Fairways NI Limited iXBRL

Fairways NI Limited

Financial Statements

for the financial year ended 30 April 2025

Fairways NI Limited

Company Registration Number: NI057925

BALANCE SHEET

as at 30 April 2025

		2025	2024
	Notes	£	£

Fixed Assets

Tangible assets

25,411

22,882

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Current Assets

Stocks

3,301

3,720

Debtors

22,600

21,911

Cash and cash equivalents

90,787

59,018

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116,688

84,649

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Creditors: amounts falling due within one year

(353,046)

(342,482)

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Net Current Liabilities

(236,358)

(257,833)

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Total Assets less Current Liabilities

(210,947)

(234,951)

═════════

Capital and Reserves

Called up share capital

Retained earnings

(210,948)

(234,952)

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Equity attributable to owners of the company

(210,947)

(234,951)

═════════

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.

Approved by the Board and authorised for issue on 13 November 2025 and signed on its behalf by




Robert Conan
Director

Fairways NI Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 30 April 2025

General Information

Fairways NI Limited is a private company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI057925. The registered office of the company is The Ewart, 3 Bedford Square, Belfast, BT2 7EP. The company's principal activity is the operation of Down Royal Golf Club, Lisburn, Co.Antrim. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the year ended 30 April 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Course equipment

20% straight line

Clubhouse equipment

20% straight line

Driving range

10% straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Employee benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Government grants

Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Going concern

At 30 April 2025 the company's total liabilities exceed its total assets by £210,947.

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. This assumption is based principally on an assurance from the parent company, Merrion Property Group Limited, that they will not, in the foreseeable future, seek repayment of inter-company indebtedness which at the year end amounted to £185,709 and that it is their intention to continue to support the company.

INFORMATION RELATING TO THE AUDITOR'S REPORT

The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.

The financial statements were audited by BFCD.

The Auditor's Report was signed by Dara Ó Gaora (Senior Statutory Auditor) for and on behalf of BFCD on 14th November 2025.

Employees

The average monthly number of employees, including directors, during the financial year was 9, (2024 - 23).


6.	Tangible assets
		Course	Clubhouse	Driving	Total
		equipment	equipment	range

		£	£	£	£
	Cost
	At 1 May 2024	87,490	38,988	63,856	190,334
	Additions	11,000	-	-	11,000
	Disposals	(56,328)	(33,092)	(63,856)	(153,276)
		─────────	─────────	─────────	─────────
	At 30 April 2025	42,162	5,896	-	48,058
		─────────	─────────	─────────	─────────
	Depreciation
	At 1 May 2024	65,366	38,230	63,856	167,452
	Charge for the financial year	8,011	460	-	8,471
	On disposals	(56,328)	(33,092)	(63,856)	(153,276)
		─────────	─────────	─────────	─────────
	At 30 April 2025	17,049	5,598	-	22,647
		─────────	─────────	─────────	─────────
	Net book value
	At 30 April 2025	25,113	298	-	25,411
		═════════	═════════	═════════	═════════
	At 30 April 2024	22,124	758	-	22,882
		═════════	═════════	═════════	═════════


7.	Stocks	2025	2024
		£	£

	Finished goods and goods for resale	3,301	3,720
		═════════	═════════

	The replacement cost of stock did not differ significantly from the figures shown.


8.	Debtors	2025	2024
		£	£

	Trade debtors	-	303
	Prepayments and accrued income	22,600	21,608
		─────────	─────────
		22,600	21,911
		═════════	═════════


9.	Creditors	2025	2024
	Amounts falling due within one year	£	£

	Trade creditors	131,705	139,388
	Amounts owed to group undertakings	185,709	179,469
	Taxation (Note 10)	16,053	9,720
	Accruals and deferred income	19,579	13,905
		─────────	─────────
		353,046	342,482
		═════════	═════════


10.	Taxation	2025	2024
		£	£

	Creditors:
	VAT	12,560	6,178
	PAYE / NI	3,493	3,542
		─────────	─────────
		16,053	9,720
		═════════	═════════

11.

Capital commitments

The company had no material capital commitments at the 30 April 2025 (2024: €Nil).

12.

Related party transactions

The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.

13.

Parent company

The company regards Merrion Property Group Limited a company registered in the Republic of Ireland as its parent company. Merrion Property Group Limited holds 100% of the ordinary share capital of Fairways NI Limited.

14.

Controlling interest

The company is under the control of the director Michael Roden.

15.

Post-Balance Sheet Events

There have been no significant events affecting the company since the financial year-end.