Company registration number 09734440 (England and Wales)
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
PAGES FOR FILING WITH REGISTRAR
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 2025
31 August 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
828,383
817,706
Current assets
Stocks
29,449
27,840
Debtors
5
150,483
164,902
Cash at bank and in hand
291,819
300,576
471,751
493,318
Creditors: amounts falling due within one year
6
(383,982)
(411,669)
Net current assets
87,769
81,649
Total assets less current liabilities
916,152
899,355
Reserves
Refurbishment reserve fund
432,747
325,325
Profit and loss account
483,405
574,030
Members' funds
916,152
899,355

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 2026 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 2025
- 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 a mounts 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 commission received for the resale of owner weeks.

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 2025
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

Debtors and creditors

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 2025 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

Reserves

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 2025
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
40
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 £123,093 (2024 - £97,497) to carry forward against future non mutual trading profits.

4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 September 2024
1,468,311
Additions
112,771
Disposals
(13,991)
At 31 August 2025
1,567,091
Depreciation and impairment
At 1 September 2024
650,605
Depreciation charged in the year
102,009
Eliminated in respect of disposals
(13,906)
At 31 August 2025
738,708
Carrying amount
At 31 August 2025
828,383
At 31 August 2024
817,706
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 5 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Management fees and fuel charges receivable
77,593
108,238
Provision for bad and doubtful debts
(5,922)
(5,922)
Other debtors
15,320
4,377
Prepayments and accrued income
63,492
58,209
150,483
164,902
6
Creditors: amounts falling due within one year
2025
2024
£
£
Management fees invoiced in advance
160,812
212,324
Trade creditors
43,567
51,946
Taxation and social security
46,060
48,226
Deferred income
9,325
-
0
Other creditors
76,874
37,447
Accruals and deferred income
47,344
61,726
383,982
411,669

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.

UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 6 -
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 is unqualified and includes the following:

Senior Statutory Auditor:
Jenny McCabe FCA
Statutory Auditor:
MHA
Date of audit report:
30 April 2026
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