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REGISTERED NUMBER: NI684456 (Northern Ireland)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LOUGH ERNE FAIRWAYS LIMITED

LOUGH ERNE FAIRWAYS LIMITED (REGISTERED NUMBER: NI684456)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LOUGH ERNE FAIRWAYS LIMITED

COMPANY INFORMATION
for the Year Ended 31 DECEMBER 2023







DIRECTORS: Ms C M Geoghegan
Mrs T Kingston
Mr N Monaghan
Mr R J A Stuart
Mr J Stuart



REGISTERED OFFICE: 66 Ardgart Road
Mullaghmeen
Ballinamallard
Enniskillen
Co. Fermanagh
BT94 2AR



REGISTERED NUMBER: NI684456 (Northern Ireland)



AUDITORS: Patton Rainey Stenson Limited
Chartered Accountants and Statutory Auditors
6 East Bridge Street
Enniskillen
Co. Fermanagh
BT74 7BT



BANKERS: Danske Bank
24 Townhall Street
Enniskillen
Co. Fermanagh
BT74 7BB



SOLICITORS: Fergusons Solicitors
Enniskillen
Co. Fermanagh
BT74 6AA

LOUGH ERNE FAIRWAYS LIMITED (REGISTERED NUMBER: NI684456)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,893,340 1,892,202

CURRENT ASSETS
Debtors 5 18,436 14,534
Cash at bank 55,782 38,536
74,218 53,070
CREDITORS
Amounts falling due within one year 6 1,920,097 1,923,375
NET CURRENT LIABILITIES (1,845,879 ) (1,870,305 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

47,461

21,897

PROVISIONS FOR LIABILITIES 8 1,668 1,383
NET ASSETS 45,793 20,514

CAPITAL AND RESERVES
Called up share capital 9 1,800 1,800
Retained earnings 43,993 18,714
SHAREHOLDERS' FUNDS 45,793 20,514

LOUGH ERNE FAIRWAYS LIMITED (REGISTERED NUMBER: NI684456)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 June 2024 and were signed on its behalf by:





Mr J Stuart - Director


LOUGH ERNE FAIRWAYS LIMITED (REGISTERED NUMBER: NI684456)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2023


1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

Going Concern
The company's activities, together with factors likely to affect its future development, performance and position are continuously reviewed by the directors. Review of cash flow, liquidity position and borrowing facilities leads the directors to to believe that the company is well placed to manage its business risks successfully despite any current economic uncertainties.

The company meets its day to day working capital requirements through its current cash levels. The directors are confident that the company has adequate resources to meet its normal business requirements for the foreseeable future, for at least 12 months from the date of signing the financial statements, and therefore they continue to adopt the going concern basis when preparing the financial statements.

Tangible Fixed Assets
Depreciation is provided at the following annual rates in order to write of each asset over its estimated useful life.
Furnishings and equipment - 20% on reducing balance

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

LOUGH ERNE FAIRWAYS LIMITED (REGISTERED NUMBER: NI684456)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Judgements in applying accounting policies and key sources of estimation
When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant management judgements in applying the accounting policies of the company that have the most significant effect on the financial statements.

Allowance for impairment of trade debtors.
The company estimates the allowance for doubtful trade debtors based on assessment of specific accounts where the company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but not limited to, the length of relationship.

Useful lives of depreciable assets
The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined , and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on the individual changes in assets and the classes of assets impacted. Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Contingent Liabilities
Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurance or non-occurance of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefit is probable.

Related party transactions
The company discloses transactions with related parties. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transaction on the financial statements.

Provisions for liabilities
Provisions are recognised when the company has a present legal or constructive obligation as result of past events; it is probable that an outflow of resources will be required to settle the obligation: and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

LOUGH ERNE FAIRWAYS LIMITED (REGISTERED NUMBER: NI684456)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Furnishings
Freehold Long and
property leasehold equipment Totals
£    £    £    £   
COST
At 1 January 2023 1,089,771 796,900 6,914 1,893,585
Additions - - 2,806 2,806
At 31 December 2023 1,089,771 796,900 9,720 1,896,391
DEPRECIATION
At 1 January 2023 - - 1,383 1,383
Charge for year - - 1,668 1,668
At 31 December 2023 - - 3,051 3,051
NET BOOK VALUE
At 31 December 2023 1,089,771 796,900 6,669 1,893,340
At 31 December 2022 1,089,771 796,900 5,531 1,892,202

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 10,058 5,118
Other debtors 1,800 1,800
Prepayments and accrued income 6,578 7,616
18,436 14,534

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Tax 5,729 2,930
VAT 3,946 14,634
Holding company 1,320,220 1,320,220
Directors' current accounts 581,770 581,770
Accrued expenses 8,432 3,821
1,920,097 1,923,375

7. FINANCIAL INSTRUMENTS

Financial assets that are debt instruments measured at amortised cost comprise trade debtors , other debtors ,cash and cash equivalents.

Financial liabilities measured at amortised cost comprise trade creditors , accruals, bank overdraft and bank overdraft.

LOUGH ERNE FAIRWAYS LIMITED (REGISTERED NUMBER: NI684456)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023


8. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 1,668 1,383

Deferred
tax
£   
Balance at 1 January 2023 1,383
Provided during year 285
Balance at 31 December 2023 1,668

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,200 Ordinary 1 1,800 1,800

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Thomas S Patton (Senior Statutory Auditor)
for and on behalf of Patton Rainey Stenson Limited

11. CONTINGENT LIABILITIES

The company had no contingent liabilities existing at the balance sheet date.

12. RELATED PARTY DISCLOSURES

Included in Creditors at the year end are related parties of £581,770 owed to a director and shareholder and £1,320,220 owed to a corporate shareholder. Both balances relate to funds advanced to finance the purchase of properties and are repayable on demand.

13. POST BALANCE SHEET EVENTS

There has been no significant events affecting the company since the year end.

14. ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of Geoghegan Monaghan Properties Limited who own two thirds of the shares.