IRIS Accounts Production v25.1.3.33 14808991 Board of Directors 31.12.24 1.1.24 31.12.24 31.12.24 0 0 true true false true true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh148089912023-12-31148089912024-12-31148089912024-01-012024-12-31148089912023-04-16148089912023-04-172023-12-31148089912023-12-3114808991ns15:EnglandWales2024-01-012024-12-3114808991ns14:Euro2024-01-012024-12-3114808991ns10:Director12024-01-012024-12-3114808991ns10:Consolidated2024-12-3114808991ns10:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3114808991ns10:CompanyLimitedByGuarantee2024-01-012024-12-3114808991ns10:Consolidatedns10:FRS1022024-01-012024-12-3114808991ns10:Consolidatedns10:Audited2024-01-012024-12-3114808991ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3114808991ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3114808991ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3114808991ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2024-01-012024-12-3114808991ns10:FullAccounts2024-01-012024-12-3114808991ns10:Consolidated2024-01-012024-12-3114808991ns10:Director22024-01-012024-12-3114808991ns10:Director32024-01-012024-12-3114808991ns10:Director52024-01-012024-12-3114808991ns10:Director62024-01-012024-12-3114808991ns10:Director72024-01-012024-12-3114808991ns10:Director82024-01-012024-12-3114808991ns10:Director92024-01-012024-12-3114808991ns10:RegisteredOffice2024-01-012024-12-3114808991ns10:Director42024-01-012024-12-3114808991ns10:Consolidated2023-04-172023-12-3114808991ns5:CurrentFinancialInstruments2024-12-3114808991ns5:CurrentFinancialInstruments2023-12-3114808991ns5:FurtherSpecificReserve1ComponentTotalEquity2024-12-3114808991ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-3114808991ns5:RetainedEarningsAccumulatedLosses2024-12-3114808991ns5:RetainedEarningsAccumulatedLosses2023-12-3114808991ns5:FurtherSpecificReserve1ComponentTotalEquity2023-04-172023-12-3114808991ns5:RetainedEarningsAccumulatedLosses2023-04-172023-12-3114808991ns5:FurtherSpecificReserve1ComponentTotalEquity2024-01-012024-12-3114808991ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-3114808991ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3114808991ns5:PatentsTrademarksLicencesConcessionsSimilar2024-01-012024-12-3114808991ns5:PatentsTrademarksLicencesConcessionsSimilar2024-12-3114808991ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3114808991ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-12-3114808991ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31
REGISTERED NUMBER: 14808991 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

FOUR SEASONS COUNTRY CLUB LIMITED

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)






Contents of the Consolidated Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 19


FOUR SEASONS COUNTRY CLUB LIMITED

Company Information
for the year ended 31 December 2024







DIRECTORS: David Patrick Allen
Clive Robert Bowles
Ian John Hares OBE
Keith McEwan
Michelle Jane O'Gorman
Antonio Pereira Da Rosa
Richard Leonard Selwyn
Zoe Jane Elizabeth Colegrave





REGISTERED OFFICE: Preston Park House
South Road
Brighton
United Kingdom
BN1 6SB





BUSINESS ADDRESS: Avenida Andre Jordan, 23
Quinta do Lago
8135-024 Almancil





REGISTERED NUMBER: 14808991 (England and Wales)





AUDITORS: Feist Hedgethorne Limited
Statutory Auditors
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Group Strategic Report
for the year ended 31 December 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

OUR PURPOSE
Our purpose is to provide our members and guests with a high quality, value for money offering across all the services that we provide including our accommodation, bar and restaurant and sports and social activities. Our members acquire the right to occupy their chosen dwelling and to use the Club's facilities for one or more weeks per year and are bound by the Club Rules together with the Club's Articles of Association.

CONTEXT TO THE ACCOUNTS
The Company was incorporated on 17 April 2023 to acquire the business of FSCC* via a Court and member sanctioned Scheme of Arrangement which took place on 23 July 2023. The 2023 comparative accounts cover the period from incorporation of the Company in April 2023 to 31 December 2023 and include the results of our Portuguese subsidiary, which owns and operates the resort, from July 2023. The underlying business is seasonal with the Club typically incurring losses during the quieter winter months, and particularly December. In a full year these losses are offset during the busier months between the spring and autumn. As the comparative 2023 accounts only include our Portuguese subsidiary for circa five months from July, they show a loss of €147,883, although the underlying business generated a surplus during 2023.

REVIEW OF BUSINESS
The results of the group's sole activity and its financial position at the year-end are laid out in the accompanying financial statements.

A summary of the Key Performance Indicators that are monitored by management and the Board, prepared on this basis, are set out below:

Measure 2024 Outcome 2023 Outcome
Financial
Operating Surplus/(Deficit) after Reserve transfer €830,195 €660,155
Transfer to the Sinking Fund from annual
membership fees

€704,525 €671,798
Sinking Fund Balance at year end €2,433,602 €2,040,933
Revenue Reserve Balance at year end €4,140,629 €3,310,434
Proportion of annual membership fees received 99.9% 99.8%

Resort usage
Average occupancy of villas during the year 87.2% 86.7%
Number of meals served during the year 95,529 90,448
Number of weeks offered for rent during the year 1,918 1,969
Proportion rented 88.4% 86.9%

Resales activity
Weeks available for sale through the resales office at
year end

15 120
Closed sales of weeks during the year 247 309

AUDIT
The Consolidated Accounts have been audited by Feist Hedgethorne Limited whilst the accounts of our Portuguese subsidiary company have been audited by CF Audit. CF Audit are a registered auditor based at Carlos Ferreira & Associados SROC, Lda, Rua Sophia de Mello Breyner, 45-C, 8200-084 Albufeira, Portugal.

* "FSCC" means the Company's predecessor, Four Seasons Country Club Limited, a company limited by guarantee formerly incorporated in the Isle of Man and registered with company number 017682V.


FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Group Strategic Report
for the year ended 31 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES
There are several risks and uncertainties that can impact the performance of the group, some of which are beyond the control of the group and its Board. These trends and risks are the focus of monthly management meetings where each departments performance is assessed versus budget, forecast and prior year results. Key performance indicators are also used to benchmark operational performance for all departments. An annual assessment of trends and risks is an integral part of each department's annual review of its strategic plan and budget, which are submitted to the Board for consideration and approval. A combination of all of this, in what is a bottom up and top-down approach, enables the Board to determine and assess the companies risk environment.

The principal risks and uncertainties facing the group are outlined below:

Key resources
The group is managed by certain key personnel, including executive directors and senior management who have significant experience within the group and who may be difficult to replace in the event of prolonged absence, resignation or retirement. Furthermore, the group depends on being able to recruit and retain employees of an appropriate calibre to support members and provide the service they expect. The group has sought to mitigate this resource risk by investing in staff training programmes, competitive reward and compensation packages.

Market conditions
The group operates in a dynamic and competitive market environment, within the luxury resort of Quinta do Lago in Portugal. The market is characterised by an increasing offer and considerable investment in the area. The Club's competitive set is composed of both very similar products managed locally and also by international hospitality groups. Such an environment, and being amidst high-end competition, requires an agile and adaptable approach, as we remain focused on maintaining a sustainable competitive edge.

Competitive pressures
As in any business within the leisure tourism industry, the group is exposed to the instability of the international context. Nevertheless, Portugal is seen as a safe country and drastic changes are not foreseen, although we remain cautious on this matter. Around 80% of our members are resident in the UK or Ireland and the membership structure of the Club provides a significant mitigant to short term pressure although, as mentioned above, the increasingly competitive landscape highlights the importance of differentiation and innovation moving forward. By continuing to invest in the Club's facilities, we aim to protect our market position in the long term.

Payment of annual membership fees
Annual membership fees are the most important source of revenue representing around half of the Club's income. Members support in paying their fees when due is therefore important to the ongoing performance of the Club and material levels of non-payment leading to suspension and forfeiture of membership could have a significant impact on financial performance in the future.

Information technology and business continuity
The group uses a range of information technology and decision support systems across its business for efficient processing of orders, control procedures and financial management. These systems are constantly reviewed and updated to meet the needs of the group. Business continuity and disaster recovery planning is regularly assessed and tested to ensure the group is adequately resourced and maintains an appropriately robust environment including preventative processes on cybercrime.

Data protection and back-up
The group holds a significant volume of confidential data. Failure to comply with data privacy regulations and standards (GDPR) or weakness in internet security may result in a major data privacy breach causing reputational damage to the group's brand and financial loss.

Breach of IT security may cause data to be lost, corrupted or accessed by unauthorised users, impacting the group's reputation. This could give rise to legal or regulatory penalties as well as commercial costs. The group has processes and procedures in place to monitor effectiveness of customer back-up and is continually upgrading security equipment and software and making improvements to physical security processes.


FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Group Strategic Report
for the year ended 31 December 2024

FUTURE DEVELOPMENTS
To ensure that the Group has the resources to finance the replacement and refurbishment of the Club's assets in the future, the Board aims to set aside 12.5% of annual membership fees in a Sinking Fund. This approach has worked very well over the life of the Club. Most notably, we were able to finance a significant refurbishment of the villas between 2014 and 2020 without needing to borrow or seek other sources of finance. At each regular meeting the Board reviews a long-term plan that seeks to balance the investment required to maintain the Club's assets with the projected resources available to finance the expenditure which currently amounts to over €6m over the next ten years.

In addition to the maintenance and renewal expenditure financed by the Sinking Fund, we are committed to pursuing initiatives that will increase value and enhance the overall member experience when appropriate. We are investing around €2m in a project which involved the construction of a first-floor extension to our existing mini-market building to accommodate administrative staff. These staff were previously located in a separate building that has been demolished to create space for the construction of a new year-round heated outdoor swimming pool and changing rooms. The project also includes the replacement of our accessible villa to comply with modern Health & Safety standards and is being financed from existing cash resources.

Developments such as these will continue to be considered as resources allow to enhance our member offering and sustain the Club in the longer term.

GOING CONCERN
As a result of a solid performance throughout 2024, combined with significant cash holdings, the Club is in a healthy financial position. The financial statements have therefore been prepared on the going concern basis.

ON BEHALF OF THE BOARD:





Ian John Hares OBE - Director


6 June 2025

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Report of the Directors
for the year ended 31 December 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the period under review, was the management, maintenance and ongoing development of the facilities at Four Seasons Country Club, Quinta do Lago, Algarve, Portugal.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

In accordance with article 82 of the company's articles of association, the parent company does not make any distribution of income, nor declare dividends.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

David Patrick Allen
Clive Robert Bowles
Ian John Hares OBE
Keith McEwan
Michelle Jane O'Gorman
Antonio Pereira Da Rosa
Richard Leonard Selwyn

Other changes in directors holding office are as follows:

Ian Crockart Gillies - resigned 9 July 2024
Zoe Jane Elizabeth Colegrave - appointed 5 November 2024

POLITICAL DONATIONS AND EXPENDITURE
All donations were to charitable organisations.

DIRECTOR INDEMNITIES
The group has not made qualifying third party indemnity payments for the benefit of the director's during the year.

DISCLOSURE IN THE STRATEGIC REPORT
Certain matters required by regulation to be dealt with in the annual report have been dealt with in the Strategic Report rather than in the Directors' Report. These include principal risks and uncertainties, future developments and going concern.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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). 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 surplus or deficit of the group 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.


FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Report of the Directors
for the year ended 31 December 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group'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 group's auditors are aware of that information.

AUDITORS
The auditors, Feist Hedgethorne Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Ian John Hares OBE - Director


6 June 2025

Report of the Independent Auditors to the Members of
Four Seasons Country Club Limited

Opinion
We have audited the financial statements of Four Seasons Country Club Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's surplus 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 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.

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 and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Four Seasons Country Club Limited


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 Report of the Directors.

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 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages five and six, 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 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.

Report of the Independent Auditors to the Members of
Four Seasons Country Club Limited


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 a Report of the Auditors 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:

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:

The extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation; and
- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


Report of the Independent Auditors to the Members of
Four Seasons Country Club Limited

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 Report of the Auditors.

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 a Report of the Auditors 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.




Chris Morey (Senior Statutory Auditor)
for and on behalf of Feist Hedgethorne Limited
Statutory Auditors
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

11 June 2025

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Consolidated
Income Statement
for the year ended 31 December 2024

Period
17.4.23
Year Ended to
31.12.24 31.12.23
Notes

TURNOVER 9,581,734 4,308,113

Administrative expenses (8,774,840 ) (4,494,114 )
806,894 (186,001 )

Other operating income 23,004 23,020
OPERATING SURPLUS/(DEFICIT) 4 829,898 (162,981 )

Interest receivable and similar income 198,614 64,153
SURPLUS/(DEFICIT) BEFORE TAXATION 1,028,512 (98,828 )

Tax on surplus/(deficit) 5 (158,427 ) (88,029 )
SURPLUS/(DEFICIT) FOR THE
FINANCIAL YEAR

870,085

(186,857

)
Surplus/(deficit) attributable to:
Owners of the parent 870,085 (186,857 )

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Consolidated
Other Comprehensive Income
for the year ended 31 December 2024

Period
17.4.23
Year Ended to
31.12.24 31.12.23
Notes

SURPLUS/(DEFICIT) FOR THE YEAR 870,085 (186,857 )


OTHER COMPREHENSIVE INCOME
Transferred from Isle of Man company - 11,107,368
Income tax relating to other comprehensive
income

-

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

-

11,107,368
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

870,085

10,920,511

Total comprehensive income attributable to:
Owners of the parent 870,085 10,920,511

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Consolidated Balance Sheet
31 December 2024

2024 2023
Notes
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 7,307,788 6,524,747
Investments 9 - -
7,307,788 6,524,747

CURRENT ASSETS
Stocks 10 106,042 90,499
Debtors 11 194,576 207,954
Cash at bank 9,520,526 9,131,837
9,821,144 9,430,290
CREDITORS
Amounts falling due within one year 12 (5,338,336 ) (5,034,526 )
NET CURRENT ASSETS 4,482,808 4,395,764
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,790,596

10,920,511

RESERVES
Members' subscriptions 14 5,216,365 5,569,144
Sinking Fund 14 2,433,602 2,040,933
Income and expenditure account 14 4,140,629 3,310,434
MEMBERS' FUNDS 11,790,596 10,920,511

The financial statements were approved by the Board of Directors and authorised for issue on 6 June 2025 and were signed on its behalf by:





Ian John Hares OBE - Director


FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Company Balance Sheet
31 December 2024

2024 2023
Notes
FIXED ASSETS
Intangible assets 7 5,393,260 5,759,646
Tangible assets 8 - -
Investments 9 4,840,699 4,840,699
10,233,959 10,600,345

CURRENT ASSETS
Debtors 11 4,375 1,680
Cash at bank 1,224,554 1,030,614
1,228,929 1,032,294
CREDITORS
Amounts falling due within one year 12 (3,939,437 ) (3,931,766 )
NET CURRENT LIABILITIES (2,710,508 ) (2,899,472 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,523,451

7,700,873

RESERVES
Members' subscriptions 5,216,365 5,569,144
Income and expenditure account 2,307,086 2,131,729
MEMBERS' FUNDS 7,523,451 7,700,873

Company's loss for the financial year (177,422 ) (147,883 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 6 June 2025 and were signed on its behalf by:





Ian John Hares OBE - Director


FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Consolidated Statement of Changes in Equity
for the year ended 31 December 2024

Retained Members' Sinking Total
earnings subscriptions Fund equity

Changes in equity
Deficit for the period (186,857 ) - - (186,857 )
Other comprehensive income 3,497,291 5,569,144 2,040,933 11,107,368
Total comprehensive income 3,310,434 5,569,144 2,040,933 10,920,511
Balance at 31 December 2023 3,310,434 5,569,144 2,040,933 10,920,511

Changes in equity
Surplus for the year 870,085 - - 870,085
Other comprehensive income (39,890 ) (352,779 ) 392,669 -
Total comprehensive income 830,195 (352,779 ) 392,669 870,085
Balance at 31 December 2024 4,140,629 5,216,365 2,433,602 11,790,596

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Company Statement of Changes in Equity
for the year ended 31 December 2024

Retained Members' Total
earnings subscriptions equity

Changes in equity
Deficit for the period (147,883 ) - (147,883 )
Other comprehensive income 2,279,612 5,569,144 7,848,756
Total comprehensive income 2,131,729 5,569,144 7,700,873
Balance at 31 December 2023 2,131,729 5,569,144 7,700,873

Changes in equity
Deficit for the year (177,422 ) - (177,422 )
Other comprehensive income 352,779 (352,779 ) -
Total comprehensive income 175,357 (352,779 ) (177,422 )
Balance at 31 December 2024 2,307,086 5,216,365 7,523,451

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Consolidated Cash Flow Statement
for the year ended 31 December 2024

Period
17.4.23
Year Ended to
31.12.24 31.12.23
Notes
Cash flows from operating activities
Cash generated from operations 1 1,595,748 935,593
Tax paid (129,702 ) (93,852 )
Net cash from operating activities 1,466,046 841,741

Cash flows from investing activities
Purchase of tangible fixed assets (1,306,971 ) (132,300 )
Sale of tangible fixed assets 31,000 -
Cash received on transfer of companies - 8,358,243
Interest received 198,614 64,153
Net cash from investing activities (1,077,357 ) 8,290,096

Increase in cash and cash equivalents 388,689 9,131,837
Cash and cash equivalents at beginning of
year

2

9,131,837

-

Cash and cash equivalents at end of year 2 9,520,526 9,131,837

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 December 2024

1. RECONCILIATION OF SURPLUS/(DEFICIT) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

Period
17.4.23
Year Ended to
31.12.24 31.12.23
Surplus/(deficit) before taxation 1,028,512 (98,828 )
Depreciation charges 494,880 421,499
Profit on disposal of fixed assets (10,349 ) -
Foreign exchange adjustments - 6,849
Finance income (198,614 ) (64,153 )
1,314,429 265,367
(Increase)/decrease in stocks (15,543 ) 35,195
Decrease in trade and other debtors 38,754 4,728,358
Increase/(decrease) in trade and other creditors 258,108 (4,093,327 )
Cash generated from operations 1,595,748 935,593

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
Cash and cash equivalents 9,520,526 9,131,837
Period ended 31 December 2023
31.12.23 17.4.23
Cash and cash equivalents 9,131,837 -


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
Net cash
Cash at bank 9,131,837 388,689 9,520,526
9,131,837 388,689 9,520,526
Total 9,131,837 388,689 9,520,526

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Notes to the Consolidated Financial Statements
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Four Seasons Country Club Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Euro (€).


Monetary amounts in these financial statements are rounded to the nearest Euro.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidate the financial statements of Four Seasons Country Club Limited and its subsidiary undertaking, Four Seasons Country Club (Propriedades) Sociedade Unipessoal, Lda.

The subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates and these estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key accounting estimates and assumptions

The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors also need to exercise judgment in applying the group’s accounting policies. The areas that involved a higher degree of judgment or complexity, as well as the estimates and assumptions that have the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been summarised below.

a) Going concern

As a result of a solid performance throughout 2024, the Club is in a healthy financial position. The financial statements have therefore been prepared on the going concern basis.

b) Annual depreciation charge for tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 8 for the carrying amount of the tangible asset and page 21 for the estimated useful life of each asset class.

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts and rebates allowed by the group and value added taxes. All revenue between group companies are eliminated on consolidation.

The group recognises revenue when the significant risks and rewards of the goods or services have been transferred to the buyer, the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the group.

Revenue of the group comprises the following streams:

(i) Membership fees

Membership fees are charged to members annually. These are recognised during the week that each member’s fee relates to.

(ii) Sale of goods

The group operates an on-site restaurant and bar, as well as the mini market. Revenue from the sale of goods is recognised at the point of sale.

(iii) Rendering of services

The group provides a number of services to members and non-members. These include sales of green fees on behalf of local golf courses, provision of sports facilities at the club and rental and resales services for members. Revenue from the provision of services is recognised as the services are provided. Where the group acts as an agent selling the services, only the commission income is included within revenue.

(iv) Interest income

Interest income is recognised using the effective interest method.

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are measured under the cost model per FRS 102, Section 17 Property, Plant and Equipment are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Land is not depreciated. Depreciation on other assets is calculated, using the straight-line method, to allocate the depreciable amount to their residual values over their estimated useful lives, as follows:

Cost of development and other buildings-50 years
Fixtures and equipment-4 - 8 years

The assets residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Depreciation is charged to administrative expenses in the Consolidated Income Statement and retained earnings. A reserves transfer is made from revenue reserves to member's subscriptions reserve to the extent required to amortise members' subscriptions at 2% per annum.

Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the group and the cost can be measured reliably.

Repairs, maintenance and minor inspection costs are expensed as incurred.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss and included in ‘Establishment’ expenses.

Intangible assets
The Occupancy Rights relate to the cost of building the Four Seasons complex, recognising the economic benefits that are attributable to the rights to sell the villa hours which has been transferred to Four Seasons Country Club Limited.

Occupancy Rights are amortised evenly over the estimated economic life of the complex, assumed to be 50 years.

Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to sell. Inventories are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined using the average cost (AVCO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition.

At the end of each reporting period inventories are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the statement of comprehensive income. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in profit or loss.


FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period.

Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current taxation assets and liabilities are not discounted.

Current tax is the amount of income tax payable in respect of the taxable surplus for the year or prior years.

Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
(i) Functional and presentational currency
The group financial statements are presented in Euros. The parent company and the subsidiary company’s functional and presentation currency is the Euro.

(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the average rate prevailing at the date of the transaction.

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 and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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 statement of comprehensive income.

Employee benefits
The group provides a range of benefits to employees, including annual bonus arrangements and paid holiday arrangements. Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Exceptional items
The group classifies certain one-off charges or credits that have a material impact on the group’s financial results as ‘exceptional items’. These are disclosed separately to provide further understanding of the financial performance of the group.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less.

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

(i) Financial assets

Basic financial assets, including receivables and cash and cash equivalents, 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 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 profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including membership fees received in advance, rentals in advance, rentals due to members, trade payables, accruals, other payables and borrowings 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.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Other payables 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.

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.

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


FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Related party transactions
The group discloses transactions with related parties which are not wholly owned within the same group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transactions on the group financial statements.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset’s cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset’s cash generating unit) is compared to the carrying amount of the asset (or asset’s cash generating unit).

The recoverable amount of the asset (or asset’s cash generating unit) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset’s (or asset’s cash generating unit) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset.

If the recoverable amount of the asset (or asset’s cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the Consolidated statement of income and retained earnings.

If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset’s cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the Consolidated statement of income and retained earnings.

Sinking fund
It is the board’s policy to allocate, where possible, an amount equal to 12.5% of annual membership fee income to the sinking fund in order to provide for the refurbishment and replacement of club assets in the future. A reserves transfer is made from revenue reserves to the sinking fund in respect of this.

3. EMPLOYEES AND DIRECTORS

2024 2023
Wages and salaries 3,187,186 1,482,809
Social security 756,957 352,167
3,944,143 1,834,976

The average number of employees during the period was as follows:

Directors 8 8
Staff 156 150
164 158

Key management personnel of the group received remuneration of €175,186 (2023: €96,484), on which the group paid employer social security contributions of €38,899 (2023: €22,915), during the period.

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024

Period
17.4.23
Year Ended to
31.12.24 31.12.23
Directors' remuneration 11,400 5,985

4. OPERATING SURPLUS/(DEFICIT)

The operating surplus (2023 - operating deficit) is stated after charging/(crediting):

Period
17.4.23
Year Ended to
31.12.24 31.12.23
Depreciation - owned assets 494,880 421,499
Auditors' remuneration 12,000 15,000
Foreign exchange differences (8,807 ) 76

5. TAXATION

Analysis of the tax charge
The tax charge on the surplus for the year was as follows:
Period
17.4.23
Year Ended to
31.12.24 31.12.23
Current tax:
UK corporation tax 64,886 19,184
Portuguese corporation tax 93,541 68,845

Tax on surplus/(deficit) 158,427 88,029

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024

5. TAXATION - continued

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

Period
17.4.23
Year Ended to
31.12.24 31.12.23
Surplus/(deficit) before tax 1,028,512 (98,828 )
Surplus/(deficit) multiplied by the standard rate of corporation tax in the UK
of 25 % (2023 - 25 %)

257,128

(24,707

)

Effects of:
Expenses not deductible for tax purposes 91,597 13,155
Effect of foreign tax (191,721 ) 99,543
Effect of foreign currency translation 1,423 38
Total tax charge 158,427 88,029

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2024.

17.4.23 to 31.12.23
Gross Tax Net
Transferred from Isle of Man company 11,107,368 - 11,107,368

6. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024

7. INTANGIBLE FIXED ASSETS

Company
Occupancy
rights
COST
At 1 January 2024
and 31 December 2024 5,912,307
AMORTISATION
At 1 January 2024 152,661
Amortisation for year 366,386
At 31 December 2024 519,047
NET BOOK VALUE
At 31 December 2024 5,393,260
At 31 December 2023 5,759,646

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024

8. TANGIBLE FIXED ASSETS

Group







Land


Cost of
development
Other
buildings,
fixtures and
equipment



Total
As at January 2024
Cost 630,243 5,495,789 820,214 6,946,246
Accumulated depreciation - (366,386 ) (55,113 ) (421,499 )
Net book value 630,243 5,129,403 765,101 6,524,747

Year end 31st December 2024
Opening net book value 630,243 5,129,403 765,101 6,524,747
Additions - - 1,306,971 1,306,971
Disposals - - (99,510 ) (99,510 )
Depreciation - eliminated on disposal - - 70,460 70,460
Depreciation - (366,386 ) (128,494 ) (494,880 )
Closing net book value 630,243 4,763,017 1,914,528 7,307,788

At 31st December 2024
Cost 630,243 5,495,789 2,027,675 8,153,707
Accumulated depreciation - (732,772 ) (113,147 ) (845,919 )
Net book value 630,243 4,763,017 1,914,528 7,307,788

Tangible fixed assets represent primarily land and buildings, being the cost incurred in the development of a tourist resort at Quinta do Lago, Algarve, Portugal. Under the terms of an agreement between the company and its subsidiary Four Seasons Country Club (Propriedades) Sociedade Unipessoal, Lda, a right of occupancy has been granted to the company in respect of the tourist resort for a consideration equivalent to the development cost. As noted in the strategic report, the company acquired the business of Four Seasons Country Club Limited, a company limited by guarantee formerly incorporated in the Isle of Man. The above table shows the fixed assets following the transfer, at net book value, on 23 July 2023. The below table shows the position where the transfer is ignored.

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024







Land


Cost of
development
Other
buildings,
fixtures and
equipment



Total
As at January 2024
Cost 630,243 18,571,289 3,386,797 22,588,329
Accumulated depreciation - (13,441,886 ) (2,621,696 ) (16,063,582 )
Net book value 630,243 5,129,403 765,101 6,524,747

Year end 31st December 2024
Opening net book value 630,243 5,129,403 765,101 6,524,747
Additions - - 1,306,971 1,306,971
Disposals - - (99,510 ) (99,510 )
Depreciation - eliminated on disposal - - 70,460 70,460
Depreciation - (366,386 ) (128,494 ) (494,880 )
Closing net book value 630,243 4,763,017 1,914,528 7,307,788

At 31st December 2024
Cost 630,243 18,571,289 4,594,258 23,795,790
Accumulated depreciation - (13,808,272 ) (2,679,730 ) (16,488,002 )
Net book value 630,243 4,763,017 1,914,528 7,307,788

9. FIXED ASSET INVESTMENTS

The following company is a subsidiary of Four Seasons Country Club Limited:

Four Seasons Country Club (Propriedades) S.U. Lda.
Principal activity: Provision of hotels and similar accommodation at a holiday resort.
Registered office: Avenida Andre Jordan, Quinta do Lago District: Faro Municipality, Loule Parish: Almancil 8135 998 Almancil
Percentage holding: 100%

10. STOCKS

Group
2024 2023
Stock 106,042 90,499

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
Trade debtors 3,344 10,602 - -
Other debtors 39,927 69,428 4,375 1,680
Tax 63,786 38,410 - -
Prepayments & accrued income 87,519 89,514 - -
194,576 207,954 4,375 1,680

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
Trade creditors 268,092 248,256 - -
Amounts owed to group undertakings - - 3,720,179 3,720,179
Corporation tax 64,886 19,184 64,886 19,184
VAT 103,478 132,644 - -
Other creditors 973,559 773,855 154,372 192,403
Accruals & deferred income 3,928,321 3,860,587 - -
5,338,336 5,034,526 3,939,437 3,931,766

Membership fees received in advance represented 61.38% of the total membership fees invoiced for 2025 (2024: 56.58%).

13. FINANCIAL INSTRUMENTS

2024 2023
Financial assets
Financial assets that are debt instruments measured at amortised cost 9,715,102 9,211,864
9,715,102 9,211,864
Financial liabilities
Financial liabilities measured at amortised cost 5,338,337 4,901,210
5,338,337 4,901,210

FOUR SEASONS COUNTRY CLUB LIMITED (REGISTERED NUMBER: 14808991)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2024

14. RESERVES

Group
Income and
expenditure Members' Sinking
account subscriptions Fund Totals

At 1 January 2024 3,310,434 5,569,144 2,040,933 10,920,511
Surplus for the year 870,085 870,085
Amortisation of members'
subscriptions 352,779 (352,779 ) 42,007 42,007
Sinking fund transfers (392,669 ) - 350,662 (42,007 )
At 31 December 2024 4,140,629 5,216,365 2,433,602 11,790,596


15. CAPITAL COMMITMENTS
2024 2023
Contracted but not provided for in the
financial statements 338,876 300,402

The company is investing in a project which has involved the construction of a first-floor extension to our existing mini-market building to accommodate administrative staff. These staff were previously located in a separate building that has been demolished to create space for the construction of a new year-round heated outdoor swimming pool and changing room. The project also includes the replacement of the accessible villa to comply with Health & Safety Standards.

16. 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 related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Membership fee income within the statement of comprehensive income of €24,315 (2023: €28,773) was in relation to weeks owned by the directors or parties related to the directors. At the year end, there were no balances outstanding in relation to these amounts.

During the year, membership fees for 2025 were invoiced. At the year end, amounts received from directors and their related parties in relation to these amounts, which are included within ’'Prepayments and accrued income' in note 11, were €23,365 (2023: €27,361).