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.

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.

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.

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

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.

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

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.

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.

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.

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.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

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.

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

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.

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.

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: