Galgorm Castle Estates Limited NI029032 false 2021-01-01 2021-12-31 2021-12-31 The principal activity of the company is to carry on the business of developing and running golf courses, golf driving ranges, club house and other ancillary activities Digita Accounts Production Advanced 6.30.9574.0 true false false true NI029032 2021-01-01 2021-12-31 NI029032 2021-12-31 NI029032 bus:OrdinaryShareClass1 2021-12-31 NI029032 core:FinanceLeases core:CurrentFinancialInstruments 2021-12-31 NI029032 core:FinanceLeases core:Non-currentFinancialInstruments 2021-12-31 NI029032 core:HirePurchaseContracts core:CurrentFinancialInstruments 2021-12-31 NI029032 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2021-12-31 NI029032 core:CurrentFinancialInstruments 2021-12-31 NI029032 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 NI029032 core:Non-currentFinancialInstruments 2021-12-31 NI029032 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 NI029032 core:LandBuildings 2021-12-31 NI029032 core:OtherPropertyPlantEquipment 2021-12-31 NI029032 bus:SmallEntities 2021-01-01 2021-12-31 NI029032 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 NI029032 bus:FullAccounts 2021-01-01 2021-12-31 NI029032 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 NI029032 bus:RegisteredOffice 2021-01-01 2021-12-31 NI029032 bus:CompanySecretaryDirector1 2021-01-01 2021-12-31 NI029032 bus:Director4 2021-01-01 2021-12-31 NI029032 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 NI029032 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 NI029032 core:LandBuildings 2021-01-01 2021-12-31 NI029032 core:OtherPropertyPlantEquipment 2021-01-01 2021-12-31 NI029032 core:PlantMachinery 2021-01-01 2021-12-31 NI029032 1 2021-01-01 2021-12-31 NI029032 1 2021-01-01 2021-12-31 NI029032 countries:AllCountries 2021-01-01 2021-12-31 NI029032 2020-12-31 NI029032 core:CostValuation 2020-12-31 NI029032 core:LandBuildings 2020-12-31 NI029032 core:OtherPropertyPlantEquipment 2020-12-31 NI029032 2020-01-01 2020-12-31 NI029032 2020-12-31 NI029032 bus:OrdinaryShareClass1 2020-12-31 NI029032 core:FinanceLeases core:CurrentFinancialInstruments 2020-12-31 NI029032 core:FinanceLeases core:Non-currentFinancialInstruments 2020-12-31 NI029032 core:HirePurchaseContracts core:CurrentFinancialInstruments 2020-12-31 NI029032 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2020-12-31 NI029032 core:CurrentFinancialInstruments 2020-12-31 NI029032 core:CurrentFinancialInstruments core:WithinOneYear 2020-12-31 NI029032 core:Non-currentFinancialInstruments 2020-12-31 NI029032 core:Non-currentFinancialInstruments core:AfterOneYear 2020-12-31 NI029032 core:LandBuildings 2020-12-31 NI029032 core:OtherPropertyPlantEquipment 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI029032

Galgorm Castle Estates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Galgorm Castle Estates Limited

(Registration number: NI029032)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

4,725,574

4,502,280

Investments

5

1

1

 

4,725,575

4,502,281

Current assets

 

Stocks

6

36,281

31,580

Debtors

7

78,078

45,193

Cash at bank and in hand

 

46,765

47,236

 

161,124

124,009

Creditors: Amounts falling due within one year

8

(3,012,365)

(3,032,800)

Net current liabilities

 

(2,851,241)

(2,908,791)

Total assets less current liabilities

 

1,874,334

1,593,490

Creditors: Amounts falling due after more than one year

8

(204,488)

(169,857)

Net assets

 

1,669,846

1,423,633

Capital and reserves

 

Called up share capital

9

1,200,000

1,200,000

Share premium reserve

20,000

20,000

Revaluation reserve

302,190

302,190

Profit and loss account

147,656

(98,557)

Shareholders' funds

 

1,669,846

1,423,633

 

Galgorm Castle Estates Limited

(Registration number: NI029032)
Balance Sheet as at 31 December 2021

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 May 2022 and signed on its behalf by:
 

.........................................
Mr Gary Henry
Director

.........................................
Mr Christopher Brooke
Company secretary and director

 
     
 

Galgorm Castle Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in Northern ireland.

The address of its registered office is:
c/o DT Carson & Co
51-53 Thomas Street
Ballymena
Co Antrim
BT43 6AZ

The principal place of business is:
Galgorm Castle
Galgorm Road
Ballymena
Co Antrim
BT42 1HL

These financial statements were authorised for issue by the Board on 26 May 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit and loss account over the expected useful lives of the relevant assets by equal annual instalments

Tangible assets

Tangible assets are stated in the statement of financial position at cost or valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost or valuation of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets,, (other than land and properties under construction) less their residual value over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

nil

Plant and machinery

20% straight line

 

Galgorm Castle Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Investments

Investments in equity shares which are not publicly traded are measured at cost


Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2020 - 14).

 

Galgorm Castle Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2021

4,352,180

1,387,645

5,739,825

Additions

140,448

121,512

261,960

At 31 December 2021

4,492,628

1,509,157

6,001,785

Depreciation

At 1 January 2021

-

1,237,545

1,237,545

Charge for the year

-

38,666

38,666

At 31 December 2021

-

1,276,211

1,276,211

Carrying amount

At 31 December 2021

4,492,628

232,946

4,725,574

At 31 December 2020

4,352,180

150,100

4,502,280

Revaluation

The fair value of the company's Land & Buildings was revalued on 31 December 2018 by an independent valuer. . , Cushman & Wakefield.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £4,190,437 (2020 - £4,049,989).

 

Galgorm Castle Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Investments

2021
£

2020
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 January 2021

1

Provision

Carrying amount

At 31 December 2021

1

At 31 December 2020

1

6

Stocks

2021
£

2020
£

Other inventories

36,281

31,580

7

Debtors

2021
£

2020
£

Trade debtors

56,879

20,445

Prepayments

21,199

24,371

Other debtors

-

377

78,078

45,193

 

Galgorm Castle Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

8

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

10

30,986

26,936

Trade creditors

 

112,526

97,302

Amounts owed to group undertakings and undertakings in which the company has a participating interest

2,742,572

2,709,639

Taxation and social security

 

18,303

45,268

Accruals and deferred income

 

107,806

153,655

Other creditors

 

172

-

 

3,012,365

3,032,800

2021
£

2020
£

Current loans and borrowings

HP and finance lease liabilities

30,986

26,936

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

10

65,782

18,782

Deferred income

 

138,706

151,075

 

204,488

169,857

9

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

1,200,000

1,200,000

1,200,000

1,200,000

         
 

Galgorm Castle Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

10

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Hire purchase contracts

60,837

9,880

Finance lease liabilities

4,945

8,902

65,782

18,782

2021
£

2020
£

Current loans and borrowings

Hire purchase contracts

27,030

22,980

Finance lease liabilities

3,956

3,956

30,986

26,936

Bank borrowings

£nil (2020 - £168,889)

Bank borrowings are secured by charges and by inter company cross guarantees by each of the group companies and by mortgages on land and property owned by group companies

11

Parent and ultimate parent undertaking

The company's immediate parent is Galgorm Castle Holdings Limited, incorporated in Northern Ireland.