Company registration number 09734440 (England and Wales)
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
COMPANY INFORMATION
Directors
Mr G M Norris
Mrs J Goldstone
Mrs M Sackree
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 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 - 6
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
796,416
686,359
Current assets
Stocks
8,827
-
Debtors
5
153,717
139,583
Cash at bank and in hand
286,740
417,287
449,284
556,870
Creditors: amounts falling due within one year
6
(287,364)
(258,886)
Net current assets
161,920
297,984
Total assets less current liabilities
958,336
984,343
Reserves
Refurbishment reserve fund
245,383
271,326
Profit and loss account
712,953
713,017
Members' funds
958,336
984,343
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 28 March 2024 and are signed on its behalf by:
Mr C Blizard
Mr S Barker
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 2023
- 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 2023 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.
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 2023
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.
2
Employees
The average monthly number of persons employed by the company during the year was nil (2022 - nil).
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
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 £48,166 (2022 - £54,155) to carry forward against future non mutual trading profits.
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 September 2022
1,142,236
Additions
197,392
Disposals
(5,913)
At 31 August 2023
1,333,715
Depreciation and impairment
At 1 September 2022
455,877
Depreciation charged in the year
87,268
Eliminated in respect of disposals
(5,846)
At 31 August 2023
537,299
Carrying amount
At 31 August 2023
796,416
At 31 August 2022
686,359
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Management fees and fuel charges receivable
108,425
89,697
Provision for bad and doubtful debts
(6,308)
(6,311)
Other debtors
3,240
2,883
Prepayments and accrued income
48,360
53,314
153,717
139,583
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Management fees invoiced in advance
210,141
184,458
Trade creditors
29,490
39,496
Taxation and social security
7,083
12,073
Other creditors
999
551
Accruals and deferred income
39,651
22,308
287,364
258,886
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
Statutory Auditor:
MHA Moore and Smalley
Date of audit report:
28 March 2024
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.
UNDERSCAR OWNERS' CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
10
Events after the reporting date
On 30 September 2023 the company acquired the business, operations and employees of Fisherbeck Management Limited and, as a result, now has responsibility for all activities carried out on or relating to the Underscar timeshare estate. As a result of and following the transaction the company became the employer of 31 employees. On 17 March 2024 the company held a General Meeting of its members who voted to amend the company’s Articles of Association. The main change introduced was to increase the permitted number of directors, to include up to three executive directors and up to 8 non-executive, member directors. Three executive directors and one non-executive director were appointed on the same date.
2023-08-312022-09-01false28 March 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr I HedleyMrs J LawsonMr G M NorrisMrs J GoldstoneMrs M SackreeMr C BlizardMr S BarkerMrs E HoganMr N MillwardMrs H WhiteMs B Ivanovafalse0097344402022-09-012023-08-3109734440bus:Director32022-09-012023-08-3109734440bus:Director42022-09-012023-08-3109734440bus:Director52022-09-012023-08-3109734440bus:Director62022-09-012023-08-3109734440bus:Director72022-09-012023-08-3109734440bus:Director82022-09-012023-08-3109734440bus:Director92022-09-012023-08-3109734440bus:Director102022-09-012023-08-3109734440bus:Director112022-09-012023-08-3109734440bus:Director12022-09-012023-08-3109734440bus:Director22022-09-012023-08-3109734440bus:RegisteredOffice2022-09-012023-08-31097344402023-08-31097344402022-08-3109734440core:FurnitureFittings2023-08-3109734440core:FurnitureFittings2022-08-3109734440core:CurrentFinancialInstruments2023-08-3109734440core:CurrentFinancialInstruments2022-08-3109734440core:FurnitureFittings2022-09-012023-08-3109734440core:FurnitureFittings2022-08-3109734440bus:CompanyLimitedByGuarantee2022-09-012023-08-3109734440bus:SmallCompaniesRegimeForAccounts2022-09-012023-08-3109734440bus:FRS1022022-09-012023-08-3109734440bus:Audited2022-09-012023-08-3109734440bus:FullAccounts2022-09-012023-08-31xbrli:purexbrli:sharesiso4217:GBP