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Registered number: 03526970









INTERNATIONAL GOLF & LEISURE LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
COMPANY INFORMATION


Directors
S Coste 
A R Stone 
N Ashdown 




Company secretary
Dentons Secretaries Limited



Registered number
03526970



Registered office
C/O Brecher LLP
64 North Row

London

W1K 7DA




Auditors
Nyman Libson Paul LLP
Chartered Accountants & Statutory Auditors

124 Finchley Road

London

NW3 5JS




Bankers
Coutts & Co
440 Strand

London

WC2R 0QS




Solicitors
Brecher LLP
64 North Row

London

W1K 7DA





 
INTERNATIONAL GOLF & LEISURE LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 9
Consolidated statement of income and retained earnings
 
10
Consolidated statement of financial position
 
11 - 12
Company statement of financial position
 
13
Consolidated statement of cash flows
 
14 - 15
Consolidated analysis of net debt
 
16
Notes to the financial statements
 
17 - 35


 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Business review
 
The principal activities of the group are the golf and hospitality businesses. The group is also involved in hotel and golf course activities undertaken through a joint venture with another golf and hospitality business.
The directors are not aware, at the date of this report, of any likely changes in the group's activities in the next year.
As shown in the group's statement of income and retained earnings on page 10, the group has made a loss for the year. 
The consolidated statement of financial position on pages 11 & 12 of the financial statements shows the group's financial position at the reporting date which shows an increase in net liabilities and a decrease in bank balances.

Principal risks and uncertainties
 
Commercial risk
The main commercial risk is uncertainty which is dominant in the whole tourist industry. People book later and later. A terrorist or weather event can occur anywhere in the world and affect the whole industry.
Strategic risk
Our sites are located in good tourist regions in France (Provence and French Riviera) and Belgium. There are very few golf projects in the area (the land is scarce and expensive and environmentalists are active) which increases the value of the existing properties.
Operational risk
The golf trade is dependent on weather conditions as storms in the high season may affect revenue. Conversely, excessive summer heat can keep golf players away from golf courses.

Financial risk
Our industry requires large amounts of investment either to acquire facilities or to refurbish or improve them. Our investments are stated at historical cost and not at market value. 
Reputational risk
Our hotel and golf clubs have a good reputation.
Environmental risk
Environmentalists are taking extreme action against golf courses which may create conflicting issues.

Page 1

 
INTERNATIONAL GOLF & LEISURE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The directors consider that turnover and gross profit to be the main key performance indicators in relation to how the group is performing. During the year turnover increased by 5.6% (2022: 9.1%) whilst gross profit margin increased by 1.7% (2022: -2.7%).


This report was approved by the board on 29 November 2024 and signed on its behalf.







S Coste
Director

Page 2

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

S Coste 
A R Stone 
N Ashdown 

Results and dividends

The loss for the year, after taxation and minority interests, amounted to €557,671 (2022: €394,967).
The group paid a final dividend of €nil. 

Future developments

The directors aim to maintain the management policies which have resulted in the group’s growth in recent years.

Financial instruments

The group's financial instruments include cash, trade debtors and trade creditors all arising in the normal course of business and loans used as a source of funding. The group is exposed to liquidity and cash flow risk which is actively managed by ensuring sufficient liquidity is available to meet ongoing liabilities and operational requirements.
Details of financial instruments are provided in the notes to the accounts on page 33.

Post balance sheet events

There were no post balance sheet events.

Auditors

The auditorsNyman Libson Paul LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' responsibilities statement

The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 Group will continue in business.

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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

This report was approved by the board on 29 November 2024 and signed on its behalf.
 







S Coste
Director

Page 4

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF INTERNATIONAL GOLF & LEISURE LIMITED
 

Opinion


We have audited the financial statements of International Golf & Leisure Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the consolidated statement of income and retained earnings, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's loss 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 5

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF INTERNATIONAL GOLF & LEISURE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 group 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 group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 6

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF INTERNATIONAL GOLF & LEISURE LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 4, 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 is 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF INTERNATIONAL GOLF & LEISURE LIMITED (CONTINUED)


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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
• the nature of the industry and sector, control environment and business performance
• results of our enquiries of    management about their own identification and assessment of the risks of irregularities;
• any matters we identified having obtained and reviewed the Company’s documentation of their policies procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances
of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to timing of revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.
In addition, we considered other laws and regulations that could have an effect on the company and result in the imposition of financial or other penalties and litigation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.
Our procedures to respond to risks identified included the following:
• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• enquiring of management concerning actual and potential litigation and claims;
• assessing the appropriateness and where appropriate with third parties concerning actual and potential
litigation and claims;
 
Page 8

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF INTERNATIONAL GOLF & LEISURE LIMITED (CONTINUED)


• performing analytical procedures to identify any unusual or unexpected relationships that may indicate                                                                                                                                                                                                                                                         material misstatement due to fraud;
• reading minutes of meetings of those charged with governance and correspondence with HMRC;
• in addressing the risk of fraud through management override of controls, reviewing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 2006Our 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.





Anthony Pins (senior statutory auditor)
  
for and on behalf of
Nyman Libson Paul LLP
 
Chartered Accountants & Statutory Auditors
  
124 Finchley Road
London
NW3 5JS

29 November 2024
Page 9

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note

  

Turnover
  
8,008,248
7,585,044

Cost of sales
  
(3,818,804)
(3,749,391)

Gross profit
  
4,189,444
3,835,653

Administrative expenses
  
(4,334,566)
(4,338,256)

Other operating income
 5 
145,613
297,167

Operating profit/(loss)
 6 
491
(205,436)

Share of (loss)/profit of joint ventures
  
(187,334)
182,292

Total operating loss
  
(186,843)
(23,144)

Interest receivable and similar income
 11 
4,142
888

Interest payable and similar expenses
 12 
(349,298)
(340,156)

Loss before tax
  
(531,999)
(362,412)

Tax on loss
 13 
(25,672)
(32,555)

Loss after tax
  
(557,671)
(394,967)

  

  

Retained earnings at the beginning of the year
  
(13,696,636)
(13,301,659)

  
(13,696,636)
(13,301,659)

Loss for the year attributable to the owners of the parent
  
(557,671)
(394,967)

Dividends declared and paid by subsidiary undertaking
  
-
(10)

Retained earnings at the end of the year
  
(14,254,307)
(13,696,636)

Non-controlling interest at the beginning of the year
  
(602)
(605)

Profit for the year attributable to the non-controlling interest
  
(4)
3

Non-controlling interest at the end of the year
  
(606)
(602)

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of income and retained earnings.

The notes on pages 17 to 35 form part of these financial statements.

Page 10

 
INTERNATIONAL GOLF & LEISURE LIMITED
REGISTERED NUMBER: 03526970

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Intangible assets
 15 
760,338
756,010

Tangible assets
 17 
14,700,825
14,883,465

Fixed asset investments
 18 
4,550,139
4,737,377

  
20,011,302
20,376,852

Current assets
  

Stocks
 19 
152,548
144,348

Debtors: amounts falling due within one year
 20 
3,344,410
2,413,530

Cash at bank and in hand
 21 
1,099,742
1,214,677

  
4,596,700
3,772,555

Creditors: amounts falling due within one year
 22 
(9,116,316)
(7,898,877)

Net current liabilities
  
 
 
(4,519,616)
 
 
(4,126,322)

Total assets less current liabilities
  
15,491,686
16,250,530

Creditors: amounts falling due after more than one year
 23 
(16,295,941)
(16,497,110)

Provisions for liabilities
  

Other provisions
 27 
(7,590)
(7,590)

  
 
 
(7,590)
 
 
(7,590)

Net liabilities excluding pension asset
  
(811,845)
(254,170)

Net liabilities
  
(811,845)
(254,170)


Capital and reserves
  

Called up share capital 
 28 
11,844,136
11,844,136

Other reserves
  
1,598,932
1,598,932

Profit and loss account
  
(14,254,307)
(13,696,636)

Equity attributable to owners of the parent Company
  
(811,239)
(253,568)

Non-controlling interests
  
(606)
(602)

  
(811,845)
(254,170)


Page 11

 
INTERNATIONAL GOLF & LEISURE LIMITED
REGISTERED NUMBER: 03526970
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 November 2024.




S Coste
Director

The notes on pages 17 to 35 form part of these financial statements.

Page 12

 
INTERNATIONAL GOLF & LEISURE LIMITED
REGISTERED NUMBER: 03526970

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Investments
 18 
12,866,355
12,866,355

  
12,866,355
12,866,355

Current assets
  

Debtors: amounts falling due within one year
 20 
5,631,328
5,537,927

Cash at bank and in hand
 21 
69,056
131,780

  
5,700,384
5,669,707

Creditors: amounts falling due within one year
 22 
(4,342,121)
(3,470,458)

Net current assets
  
 
 
1,358,263
 
 
2,199,249

Total assets less current liabilities
  
14,224,618
15,065,604

  

Creditors: amounts falling due after more than one year
 23 
(14,325,818)
(14,325,818)

  

Net (liabilities)/assets
  
(101,200)
739,786


Capital and reserves
  

Called up share capital 
 28 
11,844,136
11,844,136

Profit and loss account
  
(11,945,336)
(11,104,350)

  
(101,200)
739,786


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 November 2024.




S Coste
Director

The notes on pages 17 to 35 form part of these financial statements.

Page 13

 
INTERNATIONAL GOLF & LEISURE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022

Cash flows from operating activities

Loss for the financial year
(557,671)
(394,967)

Adjustments for:

Amortisation of intangible assets
317
365

Depreciation of tangible assets
1,026,060
958,293

Loss/(profit) on disposal of tangible assets
3,651
(8,000)

Interest paid
349,298
340,156

Interest received
(4,142)
(888)

Taxation charge
25,672
32,555

(Increase)/decrease in stocks
(8,200)
20,772

(Increase) in debtors
(621,875)
(415,230)

(Increase) in amounts owed by joint ventures
(309,000)
(55,000)

Increase in creditors
319,906
621,448

Share of operating loss/(profit) in joint ventures
187,334
(182,292)

Share of net assets due to minority interest
4
(3)

Net cash generated from operating activities

411,354
917,209


Cash flows from investing activities

Purchase of intangible fixed assets
(4,645)
-

Purchase of tangible fixed assets
(1,059,318)
(1,371,220)

Sale of tangible fixed assets
212,247
87,823

Purchase of unlisted and other investments
(96)
(1,700)

Sale of investments
-
94,018

Interest received
4,142
888

HP interest paid
(2,246)
(4,246)

Net cash from investing activities

(849,916)
(1,194,437)

Cash flows from financing activities

Issue of ordinary shares
-
1,000,000

New secured loans
373,400
454,489

Repayment of loans
(530,114)
(628,755)

Repayment of/new finance leases
(54,679)
(70,386)

Loans due from/(repaid to) directors
600,000
(800,000)

Dividends paid
-
(10)

Interest paid
(64,980)
(61,237)

Net cash used in financing activities
323,627
(105,899)

Net (decrease) in cash and cash equivalents
(114,935)
(383,127)

Cash and cash equivalents at beginning of year
1,214,677
1,597,804
Page 14

 
INTERNATIONAL GOLF & LEISURE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022



Cash and cash equivalents at the end of year
1,099,742
1,214,677


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,099,742
1,214,677

1,099,742
1,214,677


The notes on pages 17 to 35 form part of these financial statements.

Page 15

 
INTERNATIONAL GOLF & LEISURE LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023



Cash at bank and in hand

1,214,677

(114,935)

1,099,742

Debt due after 1 year

(16,366,005)

149,383

(16,216,622)

Debt due within 1 year

(3,252,274)

(608,000)

(3,860,274)

Finance leases

(154,710)

54,679

(100,031)


(18,558,312)
(518,873)
(19,077,185)

The notes on pages 17 to 35 form part of these financial statements.

Page 16

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


Statement of compliance

International Golf & Leisure Limited ('the company') is a private company limited by shares and is incorporated and domiciled in England. The address of its registered office is C/O Brecher LLP, 64 North Row, London, W1K 7DA. 
The Group’s financial statements have been prepared in compliance with FRS 102 as it applies to the financial statements of the Group for the year ended 31 December 2023.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3). 
The following principal accounting policies have been applied.

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.
In the consolidated accounts, interests in joint ventures are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The consolidated statement of income and retained earnings includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the consolidated balance sheet, the interests in joint ventures are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

Page 17

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

The group meets its day to day working capital requirements through the utilisation of its own funds and external financing. 
Existing funding facilities, forecasts and projections indicate that the group has adequate resources to continue with some level of activity from a minimal to full levels. 
After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements, but with the proviso that a material uncertainly exists over the group’s future.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue represents income net of VAT from hotel, catering and leisure facilities. It is entirely derived from operations. The group operates within two geographical markets, Belgium and France.

 
2.6

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the consolidated statement of income and retained earnings over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed five years.

Page 18

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets 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.

The Group adds to the carrying amount of an item of fixed assets 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 Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Land is not depreciated. Depreciation on other assets 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:

Buildings
-
3% to 6.67% straight line
Golf Course, parking and roads
-
3% to 10% straight line
Plant and machinery
-
10% to 33.33% straight line
Motor vehicles
-
20% straight line
Fixtures, fittings and equipment
-
5% to 33.33% straight line
Other fixed assets
-
10% to 33.33% straight line

The assets' residual values, useful lives and depreciation 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 profit or loss.

 
2.8

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 19

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Valuation of investments

Subsidiary undertakings
Investments in subsidiaries are measured at cost less accumulated impairment. Where recoverable amount of investments are below cost or valuation, an impairment charge is made in the accounts.
Joint venture undertakings
Investments in joint ventures are stated at the company's share of net assets. The company's share of the profits or losses of the joint ventures is included in the profit and loss account using the equity accounting basis.
Associate undertakings
Investments in associates are stated at the company's share of net assets. The company's share of the profits or losses of the joint ventures is included in the profit and loss account using the equity accounting basis.
Other investments
Investments held as fixed assets are shown at cost less provision for impairment.
The carrying values of fixed asset investments are reviewed for impairment in periods if events or
changes in circumstances indicate the carrying value may not be recoverable.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

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.

 
2.12

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.

In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 20

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans to and from related parties. 
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 payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
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 consolidated statement of income and retained earnings.
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 reporting date.

 
2.14

Creditors

Short term creditors are measured at the transaction price.

 
2.15

Foreign currency translation

Functional and presentation currency
The group's functional and presentation currency is Euros.
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.
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 the Income Statement.
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'.

Page 21

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

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.

 
2.17

Leased assets: the Group 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 the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.18

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.19

Taxation

Tax is recognised in the profit or loss, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation 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 income.

Page 22

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies 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 for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Tangible assets
Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.
Impairment of debtors
The management makes an estimate of the recoverable value of trade and other debtors. When assessing impairment, management considers factors including the current credit rating of the debtor, the ageing profile and historical experience.
Stock provisioning
When calculating any stock provision, management considers the nature and condition of the stock as well as applying assumptions around anticipated saleability of the goods which are subject to market trends and forces.
Accruals
The management makes an estimate of accruals at the year end based on invoices received after the year end, and work undertaken which has not been invoiced based on quotations or estimates of amounts that maybe due for payment.


 
4.
 

Analysis of turnover
 
Analysis of turnover by country of destination:

2023
2022



France
5,930,201
5,473,473

Belgium
2,078,047
2,111,571

8,008,248
7,585,044

5.


Other operating income

2023
2022

Insurance claims receivable
-
188,781

Sundry income
145,613
108,386

145,613
297,167


Page 23

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Operating profit/(loss)

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

2023
2022

Depreciation of tangible fixed assets
1,026,060
958,293

Amortisation of intangible assets, including goodwill
317
365

Operating lease rentals
159,791
156,082

Fees payable to the Group's auditor and its associates for the audit of the
Group's annual accounts
72,918
70,038


7.


Auditors' remuneration

2023
2022

Fees payable to the Group's auditor and the auditors of the subsidaries.
72,918
70,038


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022


Wages and salaries
2,171,529
2,218,190
7,833
7,874

Social security costs
705,859
782,763
-
-

2,877,388
3,000,953
7,833
7,874


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Sales, marketing and administration
71
64
3
3

Page 24

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022

Directors' emoluments
7,833
7,874

7,833
7,874



10.


Key management compensation

Key management are the directors and senior management. The compensation paid or payable to key management for services was €562,954 (2022: €549,061).


11.


Interest receivable

2023
2022


Interest receivable
4,142
888

4,142
888


12.


Interest payable and similar expenses

2023
2022


Bank interest payable
62,734
56,991

Other loan interest payable
284,318
278,919

Finance leases and hire purchase contracts
2,246
4,246

349,298
340,156


13.


Taxation


2023
2022

Corporation tax


Current tax on profits for the year
25,672
32,555


25,672
32,555


Total current tax
25,672
32,555
Page 25

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
13.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022


Loss on ordinary activities before tax
(531,999)
(362,412)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
(133,000)
(68,858)

Effects of:


Other differences leading to an increase in the tax charge
158,672
101,413

Total tax charge for the year
25,672
32,555


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


14.


Dividends

2023
2022


Dividends paid
-
10

-
10

Page 26

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Intangible assets

Group and Company





Trademarks and other intangibles
Goodwill
Total




Cost


At 1 January 2023
133,479
2,392,665
2,526,144


Additions
4,645
-
4,645



At 31 December 2023

138,124
2,392,665
2,530,789



Amortisation


At 1 January 2023
81,374
1,688,760
1,770,134


Charge for the year on owned assets
317
-
317



At 31 December 2023

81,691
1,688,760
1,770,451



Net book value



At 31 December 2023
56,433
703,905
760,338



At 31 December 2022
52,105
703,905
756,010




16.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of income and retained earnings in these financial statements. The loss after tax of the parent Company for the year was 840,986 (2022 - loss 234,089).

Page 27

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Tangible fixed assets

Group






Land and buildings
Plant & machinery
Fixtures, fittings and equipment
Total




Cost or valuation


At 1 January 2023
25,386,513
3,657,098
428,090
29,471,701


Additions
675,366
363,235
20,717
1,059,318


Disposals
(77,193)
(222,300)
-
(299,493)



At 31 December 2023

25,984,686
3,798,033
448,807
30,231,526



Depreciation


At 1 January 2023
12,037,219
2,198,097
352,920
14,588,236


Charge for the year on owned assets
700,779
293,884
31,397
1,026,060


Disposals
(77,396)
(6,199)
-
(83,595)



At 31 December 2023

12,660,602
2,485,782
384,317
15,530,701



Net book value



At 31 December 2023
13,324,084
1,312,251
64,490
14,700,825



At 31 December 2022
13,349,294
1,459,001
75,170
14,883,465

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


2023
2022



Land and buildings
67,822
118,577

67,822
118,577

Page 28

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Fixed asset investments

Group





Other fixed asset investments
Investment in joint ventures
Total




Cost or valuation


At 1 January 2023
7,889
4,729,488
4,737,377


Additions
96
-
96


Share of profit/(loss)
-
(187,334)
(187,334)



At 31 December 2023
7,985
4,542,154
4,550,139






Net book value



At 31 December 2023
7,985
4,542,154
4,550,139



At 31 December 2022
7,889
4,729,488
4,737,377

Company





Investments in subsidiary companies




Cost or valuation


At 1 January 2023
13,692,157



At 31 December 2023

13,692,157



Impairment


At 1 January 2023
825,802



At 31 December 2023

825,802



Net book value



At 31 December 2023
12,866,355



At 31 December 2022
12,866,355

Page 29

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

SARL Golf Resort Provence Sainte Baume
Hotel and Golf Management
Ordinary
100%
SARL Golf de Servanes
Golf course
Ordinary
100%
SARL Golf Marseille La Salette
Golf course
Ordinary
100%
SARL du Golf de la Sainte Baume
Golf course
Ordinary
100%
Cleydael Golf & Country NV
Golf course
Ordinary
100%

All subsidiaries have a year end coterminus with that of the parent company except for Cleydael Golf & Country NV which has a year end of 30 September.


Participating interests


Joint ventures
The group owns 50% of the issued ordinary shares of SA La Preservatrice and indirectly SA Omnium Investments which are limited companies registered in Switzerland. The group indirectly owns 50% of the issued ordinary shares of Golf de La Grande Bastide SAS, a 100% subsidary of SA Omnium Investments, which was incorporated on 1 January 2022 and is registered in France. All joint ventures have an accounting period ending on 31 December. The principal activities of the companies are those of golf course, hotel property and management.


19.


Stocks

Group
Group
2023
2022

Finished goods and goods for resale
152,548
144,348

152,548
144,348


The carrying value of stocks are stated net of impairment losses totalling 24,949 (2022 - €19,777). Impairment losses totalling  24,949 (2022 - €19,777) were recognised in profit and loss.

Page 30

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022


Trade debtors
1,526,858
832,688
-
-

Amounts owed by group undertakings
-
-
4,240,466
4,456,065

Amounts owed by joint ventures and associated undertakings
1,390,862
1,081,862
1,390,862
1,081,862

Other debtors
348,016
422,963
-
-

Prepayments and accrued income
78,674
76,017
-
-

3,344,410
2,413,530
5,631,328
5,537,927


The balance included in amounts owed by joint ventures and associated undertakings is due from SA La Preservatrice. 


21.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022

Cash at bank and in hand
1,099,742
1,214,677
69,056
131,780

1,099,742
1,214,677
69,056
131,780



22.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022

Bank loans
630,274
622,274
-
-

Trade creditors
1,177,374
968,425
-
13,800

Other taxation and social security
539,520
307,480
-
-

Obligations under finance lease and hire purchase contracts
38,997
41,890
-
-

Other creditors
3,789,155
3,185,961
3,230,000
2,630,000

Accruals and deferred income
2,940,996
2,772,847
1,112,121
826,658

9,116,316
7,898,877
4,342,121
3,470,458


Page 31

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022

Bank loans
1,890,804
2,040,187
-
-

Other loans
14,325,818
14,325,818
14,325,818
14,325,818

Net obligations under finance leases and hire purchase contracts
61,034
112,820
-
-

Other creditors
18,285
18,285
-
-

16,295,941
16,497,110
14,325,818
14,325,818





24.


Loans


Group
Group
Company
Company
2023
2022
2023
2022

Amounts falling due within one year

Bank loans
630,274
622,274
-
-


630,274
622,274
-
-


Amounts falling due 2-5 years

Bank loans
1,890,804
2,040,187
-
-

Other loans
14,325,818
14,325,818
14,325,818
14,325,818


16,216,622
16,366,005
14,325,818
14,325,818

16,846,896
16,988,279
14,325,818
14,325,818


The bank loans are secured by fixed and floating charges over the assets of the group. The bank loans bear interest between 0.87% - 4.25% (2022: 0.87% - 4.25%) per annum.
On 12 April 2019 the convertible loan stocks were reclassified from convertible loan stock to other loans, which bear interest at a specified rate. These are classified with other loans and are unsecured, due for repayment after 31 December 2027 and bear interest at the rate of 1% to 3.464% per annum.

Page 32

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022

Within one year
38,997
41,890

Between 1-2 years
61,034
112,820

100,031
154,710

Obligations under finance leases are secured on the leased assets.


26.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022

Financial assets

Trade debtors
1,526,858
832,688
-
-

Amounts owed by group undertakings
-
-
4,240,466
4,456,065

Amounts owed by joint ventures and
 associated undertakings
1,390,862
1,081,862
1,390,862
1,081,862

Other debtors
117,433
422,963
-
-

3,035,153
2,337,513
5,631,328
5,537,927


Financial liabilities

Trade creditors
(1,177,374)
(968,425)
-
(13,800)

Other creditors
(3,807,440)
(3,204,246)
(3,230,000)
(2,630,000)

Bank loans
(2,521,078)
(2,662,461)
-
-

Other loans
(14,325,818)
(14,325,818)
-
-

(21,831,710)
(21,160,950)
(3,230,000)
(2,643,800)

Page 33

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


Provisions


Group






Depreciation provision






At 1 January 2023
7,590



At 31 December 2023
7,590


28.


Share capital

2023
2022
Allotted, called up and fully paid



10,362,845 (2022 - 10,362,845) Ordinary shares shares of £1.00 each
11,844,136
11,844,136



29.


Commitments under operating leases

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


Group
Group
2023
2022

Not later than 1 year
135,015
159,791

Later than 1 year and not later than 5 years
174,345
230,953

309,360
390,744
Page 34

 
INTERNATIONAL GOLF & LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

30.


Related party transactions

During the year, Cleydael Golf and Country NV paid fees of €66,684 (2022: €63,002) to Golf Premium Development SRL, a company owned by S Coste.
At the reporting date, the company owed €3,230,000 (2022: €2,630,000) to S Coste, which is included within other creditors due within one year. This loan is unsecured, interest-free and repayable on demand.
At the reporting date, the following loans were due to related parties:


Amount 2023
Accrued interest payable 2023
Amount 2022
Accrued interest payable 2022

7851332 Canada Inc.
9,220,000
437,502
9,220,000
345,302
7914121 Canada Inc.
5,105,818
632,427
5,105,818
440,310

7851332 Canada Inc and 7914121 Canada Inc are companies in which Mr S Coste has an interest. 
The company has taken advantage of the exemption allowed by FRS102 paragraph 33.1A not to disclose any transactions with wholly owned subsidiary undertakings.


31.


Controlling party

The ultimate controlling party during the year was S Coste.

 
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