Company Registration No. 09734440 (England and Wales)
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
PAGES FOR FILING WITH REGISTRAR
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
COMPANY INFORMATION
Directors
Mr I Hedley
Mrs J Lawson
Mr A Parsons
Mr D Cuthbertson
Mr G M Norris
(Appointed 26 October 2017)
Mrs J Goldstone
(Appointed 16 October 2018)
Company number
09734440
Registered office
Underscar
Applethwaite
Underskiddaw
Keswick
CA12 4PH
Auditor
MHA Moore and Smalley
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 - 5
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT 31 AUGUST 2018
31 August 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
542,958
449,456
Current assets
Debtors
5
27,609
35,806
Cash at bank and in hand
267,664
283,532
295,273
319,338
Creditors: amounts falling due within one year
6
(152,043)
(195,282)
Net current assets
143,230
124,056
Total assets less current liabilities
686,188
573,512
Creditors: amounts falling due after more than one year
7
(55,935)
(78,833)
Net assets
630,253
494,679
Reserves
Refurbishment reserve fund
111,424
73,184
Profit and loss account
518,829
421,495
Members' funds
630,253
494,679
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 15 December 2018 and are signed on its behalf by:
Mr I Hedley
Mr D Cuthbertson
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 2018
- 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
After making the appropriate enquiries, the directors have concluded that the company will be able to meet its financial obligations and will continue to generate positive free cash flow for the foreseeable future and therefore have a reasonable expectation the company has adequate resources to continue in operational existence for the foreseeable future, and accordingly, consider it appropriate to adopt the going concern basis in preparing the accounts.
1.3
Income and expenditure
Management fees receivable
Management fees receivable consists of the weekly management fees and disbursements (excluding VAT) recoverable from lodge and apartment owners. Any management fees received for apartment occupation after 31 August 2018 have been deferred to the following accounting period.
Rental income
Rental income represents rental income for unsold weeks. Underscar Owners' Club Limited has the right to let half or full weeks.
Oxleys 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 25% from any commissions Fisherbeck Management Limited have received (inclusive of VAT) on a stock week sale or resale.
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 2018
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
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.
1.6
Leases
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.7
Refurbishment reserve fund
This reserve represents the amounts set aside for the purpose of providing for the replacement of lodge and apartment fittings, equipment, furnishings and utensils. Capital expenditure on such items will be added to tangible fixed assets and a transfer equal in value will be made from the refurbishment reserve fund to profit and loss reserves.
2
Employees
The average monthly number of persons employed by the company during the year was 0 (2017 - 0).
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 £47,711 (2017 - £53,923) to carry forward against future non mutual trading profits.
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 4 -
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 September 2017
501,953
Additions
154,608
At 31 August 2018
656,561
Depreciation and impairment
At 1 September 2017
52,497
Depreciation charged in the year
61,106
At 31 August 2018
113,603
Carrying amount
At 31 August 2018
542,958
At 31 August 2017
449,456
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Service charges due
3,151
8,469
Other debtors
815
7,729
Prepayments and accrued income
23,643
19,608
27,609
35,806
6
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Bank loans and overdrafts
22,913
21,578
Management fees received in advance
44,418
58,549
Trade creditors
12,716
8,153
Other taxation and social security
17,297
13,752
Other creditors
32,930
53,133
Accruals and deferred income
21,769
40,117
152,043
195,282
The bank loans of £22,913 (2017: £21,578) are secured by a debenture creating a fixed and floating charge over the assets of the company.
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 5 -
7
Creditors: amounts falling due after more than one year
2018
2017
Notes
£
£
Bank loans and overdrafts
55,935
78,833
The bank loans of £55,935 (2017: £78,833) are secured by a debenture creating a fixed and floating charge over the assets of the company.
8
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.
9
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.
The senior statutory auditor was Ian Clark.
The auditor was MHA Moore and Smalley.
10
Operating lease commitments
Lessee
The directors are currently in discussions with Prodigal Son Limited to consolidate historic leases into one single new lease. Until this process is complete and obligations confirmed the directors do not consider it practicable or appropriate to include disclosure of estimated commitments which may prove to be inaccurate.
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Expenses Reclaimed
2018
2017
£
£
The company's directors
1,942
1,168
2018-08-31
2017-09-01
false
CCH Software
CCH Accounts Production 2018.300
No description of principal activity
17 December 2018
This audit opinion is unqualified
Mr P Allen
Mr I Hedley
Mrs J Lawson
Mr J Moore
Mr A Parsons
Mr D Cuthbertson
Mr G M Norris
Mrs J Goldstone
09734440
2017-09-01
2018-08-31
09734440
bus:Director2
2017-09-01
2018-08-31
09734440
bus:Director3
2017-09-01
2018-08-31
09734440
bus:Director5
2017-09-01
2018-08-31
09734440
bus:Director6
2017-09-01
2018-08-31
09734440
bus:Director7
2017-09-01
2018-08-31
09734440
bus:Director10
2017-09-01
2018-08-31
09734440
bus:Director1
2017-09-01
2018-08-31
09734440
bus:Director4
2017-09-01
2018-08-31
09734440
bus:Director8
2017-09-01
2018-08-31
09734440
bus:RegisteredOffice
2017-09-01
2018-08-31
09734440
2018-08-31
09734440
2017-08-31
09734440
core:FurnitureFittings
2018-08-31
09734440
core:FurnitureFittings
2017-08-31
09734440
core:CurrentFinancialInstruments
2018-08-31
09734440
core:CurrentFinancialInstruments
2017-08-31
09734440
core:Non-currentFinancialInstruments
2018-08-31
09734440
core:Non-currentFinancialInstruments
2017-08-31
09734440
core:FurnitureFittings
2017-09-01
2018-08-31
09734440
core:FurnitureFittings
2017-08-31
09734440
bus:CompanyLimitedByGuarantee
2017-09-01
2018-08-31
09734440
bus:FRS102
2017-09-01
2018-08-31
09734440
bus:Audited
2017-09-01
2018-08-31
09734440
bus:SmallCompaniesRegimeForAccounts
2017-09-01
2018-08-31
09734440
bus:FullAccounts
2017-09-01
2018-08-31
xbrli:pure
xbrli:shares
iso4217:GBP