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REGISTERED NUMBER: NI607070 (Northern Ireland)















MALONE LODGE HOTEL LIMITED

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 30 June 2024






MALONE LODGE HOTEL LIMITED (REGISTERED NUMBER: NI607070)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Strategic Report 2

Directors' Report 3

Independent Auditors' Report 5

Income Statement 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


MALONE LODGE HOTEL LIMITED

Company Information
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Brian Macklin
Mary Macklin



REGISTERED OFFICE: 26 Wellington Park
Belfast
Co. Antrim
BT9 6DL



REGISTERED NUMBER: NI607070 (Northern Ireland)



INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP



BANKERS: Bank of Ireland
364 Lisburn Road
Belfast
Co. Antrim
BT9 6GL



SOLICITORS: O'Hare Solicitors
St. George's Building
37-41 High Street
Belfast
Co. Antrim
BT1 2A

MALONE LODGE HOTEL LIMITED (REGISTERED NUMBER: NI607070)

Strategic Report
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their strategic report for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company is the provision of hotel services including accommodation, restaurant and bar facilities.

BUSINESS REVIEW AND KEY PERFORMANCE INDICATORS
The company's key performance indicators during the year were as follows:

2024 2023
Revenue £2,842,934 £2,788,242
Gross profit/(loss) percentage 34.1% 35.5%
Net profit/(loss) before tax £(600,920) £(644,536)

BUSINESS ENVIRONMENT
The hospitality market is a highly competitive market with a number of hotel establishments in the nearby area. The company considers itself as having a place in the market due to the knowledge of the hospitality industry and the provision of a quality service to its customers.

STRATEGY
The company's success is dependent on the ongoing management of business risks and uncertainties it faces. The directors intend to grow the business further as the company establishes a quality brand and service in the market and through better management of costs and improved efficiencies within the business.

BUSINESS RISKS AND UNCERTAINTIES
Competition Risk:
The company operates in a very competitive market. To manage such risk the company aims to provide a high quality service within the hospitality industry.

Financial Risk:
The company's operations expose it to financial risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of risk and the related finance costs.

Economic Risk:
Economic risk is inherent in the industry in which the company operates. The directors manage this risk by ensuring long standing relationships with suppliers and financiers are maintained. The directors actively promote the business in the local economy.

FUTURE DEVELOPMENTS
The directors are committed to long term creation of shareholder value by increasing its market share in the Northern Ireland market. The directors are confident that their strategy will result in continued growth and profitability.

EMPLOYMENT POLICY
The company is dependent on the skills and commitment of its employees in order to achieve its objectives. Company staff at every level are encouraged to make their fullest possible contribution to the company's success. The company's selection, training, development and promotion policies ensure equal opportunities for all employees, regardless of gender, marital status, race, age or disability. All decisions are based on merit.

ON BEHALF OF THE BOARD:





Brian Macklin - Director


25 February 2025

MALONE LODGE HOTEL LIMITED (REGISTERED NUMBER: NI607070)

Directors' Report
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report with the financial statements of the Company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company is the provision of hotel services including accommodation, restaurant and bar facilities.

DIVIDENDS
The directors did not recommend payment of an interim dividend (2023: £nil)
The directors do not recommend payment of a final dividend (2023: £nil)

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

Brian Macklin
Mary Macklin

POLITICAL DONATIONS AND EXPENDITURE
The company did not make any disclosable political donations in the year (2023: £NIL).

GOING CONCERN
The directors have considered the results in the period in relation to the company's ability to continue as a going concern. The company had a loss before tax of £(600,920) in the income statement and net current liabilities of £(2,438,322). However, the company is in a strong net asset position of £4,426,525.

The directors are of the opinion that with renewed performance and continued support from fellow group companies and financial institutions, it is appropriate for the financial statements to be prepared on a going concern basis.

DISCLOSURES REQUIRED UNDER SCHEDULE 7
In accordance with Section 414C (11) of Companies Act 2006, the directors have elected to disclose details of the business review, principal risks and uncertainties, employment policy and future developments in the Company's Strategic Report which would otherwise be required to be disclosed in the Directors' Report.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MALONE LODGE HOTEL LIMITED (REGISTERED NUMBER: NI607070)

Directors' Report
FOR THE YEAR ENDED 30 JUNE 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS
The auditors, CavanaghKelly, (Chartered Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Brian Macklin - Director


25 February 2025

Independent Auditors' Report to the Members of
Malone Lodge Hotel Limited

Opinion
We have audited the financial statements of Malone Lodge Hotel Limited (the 'Company') for the year ended 30 June 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 Company's affairs as at 30 June 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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.

Material uncertainty related 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Malone Lodge Hotel Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page three, 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 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 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 Company or to cease operations, or have no realistic alternative but to do so.

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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company.

Independent Auditors' Report to the Members of
Malone Lodge Hotel Limited

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud continued

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We obtained understanding of the legal and regulatory requirements applicable to the company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102) and UK taxation legislation;
- We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance;
- We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations;
- Understanding the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and
- Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition and management override.

The audit response to risks identified included:

- Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud;
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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 2006. Our 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.




Mr Ryan Falls (F.C.A) (Senior Statutory Auditor)
for and on behalf of CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

25 February 2025

MALONE LODGE HOTEL LIMITED (REGISTERED NUMBER: NI607070)

Income Statement
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £ £

REVENUE 5 2,842,934 2,788,242

Cost of sales (1,873,920 ) (1,799,293 )
GROSS PROFIT 969,014 988,949

Administrative expenses (1,399,623 ) (1,570,831 )
(430,609 ) (581,882 )

Other operating income 6 500 323
OPERATING LOSS 8 (430,109 ) (581,559 )

Finance income 15,664 471
(414,445 ) (581,088 )

Finance costs 9 (186,475 ) (63,448 )
LOSS BEFORE TAXATION (600,920 ) (644,536 )

Tax on loss 10 98,545 16,063
LOSS FOR THE FINANCIAL YEAR (502,375 ) (628,473 )

OTHER COMPREHENSIVE INCOME
Gain on Revaluation - 621,795
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

621,795
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(502,375

)

(6,678

)

MALONE LODGE HOTEL LIMITED (REGISTERED NUMBER: NI607070)

Statement of Financial Position
30 JUNE 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 11 326,571 373,224
Property, plant and equipment 12 7,871,103 7,786,566
8,197,674 8,159,790

CURRENT ASSETS
Inventories 13 22,541 15,913
Receivables: Amounts falling
due within one year 14 181,637 412,600
Receivables: Amounts more than one
year

14

70,242

87,462
Cash at bank and in hand 628,781 1,076,809
903,201 1,592,784
PAYABLES
Amounts falling due within one year 15 (3,341,523 ) (3,249,897 )
NET CURRENT LIABILITIES (2,438,322 ) (1,657,113 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,759,352

6,502,677

PAYABLES
Amounts falling due after more than
one year

16

(1,277,840

)

(1,553,760

)

PROVISIONS FOR LIABILITIES 18 (54,987 ) (20,017 )
NET ASSETS 4,426,525 4,928,900

CAPITAL AND RESERVES
Called up share capital 19 100 100
Revaluation Reserve 3,334,043 3,334,043
Retained earnings 1,092,382 1,594,757
SHAREHOLDERS' FUNDS 4,426,525 4,928,900

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





Brian Macklin - Director


MALONE LODGE HOTEL LIMITED (REGISTERED NUMBER: NI607070)

Statement of Changes in Equity
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Revaluation Total
capital earnings Reserve equity
£ £ £ £
Balance at 1 July 2022 100 1,870,897 3,064,581 4,935,578

Changes in equity
Total comprehensive income - (276,140 ) 269,462 (6,678 )
Balance at 30 June 2023 100 1,594,757 3,334,043 4,928,900

Changes in equity
Total comprehensive income - (502,375 ) - (502,375 )
Balance at 30 June 2024 100 1,092,382 3,334,043 4,426,525

MALONE LODGE HOTEL LIMITED (REGISTERED NUMBER: NI607070)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Malone Lodge Hotel Limited is a private company, limited by shares, domiciled in Northern Ireland, within the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

The financial statements of the company for the year ended 30 June 2024 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. The financial statements are presented in sterling which is the functional currency of the company.

Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

The company is entitled to avail of this exemption as it is a subsidiary undertaking for which the consolidated financial statements are publicly available.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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.

Provision of services:
Revenue from a contract to provide services is recognised in the period in which the services are provided. The following criteria must also be met before revenue is recognised:

- the amount of revenue can be measured reliably;
- it is probable that future economic benefits will flow through the company
- the costs incurred or to be incurred in respect of the transaction can be measured reliably

Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 20 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Goodwill is reviewed for impairment at the end of the first full financial year following acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

MALONE LODGE HOTEL LIMITED (REGISTERED NUMBER: NI607070)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Property, plant and equipment and depreciation
Property, plant and equipment are stated at historical cost or at valuation, less accumulated depreciation. 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 charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Buildings freehold2% Straight line
Fixtures, fitting and equipment25% Reducing balance
Motor vehicles25% Reducing balance

The carrying values of property, plant and equipment are reviewed annually for impairment and in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Revaluation gains arising in a year are recognised in the statement of changes in equity except to the extent that they reverse revaluation losses that were previously charged to the income statement. Revaluation losses which represent a clear consumption of economic benefit inherent in the asset are recognised in the income statement.

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation on those assets is transferred annually from the revaluation reserve to retained earnings.

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

MALONE LODGE HOTEL LIMITED (REGISTERED NUMBER: NI607070)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued
Financial instruments - continued
(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax is recognised in respect of all timing difference that have originated but not reversed at the Statement of Financial Position date where transactions or events have occurred at the 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 difference between the company's taxable profits and its results 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 substantially enacted by the Statement of Financial Position date.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position 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 Income Statement.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

MALONE LODGE HOTEL LIMITED (REGISTERED NUMBER: NI607070)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Finance costs
Finance costs are charged to the Income Statement over the term of the debt.

Government Grants
Government grants are credited to the income statement in the year to which they relate.

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

Going concern
The directors have considered the results in the period in relation to the company's ability to continue as a going concern. The company had a loss before tax of £(600,920) in the income statement and net current liabilities of £(2,438,322). However, the company is in a strong net asset position of £4,426,525.

The directors are of the opinion that with renewed performance and continued support from fellow group companies and financial institutions, it is appropriate for the financial statements to be prepared on a going concern basis.

4. CRITICAL ACCOUNTING JUDGEMENTS & KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements in accordance with generally accepted accounting
principles requires management to make estimates, judgements and assumptions that affect the
reported amounts of assets and liabilities, income and expenditure in the reporting period. Actual
results could differ from those estimates. However, management do not believe there are any
critical estimates, judgements or assumptions applied within the accounting policies.

5. REVENUE

The revenue and loss before taxation are attributable to the one principal activity of the Company.

6. OTHER OPERATING INCOME
2024 2023
£ £
Sundry receipts - 323
Government grants 500 -
500 323

7. EMPLOYEES AND DIRECTORS

Staff costs, including directors' remuneration, were as follows:
2024 2023
£    £   
Wages and salaries 1,145,493 1,165,216
National Insurance 82,734 74,880
Pension 19,776 14,960
1,248,003 1,255,056

The average number of employees, including directors employed during the year, was as follows:
2024 2023
Administrative 10 10
Hotel 62 64
72 74

MALONE LODGE HOTEL LIMITED (REGISTERED NUMBER: NI607070)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. OPERATING LOSS

The operating loss is stated after charging:

2024 2023
£ £
Depreciation - owned assets 209,061 226,375
Goodwill amortisation 46,653 46,653

9. FINANCE COSTS
2024 2023
£ £
Bank loan interest 67,494 63,448
Intercompany loan interest 118,981 -
186,475 63,448

10. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax (133,515 ) -

Deferred tax:
Deferred tax 34,970 (8,787 )
Deferred tax re prior year - (7,276 )
Total deferred tax 34,970 (16,063 )
Tax on loss (98,545 ) (16,063 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Loss before tax (600,920 ) (644,536 )
Loss multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 20.496%)

(150,230

)

(132,104

)

Effects of:
Depreciation in excess of capital allowances 16,715 49,359
Deferred Tax 34,970 (16,063 )
Group relief surrendered/(claimed) 133,515 82,745
Payment/(receipt) for group relief (133,515 ) -
Total tax credit (98,545 ) (16,063 )

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 June 2024.


MALONE LODGE HOTEL LIMITED (REGISTERED NUMBER: NI607070)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

10. TAXATION - continued
2023
Gross Tax Net
£ £ £
Gain on Revaluation 621,795 - 621,795

11. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 July 2023
and 30 June 2024 933,070
AMORTISATION
At 1 July 2023 559,846
Amortisation for year 46,653
At 30 June 2024 606,499
NET BOOK VALUE
At 30 June 2024 326,571
At 30 June 2023 373,224

12. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold and Motor
property fittings vehicles Totals
£ £ £ £
COST OR VALUATION
At 1 July 2023 8,622,043 2,145,844 10,000 10,777,887
Additions 276,570 17,028 - 293,598
At 30 June 2024 8,898,613 2,162,872 10,000 11,071,485
DEPRECIATION
At 1 July 2023 1,022,036 1,959,847 9,438 2,991,321
Charge for year 160,086 48,835 140 209,061
At 30 June 2024 1,182,122 2,008,682 9,578 3,200,382
NET BOOK VALUE
At 30 June 2024 7,716,491 154,190 422 7,871,103
At 30 June 2023 7,600,007 185,997 562 7,786,566

Cost or valuation at 30 June 2024 is represented by:

Fixtures
Freehold and Motor
property fittings vehicles Totals
£ £ £ £
Valuation in 2023 621,795 - - 621,795
Valuation in 2017 2,790,717 - - 2,790,717
Cost 5,486,101 2,162,872 10,000 7,658,973
8,898,613 2,162,872 10,000 11,071,485

MALONE LODGE HOTEL LIMITED (REGISTERED NUMBER: NI607070)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

13. INVENTORIES
2024 2023
£ £
Finished goods 22,541 15,913

14. RECEIVABLES
2024 2023
£ £
Amounts falling due within one year:
Other receivables 58,118 294,757
Prepayments and accrued income 123,519 117,843
181,637 412,600

Amounts falling due after more than one year:
Amounts owed by group undertakings 70,242 87,462

Aggregate amounts 251,879 500,062

Amounts owed by group companies are unsecured interest-free, and repayable on demand.

15. PAYABLES: AMOUNTS FALLING DUE
WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 17)
430,125

440,679
Trade payables 228,963 229,553
Amounts owed to group undertakings 1,686,084 1,832,734
Social security and other taxes 24,636 19,147
VAT 52,511 76,420
Other payables 752,179 391,189
Accruals and deferred income 167,025 260,175
3,341,523 3,249,897

Amounts owed to group companies are unsecured, interest-free and payable on demand.

16. PAYABLES: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans (see note 17) 1,277,840 1,553,760

The bank loans noted above are repaid monthly, accrue interest at a rate of Libor + 2%. These loans are secured by a debenture providing a fixed and floating charge over the assets of the company and an unlimited inter-company cross guarantee with BMGC Ltd, Macklin Care Homes Limited and MCHFB Limited.

MALONE LODGE HOTEL LIMITED (REGISTERED NUMBER: NI607070)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

17. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 150,348 150,878
Bank loans 279,777 289,801
430,125 440,679

Amounts falling due between one and two years:
Bank loans - 1-2 years 279,777 293,160

Amounts falling due between two and five years:
Bank loans - 2-5 years 998,063 1,260,600

18. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 54,987 20,017

Deferred tax
£
Balance at 1 July 2023 20,017
Provided during year 34,970
Balance at 30 June 2024 54,987

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary Share Class 1 £1 100 100

MALONE LODGE HOTEL LIMITED (REGISTERED NUMBER: NI607070)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

20. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose transactions with group companies.

The following transactions occurred with related parties:
2024 2023
Amounts due from related parties: £    £   

Gemin Properties Limited 40,375 40,375
40,375 40,375

2024 2023
Amounts due to related parties: £    £   

Gemin Construction Limited 743,227 385,349
743,227 385,349

The above companies are deemed to be related parties as Gareth Macklin serves as a director and shareholder of the entities. In the opinion of the directors these amounts arise in the ordinary course of business and the terms of the amounts due are in accordance with the terms ordinarily offered by the company.

21. POST BALANCE SHEET EVENTS

There have been no material events occuring after the accounting period that affect these accounts.

22. ULTIMATE PARENT COMPANY

Malone Lodge Hotel Limited is a wholly owned subsidiary of BMGC Limited, a company incorporated in Northern Ireland. The results of Malone Lodge Hotel Limited are incorporated into the consolidated financial statements of BMGC Ltd. BMGC Ltd has its registered office address at 26 Wellington Park, Belfast, Co. Antrim, BT9 6DL.