IRIS Accounts Production v24.1.9.2 NI027233 Board of Directors 1.11.22 31.10.23 31.10.23 The principal activities of the company during the year continued to be that of the provision of hotel, spa, restaurant and bar facilities. true false true true false false true false Ordinary A 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0272332022-10-31NI0272332023-10-31NI0272332022-11-012023-10-31NI0272332021-10-31NI0272332021-11-012022-10-31NI0272332022-10-31NI027233ns15:NorthernIreland2022-11-012023-10-31NI027233ns14:PoundSterling2022-11-012023-10-31NI027233ns10:Director12022-11-012023-10-31NI027233ns10:PrivateLimitedCompanyLtd2022-11-012023-10-31NI027233ns10:FRS1022022-11-012023-10-31NI027233ns10:Audited2022-11-012023-10-31NI027233ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-11-012023-10-31NI027233ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-11-012023-10-31NI027233ns10:FullAccounts2022-11-012023-10-31NI027233ns10:OrdinaryShareClass12022-11-012023-10-31NI027233ns10:OrdinaryShareClass22022-11-012023-10-31NI027233ns10:Director22022-11-012023-10-31NI027233ns10:Director32022-11-012023-10-31NI027233ns10:RegisteredOffice2022-11-012023-10-31NI027233ns5:CurrentFinancialInstruments2023-10-31NI027233ns5:CurrentFinancialInstruments2022-10-31NI027233ns5:Non-currentFinancialInstruments2023-10-31NI027233ns5:Non-currentFinancialInstruments2022-10-31NI027233ns5:ShareCapital2023-10-31NI027233ns5:ShareCapital2022-10-31NI027233ns5:RetainedEarningsAccumulatedLosses2023-10-31NI027233ns5:RetainedEarningsAccumulatedLosses2022-10-31NI027233ns5:ShareCapital2021-10-31NI027233ns5:RetainedEarningsAccumulatedLosses2021-10-31NI027233ns5:RetainedEarningsAccumulatedLosses2021-11-012022-10-31NI027233ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-31NI02723312022-11-012023-10-31NI027233ns5:HirePurchaseContracts2022-11-012023-10-31NI027233ns5:HirePurchaseContracts2021-11-012022-10-31NI027233ns5:FinanceLeases2022-11-012023-10-31NI027233ns5:FinanceLeases2021-11-012022-10-31NI027233ns5:LandBuildings2022-10-31NI027233ns5:LeaseholdImprovements2022-10-31NI027233ns5:FurnitureFittings2022-10-31NI027233ns5:LandBuildings2022-11-012023-10-31NI027233ns5:LeaseholdImprovements2022-11-012023-10-31NI027233ns5:FurnitureFittings2022-11-012023-10-31NI027233ns5:LandBuildings2023-10-31NI027233ns5:LeaseholdImprovements2023-10-31NI027233ns5:FurnitureFittings2023-10-31NI027233ns5:LandBuildings2022-10-31NI027233ns5:LeaseholdImprovements2022-10-31NI027233ns5:FurnitureFittings2022-10-31NI027233ns5:MotorVehicles2022-10-31NI027233ns5:ComputerEquipment2022-10-31NI027233ns5:MotorVehicles2022-11-012023-10-31NI027233ns5:ComputerEquipment2022-11-012023-10-31NI027233ns5:MotorVehicles2023-10-31NI027233ns5:ComputerEquipment2023-10-31NI027233ns5:MotorVehicles2022-10-31NI027233ns5:ComputerEquipment2022-10-31NI027233ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-31NI027233ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-31NI027233ns5:CurrentFinancialInstruments2022-11-012023-10-31NI027233ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-10-31NI027233ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-10-31NI027233ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-10-31NI027233ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-10-31NI027233ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-31NI027233ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-31NI027233ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-10-31NI027233ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-10-31NI027233ns5:HirePurchaseContracts2023-10-31NI027233ns5:HirePurchaseContracts2022-10-31NI027233ns5:DeferredTaxation2022-10-31NI027233ns5:DeferredTaxation2022-11-012023-10-31NI027233ns5:DeferredTaxation2023-10-31NI027233ns10:OrdinaryShareClass12023-10-31NI027233ns10:OrdinaryShareClass22023-10-31NI027233ns5:RetainedEarningsAccumulatedLosses2022-10-31NI02723312022-11-012023-10-31
REGISTERED NUMBER: NI027233 (Northern Ireland)















GALGORM MANOR HOTEL LIMITED

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 October 2023






GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Strategic Report 2

Directors' Report 5

Independent Auditors' Report 8

Income Statement 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Statement of Cash Flows 15

Notes to the Financial Statements 16


GALGORM MANOR HOTEL LIMITED

Company Information
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: Colin Johnston
Tiarnán O'Neill
Israel Robb



REGISTERED OFFICE: C/o Carson McDowell LLP
Murray House
Murray Street
Belfast
Antrim
BT1 6DN



REGISTERED NUMBER: NI027233 (Northern Ireland)



INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP



BANKERS: AIB
78 Wellington Street
Ballymena
Antrim
BT43 6AF



SOLICITORS: Mills Selig
21 Arthur Street
Belfast
BT1 4GA

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Strategic Report
FOR THE YEAR ENDED 31 OCTOBER 2023

Introduction
The directors present their report and the financial statements of the company for the year ended 31 October 2023.

PRINCIPAL ACTIVITY AND REVIEW OF BUSINESS
The principal activities of the company during the year continued to be that of the provision of hotel, spa, restaurant and bar facilities.

The directors consider the results for the year to be in line with expectations with turnover of £35,863,166 (2022: £33,628,617) and profit before tax of £6,556,109 (2022: £6,615,538). Net assets of the company at the year end were £21,366,842 (2022: £18,934,095).

The Board of Directors are satisfied with the company's performance for the year and the position at the balance sheet date.

Key financial performance indicators

The directors consider the key performance indicators are those that communicate the financial
performance and strengths of the company as a whole, being turnover, gross profit and operating profit.
The directors have provided an analysis of the key performance indicators of the business below. The
directors continue to monitor revenue and costs to ensure the company remains profitable. The company
continues to maintain a strong net asset position.

2023 2022
£/No. £/No.
Turnover 35,863,166 33,628,617
Gross margin 12,926,829 12,539,944
Operating profit 7,310,331 7,751,427
Average number of employees 645 597



GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Strategic Report
FOR THE YEAR ENDED 31 OCTOBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The board continually reviews risks and uncertainties facing the company by regular review of the company's performance, compliance activities and wider economic factors influencing the marketplace in which the company operates.

Interest rate risk
The company has a policy of maintaining debt at SONIA linked rates. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

Price risk
The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The company has no exposure to equity securities price risk as it holds no listed investments.

Liquidity risk
The company actively maintains a mixture of short term and medium term debt finance that is designed to ensure the company has sufficient available funds for operations and planned expansions.

Foreign exchange risk
When necessary, the company uses financial instruments to manage foreign exchange exposure, in the normal course of the business.

Economic risk
We are committed to maintaining an asset-backed balance sheet which underpins our business model and our growth ambitions. Whilst the directors are content the business is in a strong financial position, we are mindful of additional challenges facing the industry including inflationary pressures on utility costs, food and beverage costs and supply chain pressures. However, we believe our robust operating model with a focus on cost control as well as our strong relationship with our suppliers will help mitigate these challenges.

The board recognises its responsibility for managing business risk faced by the company including the promotion of good corporate governance, meeting legal and statutory obligations, and ensuring a strong framework of internal and financial controls.

STRATEGY
The company's overarching strategy remains focused on the delivery of world class, market-leading hospitality and tourism experiences for the local economy of Northern Ireland and the Island of Ireland as an international tourism destination. This is underpinned by the Board's continued commitment to grow the business organically, by continually investing in innovative products and services to exceed market and consumer demands. The company strives to deliver leading value whilst consistently providing guests with premium quality hospitality experiences.

BUSINESS MODEL
The company will focus on strengthening the global positioning of the brand through our focused strategy. We will continually review our core market segments alongside our product offerings and developments to ensure that we remain competitive and exceed expectations. We will continually seek out new markets, working collaboratively with industry bodies, not just for the benefit of the company, but for the industry within Northern Ireland.

FUTURE OUTLOOK
The economic environment in which the company operates will continue to be monitored closely during the next 12 months, with conditions continually assessed and analysed to detect and forecast any notable changes and facilitate timely action, if required.

The company's performance in recent years continues to provide a firm foundation on which to deliver further growth. Business and stakeholder relationships continue to provide strong support and remain a key focus as the company maintains its solid focus on delivering market-leading luxury tourism experiences coupled with a unrivalled standard of service.


GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Strategic Report
FOR THE YEAR ENDED 31 OCTOBER 2023

EMPLOYMENT
The company is dedicated to offering careers of purpose to our employees, and we acknowledge the unique contribution that each person brings to our team. We strive to offer long-term career paths, because we know that, by retaining the best talent, we will continue to build a loyal customer base for our business, ensuring lasting, sustainable growth. We are proud to be a key employer in the local community focused on the recruitment, training, development and retention of employees, including internal communication and health and safety procedures throughout the organisation.

The company will continue to promote, encourage and champion best practice and we are proud to have received Great Place To Work Accreditation throughout all our properties in March 2023. Ensuring that our employees have access to development opportunities is central to the way we retain talent. By continuing to invest in their growth, we will play a key role in shaping their professional development and can better support their ongoing career progression as well as the core skills both within the business, the local economy and wider industry.

STAKEHOLDER ENGAGEMENT AND SECTION 172 STATEMENT
From the perspective of the directors, the matters for consideration under section 172 of the Companies Act 2006 ("s172") have been considered to an appropriate extent by the company. Such consideration is included in the statements set out below, noting the directors' duty under s172 to act in good faith to promote the success of the company for the benefit of its shareholders but having regard amongst other matters to the following:

- the likely consequences of any decision in the long term;
- the interests of the company's employees;
- the need to foster the company's business relationships with guests and others;
- the impact of the company's operations on the community and the environment;
- the desirability of the company maintaining a reputation for high standards of business conduct; and
- the need to act fairly as between members of the company.

The board of directors of the company, both individually and together, confirmed that they have acted in the way they consider, in good faith, would be most likely to promote success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in Section 172(1) (a-f) of the Act) in the decisions taken during the year ended 31 October 2023. The following paragraphs summarise how the directors fulfil their duties:

- As the board of directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner.
- As the board of directors, we are committed to openly engage with our shareholders. It is important to us that shareholders understand our strategy and objectives, so these must be clearly communicated, feedback heard and issues or questions raised properly considered.
- Our employees are fundamental to the delivery of our strategy. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. For our business to succeed and to ensure employee satisfaction, we need to manage our employees' performance and develop talent while ensuring the company operates as efficiently as possible. The health, safety and wellbeing of our employees is one of our primary considerations in the way we do business.
- We also aim to act responsible and fairly in how we engage and cooperate with all our other primary stakeholders - our customers, suppliers, communities, government regulators and stakeholders.

ON BEHALF OF THE BOARD:





Tiarnán O'Neill - Director


25 July 2024

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Directors' Report
FOR THE YEAR ENDED 31 OCTOBER 2023

The directors present their report with the audited financial statements of the company for the year ended 31 October 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 October 2023 was £2,633,667 (2022: £1,700,000).

RESULTS DURING THE YEAR
The profit for the year, after taxation, amounted to £5,066,414 (2022: £5,509,669.)

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

Colin Johnston
Tiarnán O'Neill
Israel Robb

POLITICAL DONATIONS AND EXPENDITURE
The company made no political donations or incurred any political expenditure during the year (2022: £Nil).

DIRECTORS' INDEMNITIES
As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The company also purchased and maintained throughout the financial year directors' and officers' liability insurance in respect of itself and its directors.

STREAMLINED ENERGY AND CARBON REPORTING
The following Streamlined Energy and Carbon Report (SECR) provides environmental impact information in accordance with the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013.

Galgorm Collection recognises the importance of Corporate Social Responsibility (CSR) initiatives and is committed to improving our working practices, protecting the natural environment, reducing our carbon footprint, behaving fairly and responsibly, supporting the local community and local business and ensuring that our operation is managed and delivered as sustainably as possible. We are committed to working toward a sustainable future and have achieved Green Tourism Gold and Green Meetings Gold for excellence in the promotion of sustainability.

We have developed our Responsible Visitor Charter and have introduced our 'Green Policy 10-Point Plan' that supports each of the 17 interlinking UN Sustainable Development Goals (SDGs). Galgorm Collection are proud members of Business in the Community and have made a submission to their NI Environmental Benchmarking Survey and are also a signatory to their Climate Action Pledge with a commitment to reducing absolute scope 1 and scope 2 greenhouse gas emissions by 50% by 2030; and working towards measuring and reporting scope 3 GHG emissions.

Galgorm Collection has completed the installation of a Building Management System throughout all our properties to help monitor and use energy more efficiently and reduce CO2 emissions.

There is a focus on improving biodiversity in the area that our businesses operate. Galgorm is engaged in activity with a number of partners in the local area to further enhance green space and open up access to the estate with additional walkways and cycle networks. We are utilising the natural environment and habitat within our properties to promote biodiversity, including but not limited to tree planting, longer grass areas, wildflowers and the installation of some bug hotels.

Our comprehensive plan also prioritises plastic, paper, cardboard, glass and food recycling across all our portfolio and ensures that all new projects within the properties are furnished with LED lighting, older installations of lighting are also being phased out and replaced with LED lighting.


GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Directors' Report
FOR THE YEAR ENDED 31 OCTOBER 2023

At the heart of Galgorm Collections ongoing and established plans is a focus on supporting local communities. From litter picks to charity fundraising events in aid of our partners the Simon Community and Community Rescue Service, the Galgorm Collection team are actively engaged in a programme to give back and support communities across Northern Ireland.

Carefully considered and consulted at every level, our plan of action will realise our goal to create exciting, fully sustainable destinations that works for the environment, our guests, our team and communities.

In line with the 'Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018' and related accompanying government guidance 'Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting requirements: March 2019', the collection presents details of its carbon and energy use.

2023 2022
tCO2 kWH tCO2 kWH
Direct emissions
Combustion of gas and use of fuels for
transport

2,150,304

10,573,881

1,778,564

8,745,888
Indirect emissions
Purchase of electricity 584,981 2,531,945 662,975 2,869,524

tCO2/£m sales tCO2/£m sales
Sales intensity ratio
Combustion of gas and use of fuels for
transport

145,290.84

120,173.23
Purchase of electricity 39,525.72 44,795.60

Methodologies used
We have followed the 2020 UK Government's Environmental Reporting Guidelines in Streamlined Energy and Carbon Reporting (SECR). Supplier invoicing data has been used to record actual energy consumption relating to Galgorm Manor Hotel Limited (the applicable entity).

Intensity measurement
We have chosen the metric gross global scope 1 and 2 emissions in tonnes of CO2 per £m sales revenue as this is a common business metric for our industry.

Energy efficient action
Galgorm Manor Hotel Limited are committed to actively implementing measures to reduce our energy consumption, costs and impact on the wider environment.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.


GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Directors' Report
FOR THE YEAR ENDED 31 OCTOBER 2023

DIRECTORS' RESPONSIBILITIES STATEMENT - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in Northern Ireland governing the preparation and dissemination of financial statements and other information included in the directors' reports may differ from legislation in other jurisdictions.

ENGAGEMENT WITH EMPLOYEES
During the year, the policy of providing employees with information about the company has continued. Regular meetings are held between local management and employees to allow a free flow of information and ideas.

DISABLED EMPLOYEES
As per the company's equal opportunity policy, all job applicants, employees and others who work for the company will not be discriminated against in any of the equality grounds, to include disability. The company gives full consideration to applications from all disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

MATTERS COVERED IN THE STRATEGIC REPORT
Under Schedule 7.1A of "Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008" the company has elected to disclose the following directors report information in the strategic report:

- Key financial performance indicators;
- Future developments
- Principal risks and uncertainties;
- Principal activity and Business review; and
- Stakeholder engagement and Section S172 statement.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS
The auditors, CavanaghKelly, have indicated their willingness to continue in office in accordance with the provision of Section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Tiarnán O'Neill - Director


25 July 2024

Independent Auditors' Report to the Members of
Galgorm Manor Hotel Limited

Opinion
We have audited the financial statements of Galgorm Manor Hotel Limited (the 'Company') for the year ended 31 October 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the Company's affairs as at 31 October 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Galgorm Manor Hotel Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on pages six and seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company.

Independent Auditors' Report to the Members of
Galgorm Manor Hotel Limited


In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We obtained understanding of the legal and regulatory requirements applicable to the company’s
financial statements and considered the most significant are the Companies Act 2006, Financial
Reporting Standards (FRS102) and UK taxation legislation;
- We have assessed the risk of material misstatement of the financial statements, including risk of
material misstatement due to fraud and how it might occur by holding discussions with
management and those charged with governance;
- We enquired of management and those charged with governance as to any known instances of
non-compliance or suspected non-compliance with laws and regulations;
- Understanding the internal controls established to mitigate risks related to fraud or
non-compliance with laws and regulations; and
- Discussions amongst the audit engagement team regarding how fraud might occur in the financial
statements and any potential indicators of fraud. As part of this discussion we identified the
following potential areas where fraud may occur: timing of revenue recognition, recognition of
grant income and management override.

The audit response to risks identified included:

- Reviewing the financial statements disclosures and testing to supporting documentation to assess
compliance with the relevant laws and regulations above;
- Performing analytical procedures to identify any unusual or unexpected relationships that may
indicate risk of material misstatement due to fraud;
- In addressing the risk of fraud through management override of controls, testing the
appropriateness of journal entries and other adjustments, assessing whether the judgements
made in making accounting estimates are reasonable and evaluating the business rationale of any
significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr. Ryan Falls (F.C.A) (Senior Statutory Auditor)
for and on behalf of CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

25 July 2024

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Income Statement
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £ £

TURNOVER 5 35,863,166 33,628,617

Cost of sales (22,936,337 ) (21,088,673 )
GROSS PROFIT 12,926,829 12,539,944

Administrative expenses (7,315,540 ) (6,479,998 )
5,611,289 6,059,946

Other operating income 6 1,699,042 1,691,481
OPERATING PROFIT 9 7,310,331 7,751,427

Finance income 10 136,400 79,980
7,446,731 7,831,407

Finance costs 11 (890,622 ) (1,215,869 )
PROFIT BEFORE TAXATION 6,556,109 6,615,538

Tax on profit 12 (1,489,695 ) (1,105,869 )
PROFIT FOR THE FINANCIAL YEAR 5,066,414 5,509,669

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

5,066,414

5,509,669

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Statement of Financial Position
31 OCTOBER 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Tangible assets 14 42,950,986 39,589,432

CURRENT ASSETS
Stocks 15 1,068,970 942,600
Receivables: amounts falling due within
one year

16

1,358,246

2,840,928
Debtors: amounts falling due after
more than one year

16

4,113,504

936,000
Cash at bank 1,329,493 344,263
7,870,213 5,063,791
PAYABLES
Amounts falling due within one year 17 (11,836,777 ) (11,464,719 )
NET CURRENT LIABILITIES (3,966,564 ) (6,400,928 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

38,984,422

33,188,504

PAYABLES
Amounts falling due after more than
one year

18

(13,286,749

)

(10,731,898

)

PROVISIONS FOR LIABILITIES 22 (3,629,637 ) (2,813,736 )

DEFERRED GRANTS 23 (701,194 ) (708,775 )
NET ASSETS 21,366,842 18,934,095

CAPITAL AND RESERVES
Called up share capital 24 935,000 935,000
Retained earnings 25 20,431,842 17,999,095
SHAREHOLDERS' FUNDS 21,366,842 18,934,095

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2024 and were signed on its behalf by:





Tiarnán O'Neill - Director


GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Statement of Changes in Equity
FOR THE YEAR ENDED 31 OCTOBER 2023

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 November 2021 935,000 14,189,426 15,124,426

Changes in equity
Dividends - (1,700,000 ) (1,700,000 )
Total comprehensive income - 5,509,669 5,509,669
Balance at 31 October 2022 935,000 17,999,095 18,934,095

Changes in equity
Dividends - (2,633,667 ) (2,633,667 )
Total comprehensive income - 5,066,414 5,066,414
Balance at 31 October 2023 935,000 20,431,842 21,366,842

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Statement of Cash Flows
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 7,536,893 8,987,769
Interest paid (834,074 ) (1,153,465 )
Interest element of hire purchase
payments paid

(56,548

)

(62,404

)
Tax paid (491,685 ) -
Net cash from operating activities 6,154,586 7,771,900

Cash flows from investing activities
Purchase of tangible fixed assets (4,619,178 ) (5,263,609 )
Sale of tangible fixed assets 200,525 -
Interest received 136,400 79,980
Net cash from investing activities (4,282,253 ) (5,183,629 )

Cash flows from financing activities
New loans in year 7,917,815 -
Loan repayments in year (6,116,477 ) (1,537,253 )
Capital repayments in year (54,774 ) (27,692 )
Equity dividends paid (2,633,667 ) (1,700,000 )
Net cash from financing activities (887,103 ) (3,264,945 )

Increase/(decrease) in cash and cash equivalents 985,230 (676,674 )
Cash and cash equivalents at
beginning of year

2

344,263

1,020,937

Cash and cash equivalents at end
of year

2

1,329,493

344,263

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Notes to the Statement of Cash Flows
FOR THE YEAR ENDED 31 OCTOBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£ £
Profit before taxation 6,556,109 6,615,538
Depreciation charges 1,581,794 1,351,758
Profit on disposal of fixed assets (148,493 ) -
Finance costs 890,622 1,215,869
Finance income (136,400 ) (79,980 )
8,743,632 9,103,185
Increase in stocks (126,370 ) (125,882 )
(Increase)/decrease in trade and other debtors (1,694,822 ) 1,224,829
Increase/(decrease) in trade and other creditors 614,453 (1,214,363 )
Cash generated from operations 7,536,893 8,987,769

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 October 2023
31/10/23 1/11/22
£ £
Cash and cash equivalents 1,329,493 344,263
Year ended 31 October 2022
31/10/22 1/11/21
£ £
Cash and cash equivalents 344,263 1,020,937


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/11/22 Cash flow At 31/10/23
£ £ £
Net cash
Cash at bank 344,263 985,230 1,329,493
344,263 985,230 1,329,493
Debt
Finance leases (40,959 ) (321,428 ) (362,387 )
Debts falling due within 1 year (2,043,784 ) 773,821 (1,269,963 )
Debts falling due after 1 year (9,934,539 ) (2,575,159 ) (12,509,698 )
(12,019,282 ) (2,122,766 ) (14,142,048 )
Total (11,675,019 ) (1,137,536 ) (12,812,555 )

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Galgorm Manor Hotel Limited is a private company, limited by shares and registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the company is the provision of hotel, spa, restaurant and bar facilities.

2. STATEMENT OF COMPLIANCE

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

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements are prepared on a going concern basis, under the historical cost convention, unless otherwise specified within these accounting policies. Historical cost is generally based on the fair value of consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the group financial statements.

The financial statements are stated in sterling which is the functional currency of the company.

Revenue
Revenue recognised in the Income Statement represents amounts invoiced during the year, exclusive of Value Added Tax. Revenue is recognised when, and to the extent that, the company obtains the right to consideration in exchange for its performance. With respect to food, bar, spa and function room income, revenue is recognised at the point when the service is provided. For accommodation income, revenue is recognised over the duration of the guest's stay.

Foreign currency translation
The company's functional and presentational currency is GBP.

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Income Statement within 'other operating income'.

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

3. ACCOUNTING POLICIES - continued

Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Income Statement on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of finance charge allocated to future periods. The finance element of the rental payment is charged to the Income Statement so as to produce a constant periodic rate of charge on the net obligation outstanding each period.

Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Income Statement at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is necessary to complete and prepare the asset for its intended use or sale. Other borrowing costs are expensed in the period in which they are incurred and are disclosed in finance costs.

Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred Tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

3. ACCOUNTING POLICIES - continued

Property, plant and equipment
Property plant and equipment under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Income Statement during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold Property1% - 10% - Straight line
LandNot Depreciated
Motor Vehicles10% - 20% - Straight line
Fixtures and Fittings10% - 50% - Straight line
Computer Equipment25% - Straight line
Assets under ConstructionNot Depreciated

The assets' residual values, useful lives and depredation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Inventories
Inventories are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the income statement.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

3. ACCOUNTING POLICIES - continued

Provision for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to in the income statement in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:

- at fair value with changes recognised in the Income Statement if the shares are publicly traded or their fair value can otherwise be measured reliably; and

- at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Statement of Financial Position date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

3. ACCOUNTING POLICIES - continued

Interest income
Interest income is recognised in profit or loss using the effective interest method.

Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period which they relate.

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The judgements, estimates and assumptions used in the financial statements are based upon management's evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results could differ from these estimates, and the effect of any change in estimates will be adjusted in the financial statements when they become reasonably determinable.

Judgements, estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under these circumstances.

Judgements
No critical judgements have been made in applying the company's accounting policies.

Estimates and Assumptions
No critical estimates have been made in applying the company's accounting policies.

5. TURNOVER

All turnover arose within the United Kingdom and is attributable to the principal activities of the company.

6. OTHER OPERATING INCOME
2023 2022
£ £
Other operating income 335,844 617,647
Intercompany recharges 1,363,198 1,073,834
1,699,042 1,691,481

7. EMPLOYEES AND DIRECTORS
2023 2022
£ £
Wages and salaries 13,387,079 12,461,364
Social security costs 1,211,059 1,114,989
Other pension costs 244,157 228,658
14,842,295 13,805,011

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

7. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Production 615 565
Management 30 32
645 597

8. DIRECTORS' EMOLUMENTS

2023 2022
£    £   
Directors' remuneration 353,144 332,862
Company contributions to defined contribution pension schemes 1,347 2,642
354,491 335,504


During the year retirement benefits were accruing to 1 director (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £191,329 (2022 - £187,264).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £Nil (2022 - £Nil).

9. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

20232022
£   £   
Depreciation - owned assets1,544,1841,329,382
Depreciation - leased assets37,61022,376
Operating Lease Rental75,369155,170
Auditors' remuneration18,50013,000
Non-audit fees65,45556,720
Foreign exchange differences(288)7,994
Impairment of trade debtors9,3071,199

10. FINANCE INCOME
2023 2022
£ £
Intercompany interest received 136,400 79,980

11. FINANCE COSTS
2023 2022
£ £
Bank interest 884,074 398,792
Provision for non trade
debtors (50,000 ) 754,673
Hire purchase interest 16,966 2,343
Intercompany interest payable 39,582 60,061
890,622 1,215,869

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

12. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 707,823 502,704
Adjustment in respect of prior
periods (34,029 ) (242,243 )
Total current tax 673,794 260,461

Deferred tax:
Deferred tax 815,901 792,491
Adjustment in respect of prior
periods - 52,917
Total deferred tax 815,901 845,408

Tax on profit 1,489,695 1,105,869

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
Profit before tax 6,556,109 6,615,538
Profit multiplied by the standard rate of corporation tax in the UK
of 22.520% (2022 - 19%)

1,476,436

1,256,952

Effects of:
Expenses not deductible for tax purposes 95 143,900
Adjustments to tax charge in respect of previous periods (34,029 ) (189,326 )
Fixed asset timing differences 119,584 (8,856 )
Group relief (165,536 ) (348,287 )
Adjustment to deferred tax rate 81,007 190,198
Adjustments to brought forward balances 12,138 61,288
Total tax charge 1,489,695 1,105,869

13. DIVIDENDS

20232022
£   £   
Equity dividends on ordinary shares2,633,6671,700,000

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

14. PROPERTY, PLANT AND EQUIPMENT
Assets Fixtures
Freehold under and
property Construction fittings
£ £ £
COST
At 1 November 2022 35,281,871 1,967,566 13,551,109
Additions 16,153 3,618,966 847,781
Disposals - (52,032 ) -
Reclassification/transfer 1,896,711 (3,849,883 ) 1,951,122
At 31 October 2023 37,194,735 1,684,617 16,350,012
DEPRECIATION
At 1 November 2022 3,978,800 - 7,750,110
Charge for year 363,509 - 989,178
Eliminated on disposal - - -
At 31 October 2023 4,342,309 - 8,739,288
NET BOOK VALUE
At 31 October 2023 32,852,426 1,684,617 7,610,724
At 31 October 2022 31,303,071 1,967,566 5,800,999

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 November 2022 703,205 1,972,400 53,476,151
Additions 388,164 124,316 4,995,380
Disposals (255,950 ) - (307,982 )
Reclassification/transfer - 2,050 -
At 31 October 2023 835,419 2,098,766 58,163,549
DEPRECIATION
At 1 November 2022 421,088 1,736,721 13,886,719
Charge for year 120,151 108,956 1,581,794
Eliminated on disposal (255,950 ) - (255,950 )
At 31 October 2023 285,289 1,845,677 15,212,563
NET BOOK VALUE
At 31 October 2023 550,130 253,089 42,950,986
At 31 October 2022 282,117 235,679 39,589,432

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


20232022
£   £   
Motor vehicles 329,96975,295
329,96975,295

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

15. STOCKS
2023 2022
£ £
Finished goods and goods for resale 1,068,970 942,600

The replacement value of stock is not materially different from the disclosed amounts at year end.

16. RECEIVABLES
2023 2022
£ £
Amounts falling due within one year:
Trade receivables 127,864 67,977
Other receivables 8,152 -
Amounts owed by group undertakings 436,419 1,393,131
Amounts owed by related parties 16,670 -
Prepayments and accrued income 769,141 1,379,820
1,358,246 2,840,928

Amounts falling due after more than one year:
Amounts owed by group undertakings 4,113,504 936,000

Aggregate amounts 5,471,750 3,776,928

Trade debtors are stated after provisions for impairment of £203,439 (2022: £203,439).

Amounts owed by group and related undertakings, due within one year, are interest free, unsecured and repayable on demand.

Amounts owed by group and related undertakings, due after more than one year, are financing in nature whereby a market rate of interest is charged.

17. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts (see note 19)
1,269,963

2,043,784
Hire purchase contracts (see note 20) 79,014 24,485
Trade payables 1,685,667 1,340,544
Amounts owed to group undertakings - 770,864
Amounts owed to related parties 450,460 -
Corporation Tax 655,692 473,583
Social security and other taxes 1,454,327 1,308,878
Other payables 4,991,112 3,920,953
Accruals and deferred income 1,250,542 1,581,628
11,836,777 11,464,719

Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.

Amounts owed to group undertakings are unsecured and repayable on demand and except those which are financing in nature whereby a market rate of interest is charged.

Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.

Obligations under finance leases and hire purchase contracts are secured against the assets purchased under these arrangements.

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

18. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2023 2022
£ £
Bank loans (see note 19) 12,509,698 9,934,539
Hire purchase contracts (see note 20) 283,373 16,474
Other payables 493,678 780,885
13,286,749 10,731,898

19. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 1,269,963 2,043,784

Amounts falling due between one and two years:
Bank loans - 1-2 years 1,269,962 2,031,406

Amounts falling due between two and five years:
Bank loans - 2-5 years 3,809,886 6,135,266

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 7,429,850 1,767,867

The bank loans and overdrafts are secured by the following:

- First ranking debenture incorporating a fixed and floating charge over all of the assets of Tullymore House Limited, Eirmon Holding Limited, Eirmon Group Limited, Galgorm Manor Hotel Limited, 1614 Limited and Pig and Chicken Inn Limited.

- First legal mortage over the following:

i) The Old Inn, 15-25 main street, Crawfordsburn.
ii) Templeton Hotel, 882 Antrim Road, Templepatrick.
iii) 884 and 866 Antrim Road, Templepatrick.
iv) Galgorm Manor Hotel Limited, Fenaghy Road, Galgorm, Ballymena.
v) 42 acres of land at Fenaghy Road, Galgorm.

- An unlimited guarantee provided by Galgorm Manor Hotel Limited, Tullymore House Limited, Pig and Chicken Inn Limited, 1614 Limited, Eirmon Group Limited and Eirmon Holdings Limited in respect of all monies, debts and liabilities owed or incurred by each guarantor to the bank.

Bank loans have a commercial rate of interest applied.

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

20. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£ £
Net obligations repayable:
Within one year 79,014 24,485
Between one and five years 283,373 16,474
362,387 40,959

Obligations under finance leases and hire purchase contracts are secured against the assets purchased under these arrangements.

21. FINANCIAL INSTRUMENTS

2023 2022
£ £
Carrying amount of financial assets in the Group
Measured at fair value through the income statement 6,032,102 2,768,371

Carrying amount of financial liabilities in the Group
Measured at amortised cost 23,013,687 20,414,156

22. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 3,629,637 2,813,736

Deferred tax
£
Balance at 1 November 2022 2,813,736
Charge to Income Statement during year 815,901
Balance at 31 October 2023 3,629,637

The provision for deferred taxation is made up as follows:
20232022
£   £   
Accelerated capital allowances3,635,6222,828,470
Short term timing differences(5,985)(14,734)
3,629,6372,813,736

23. DEFERRED GRANTS
2023 2022
£ £
Deferred grants 701,194 708,775

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
625,000 Ordinary A £1.00 625,000 625,000
310,000 Ordinary B £1.00 310,000 310,000
935,000 935,000

Each 'A' ordinary share has the right to one vote. 'B' ordinary shares have no voting rights.

25. RESERVES
Retained
earnings
£

At 1 November 2022 17,999,095
Profit for the year 5,066,414
Dividends (2,633,667 )
At 31 October 2023 20,431,842

Called up share capital
This represents the nominal value of shares that have been issued.

Retained earnings
This includes all current and prior period retained profits and losses.

26. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The cost of contributions in the period was £244,157 (2022: £228,658). At the year end, there is £54,485 accrued outstanding in respect of pension contributions (2022:£56,938).

27. POST BALANCE SHEET EVENTS

There are no post balance sheet events of note.

28. CONTINGENT LIABILITIES

A contingent liability exists to repay government grants received should certain conditions cease to be fulfilled. In particular, the company has received financial assistance from Invest Northern Ireland.

Galgorm Manor Hotel Limited has provided unlimited inter-company cross guarantees to AIB to cover any borrowings in group and related entities.

Due to the various factors that may impact on the above guarantees it is not possible to quantify the amounts that could be involved or give any indication as to the timing of when a liability may arise.

GALGORM MANOR HOTEL LIMITED (REGISTERED NUMBER: NI027233)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

29. COMMITMENTS UNDER OPERATING LEASES

At 31 October 2023, the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023 2022
£    £   
Not later than 1 year 83,725 83,725
Later than 1 year and not later than 5 years 301,417 316,000
Later than 5 years 2,133,917 2,198,333
2,519,059 2,598,058

30. RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption given in FRS 102 section 33. This exemption permits non-disclosure of related party transactions of a wholly-owned subsidiary company within a group.

During the period the company traded with Café Parisien (Belfast) Ltd and Tullymore House Limited, which are related parties by virtue of common control and common directors.

Sales to Café Parisien (Belfast) Ltd totalled £91,848 (2022: £22,597) and purchases of £8,702 (2022: £22,606). At 31 October 2023 the balance due from Café Parisien (Belfast) Limited was £16,670 (2022: £Nil).

Sales to Tullymore House Limited totalled £32,436 (2022: £89,182). Included within finance costs is interest paid of £39,582 (2022: £Nil). At 31 October 2023 the balance due to Tullymore House Limited was £450,460 (2022: £Nil).

31. CONTROLLING PARTY

The company’s immediate and ultimate parent undertaking was Tullymore House Limited, a company incorporated in Northern Ireland, until 18 November 2022. On this date the company was acquired by Eirmon Group Limited, a company incorporated in the Isle of Man. At the year end the company’s immediate parent undertaking is Eirmon Group Limited.

On 18 November 2022 the company’s ultimate parent undertaking became Eirmon Holdings Limited, a company incorporated in the Isle of Man, by virtue of its shareholding in Eirmon Group Limited.

The smallest and largest group for which consolidated accounts are prepared including the results of this company is Eirmon Holdings Limited.

The Hill family is deemed to be ultimate controlling party of the company.