BrightAccountsProduction v1.0.0 v1.0.0 2023-05-01 The company was not dormant during the period The company was trading for the entire period The company continued during the year in the business of operating Down Royal Golf Club, Lisburn, Co. Antrim. 18 November 2024 0 0 NI057925 2024-04-30 NI057925 2023-04-30 NI057925 2022-04-30 NI057925 2023-05-01 2024-04-30 NI057925 2022-05-01 2023-04-30 NI057925 uk-bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 NI057925 uk-curr:PoundSterling 2023-05-01 2024-04-30 NI057925 uk-bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 NI057925 uk-bus:FullAccounts 2023-05-01 2024-04-30 NI057925 uk-core:ShareCapital 2024-04-30 NI057925 uk-core:ShareCapital 2023-04-30 NI057925 uk-core:RetainedEarningsAccumulatedLosses 2024-04-30 NI057925 uk-core:RetainedEarningsAccumulatedLosses 2023-04-30 NI057925 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-04-30 NI057925 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-04-30 NI057925 uk-bus:FRS102 2023-05-01 2024-04-30 NI057925 uk-core:PlantMachinery 2023-05-01 2024-04-30 NI057925 uk-core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 NI057925 uk-core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 NI057925 uk-bus:Audited 2023-05-01 2024-04-30 NI057925 uk-core:CurrentFinancialInstruments 2024-04-30 NI057925 uk-core:CurrentFinancialInstruments 2023-04-30 NI057925 uk-core:WithinOneYear 2024-04-30 NI057925 uk-core:WithinOneYear 2023-04-30 NI057925 uk-core:ParentEntities 2023-05-01 2024-04-30 NI057925 2023-05-01 2024-04-30 NI057925 uk-bus:Director2 2023-05-01 2024-04-30 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
Fairways NI Limited
 
Financial Statements
 
for the financial year ended 30 April 2024
Fairways NI Limited
Company Registration Number: NI057925
BALANCE SHEET
as at 30 April 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 6 22,882 10,547
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Current Assets
Stocks 7 3,720 10,273
Debtors 8 21,911 22,777
Cash and cash equivalents 59,018 28,142
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84,649 61,192
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Creditors: amounts falling due within one year 9 (342,482) (244,278)
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Net Current Liabilities (257,833) (183,086)
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Total Assets less Current Liabilities (234,951) (172,539)
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Capital and Reserves
Called up share capital 1 1
Retained earnings (234,952) (172,540)
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Equity attributable to owners of the company (234,951) (172,539)
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
Approved by the Board and authorised for issue on 14 November 2024 and signed on its behalf by
           
           
           
Robert Conan          
Director          
           



Fairways NI Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 April 2024

   
1. General Information
 
Fairways NI Limited is a private company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI057925. The registered office of the company is The Ewart, 3 Bedford Square, Belfast, BT2 7EP. The company's principal activity is the operation of Down Royal Golf Club, Lisburn, Co.Antrim. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 30 April 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Course equipment - 20% straight line
  Clubhouse equipment - 20% straight line
  Driving range - 10% straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Going concern
 
At 30 April 2024 the company's total liabilities exceed its total assets by £234,951.

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. This assumption is based principally on an assurance from the parent company, Merrion Property Group Limited, that they will not, in the foreseeable future, seek repayment of inter-company indebtedness which at the year end amounted to £179,469 and that it is their intention to continue to support the company.
   
4. INFORMATION RELATING TO THE AUDITOR'S REPORT
 
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
 
The financial statements were audited by BFCD.
The Auditor's Report was signed by Dara Ó Gaora (Senior Statutory Auditor) for and on behalf of BFCD on 18th November 2024.
 
       
5. Employees
 
The average monthly number of employees, including directors, during the financial year was 23, (2023 - 43).
           
6. Tangible assets
  Course Clubhouse Driving Total
  equipment equipment range  
         
  £ £ £ £
Cost
At 1 May 2023 72,490 38,988 63,856 175,334
Additions 20,000 - - 20,000
Disposals (5,000) - - (5,000)
  ───────── ───────── ───────── ─────────
At 30 April 2024 87,490 38,988 63,856 190,334
  ───────── ───────── ───────── ─────────
Depreciation
At 1 May 2023 63,880 37,051 63,856 164,787
Charge for the financial year 3,903 1,179 - 5,082
On disposals (2,417) - - (2,417)
  ───────── ───────── ───────── ─────────
At 30 April 2024 65,366 38,230 63,856 167,452
  ───────── ───────── ───────── ─────────
Net book value
At 30 April 2024 22,124 758 - 22,882
  ═════════ ═════════ ═════════ ═════════
At 30 April 2023 8,610 1,937 - 10,547
  ═════════ ═════════ ═════════ ═════════
       
7. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 3,720 10,273
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
8. Debtors 2024 2023
  £ £
 
Trade debtors 303 2,000
Prepayments and accrued income 21,608 20,777
  ───────── ─────────
  21,911 22,777
  ═════════ ═════════
       
9. Creditors 2024 2023
Amounts falling due within one year £ £
 
Trade creditors 139,388 158,548
Amounts owed to group undertakings 179,469 60,095
Taxation  (Note 10) 9,720 15,922
Accruals and deferred income 13,905 9,713
  ───────── ─────────
  342,482 244,278
  ═════════ ═════════
       
10. Taxation 2024 2023
  £ £
 
Creditors:
VAT 6,178 12,165
PAYE / NI 3,542 3,757
  ───────── ─────────
  9,720 15,922
  ═════════ ═════════
       
11. Capital commitments
 
The company had no material capital commitments at the 30 April 2024 (2023: €Nil).
           
12. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
   
13. Parent company
 
The company regards Merrion Property Group Limited a company registered in the Republic of Ireland as its parent company. Merrion Property Group Limited holds 100% of the ordinary share capital of Fairways NI Limited.
 
   
14. Controlling interest
 
The company is under the control of the director Michael Roden.
   
15. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.