IRIS Accounts Production v25.4.0.155 R0000061 Board of Directors 1.1.25 31.12.25 31.12.25 20.3.26 false true false false true false Auditors Opinion iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh R0000061 2024-12-31 R0000061 2025-12-31 R0000061 2025-01-01 2025-12-31 R0000061 2024-09-30 R0000061 2024-10-01 2024-12-31 R0000061 2024-12-31 R0000061 ns15:NorthernIreland 2025-01-01 2025-12-31 R0000061 ns14:PoundSterling 2025-01-01 2025-12-31 R0000061 ns10:Director1 2025-01-01 2025-12-31 R0000061 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 R0000061 ns10:SmallEntities 2025-01-01 2025-12-31 R0000061 ns10:Audited 2025-01-01 2025-12-31 R0000061 ns10:SmallCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 R0000061 ns10:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 R0000061 ns10:FullAccounts 2025-01-01 2025-12-31 R0000061 ns10:Director2 2025-01-01 2025-12-31 R0000061 ns10:Director3 2025-01-01 2025-12-31 R0000061 ns10:Director4 2025-01-01 2025-12-31 R0000061 ns10:Director5 2025-01-01 2025-12-31 R0000061 ns10:Director6 2025-01-01 2025-12-31 R0000061 ns10:Director7 2025-01-01 2025-12-31 R0000061 ns10:Director8 2025-01-01 2025-12-31 R0000061 ns10:Director10 2025-01-01 2025-12-31 R0000061 ns10:Director11 2025-01-01 2025-12-31 R0000061 ns10:Director15 2025-01-01 2025-12-31 R0000061 ns10:Director16 2025-01-01 2025-12-31 R0000061 ns10:Director17 2025-01-01 2025-12-31 R0000061 ns10:Director18 2025-01-01 2025-12-31 R0000061 ns10:Director19 2025-01-01 2025-12-31 R0000061 ns10:Director20 2025-01-01 2025-12-31 R0000061 ns10:Director21 2025-01-01 2025-12-31 R0000061 ns10:Director22 2025-01-01 2025-12-31 R0000061 ns10:CompanySecretary1 2025-01-01 2025-12-31 R0000061 ns10:RegisteredOffice 2025-01-01 2025-12-31 R0000061 ns5:CurrentFinancialInstruments 2025-12-31 R0000061 ns5:CurrentFinancialInstruments 2024-12-31 R0000061 ns5:Non-currentFinancialInstruments 2025-12-31 R0000061 ns5:Non-currentFinancialInstruments 2024-12-31 R0000061 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 R0000061 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 R0000061 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 R0000061 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 R0000061 ns5:CurrentFinancialInstruments 2025-01-01 2025-12-31 R0000061 ns5:WithinOneYear ns5:CurrentFinancialInstruments ns5:HirePurchaseContracts 2025-12-31 R0000061 ns5:WithinOneYear ns5:CurrentFinancialInstruments ns5:HirePurchaseContracts 2024-12-31 R0000061 ns5:HirePurchaseContracts ns5:BetweenOneFiveYears 2025-12-31 R0000061 ns5:HirePurchaseContracts ns5:BetweenOneFiveYears 2024-12-31 R0000061 ns5:HirePurchaseContracts 2025-12-31 R0000061 ns5:HirePurchaseContracts 2024-12-31 R0000061 ns5:WithinOneYear 2025-12-31 R0000061 ns5:WithinOneYear 2024-12-31 R0000061 ns5:BetweenOneFiveYears 2025-12-31 R0000061 ns5:BetweenOneFiveYears 2024-12-31 R0000061 ns5:AllPeriods 2025-12-31 R0000061 ns5:AllPeriods 2024-12-31

REGISTERED NUMBER: R0000061 (Northern Ireland)

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| BALMORAL GOLF CLUB LIMITED |

BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

| Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |  | to |  | 9

BALMORAL GOLF CLUB LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | D McGranaghan

| D Morgan

| M Agnew

| Ms K Flynn

| D G Murray

| Ms N Anderson

| M P Ewings

| Ms N Mcaree

| Ms B Mcnally

| J McIlroy

| Ms M Wilson

| G M Crawford

| E Molloy

| C Morgan

| G Quinn

| Ms M Mackinnon

| M Matthews

| N Mckeague

| 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

BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061)

BALANCE SHEET

31 DECEMBER 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 2,889,342 |  | 2,948,668 |  |

CURRENT ASSETS

Stocks | 17,651 |  | 17,430 |  |

Debtors | 5 | 13,621 |  | 36,378 |  |

Cash at bank and in hand | 272,529 |  | 81,858 |  |

303,801 |  | 135,666 |  |

CREDITORS

Amounts falling due within one year | 6 | 1,749,193 |  | 1,509,984 |  |

NET CURRENT LIABILITIES | (1,445,392 | ) | (1,374,318 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,443,950 |  | 1,574,350 |  |

CREDITORS

Amounts falling due after more than one year | 7 | 25,083 |  | 60,268 |  |

NET ASSETS | 1,418,867 |  | 1,514,082 |  |

RESERVES

Retained earnings | 1,418,867 |  | 1,514,082 |  |

1,418,867 |  | 1,514,082 |  |

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 13 March 2026 and were signed on its behalf by:

N Mckeague - Director

BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

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 £95,215 and at year end has net current liabilities of £1,445,392. The company has a loan with third party Merrion Property Group Limited of £1,444,000. The loan is secured by a charge on the land and premises of the club. In 2025 the company entered into a "facilities" agreement with Merrion Property Group Limited (Merrion). 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 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 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.

BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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.

BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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 (2024 - 20 ) .

BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

4. | TANGIBLE FIXED ASSETS

|  | Course under construction |  | Land |  | Course buildings |  | Proshop |  |

| COST |  |

| At 1 January 2025 |  | 2,488,928 |  | 7,125 |  | 45,300 |  | 70,800 |  |

| Additions |  | - |  | - |  | - |  | - |  |

| At 31 December 2025 |  | 2,488,928 |  | 7,125 |  | 45,300 |  | 70,800 |  |

| DEPRECIATION |  |

| At 1 January 2025 |  | - |  | - |  | 45,301 |  | 36,031 |  |

| Charge for year |  | - |  | - |  | - |  | 1,416 |  |

| At 31 December 2025 |  | - |  | - |  | 45,301 |  | 37,447 |  |

| NET BOOK VALUE |  |

| At 31 December 2025 |  | 2,488,928 |  | 7,125 |  | - |  | 33,353 |  |

| At 31 December 2024 |  | 2,488,928 |  | 7,125 |  | - |  | 34,768 |  |

|  | Club house |  | Machinery |  | Fixtures |  | Totals |  |

| COST |  |

| At 1 January 2025 |  | 817,906 |  | 369,936 |  | 491,040 |  | 4,291,036 |  |

| Additions |  | - |  | - |  | - |  | - |  |

| Eliminated on disposal |  | - |  | - |  | - |  | - |  |

| At 31 December 2025 |  | 817,906 |  | 369,936 |  | 491,040 |  | 4,291,036 |  |

| DEPRECIATION |  |

| At 1 January 2025 |  | 574,364 |  | 275,880 |  | 410,791 |  | 1,342,366 |  |

| Charge for the year |  | 16,360 |  | 25,500 |  | 16,050 |  | 59,326 |  |

| Eliminated on disposal |  |

| At 31 December 2025 |  | 590,724 |  | 301,380 |  | 426,841 |  | 1,401,692 |  |

| NET BOOK VALUE |  |

| At 31 December 2025 |  | 227,183 |  | 68,556 |  | 64,199 |  | 2,889,343 |  |

| At 31 December 2024 |  | 243,542 |  | 94,056 |  | 80,249 |  | 2,948,668 |  |

| 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 2025 |  |  | 52,617 |  |

| At 31 December 2024 |  |  | 81,008 |  |

BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 700 |  | 17,880 |  |

| Other debtors | 12,921 |  | 18,498 |  |

13,621 |  | 36,378 |  |

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Hire purchase contracts (see note 8) | 31,776 |  | 25,872 |  |

| Trade creditors | 37,975 |  | 104,014 |  |

| VAT | 5,495 |  | 7,755 |  |

| Smart Card Balances | 60,542 |  | 53,662 |  |

| Subs in Advance (playing) | 148,481 |  | 160,528 |  |

| Merrion Loan | 1,444,000 |  | 120,000 |  |

| Bank loans < 1 year | 5,866 |  | 1,022,724 |  |

| Accrued expenses | 15,058 |  | 15,429 |  |

1,749,193 |  | 1,509,984 |  |

| The company has a loan with third party Merrion Property Group Limited of £1,444,000. This loan is secured against the land & property of the company.

7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Hire purchase contracts (see note 8) | 25,083 |  | 54,108 |  |

| Bank Loans >1 year | - |  | 6,160 |  |

25,083 |  | 60,268 |  |

8. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

| 31.12.25 |  | 31.12.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 31,776 |  | 25,872 |  |

| Between one and five years | 25,083 |  | 54,108 |  |

56,859 |  | 79,980 |  |

BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

8. | LEASING AGREEMENTS - continued

| Non-cancellable |

| operating leases |

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 10,525 |  | - |  |

| Between one and five years | 40,345 |  | - |  |

50,870 |  | - |  |

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

| The Report of the Auditors was unqualified.

| Eimear Brown (Senior Statutory Auditor)

| for and on behalf of Baker Tilly Mooney Moore

| We draw attention to note 2 of the financial statements, which indicates that the company incurred a loss of £95,215 during the year ended 31 December 2025 and that the company's current liabilities exceeded its current assets by £1,445,392. As stated in note 2 the company has a third party loan of £1,444,000 and is secured by a charge on the land and premises of the club. In 2025 the company entered into a "facilities" agreement with Merrion Property Group Limited (Merrion). 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 build a new golf course.

| However, given that 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.

| 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.

10. | CAPITAL COMMITMENTS

| At 31 December 2025 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. | 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.

13. | PAYE REFERENCE

| The PAYE reference number of the Club is 92588470.

BALMORAL GOLF CLUB LIMITED (REGISTERED NUMBER: R0000061)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

14. | VAT REFERENCE

| The VAT registration number of the Club is 251804673

15. | SUBSCRIPTIONS

| The main categories of membership and numbers of subscriptions are:

| Category |  | Men |  | Women |  |

|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |

| Life |  | 19 |  | 23 |  | 4 |  | 5 |  |

| Full Playing |  | 316 |  | 299 |  | 41 |  | 43 |  |

| Associate |  | 7 |  | 14 |  | 61 |  | 63 |  |

| Reduced Rate |  | 14 |  | 17 |  | 2 |  | 2 |  |

| Student Associate |  | 1 |  | 1 |  | - |  | - |  |

| Young Adults |  | 28 |  | 15 |  | - |  | - |  |

| Juvenile Associate |  | 101 |  | 54 |  | 9 |  | - |  |

| New to Golf |  | - |  | - |  | 3 |  | 5 |  |

| Social |  | 53 |  | 50 |  | 25 |  | 29 |  |

| Honorary |  | 3 |  | 1 |  | 1 |  | 1 |  |

| Total |  | 542 |  | 474 |  | 146 |  | 148 |  |

16. | REGISTRATION OF CLUBS (ACCOUNTS) REGULATIONS (NORTHERN IRELAND) 1997

| Schedules prepared in accordance with the Clubs Regulations are shown in the appendix to the financial statements.

17. | INSURANCE

| The Club maintains insurance cover in the following areas; buildings, fixtures and fittings, stock, cash, other assets and employment liability.

18. | FUNCTIONS

| No functions in the period incurred a deficit greater than £250.

19. | DONATIONS

| During the year the council made charitable donations over £50 to the following charities; Taughmonagh £1,000.

20. | PRIOR YEAR BALANCES

| Certain prior year balances have been reclassified for comparative purposes.