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REGISTERED NUMBER: R0000061 (Northern Ireland)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

BALMORAL GOLF CLUB LIMITED

BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 9


BALMORAL GOLF CLUB LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: K Lambe
D McGranaghan
D Morgan
E Howell
M Agnew
Ms N Fitzgerald
Ms K Flynn
K Flynn
J Kane
D G Murray
Ms N Anderson
Ms G Bradley
M P Ewings
O Matassa
Ms N Mcaree
P Mckee
Ms B Mcnally
J P Turkington





SECRETARY: Ms C McGourty





REGISTERED OFFICE: 518 Lisburn Road, Belfast,
Belfast,
BT9 6GX





REGISTERED NUMBER: R0000061 (Northern Ireland)





AUDITORS: Baker Tilly Mooney Moore
Statutory Auditors
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG

BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,992,966 2,919,084

CURRENT ASSETS
Stocks 21,798 19,073
Debtors 5 24,178 19,409
Cash at bank and in hand 187,535 139,720
233,511 178,202
CREDITORS
Amounts falling due within one year 6 1,440,262 1,320,139
NET CURRENT LIABILITIES (1,206,751 ) (1,141,937 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,786,215

1,777,147

CREDITORS
Amounts falling due after more than one
year

7

96,068

39,496
NET ASSETS 1,690,147 1,737,651

RESERVES
Retained earnings 1,690,147 1,737,651
1,690,147 1,737,651

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 5 April 2024 and were signed on its behalf by:





J P Turkington - Director


BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Balmoral Golf Club Limited is a private company, limited by guarantee, registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The company made a loss in the year of £47,504 and at year end has net current liabilities of £1,206,751. The company has a bank loan of £1,003,409 which was due for repayment in September 2023 and the facility has not been renewed by the bank. The bank loan is secured by a charge on the land and premises of the club. The directors are currently looking at options to repay this loan or to refinance the loan however at the time of approval of the financial statements none of the options had been completed or confirmed. The directors are satisfied that the value of the land far exceeds the value of the loan and that they will be in a position to repay the loan when the various options have been considered and decision made as to what is best for the club and its members.

The directors believe that due to the above circumstances there is a material uncertainty which may cast significant doubt on the company's ability to continue as a going concern and therefore it might not be possible to realise its assets and liabilities in the normal course of business.

The financial statements have been prepared on a going concern basis.

Significant judgements and estimates
The following judgements including those involving estimates have been made in the process of applying the accounting policies below that have the most significant effect on the amounts recognised in the financial statements and that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year.

(i) Depreciation method and asset useful lives

The estimates and assumptions are reviewed on a regular basis considering the current and future market conditions.

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

BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Fixed assets are shown at cost of acquisition less depreciation to date. The cost of assets comprises purchase price and any installation charges.

Depreciation
Depreciation is calculated to write off the cost of fixed assets on the following basis:

Land Nil
Course ConstructionNil
Fixtures and fittings20% reducing balance
Course Buildings20% straight line
Plant and machinery 20% straight line
Clubhouse and Professional Shop2% straight line



Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities from club members, the club's bank and other third parties.

Debt instruments that are payable or receivable within one year are measured initially and subsequently at the undiscounted amount of the cash expected to be received or paid.

Debt instruments like loans and other accounts receivable are initially measured at present value of future payments and subsequently measured at amortised cost using the effective interest method. If arrangements of a short term instrument constitute a financing transaction, like a debt financed at a rate of interest which is not a market rate, the financial asset or liability is measured initially and subsequently at the present value of future payments discounted at a market rate of interest for similar debt instrument.

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.

BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring the surplus or deficit. Assets held under finance leases and hire purchase contracts are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets.

Operating leases
The company classifies the lease of golf carts and office equipment as operating leases. The title to the equipment remains with the lessor and the equipment is replaced periodically. Operating lease rentals are charged to the surplus or deficit on a straight-line basis over the term of the lease.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the club's pension scheme are charged to the surplus or deficit in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 23 ) .

BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS


Course under
construction

Land
Course
buildings

Proshop
COST
At 1 January 20232,488,9287,12545,30069,663
Additions---1,133
At 31 December 20232,488,9287,12545,30070,796
DEPRECIATION
At 1 January 2023--45,23533,198
Charge for year--331,416
At 31 December 2023--45,26834,614
NET BOOK VALUE
At 31 December 20232,488,9297,1253236,182
At 31 December 20222,488,9297,1256536,465

Club houseMachineryFixturesTotals
COST
At 1 January 2023815,041241,632463,7424,131,433
Additions2,865138,1841,031143,213
Eliminated on disposal(10,280)(10,280)
At 31 December 2023817,906369,536464,7734,264,366
DEPRECIATION
At 1 January 2023541,647220,050372,2171,212,347
Charge for the year16,35833,01518,51169,333
Eliminated on disposal(10,280)(10,280)
At 31 December 2023558,005242,785390,7281,271,400
NET BOOK VALUE
At 31 December 2023259,901126,75174,0452,992,966
At 31 December 2022273,39521,58291,5252,919,084

FINANCE LEASES AND HIRE PURCHASE CONTRACTS

Included in the net book value of fixed assets are the following amounts relating to assets held under finance leases or hire purchase contracts:

Machinery
£
At 31 December 2023109,398
At 31 December 202216,656

BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 3,137 3,137
Other debtors 21,041 16,272
24,178 19,409

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 8) 24,364 4,455
Trade creditors 35,483 60,053
VAT 3,477 1,432
Other creditors 680 -
Smart Card Balances 71,613 69,963
Subs in Advance (playing) 263,879 151,876
Bank loans < 1 year 1,012,524 1,017,397
Accrued expenses 28,242 14,963
1,440,262 1,320,139

The bank loan is a demand loan which expired on 30th September 2023. The bank loan is secured by a charge on the land and premises of the club.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 8) 79,607 13,192
Bank Loans >1 year 16,461 26,304
96,068 39,496

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 24,364 4,455
Between one and five years 79,607 13,192
103,971 17,647

BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


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

The Report of the Auditors was unqualified.


We draw attention to note 2 of the financial statements, which indicates that the company incurred a loss of £47,504 during the year ended 31 December 2023 and that the company's current liabilities exceeded its current assets by £1,206,751. As stated in note 2 the company has a loan balance of £1,003,409 which was due for repayment in September 2023 and the facility has not been renewed. As stated in note 2, these events or conditions along with other matters set out in note 2 indicate that a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

Eimear Brown (Senior Statutory Auditor)
for and on behalf of Baker Tilly Mooney Moore

10. CAPITAL COMMITMENTS

At 31 December 2023 there were no capital commitments.

11. RELATED PARTY DISCLOSURES

There were no related party transactions during the year except for the payment of normal membership subscriptions by the Directors and the award of Honoraria to a number of Club Officials.

12. MEMBERS' LIABILITY

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

13. PAYE REFERENCE

The PAYE reference number of the Club is 92588470.

14. VAT REFERENCE

The VAT registration number of the Club is 251804673

BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


15. SUBSCRIPTIONS

The main categories of membership and numbers of subscriptions are:

Category Men Women
2023 2022 2023 2022

Life 21 20 5 7
Full Playing 346 323 38 33
Associate 13 12 73 58
Reduced Rate 24 26 5 5
Student Associate 10 11 - -
Young Adults 23 18 - 1
Juvenile Associate 40 33 4 5
New to Golf - - 1 -
Social 67 81 29 31
Honorary 1 2 1 1
Total 545 526 156 141




16. REGISTRATION OF CLUBS (ACCOUNTS) REGULATIONS (NORTHERN IRELAND) 1997

Schedules prepared in accordance with the Clubs Regulations are shown in the appendix to the financial statements.

17. INSURANCE

The Club maintains insurance cover in the following areas; buildings, fixtures and fittings, stock, cash, other assets and employment liability.

18. FUNCTIONS

No functions in the period incurred a deficit greater than £250.

19. DONATIONS

During the year the council made charitable donations over £50 to the following charities; Taughmonagh £1,000.