced with respect to apartment occupation after 31 August 2023 have been deferred to the following accounting period and are recorded as a creditor in the accounts.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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.
1.8
Leases
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.9
Refurbishment reserve fund
This reserve represents the amounts set aside for the purpose of providing for the replacement of apartment fittings, equipment, furnishings and utensils. Capital expenditure on such items will be added to tangible fixed assets and a transfer equal in value plus an appropriate amount of expenditure booked to the profit and loss account as repairs and maintenance will be made from the refurbishment reserve fund to profit and loss reserves.
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
35
3
Taxation
The company is a mutual trading company under CTA2010, and is therefore only liable to corporation tax on non mutual trading profits. The company has available tax losses of £84,473 (2023 - £48,166) to carry forward against future non mutual trading profits.
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 September 2023
1,333,715
Additions
111,251
Disposals
(5,229)
Transfers
28,574
At 31 August 2024
1,468,311
Depreciation and impairment
At 1 September 2023
537,299
Depreciation charged in the year
94,168
Eliminated in respect of disposals
(5,229)
Transfers
24,367
At 31 August 2024
650,605
Carrying amount
At 31 August 2024
817,706
At 31 August 2023
796,416
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Management fees and fuel charges receivable
108,238
108,425
Provision for bad and doubtful debts
(5,922)
(6,308)
Other debtors
4,377
3,240
Prepayments and accrued income
58,209
48,360
164,902
153,717
6
Creditors: amounts falling due within one year
2024
2023
£
£
Management fees invoiced in advance
212,324
210,141
Trade creditors
51,946
29,490
Taxation and social security
48,226
7,083
Other creditors
37,447
999
Accruals and deferred income
61,726
39,651
411,669
287,364
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1 per owner week.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jenny McCabe FCA
Statutory Auditor:
MHA
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding non-cancellable commitments, currently in the sum of £8,541 per year, for the remaining period of the leases over the Underscar estate. This annual lease commitment is subject to increases consistent with the percentage increases of the management fees charged to apartment owners. The lease commitments will be paid out of management fees received from owners each year.
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