Balmoral Golf Club Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: R0000061 (Northern Ireland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

BALMORAL GOLF CLUB LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

10

DIRECTORS:

D McGranaghan

D Morgan

M Agnew

Ms K Flynn

D G Murray

Ms N Anderson

M P Ewings

O Matassa

Ms N Mcaree

Ms B Mcnally

J P Turkington

Ms C M Ewings

M Fitzmaurice

J McIlroy

Ms M Wilson

SECRETARY:

Ms C McGourty

REGISTERED OFFICE:

518 Lisburn Road

Belfast

BT9 6GX

REGISTERED NUMBER:

R0000061 (Northern Ireland)

AUDITORS:

Baker Tilly Mooney Moore

Statutory Auditors

17 Clarendon Road

Belfast

BT1 3BG

FIXED ASSETS

Tangible assets

4

2,948,668

2,992,966

CURRENT ASSETS

Stocks

17,430

21,798

Debtors

5

36,378

29,178

Cash at bank and in hand

81,858

187,535

135,666

238,511

CREDITORS

Amounts falling due within one year

6

1,509,984

1,472,278

NET CURRENT LIABILITIES

(1,374,318

)

(1,233,767

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,574,350

1,759,199

CREDITORS

Amounts falling due after more than one
year

7

60,268

96,068

NET ASSETS

1,514,082

1,663,131

RESERVES

Retained earnings

1,514,082

1,663,131

1,514,082

1,663,131

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:

J P Turkington - Director

1.	STATUTORY INFORMATION

Balmoral Golf Club Limited is a private company, limited by guarantee, registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The company made a loss in the year of £149,049 and at year end has net current liabilities of £1,374,318. The company has a bank loan of £1,012,371 which was due for repayment in September 2023 and the facility was not renewed by the bank The loan was acquired by AB Carval in May 2024 and is being managed by Pepper Advantage. The loan is secured by a charge on the land and premises of the club. Subsequent to year end the company entered into a "facilities" agreement with Merrion Property Group Limited (Merrion) and repaid the loan to AB Carval. The "facilities agreement" from Merrion is part of a wider agreement whereby the company has entered into an option agreement with (Merrion) to sell the club's property and land to Merrion and entered into a put option to purchase land from Merrion to build a new golf course,

This has been viewed by the club as a strategic partnership with the Merrion Property Group.Which will see the company and Merrion working together over the coming years to relocate Balmoral to a new Paul McGinley designed golf course with clubhouse and practice facilities at the 150 acre Newgrove Estate at Ballylesson, located just 3.5 miles from the current location.

The directors and the members are of the view that the strategic alliance with Merrion provides the best opportunity for the club to repay its indebtedness and return to sustained profitability.

However, given that the the option agreements are subject to planning approval risk, there remains a material uncertainty which may cast doubt on the company's ability to continue as a going concern and therefore it might not be possible to realise its assets and liabilities in the normal course of business.

The financial statements have been prepared on a going concern basis.

Significant judgements and estimates

The following judgements including those involving estimates have been made in the process of applying the accounting policies below that have the most significant effect on the amounts recognised in the financial statements and that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year.

(i) Depreciation method and asset useful lives

The estimates and assumptions are reviewed on a regular basis considering the current and future market conditions.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Fixed assets are shown at cost of acquisition less depreciation to date. The cost of assets comprises purchase price and any installation charges.

Depreciation

Depreciation is calculated to write off the cost of fixed assets on the following basis:

Land

Nil

Course Construction

Nil

Fixtures and fittings

20% reducing balance

Course Buildings

20% straight line

Plant and machinery

20% straight line

Clubhouse and Professional Shop

2% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities from club members, the club's bank and other third parties.

Debt instruments that are payable or receivable within one year are measured initially and subsequently at the undiscounted amount of the cash expected to be received or paid.

Debt instruments like loans and other accounts receivable are initially measured at present value of future payments and subsequently measured at amortised cost using the effective interest method. If arrangements of a short term instrument constitute a financing transaction, like a debt financed at a rate of interest which is not a market rate, the financial asset or liability is measured initially and subsequently at the present value of future payments discounted at a market rate of interest for similar debt instrument.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Hire purchase and leasing commitments

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

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring the surplus or deficit. Assets held under finance leases and hire purchase contracts are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets.

Operating leases

The company classifies the lease of golf carts and office equipment as operating leases. The title to the equipment remains with the lessor and the equipment is replaced periodically. Operating lease rentals are charged to the surplus or deficit on a straight-line basis over the term of the lease.

Pension costs

The company operates a defined contribution pension scheme. Contributions payable to the club's pension scheme are charged to the surplus or deficit in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Course under
construction

Land

Course
buildings

Proshop

COST

At 1 January 2024

2,488,928

7,125

45,300

70,800

Additions

-

At 31 December 2024

2,488,928

7,125

45,300

70,800

DEPRECIATION

At 1 January 2024

-

45,268

34,615

Charge for year

-

32

1,417

At 31 December 2024

-

45,300

36,032

NET BOOK VALUE

At 31 December 2024

2,488,928

7,125

-

34,768

At 31 December 2023

2,488,928

7,125

32

36,185

Club house

Machinery

Fixtures

Totals

COST

At 1 January 2024

817,906

369,536

464,773

4,264,368

Additions

-

400

26,267

26,667

Eliminated on disposal

-

At 31 December 2024

817,906

369,936

491,040

4,291,035

DEPRECIATION

At 1 January 2024

558,006

242,785

390,728

1,271,402

Charge for the year

16,358

33,095

20,063

70,963

Eliminated on disposal

At 31 December 2024

574,364

275,880

410,791

1,342,365

NET BOOK VALUE

At 31 December 2024

243,542

94,056

80,249

2,948,668

At 31 December 2023

259,900

126,751

74,045

2,992,966

FINANCE LEASES AND HIRE PURCHASE CONTRACTS

Included in the net book value of fixed assets are the following amounts relating to assets held under finance leases or hire purchase contracts:

Machinery

£

At 31 December 2024

81,008

At 31 December 2023

109,398

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

as restated

£

Trade debtors

17,880

8,137

Other debtors

18,498

21,041

36,378

29,178

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

as restated

£

Hire purchase contracts (see note 8)

25,872

24,364

Trade creditors

104,014

35,483

VAT

7,755

3,477

Other creditors

-

680

Smart Card Balances

53,662

71,613

Subs in Advance (playing)

160,528

295,895

Merrion Loan

120,000

-

Bank loans < 1 year

1,022,724

1,012,524

Accrued expenses

15,429

28,242

1,509,984

1,472,278

A Bank loan expired of £1,012,371 expired on 30th September 2023. The loan was acquired by Ab Carval (together with any securities and guarantees in connection with the loan) in May 2024. The loan is now past due for payment and secured by a charge on the land and premises of the club. Further details of this are included in the going concern note (note 2) to the financial statements.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.24

31.12.23

as restated

£

Hire purchase contracts (see note 8)

54,108

79,607

Bank Loans >1 year

6,160

16,461

60,268

96,068

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.24

31.12.23

as restated

£

Net obligations repayable:

Within one year

25,872

24,364

Between one and five years

54,108

79,607

79,980

103,971

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

We draw attention to note 2 of the financial statements, which indicates that the company incurred a loss of £149,049 during the year ended 31 December 2024 and that the company's current liabilities exceeded its current assets by £1,374,318. As stated in note 2 the company has a bank loan balance of £1,012,371 which was due for repayment in September 2023 and the facility was not renewed. The loan was acquired by AB Carval in May 24 and is secured by a charge on the land and premises of the club and is past due for payment.Subsequent to year end the company entered into a "facilities" agreement with Merrion Property Group Limited (Merrion) and repaid the loan to AB Carval. The "facilities agreement" from Merrion is part of a wider agreement whereby the company has entered into an option agreement with (Merrion) to sell the club's property and land to Merrion and entered into a put option to purchase land from Merrion to build a new golf course,

However, given that the the option agreements are subject to planning approval risk, there remains a material uncertainty which may cast doubt on the company's ability to continue as a going concern and therefore it might not be possible to realise its assets and liabilities in the normal course of business.

As stated in note 2, these events or conditions along with other matters set out in note 2 indicate that a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

Eimear Brown (Senior Statutory Auditor)

for and on behalf of Baker Tilly Mooney Moore

10.	CAPITAL COMMITMENTS

At 31 December 2024 there were no capital commitments.

11.	RELATED PARTY DISCLOSURES

There were no related party transactions during the year except for the payment of normal membership subscriptions by the Directors and the award of Honoraria to a number of Club Officials.

12.	POST BALANCE SHEET EVENTS

Post year end the company entered into an option agreement with Merrion Property Group Limited (Merrion) to sell the club's property and land to Merrion and entered into a put option to purchase land from Merrion to build a new golf course. In addition to this the company entered into a facilities agreement with Merrion and repaid the outstanding loan balance due to Ab Carval.

This has been viewed by the club as a strategic partnership with the Merrion Property Group which will see the company and Merrion working together over the coming years to relocate Balmoral to a new Paul McGinley designed golf course with clubhouse and practice facilities at the 150 acre Newgrove Estate at Ballylesson, located just 3.5 miles from the current location.

13.	MEMBERS' LIABILITY

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

14.	PAYE REFERENCE

The PAYE reference number of the Club is 92588470.

15.	VAT REFERENCE

The VAT registration number of the Club is 251804673

16.	SUBSCRIPTIONS

The main categories of membership and numbers of subscriptions are: