Galgorm Castle Estates Limited NI029032 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is to carry on the business of developing and running golf courses, golf driving ranges, club house and other ancillary activities Digita Accounts Production Advanced 6.30.9574.0 true false false true true NI029032 2023-01-01 2023-12-31 NI029032 2023-12-31 NI029032 bus:OrdinaryShareClass1 2023-12-31 NI029032 core:FinanceLeases core:CurrentFinancialInstruments 2023-12-31 NI029032 core:FinanceLeases core:Non-currentFinancialInstruments 2023-12-31 NI029032 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 NI029032 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 NI029032 core:CurrentFinancialInstruments 2023-12-31 NI029032 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI029032 core:Non-currentFinancialInstruments 2023-12-31 NI029032 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 NI029032 core:LandBuildings 2023-12-31 NI029032 core:OtherPropertyPlantEquipment 2023-12-31 NI029032 core:PlantMachinery 2023-12-31 NI029032 bus:SmallEntities 2023-01-01 2023-12-31 NI029032 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI029032 bus:FilletedAccounts 2023-01-01 2023-12-31 NI029032 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI029032 bus:RegisteredOffice 2023-01-01 2023-12-31 NI029032 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 NI029032 bus:Director4 2023-01-01 2023-12-31 NI029032 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 NI029032 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI029032 core:LandBuildings 2023-01-01 2023-12-31 NI029032 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 NI029032 core:PlantMachinery 2023-01-01 2023-12-31 NI029032 1 2023-01-01 2023-12-31 NI029032 countries:AllCountries 2023-01-01 2023-12-31 NI029032 2022-12-31 NI029032 core:CostValuation 2022-12-31 NI029032 core:LandBuildings 2022-12-31 NI029032 core:OtherPropertyPlantEquipment 2022-12-31 NI029032 2022-01-01 2022-12-31 NI029032 2022-12-31 NI029032 bus:OrdinaryShareClass1 2022-12-31 NI029032 core:FinanceLeases core:CurrentFinancialInstruments 2022-12-31 NI029032 core:FinanceLeases core:Non-currentFinancialInstruments 2022-12-31 NI029032 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 NI029032 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 NI029032 core:CurrentFinancialInstruments 2022-12-31 NI029032 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 NI029032 core:Non-currentFinancialInstruments 2022-12-31 NI029032 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 NI029032 core:LandBuildings 2022-12-31 NI029032 core:OtherPropertyPlantEquipment 2022-12-31 NI029032 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI029032

Galgorm Castle Estates Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Galgorm Castle Estates Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Galgorm Castle Estates Limited

(Registration number: NI029032)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,683,040

4,879,759

Investments

5

1

1

 

6,683,041

4,879,760

Current assets

 

Stocks

6

38,995

39,561

Debtors

7

14,238

127,571

Cash at bank and in hand

 

64,792

51,022

 

118,025

218,154

Creditors: Amounts falling due within one year

8

(2,934,288)

(3,029,673)

Net current liabilities

 

(2,816,263)

(2,811,519)

Total assets less current liabilities

 

3,866,778

2,068,241

Creditors: Amounts falling due after more than one year

8

(73,013)

(75,271)

Provisions for liabilities

(72,686)

-

Net assets

 

3,721,079

1,992,970

Capital and reserves

 

Called up share capital

10

1,200,000

1,200,000

Share premium reserve

20,000

20,000

Revaluation reserve

1,920,674

302,190

Retained earnings

580,405

470,780

Shareholders' funds

 

3,721,079

1,992,970

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

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

 

Galgorm Castle Estates Limited

(Registration number: NI029032)
Balance Sheet as at 31 December 2023

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

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 August 2024 and signed on its behalf by:

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

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

 

Galgorm Castle Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

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

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

These financial statements were authorised for issue by the Board on 19 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency of these financial statements is sterling and all amounts have been rounded to the nearest £1

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. As at the date of sign off of the financial statements the directors believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

 

Galgorm Castle Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from estimates.

Government grants

Government grants in respect of capital expenditure have been released to reserves once the relevant clawback conditions have expired.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the statement of financial position at cost or valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The company assesses at each reporting date whether tangible fixed assets are impaired.

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

Depreciation

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

Asset class

Depreciation method and rate

Land and buildings

nil

Plant and machinery

20% straight line

Investments

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


 

Galgorm Castle Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price

Stocks

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price

Leases

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

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

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

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

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

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

 

Galgorm Castle Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 14).

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

4,608,198

1,603,541

6,211,739

Revaluations

1,437,063

181,420

1,618,483

Additions

186,231

65,806

252,037

Disposals

-

(22,444)

(22,444)

Transfers

98,102

(102,183)

(4,081)

At 31 December 2023

6,329,594

1,726,140

8,055,734

Depreciation

At 1 January 2023

-

1,331,980

1,331,980

Charge for the year

-

67,239

67,239

Eliminated on disposal

-

(22,444)

(22,444)

Transfers

-

(4,081)

(4,081)

At 31 December 2023

-

1,372,694

1,372,694

Carrying amount

At 31 December 2023

6,329,594

353,446

6,683,040

At 31 December 2022

4,608,198

271,561

4,879,759

Revaluation

The fair value of the company's Land & Buildings was revalued on 31 December 2023 by an independent valuer. Colin McDowell BSc FRICS at Cushman Wakefield, and by the Directors.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £4,590,339 (2022 - £4,306,007).

The fair value of the company's Plant and machinery was revalued on 31 December 2023. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £164,580 (2022 - £175,869).

 

Galgorm Castle Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 January 2023

1

Provision

Carrying amount

At 31 December 2023

1

At 31 December 2022

1

6

Stocks

2023
£

2022
£

Other inventories

38,995

39,561

7

Debtors

Current

2023
£

2022
£

Trade debtors

2,371

114,012

Prepayments

11,867

13,559

 

14,238

127,571

 

Galgorm Castle Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

38,933

34,175

Trade creditors

 

17,252

119,250

Amounts due to related parties

2,696,838

2,768,061

Social security and other taxes

 

24,082

10,214

Accruals

 

130,918

97,973

Income tax liability

26,265

-

 

2,934,288

3,029,673

Due after one year

 

Loans and borrowings

9

73,013

75,271

Current loans and borrowings

2023
£

2022
£

HP and finance lease liabilities

38,933

34,175

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

73,013

75,271

 

Galgorm Castle Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

73,013

74,282

Finance lease liabilities

-

989

73,013

75,271

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

37,944

30,219

Finance lease liabilities

989

3,956

38,933

34,175

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1,200,000

1,200,000

1,200,000

1,200,000

       

11

Parent and ultimate parent undertaking

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