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Registered number:
FOR THE YEAR ENDED 30 APRIL 2025
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GOLFBREAKS LIMITED
COMPANY INFORMATION
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GOLFBREAKS LIMITED
CONTENTS
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GOLFBREAKS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
The directors present their strategic report together with the audited financial statements for the year ended 30 April 2025.
The principal activity of the Group and Company continued to be the promotion of golf breaks, golf holidays and golf tournament experiences across our three consumer markets: the UK and Ireland, Scandinavia, and the USA. There were no significant changes in the Group’s principal activities during the year.
The Group delivered a strong performance achieving another year of growth. Turnover reached £117.4 million, representing a 7.5% year-on-year increase. This growth further strengthened the Group’s Balance Sheet, delivering a positive cashflow of over £5 million for the third consecutive year.
UK Market The UK business grew by 5.9%, driven primarily by outbound travel to European destinations such as Spain, Portugal, France and Greece, as well as to mid-haul destinations including Morocco and the Canary Islands. The domestic staycation market remained relatively flat, impacted by a particularly wet Spring in 2024 and continued high pricing following the post-pandemic boom. However, as we move into 2025, our core suppliers are beginning to adopt more tactical pricing strategies. Scandinavian Market Representing 2.6% of Group revenues, the Scandinavian business continued to focus on pro-escorted group travel. While revenue declined by 14%, a reduced cost base - primarily due to a lower headcount - ensured profitability. During the year, the parent company made a tax-free capital contribution to eliminate inter-company debt, resulting in full ownership of the Scandinavian subsidiary. Our Denmark-based Managing Director, who celebrated a decade with the company, will continue to lead operationally. USA Market Now accounting for 17.3% of Group revenues, our USA business experienced another year of strong growth with sales increasing by over 20%. This success was driven by record-high sales conversion and collaborative best practices between the leadership teams. Our product team continues to expand our offering, adding new destinations and packages based on demand insights from both existing channels and new partnerships. Customer Experience Our unwavering focus on delivering outstanding customer experience continues to yield exceptional results. Customer satisfaction has reached an all-time high, with over 85,000 five-star reviews across Trustpilot, Feefo and Google platforms – a testament to the quality and reliability of our booking experience.
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GOLFBREAKS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
Business review (continued)
Strategic Priorities To maintain our strong financial performance and capitalise on future opportunities, we remain focused on the following strategic initiatives: 1. Supplier Relationships - We will continue to nurture our long-standing supplier relationships whilst exploring new opportunities to deliver an exceptional range of products across all geographic markets. 2. Customer-Centric Approach - Customer satisfaction remains a top priority, and we are committed to continuously enhancing our service through strategic investment in technology. To support a more seamless sales and booking experience, we launched the new Golfbreaks App, which complements our existing online booking portal. The app has received excellent feedback for its intuitive design, robust functionality, and ease of use. 3. Digital Transformation - Continued investment in data analytics and AI will drive operational efficiency and enable personalised booking experiences and recommendations for our customers. 4. Talent Retention and Development - As a “Top 10 Best Workplaces in Travel 2024” (mid-sized company), our culture and success are shaped by our talented and committed team. We will continue to invest in communication, training, and professional development to ensure our people are prepared for evolving technology and market needs. Acknowledgements The directors would like to thank all our employees, customers, and suppliers for their continued loyalty and dedication. With their support, we will continue to grow and deliver memorable golf experiences both at home and around the world.
Liquidity risk
The Group and Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Due to the seasonality of the business, the Group's liquidity is at a low point in December. The impact of this risk is that the Group could have difficulty in meeting its financial obligations as they fall due. The directors mitigate this risk by focusing on cash management and detailed cash flow forecasting. The directors feel these efforts have been successful, with the Group generating positive cashflows of over £5 million for the third consecutive year, and the Group also maintaining 100% cash coverage of the client deposits that it has taken at year-end. The credit risk associated with the cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies. Exchange rate risk The Group is exposed to transaction foreign exchange risk. Transaction exposures, including those associated with forecast transactions, are hedged when known, principally using forward currency contracts, in accordance with the Group's hedge accounting policy. At year-end, the Group had covered 93% of its future Euro commitments with hedges, leaving only minimal exposure to future commitments stated in other currencies.
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GOLFBREAKS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
Principal risks and uncertainties (continued)
Regulatory risk The travel industry is highly regulated. The impact of this is the inability to trade due to loss of licence which would damage the Company's reputation. To mitigate the risk, the Group reports regularly to its external regulators, the Civil Aviation Authority ("CAA"), Association of Bonded Travel Organisers Trust ("ABTOT") and the Danish Travel Guarantee Fund ("DTGF"). The CAA issues an Air Travel Organisers Licence ("ATOL") and is required in order for the Group to operate in the UK. This licence is renewed in September each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA website (www.caa.co.uk). Economic conditions Decline in consumer demand due to the global economic environment, wars in Ukraine and the Middle East and rising costs in the UK could have the impact of reducing volumes and put pressure on profitability. The Group operates across a number of markets in the UK, Europe and the rest of the world, and as can be seen from the financial statements and forward outlook, the Group has been able to continue trading at record levels due to a diverse market portfolio. Political, social, and environmental factors Due to the nature of the industry that the Group operates in, the Group faces political risks (for example social unrest or terrorism), environmental risks (such as hurricanes or volcanic eruptions) and health risks in destinations in which we operate. This can result in cancellation of holidays, repatriation costs and decline in customer demand. The Group mitigates this risk by operating in several travel destinations and has established an incident management policy, making use of advice provided by ABTOT (the Association of Bonded Travel Organisers) and the FCDO (Foreign Commonwealth and Development Office). Following the withdrawal of the United Kingdom from the European Union on 31 January 2020, the Group continues to consider possible contingency strategies and the regulatory benefits of operating a Scandinavian business, to ensure the business remains resilient to potential changes any new trade arrangement could bring to currency, licensing or tax treatment for travel into the EU. Consumer confidence has returned in recent years, despite political and social unrest in key markets. Nonetheless, the Group continues to monitor latest data, scientific guidance and government announcements for signs of further disruption. We report internally on levels of customer demand, new bookings, cancellations and customer balances on a daily basis to observe any changes and impact to trading. We continue to consult with staff on their capability to work remotely or in the office under a modern hybrid working policy to maintain operations and service levels. To sustain our improved profitability, we continue to monitor all non-essential spending whilst benefiting from other more significant cost reduction measures and improvements to working capital from increased operational efficiency and better use of data analytics in our marketing and digital teams. The uncertainty as to the future impact of the cost-of-living crisis on the Group has also been considered as part of the Group’s adoption of the going concern basis, as explained in note 2.3 on page 26.
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GOLFBREAKS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
The financial key performance indicators of the Group for the 12-month period are summarised in the Consolidated Profit and Loss Account on page 14. Key financial metrics are outlined below:
Group Turnover increased by 7.5% to £117,359,042 (2024 - £109,168,921), driven by continued growth across both the UK and international operations. Gross Profit increased by 8.5% to £21,121,490 (2024 - £19,469,043) with the gross margin improving slightly to 18.00% (2024 - 17.83%). This uplift was primarily due to a favourable shift in geographical sales mix, with the higher-margin US business accounting for the largest share of the increase. Operating expenses for the year totalled £18,188,632 (2024: £16,953,597), reflecting increased investment in people, systems and marketing as part of the Group’s strategy to support sustainable medium-term growth. The average number of employees during the year increased to 202, up from 192 in the previous year. EBITDA increased to £4,651,983 (2024 – £4,151,118), as revenue growth outpaced the rise in operating costs. Profit on ordinary activities before taxation amounted to £3,675,545 (2024 - £2,727,181), reflecting improved trading performance and operational leverage. The Group’s net Balance Sheet position strengthened significantly, with net assets increasing to £4,869,989 (2024 - £1,842,891), underpinned by the improved profitability and cash generation.
The Group uses a variety of financial instruments including cash, equity instruments, mini bonds, trade creditors and debtors and forward exchange contracts, which arise directly from its operations. The main purpose of these financial instruments is to provide working capital for the Group operations.
Given the size of the Group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the Board. The policies set by the Board of directors are implemented by the Group’s senior finance team. The directors are of the view that the main risks arising from the Group’s financial instruments are exchange rate risk and liquidity risk. The directors set and review policies for managing each of these risks and they are summarised in the principal risks and uncertainties above.
Section 172 of the Companies Act 2006 sets out the duties of directors when exercising powers and discharging their responsibilities. This report sets out how the directors of the Group have complied with their statutory duties in the reporting period.
The Board During the reporting period, the Board was comprised of one independent non-executive director (Compton Hellyer), one non-executive director representing the PGA TOUR’s shareholding (Lance Stover) and the four founding executive directors (Andrew Stanley, Steve Hemsworth, Guy Proddow and Daniel Grave). The founding directors represent the majority shareholding in the Group and continue to be directly invested in promoting the success of the Group for the benefit of the members as a whole. The Board has long term considerations at its heart. The intention of the Group is to continue its position as the global leader in golf travel continuing to focus on its employees, its customers and its suppliers creating long term and lasting relationships built on honesty, integrity and trust. Further details are included in the ‘Future Developments’ section of this report.
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GOLFBREAKS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
Directors' statement of compliance with duty to promote the success of the Group (continued)
Discharging its statutory duties The Board recognises that decision making for the long term requires that the interests of various stakeholders be considered including those of employees, customers, suppliers and the wider community in which the Group operates. The Board also recognises, and has regard to, its governance frameworks and high standards of business conduct in managing the affairs of the Group. The Board discharges its duties through: - Having a clear plan of meetings to address the matters that are important to the Group’s long-term health; - Considering the Group’s relationships with employees and continuing to promote a positive company culture through regular communication, transparency and healthy recognition of individual and team achievement; - Providing assurance to our customers of the high standards that we instill in our sales and service teams by taking a proactive client-centric approach which is monitored continuously through our operational systems and proactive customer review process; - Promoting a policy of being fair to all suppliers with timely payments of invoices and regular communication and trading updates through our dedicated Product Management Team; - Continuously monitoring the Group’s financial health; and - The governance framework that it puts in place and regularly monitors. The Board is presented with regular board packs and presentations to support it with the information that it needs to discharge its responsibilities. This information includes data in relation to demand, bookings, customer relationships, supplier relationships, market developments and trends and other information relating to the long term health of the Group. Employee responses to surveys and communication programmes are also considered by the Board. The Board also has direct engagement with employees within different functions of the business to help inform its decision making. Key board considerations The Board has considered a range of strategic factors during the year, with a focus on sustainable growth, regulatory compliance and stakeholder alignment: - The Group’s significantly improved financial performance, with particular emphasis on maintaining an optimal balance between ongoing investment, Balance Sheet strength, and consistent cash generation; - Ongoing industry-wide consultations regarding the UK Package Travel Regulations, including the evaluation of available options to ensure full compliance with evolving regulatory requirements; - The accelerated growth trajectory of the US subsidiary, aligned with the Group’s strategic plan, with consideration given to the conclusion of the five-year PGA TOUR marketing relationship. The Board is actively exploring new strategic partnerships and synergies to sustain and drive future growth in this key market; - The strength of our culture and the long tenure of our leadership and management teams, alongside continued efforts to prioritise staff retention, training, and well-being in light of cost-of-living pressures and the Group’s enhanced business performance. During the course of their discussions, the Board takes into account the views of the relevant stakeholders. It places particular emphasis on the long-term objective of building and maintaining a resilient business and a market leading brand. That safeguards the interests of the founder directors and our partners at the PGA TOUR. At the same time, this long-term approach serves the broader interests of our customers, our suppliers and our employees, as well as an expanding global community of engaged golf travel enthusiasts.
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GOLFBREAKS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
The Group has continued its strong momentum into the new financial year, delivering record-breaking revenues and profitability in the opening months. Our forward order book is significantly ahead of the same point last year, reflecting robust performance across both our core UK market and our rapidly expanding US subsidiary.
Our strategy remains focused on maintaining profitability while actively pursuing strategic marketing partnerships and exploring targeted investment opportunities to support long-term growth. As part of this approach, we are partnering with the Mashie business to launch a paid subscription offering to the UK market in July 2025. This new proposition will include event credit, a concierge premium tee-time booking service, enhanced loyalty rewards, and exclusive partner offers—further strengthening customer engagement and brand value. The outlook for golf travel remains highly encouraging. According to recent industry data, The R&A reported a continued rise in global golf participation, with 42.7 million on-course golfers in R&A-affiliated markets in 2023—a 3.1 million increase year-on-year and a 44% rise since 2016. Similarly, the National Golf Foundation (NGF) recorded that 28.1 million Americans played on-course golf in 2024, the highest level since 2008, with over 12 million taking dedicated golf trips in 2023. This surge in demand for golf experiences and travel is a positive market indicator and reinforces our confidence in accelerating growth across our portfolio.
This report was approved by the board on 17 July 2025 and signed on its behalf.
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GOLFBREAKS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
The directors present their report and the financial statements for the year ended 30 April 2025.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation and minority interests, amounted to £2,818,643 (2024 - £2,112,952).
A dividend of £193,262 (2024 - £550,000) was paid during the year to the shareholders.
The directors who served during the year were:
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GOLFBREAKS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
The Group will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Group has complied with all applicable legislation and regulations.
The directors are mindful of their statutory duty to act in the way they each consider, in good faith, would be most likely to promote the success of the Group for the benefits of its members as a whole, as set out in our s172(1) statement on pages 4 and 5 of the Strategic Report. A consideration of the Group’s relationship with wider stakeholders, including suppliers and customers, is also disclosed in the same statement.
The Group's greenhouse gas emissions and energy consumption for the year are 61 tCO2e and 272,096 kWh.
The Group has historically applied “GHG Reporting Protocol – Corporate Standard” methodology and used Energyfit.uk energy and carbon reporting calculator to measure and report greenhouse gas emissions.
The Group is reporting as a large, unquoted group. The operational control approach has been used to identify the boundaries, from which the Group has identified three scopes for reporting: - Scope 1 direct emissions issued from sources directly controlled by the company, such as stationary combustion equipment for building heating - Scope 2 indirect emissions from electricity production, or from imported heat or vapor consumed in the buildings and equipment operation, provided by an external party - Scope 3 other indirect emissions issued from company activities but controlled by external parties, principally staff mileage claims
The Group is committed to minimising the negative impact that our actions have on the environment.
We continue to look at ways to minimise travel through continued use of video meeting technology, taking the learnings from the pandemic as to how business can be conducted efficiently. We continue to advocate a hybrid working policy, local staff are encouraged to take up cycle-to-work schemes and last year we introduced an Electric Vehicle leasing scheme to staff in the parent UK business.
Having consulted with the landlord and building management, to review the lighting at the Group head office, Minton Place, all lighting has recently been replaced with LED panel lights at a cost to the business and is already seeing returns on reduced electricity consumption.
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GOLFBREAKS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
There have been no significant events affecting the Group since the year end.
The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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GOLFBREAKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLFBREAKS LIMITED
We have audited the financial statements of Golfbreaks Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2025, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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GOLFBREAKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLFBREAKS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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GOLFBREAKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLFBREAKS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We exercise professional judgment and maintain professional skepticism throughout the audit; - We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; - We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; - We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - We review the scope of the Group's compliance with The Package and Linked Travel Arrangements Regulations 2018 (“PTRs”) and sample test relevant documentation to assess this and the effectiveness of its control environment; - We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements; - We review the Group's relationships with related parties, identifying and disclosing transactions during the year and balances at year-end with such parties.
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.
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GOLFBREAKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLFBREAKS LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants and Statutory Auditors
2nd Floor, Nucleus House
2 Lower Mortlake Road
TW9 2JA
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GOLFBREAKS LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2025
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GOLFBREAKS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
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GOLFBREAKS LIMITED
REGISTERED NUMBER: 03571913
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2025
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GOLFBREAKS LIMITED
REGISTERED NUMBER: 03571913
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 July 2025.
The notes on pages 27 to 53 form part of these financial statements.
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GOLFBREAKS LIMITED
REGISTERED NUMBER: 03571913
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2025
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GOLFBREAKS LIMITED
REGISTERED NUMBER: 03571913
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 27 to 53 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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