Company registration number 09734440 (England and Wales)
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
PAGES FOR FILING WITH REGISTRAR
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
COMPANY INFORMATION
Directors
Mr I Hedley
Mrs J Lawson
Mr G M Norris
Mrs J Goldstone
Mrs M Sackree
Mr C Blizard
Mr S Barker
(Appointed 18 October 2021)
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 2022
31 August 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
686,359
733,369
Current assets
Debtors
5
139,583
174,360
Cash at bank and in hand
417,287
324,831
556,870
499,191
Creditors: amounts falling due within one year
6
(258,886)
(287,202)
Net current assets
297,984
211,989
Total assets less current liabilities
984,343
945,358
Reserves
Refurbishment reserve fund
271,326
215,483
Profit and loss account
713,017
729,875
Members' funds
984,343
945,358
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 20 January 2023 and are signed on its behalf by:
Mr I Hedley
Mr C Blizard
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 2022
- 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 took advantage of the support that Government offered to the business community, such as business rate relief. FML took advantage of The Coronavirus Job Retention Scheme ('Furlough Scheme') and these savings were fully recognised in their charges to the company. The company has taken, and will continue to take, advantage of the support available, where helpful and available, as and when required, ensuring that the company continues to operate within available cash flows and reserves through this period and any other future period of uncertainty. 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 2022 with respect to apartment occupation after 31 August 2022 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 2022
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 2022 have been deferred to the following accounting period and are recorded as a creditor in the accounts.
1.6
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.
1.7
Leases
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.8
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.
2
Employees
The average monthly number of persons employed by the company during the year was nil (2021 - nil).
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 £54,155 (2021 - £80,649) 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 2022
- 4 -
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 September 2021
1,098,397
Additions
46,211
Disposals
(2,372)
At 31 August 2022
1,142,236
Depreciation and impairment
At 1 September 2021
365,028
Depreciation charged in the year
92,505
Eliminated in respect of disposals
(1,656)
At 31 August 2022
455,877
Carrying amount
At 31 August 2022
686,359
At 31 August 2021
733,369
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Management fees and fuel charges receivable
89,697
128,717
Provision for bad and doubtful debts
(6,311)
(7,818)
Other debtors
2,883
2,345
Prepayments and accrued income
53,314
51,116
139,583
174,360
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 5 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
7,844
Management fees invoiced in advance
184,458
184,162
Trade creditors
39,496
60,637
Taxation and social security
12,073
14,499
Other creditors
551
575
Accruals and deferred income
22,308
19,485
258,886
287,202
The bank loan in 2021 was secured by a debenture creating a fixed and floating charge over the assets of the company. The loan has been settled in full and the charge will be removed in due course.
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.
The senior statutory auditor was Jenny McCabe and the auditor was MHA Moore and Smalley.
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.